UK confirms 2040 date for petrol and diesel car end

  • Spanish Market: Emissions, Metals
  • 09/07/18

The UK government has resisted calls to bring forward its planned end date for the sale of new petrol and diesel fuelled vehicles and re-affirmed its 2040 deadline.

But the country has set a new 2030 interim goal for at least half of new cars being "ultra low" emission vehicles by that year.

The government has faced repeated calls from environmental groups to move its deadline for ending the sale of conventionally fuelled vehicles forward from 2040, after countries such as Norway and India set more ambitious targets of 2025 and 2030, respectively.

But the government today confirmed the 2040 goal in its long-awaited transport decarbonisation strategy. By that year, every new car or van sold should have zero emission capabilities, with the majority being officially zero emitting vehicles. And every new unit sold must be a zero emitting vehicle by 2050.

The government also set a new interim target for at least 50pc, and ideally 70pc, of new car sales to be ultra low emission vehicles by 2030. Only around 2pc of sales are currently of such units.

The government said that it recognises the need to improve current infrastructure to encourage electric vehicle (EV) uptake over the coming years and pledged £1.5bn of funding to support the sector. The country's power transmission network will also require upgrades to cope with the resulting increase in demand, it said.

"Our vision is to have one of the best EV infrastructure networks in the world. This means current and prospective EV drivers being able to easily locate and access EV charging infrastructure that is affordable, efficient and reliable… Local [power] network infrastructure will in some areas need to be reinforced to transmit power to where it is needed" the government said.

The transport sector is the UK's largest source of greenhouse gas emissions, having held this position since 2016.


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29/04/24

Japan's ferrous scrap exports slip in March

Japan's ferrous scrap exports slip in March

Shanghai, 29 April (Argus) — Japan's ferrous scrap exports declined sharply in March as import demand from Vietnam diminished, while the South Korean market remained bearish. Total exports in March retreated by 17pc on the month and by 10pc from the previous year, reaching 516,000t, according to Japan's customs data. Total exports dropped by 4.6pc on the year to 1.6mn t in the first quarter. Japanese scrap exporters encountered challenges because of declining overseas demand since March, as buyers became more cautious in the face of weaker-than-expected downstream demand recovery. Scrap exports will likely remain subdued in the coming months, according to trade sources. Vietnamese buyers were active in the seaborne market at the beginning of the year, but rising inventory levels and uncertainties in the steel sector outlook led them to step back after February. Exports to Vietnam in March dropped by 21pc on the month. The South Korean market is not expected to rise significantly in the near term as domestic scrap prices continued to fall, dropping by $50-60/t over the past three months. "South Korean buyers only fulfilled long-term contracts and stayed away from the spot market," a Japanese trader said. Exports to South Korea plummeted by 38pc to 470,000t in the first quarter. Exports to Taiwan dropped significantly by 41pc from the previous month as buyers were more focused on purchases of containerised scrap. Exports to Malaysia remained steady above 30,000t in March, while exports to the Philippines decreased from 34,000t in February to 13,000t. But a depreciation of the Japanese yen allowed exporters to offer relatively more competitive prices compared to other suppliers, with buyers price sensitive given a sluggish steel market. The yen started to weaken in March, reaching above ¥155:$1 at the end of April from $146.8:$1 in mid-March. Japan ferrous scrap exports (t) Country March % ± vs Feb % ± vs Mar '23 Jan-Mar % ± on year Vietnam 210,014 -20.7 20.7 683,821 48.0 South Korea 156,851 -9.8 -32.2 469,644 -38.1 Bangladesh 43,755 13.8 N/A 91,205 79.0 Taiwan 35,329 -40.8 -62.8 140,755 -28.8 Others 70,023 -20.6 -7.2 213,587 3.0 Total 515,971 -17.4 -10.4 1,599,011 -4.6 Source: Japan customs Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

