Climate policy and UN Cop meetings
Overview
Argus provides key insights on how global climate policies will affect the global energy and commodity markets. We shine a light on decisions made at UN Cop meetings, which have far-reaching effects on the markets we serve. Progress at Cop 30 in Brazil will be crucial in transforming ambitions into actions aligned with the goals of the Paris Agreement. Countries must produce new climate plans this year.
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News
France pushes for electrification on Mideast Gulf war
France pushes for electrification on Mideast Gulf war
London, 13 April (Argus) — French prime minister Sebastien Lecornu has called for rapid electrification in response to the rise in fossil fuel prices caused by the Middle East war, and unveiled new measures to reach the goal. "As long as we depend on crude and gas we will continue to pay for others' wars," he said on Friday, 10 April presenting his electrification plan that the government began working on before the Iran crisis. France will double its annual spending on electrification to €10bn ($11.8bn) from €5.5bn, Lecornu said on 10 April. For residential heating, gas boilers will be banned in new buildings from the end of the year. Heating systems relying solely on gas were already de facto banned in new builds, and hybrid systems were becoming increasingly less common. The government will also choose 100 local areas to put on a "zero gas" trajectory by 2030. It aims to reduce gas consumption by 85 TWh/yr by 2030, or roughly a quarter of current consumption. The government wants to install 1mn heat pumps a year by 2030. Sales previously reached this level over 2021-23 before falling back, and French president Emmanuel Macron in 2023 announced a previous target to reach 1mn heat pumps produced in France each year by 2027. The government also wants two-thirds of new vehicles to be electric by 2030, compared with 28pc in March, a record high. And French manufacturers should build 400,000 EVs a year by 2027, and 1mn by 2030, up from about 200,000 last year. A new subsidised EV leasing scheme covering 50,000 vehicles will be introduced, alongside an existing scheme that leases 50,000 vehicles/yr to people on low incomes. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU eyes gas filling and oil stock co-ordination
EU eyes gas filling and oil stock co-ordination
Brussels, 13 April (Argus) — EU-wide co-ordination of gas storage filling and oil stock releases are among measures the European Commission will present on 22 April to tackle the energy crisis, said commission president Ursula von der Leyen on Monday. Von der Leyen said bloc-wide co-ordination of gas storage filling is aimed at preventing member states from competing against each other, and co-ordinated oil stock releases are intended to achieve the largest possible effect on markets. The bloc's fossil fuel import bill has increased by more than €22bn ($25.8bn) since the start of the US-Iran war on 28 February, von der Leyen said after discussions with EU commissioners. She said the "smallest" part of energy costs comes from the emissions trading system (ETS). Von der Leyen will "shortly" consult with EU states on updated ETS benchmarks using "all the flexibilities" the legal text allows, she said. The commission is "on track" to present the full review of the ETS in July, and will put forward legal proposals on electricity taxes and grid charges in May, with an "ambitious" new target on electrification. "The grim reality is that fossil fuels will remain the most expensive options in the years to come," von der Leyen said. She added that renewables and nuclear together now account for over 70pc of EU electricity generation. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Cop 30 presidency advances climate finance roadmap
Cop 30 presidency advances climate finance roadmap
Sao Paulo, 10 April (Argus) — The UN Cop 30 climate summit's presidency is advancing its Baku to Belem climate financing roadmap along with several multinational partners, aiming to mobilize action towards a goal of $1.3 trillion/yr by 2035. The roadmap sets out paths to scale climate finance for developing countries. The Cop 30 presidency, held by Brazil, will prioritize developing a framework and monitoring tool to evaluate and keep track of global finance mobilization, it said. Stronger and more coordinated contributions among governments will be the next step to reach a global response to climate change, focusing on implementation of already-settled nationally determined contributions and adaptation plans. The Cop 30 presidency wants to deliver a first implementation update on global financing progress towards the $1.3 trillion goal by the Cop 31 summit, to be held in Antalya, Turkey, in November. It is an initial step to be continued in further climate-focused efforts. The roadmap also includes clarifying policy interventions and future pathways needed to scale finance across public and private resources. The Cop 30 presidency is also working on separate roadmaps to phase out fossil fuels and reduce deforestation. It has asked for public contributions on both . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU rules out reopening methane regulation
EU rules out reopening methane regulation
Brussels, 10 April (Argus) — The European Commission will offer "flexibilities", but will not amend or reopen the bloc's methane emissions regulation, although it will issue non-binding recommendations, it said. "We're not planning to reopen or amend the methane regulation. This would bring more uncertainty at this stage," commission energy spokesperson Anna-Kaisa Itkonen said. The regulation clearly states that implementation shall not endanger EU security of supply, she added. "This is obviously extremely important right now," Itkonen added. Commission officials are working on a recommendation to EU member states to ensure a simple system to demonstrate compliance, and a separate recommendation to ensure uniform and co-ordinated implementation of penalties that does not endanger energy security. "Non-binding recommendations are a helpful signal, but on their own they will not resolve the methane regulation's underlying design flaws, which are creating barriers