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New York to propose GHG market rules in 'coming months’

  • : Electricity, Emissions, Natural gas, Oil products
  • 25/01/14

Draft rules for New York's carbon market will be ready in the "coming months," governor Kathy Hochul (D) said today.

Regulators from the Department of Environmental Conservation (DEC) and the New York State Energy Research and Development Authority (NYSERDA) "will take steps forward on" establishing a cap-and-invest program and propose new emissions reporting requirements for sources while also creating "a robust investment planning process," Hochul said during her state of the state message.

But the governor did not provide a timeline for the process beyond saying the agency's work do this work "over the coming months."

Hochul's remarks come after regulators in September delayed plans to begin implementing New York's cap-and-invest program (NYCI) to 2026. At the time, DEC deputy commissioner Jon Binder said that draft regulations would be released "in the next few months."

DEC, NYSERDA and Hochul's office each did not respond to requests for comment.

Some environmental groups applauded Hochul's remarks, while also expressing concern about the state's next steps.

Evergreen Action noted that the timeline for NYCI "appears uncertain" and called on lawmakers to "commit to this program in the 2025 budget."

"For New York's economy, environment and legacy, we hope the governor commits to finalizing a cap-and-invest program this year," the group said.

State law from 2019 requires New York to achieve a 40pc reduction in greenhouse gas (GHG) emissions from 1990 levels by 2030 and an 85pc reduction by 2050. A state advisory group in 2022 issued a scoping plan that recommended the creation of an economy-wide carbon market to help the state reach those goals.


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25/02/12

Mexico factory output dips 1.4pc in December

Mexico factory output dips 1.4pc in December

Mexico City, 12 February (Argus) — Mexico's industrial production fell 1.4pc in December from the previous month with broad weakness across multiple sectors on tariff uncertainty and weak domestic demand. The result marks the largest monthly decline of 2024 and was weaker than the 1pc decline forecast by Mexican bank Banorte. It followed a nearly flat reading in November. Trade uncertainty and low domestic demand weighed on industrial production in December, said Banorte, with industry "sluggishness" likely through mid-2025. Manufacturing, which represents 63pc of Inegi's seasonally adjusted industrial activity indicator (IMAI), decreased by 1.2pc after rising 0.7pc in November. Transportation equipment manufacturing output, which comprises 24pc of the manufacturing component, has fluctuated in recent months, falling 6.4pc in December after a 3.6pc uptick in November and a 4.4pc decline in October. Despite this, Mexico's auto sector achieved record annual light vehicle production and exports in 2024. However, Mexican auto industry associations confirm investment in the sector has begun to slow on uncertainty tied to concerns over potential US tariffs and slow economic growth in 2025. Taking the base case that tariffs do not materialize, Banorte expects manufacturing to rebound in the second half of the year as uncertainty lifts and interest rates fall with rate cuts at the central bank. Mining, which makes up 12pc of the IMAI, was lower by 1pc in December, following a 0.5pc increase in November. The decline was again driven by the oil and gas production, falling by 2.5pc in December to mark a sixth consecutive monthly decline for hydrocarbons output. Construction, representing 19pc of the IMAI, contracted by 2.1pc in December with setbacks in all categories. This matched the November result, with Inegi recording declines in construction in five of the last seven months. From a year prior, industrial production fell by 2.4pc in December , while manufacturing fell by 0.3pc and construction declined by 7.1pc in December. Mining was down by 6.2pc. B y James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US inflation quickens to 3pc in January