STB chair Oberman to leave rail agency on 10 May


26/04/24
26/04/24

STB chair Oberman to leave rail agency on 10 May

Washington, 26 April (Argus) — US Surface Transportation Board (STB) chairman Martin Oberman (D) said today that he would retire in two weeks, though a replacement has not been named. Oberman informed President Joe Biden of his decision in a letter earlier today. Oberman said in mid-November 2023 that he would exit the agency in early 2024 . His five-year term expired on 31 December but he continued to serve into his one-year holdover term. No additional details have been announced, but vice chairman Karen Hedlund (D) is expected to lead the rail regulator until a formal appointment has been made. Chairman Oberman's "commitment to exploring all sides of an issue was pivotal in helping to find solutions for stakeholders," the Freight Rail Customer Alliance said. National Grain and Feed Association chief executive Mike Seyfert said pointed to Oberman's actions in working toward significant regulatory milestones for agricultural shippers and railroads. Under Oberman's leadership, STB has moved forward on long-standing proposal to allow reciprocal switching. The switching plan would allow a shipper served by a single railroad to request that its freight be transferred to another major railroad at a designated interchange point. STB is expected to act on reciprocal switching as early as this month, after introducing a plan tied to railroad service performance in September 2023. His term was also highlighted by several major industry events, such as the Covid-19 pandemic, the merger of Canadian Pacific and Kansas City Southern and the 2022 rail service crisis. Oberman was nominated by former US president Donald Trump in July 2018. His appointment was confirmed by the US Senate in January 2019 and he was appointed chairman by President Joe Biden in January 2021. By Abby Caplan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Germany urges closer NDC-climate finance link


26/04/24
26/04/24

Germany urges closer NDC-climate finance link

Berlin, 26 April (Argus) — German federal chancellor Olaf Scholz today stressed the need for nationally determined contributions (NDC) to the Paris climate deal to provide a framework and incentive for climate finance. NDCs — emissions cut targets which countries must draw up and regularly update under the Paris agreement — should provide "clear roadmaps for decarbonisation" to incentivise and reassure private investors, Scholz said at the 15th Petersberg climate dialogue in Berlin, a forum which paves the way for the UN Cop climate conference negotiations later this year. Drawing up an NDC is also about creating good framework conditions for investments in the individual countries themselves, Scholz said. In updating their NDCs, countries have an opportunity to secure investments in green technologies, he said. "Private investors are concerned about a reliable regulatory framework and good governance." Scholz echoed German foreign minister Annalena Baerbock's remarks made at the opening yesterday, when she proposed an "interlocking" of countries' NDCs with investment plans. Baerbock stressed the idea goes beyond getting the countries together to improve their NDCs. It would, for instance, ensure that fossil fuel producers announcing plans to reduce their production do not get penalised by a cut to their credit rating on the financial markets, she said. And it would be about facilitating matchmaking between the private sector in developed countries, and bringing together the ambitions enshrined in the NDCs with instruments ensuring they can be financed, Baerbock said. She gave the example of Barbados, which she said is using its NDC "not just as a national climate action plan but also as a national investment plan", by creating a bank that brings together various factors "linking climate-policy planning, project implementation, and public and private financing". Both Scholz and Baerbock reiterated calls for larger developing countries that have "significantly" contributed to emissions in the past 30 years, and which have the financial means to contribute, to do so. Cop 29 will be held in Baku, Azerbaijan, in November. Finance will be a key topic as countries must decide on a new global goal, the so-called New Collective Quantified Goal (NCQG) on Climate Finance, to replace the pledge missed by developed countries to give $100 bn/yr to developing countries by 2020. Baerbock called for a new annual climate finance budget for developing countries of $1 trillion. Germany plans to modernise its bilateral debt conversion programme, Scholz said. "This is not a panacea, but vulnerable middle-income countries that are willing to reform could also be eligible for climate debt conversion in the future," he said. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Japan’s JBIC to finance Chilean copper mine development


26/04/24
26/04/24

Japan’s JBIC to finance Chilean copper mine development

Osaka, 26 April (Argus) — Japan is enhancing its financial support for the development of copper mines in Chile, as part of efforts to increase its self-efficiency of base metals. State-owned Japan Bank for International Co-operation (JBIC) on 25 April signed a $248mn loan agreement with Chile-based joint-venture Compania Minera Arqueros (CMAQ) to finance development of its Arqueros copper project in Chile. CMAQ is 80pc owned by Japanese copper producer Nittetsu Mining and 20pc by Chilean firm Fondo de Inversion Privado Talcuna. The load will be co-financed by other Japanese private-sector financial firms, including Sumitomo Mitsui Banking, Mizuho Bank and MUFG Bank. The total co-funding will be $355mn. CMAQ plans to use the funding to develop Arqueros, located 35km northeast of La Serena. The mine is expected to produce 1.8mn t/yr of crude ore and 55,000 t/yr of copper concentrates for 15 years. The company aims to start operations in 2026. Nittetsu is to secure all the output from the project. The latest deal follows last month's loan agreement by JBIC and other financial institutes to provide $2.5bn to develop the Centinela copper mine in Chile . Japan relies on all its copper concentrates demand from imports, which has prompted the government to secure long-term and stable supplies of copper resources. The country's strategic energy plan has a target to achieve at least an 80pc self-sufficiency for base metals, including copper, by 2030. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

MDBs, parties must deliver on finance: Cop 29 president


25/04/24
25/04/24

MDBs, parties must deliver on finance: Cop 29 president

Edinburgh, 25 April (Argus) — Cop 29 president-designate Mukhtar Babayev pointed to insufficient action from multilateral development banks (MDBs) despite encouraging discussions, and urged all countries to play their part to deliver on climate finance negotiations this year. Climate finance discussions will be an important part of climate negotiations this year, having been "one of the most challenging climate diplomacy topics over the years", Babayev said today at the 15th Petersberg climate dialogue in Berlin — a forum for multilateral discussions. The meeting is a key milestone in climate discussions, paving the way for Cop 29 negotiations. The topic will be key as countries must decide on a new global finance goal to replace the $100bn/yr by 2020 pledge to developing countries made in 2009 and missed by developed countries. Babayev said he was working with a range of actors including MDBs, which have a "special role" as "multilateral public finance contributed the single largest part of the [$100bn/yr] target". Babayev said progress from the MDBs was essential, but while he "had many encouraging engagements during the World Bank and IMF spring meetings in Washington last week , we heard a great deal of concern and worry that we did not yet see adequate and sufficient action". "That must change," he said. He also warned that there is no single initiative able to unlock and increase climate finance flows to trillions of dollars, and instead pointed to "many interconnected elements" that countries will need to consider to set this new finance goal — the so-called NCQG. He added that the NCQG working group has already identified many options. "We know that [there are] strong and well-founded views on all sides," he said. "We are listening to all parties to understand their concerns and help them refine official landing zones based on a shared vision of success so we can deliver a fair and ambitious new goal," he added. "We need everyone to play their part so that we can build up unstoppable momentum where everyone is confident that their contribution is fairly matched by the contributions of others". Germany's foreign minister Annalena Baerbock said industrialised countries need to live up to their responsibilities. "Financial contributions from developed countries and multinational development banks will remain the basis of our efforts," she said, confirming that Germany has a €6bn climate goal for 2025. But she also said that "the world has changed" since the UN climate body the UNFCCC established a list of climate finance donors in 1992. The list has just 24 countries, plus the EU, as contributors. "In 1992, the two dozen countries that provided international climate finance made up 80pc of the world's economy. Now, that share is down to 50pc, and the share of all other countries has more than doubled," she said. She urged other countries in the G20, including China, "to join our effort". She pointed out that the donor base was broader for the loss and damage fund — to tackle the unavoidable and irreversible effects of climate change. Cop 28 host the UAE, which is not part of the 1992 list of donors, was the first contributor of the new fund created in Dubai last year. Babayev said that finance will not be the only important topic discussed at Cop 29 and that work must be done to get "the loss and damage fund up and running". Finalising the Article 6 negotiations will also be a key issue. "We cannot leave everything to market mechanisms," he said. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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