25/02/12
25/02/12

US inflation quickens to 3pc in January

Houston, 12 February (Argus) — US consumer inflation accelerated in January to the fastest pace in half a year, supporting the Federal Reserve's recent decision to pause in its course of rate cuts. The consumer price index (CPI) rose by 3pc in January from a year before, accelerating from 2.9pc in December, the Bureau of Labor Statistics reported today. That marked a fourth month of annual gains from a low of 2.4pc in September. Core inflation, which strips out volatile food and energy, rose by an annual 3.3pc in January from 3.2pc in December. The acceleration in inflation reinforces the Fed's decision last month to hold its target rate steady after three prior rate cuts. The Fed has said it does "not need to be in a hurry" to change its stance while it weighs the impacts of President Donald Trump's tariff policies and other "incoming information". Trump won the November election partly on a pledge to bring down inflation. The energy index rose by 1pc in January following a 0.5pc contraction through December. Gasoline fell by 0.2pc in January after a 3.5pc contraction through December. Piped gas rose by 4.9pc for a second month. Food rose by an annual 2.5pc, matching the prior month's annual gain. Eggs surged by an annual 53pc, as avian flu has slashed supply. Shelter rose by 4.4pc, accounting for 30pc of the overall monthly gain in CPI, slowing from 4.6pc in December. Services less energy services rose by 4.3pc in January following a 4.4pc gain New vehicles fell by 0.3pc after a 0.4pc contraction. Transportation services rose by an annual 8pc in January after a 7.3pc gain in December. Car insurance was up by an annual 11.8pc and airline fares were up by 7.1pc. CPI accelerated to 0.5pc in January from the prior month, the most since August 2023. That followed a monthly gain of 0.4pc in December, 0.3pc in November and three prior months of 0.2pc gains. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India’s LNG demand, imports set to rise by 2030: IEA


25/02/12
25/02/12

India’s LNG demand, imports set to rise by 2030: IEA

Singapore, 12 February (Argus) — India's demand for LNG is set to rise significantly by 78pc to 64bn m³ by 2030 to meet its rising demand for natural gas, the International Energy Agency (IEA) said. This is up from 36.17bn m³ in 2024, according to IEA's India Gas report released at India Energy Week on 12 February. LNG imports would increase to account for 62pc of India's gas consumption, which is expected to hit 103bn m³ by 2030, it added. Imports accounted for 50pc of gas consumption in 2024, out of 72bn m³, oil ministry data show. The rise in demand would be backed by the rising city gas distribution (CGD) sector supported by the rapid expansion of its compressed natural gas (CNG) infrastructure and gas in industrial use, the report said. Targeted strategies and policy interventions may also boost gas consumption beyond the forecasted level to around 120bn m³ by 2030, according to the report. The rise in LNG imports would necessitate additional LNG import capacity beyond 2025, IEA said. The gap between contracted LNG supply and projected LNG requirements is set to widen significantly after 2028, it added. This "may leave India more exposed to the volatility of the spot LNG market unless additional LNG contracts are secured in the coming years," the report said. But production may not keep pace with demand. IEA expects India's domestic gas production, which currently meets 50pc of demand, to grow only moderately to just under 38bn m³ by 2030. India's gas output totalled 36bn m³ in 2024, oil ministry data show. IEA expects overall production growth to be limited by plateauing output from the KG-D6 fields and declining production from legacy assets like ONGC's Mumbai offshore fields, which may offset the increasing onshore production from coal bed methane (CBM) and discovered small fields (DSF) and from the additional supplies from ONGC's deepwater KG-D5 project. But India's compressed biogas (CBG) production potential remains largely untapped, with annual output expected to reach 0.8bn m³ by 2030, IEA said. Sectoral demand Gas demand for power and industrial sectors is expected to each take up 15pc of demand by 2030, equivalent to around 15bn m³ respectively, based on the normalised trajectory of consumption hitting 103bn m³ by 2030, IEA said in its report. Gas consumption from refineries is also expected to increase by more than 4bn m³ by 2030 as more refineries are connected to the grid, it added. Gas usage by refineries totalled 5bn m³ in 2024, oil ministry data show. But growth prospects in the petrochemical and fertilizer sectors remain limited, as there are no new gas-based capacity additions planned, it added. The think tank expects some new demand centres to emerge as a result of higher utilisation of India's stranded gas-fired power plants, faster adoption of LNG in heavy-duty transport, more rapid expansion of India's CGD infrastructure, combined with the replacement of LPG with natural gas in the commercial sector. Challenging targets But IEA expects India's 15pc target of natural gas use in the primary energy mix will be challenging to meet, owing to India's gas development pathway prioritising affordability and energy security. "Inter-fuel competition is particularly strong in India, with natural gas vying against coal, oil and renewables in several gas-consuming sectors," according to the IEA report. Even small changes in global gas prices can significantly impact domestic consumption patterns, the report added. Competitive pricing is needed to enable natural gas adoption given the price sensitivity. By Rituparna Ghosh and Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

California aims to expand alternative bunkers


25/02/11
25/02/11

California aims to expand alternative bunkers

New York, 11 February (Argus) — California lawmakers will consider expanding alternative marine fuels use by ocean-going vessels on the state's coast. State senate bill 298, introduced by state senator Anna Caballero (D), would require the California State Energy Resources Conservation and Development Commission (Energy Commission), the California Transportation Agency and the state board to develop a plan by 31 December 2030 for the use and deployment of alternative fuels at California's public seaports. The plan should identify significant alternative fuel infrastructure and equipment trends, needs, and issues and describe how the state will facilitate permitting and construction of infrastructure to support alternative fuels. The plan should also identify locations for alternative fuel infrastructure, provide a reasonable timeline for its installment and estimate the costs, including public or private financing opportunities. The bill also calls for the Energy Commission to convene a working group consisting of representatives of seaports, marine terminal operators, ocean carriers, waterfront labor, cargo owners, environmental and community advocacy groups, the Transportation Agency, the state board, the Public Utilities Commission, and air quality management and air pollution control districts. The working group will advise the commission. The US territorial waters, including California's, are designated as emission control areas (ECAs). In the ECAs, the sulphur content of marine fuel burned by ocean-going vessels is capped at 0.1pc. Thus ocean-going vessels within 24 nautical miles of California burn 0.1pc sulphur maximum marine gasoil (MGO). Ocean-going vessels could achieve the equivalent of 0.1pc sulphur marine fuel emissions by installing marine exhaust scrubbers. But California has banned their use. California is the only US state that has banned the outright use of marine scrubbers. California also requires that ocean-going vessels while at berth in California ports must either use shore power or use alternative technology such as batteries. The regulation came into force for container ships, reefers and cruise ships in 2023. It came into force this January for tankers visiting Los Angeles and Long beach and for roll on roll off vessels. Starting on 1 January 2027, it will apply to all tankers at berth in all California's ports. US harbor craft vessels (such as barges, commercial fishing vessels, excursion vessels, dredgers, pilot vessels, tugboats and workboats) in California's waters are required to burn renewable diesel (R99 or R100). By comparison, elsewhere in the US, harbor craft vessels are required to burn ultra-low sulphur diesel (ULSD). In January, Los Angeles ULSD averaged at $773/t and R99 at $962/t. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil plans Amazon forest concession sale


25/02/11
25/02/11

Brazil plans Amazon forest concession sale

Sao Paulo, 11 February (Argus) — Brazil's environment ministry will auction concessions in the Jaturana national forest, in northern Amazonas state, as part of government efforts to prevent deforestation. The government will sell four forest management concession areas with a combined 453,000 hectares (ha) in the Apui municipality. The concessions will require roughly R430mn ($7.4mn) in infrastructure investments and R3.4bn in operating investments over the 37-year concession period. The auction is scheduled for 21 May and will be held at the B3 exchange, in Sao Paulo state, to guarantee transparency and boost competition, the ministry said. The government plans to hold a roadshow to promote the concessions. The government estimates that the auction will generate concession payments of R32.6mn/yr, which will be split between federal environmental protection agencies, Amazonas state and the Apui city government. The winning bidders will be allowed to harvest up to six trees/ha for lumber from the concession area, according to the auction's terms elaborated by the Bndes development bank. Other select activities, including the production of açai fruit, Brazil nuts and tropical tree oils, such as copaiba and andiroba, will also be permitted. The concession terms stipulate that the winning bidder will not have control over the mineral or water rights of the region and will be required to invest in research and environmental education. With the sale of the Jaturana concessions, Brazil will increase the total amount of forest managed by the private sector — now at 1.31mn ha — by 35pc. Brazil has 23 concession contracts for nine national forests in five Brazilian states. The goal is to award a total of 5mn in forest concessions over the next three years. The Brazilian forestry service (SFB) is developing concessions for 11 other national forests, the head of the SFB Garo Batmanian said on Monday. Limiting deforestation is one of President Luiz Inacio da Silva's goals for his administration and a flagship of the country's ambitions for the UN Cop 30 summit, which will be held in Belem, the capital of northern Para state, in November. Brazil has been targeting reforestation as part of its efforts to meet its emissions-reduction target. But wildfires in the country are still a major concern, as they rose by 79pc in 2024 from a year prior , according to environmental network MapBiomas' fire monitor researching program. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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