for EU importers," Eurogas secretary general Andreas Guth told Argus . Consistent implementations across all 27 EU member states is not guaranteed and takes time, he added. EU refiners and fossil fuel importers last month warned that without changes to the regulation the EU would risk up to 43pc, or 114bn m³, of the bloc's 2024 gas imports and 87pc of crude oil imports, or 9.8mn b/d, based on 2024 volumes, being non-compliant in 2027–29. EU officials are in talks with refiners and importers, but declined to comment on industry projections that the methane regulation could lead to supply risk in 2027–29. "We fully support reducing methane emissions," IOGP Europe managing director Francois-Regis Mouton told Argus , adding that non-binding recommendations and guidance are not enough for legal certainty. Mouton called for the methane regulation to be paused while the commission proposes changes to simplify the regulation. Industry is expected to urge EU energy ministers to take action next week. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Analysis
Adapting the global approach to climate change
Adapting the global approach to climate change
Washington's withdrawal sets back multilateral policy but economic impetus for cleaner energy remains, writes Georgia Gratton London, 30 January (Argus) — The world's approach to "climate multilateralism" must evolve in response to "geopolitical tensions", Brazilian diplomat and president of the UN Cop 30 climate summit Andre Correa do Lago said this week. Correa do Lago remains Cop president until he formally hands over the title in November to Turkish climate minister Murat Kurum at Cop 31. Cop 30 "shed light on the limitations of climate multilateralism and of formal consensus decision-making", Correa do Lago said, and "to keep pace with global warming, multilateralism must learn to operate at more than one institutional speed". He suggests a "two-tier" approach. The first tier should be based on the key tenet of climate talks such as Cops — consensus — while the second should focus on implementation, including through "coalitions of the willing", he said. Almost every country in the world is signed up to UN climate bodies the UNFCCC and IPCC, and the Paris climate accord. His call came in the same week that the US' second exit from the Paris agreement took effect, while President Donald Trump has also said the country will leave the UNFCCC and IPCC . But this would not preclude US businesses, states and cities from acting on climate change, the Brazilian Cop 30 presidency suggested this week. "We will be able to work with the other entities in the US," Cop 30 chief executive Ana Toni said. And Correa do Lago's vision echoed views from business leaders and governments that were put forward at the World Economic Forum (WEF) earlier this month in Davos, Switzerland. Most acknowledged a recent slowdown in effective climate policy, centred on the US volte-face, although the majority were sanguine on the "implementation" aspect — the progress of the global energy transition. India's new and renewable energy minister, Pralhad Venkatesh Joshi, cited "the unstoppable march of renewables". Chinese vice-premier He Lifeng pointed out that his nation "has put in place the world's largest renewable energy system", and firmly reiterated China's support for climate action. "I see a climate policy recession, but not a recession in the energy transition," former US vice-president Al Gore said in Davos. "The advantages of renewable energy have become so obvious everywhere around the world," he added. Shutting out the noise Danish biotechnology company Novonesis chief executive Ester Baiget spoke in Davos about "decoupling noise from facts" — looking past a rhetoric that rails against climate change action and instead at data showing that a global energy transition is well under way. Global renewable power capacity additions grew by 22pc to almost 685GW in 2024 — a record high for both additions and installed capacity — energy watchdog the IEA said in October . Renewable power capacity is forecast to grow by 4.6TW by 2030 — double the deployment in 2019-24 — driven by solar installations, the agency found. Much of the transition is being driven by plummeting costs for renewables. "We are so far down the road that the economics have taken over… the cost of a lot of the technologies has come down so much that it is simply economic sense to keep investing," director of clean power at the UK's energy ministry, Ben Golding, told UK lawmakers this month. Future costs are another factor, Davos speakers agreed. "I'm absolutely convinced that it will cost to be an emitter," either through taxes, purchasing emissions certificates or "paying for the cost of climate change", Swedish utility Vattenfall's chief executive, Anna Borg, said. Keeping focus further ahead is key, Cop 30 chief executive Toni said this week. "We know elections are short term, climate change will unfortunately be with us long term." Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EV flip-flopping has hampered the west: WEF
EV flip-flopping has hampered the west: WEF
London, 21 January (Argus) — Inconsistent policies and political turmoil have hampered western progress on electric vehicles (EVs), while China's longer-term stable approach has benefited industry winners such as BYD, speakers at a World Economic Forum (WEF) panel in Davos, Switzerland, said on Tuesday. China's lead in EVs is less about a single technological breakthrough and more about policy consistency. That was the clear message from executives and policymakers at the WEF panel on the global EV race, where China's long-term industrial alignment was repeatedly contrasted with stop-start policymaking in the US and Europe. Speaking early in the discussion, BYD executive vice-president Stella Li said China's EV successes "start from the government policy", arguing that Beijing's approach has been defined by consistency rather than constant revision. "In the past 20 years they never changed, but some countries went back and forth, and this will confuse manufacturing," Li said. "Once the government gives a very clear line, then manufacturing goes to work on the competition." This clarity, she argued, allowed companies to commit capital, concentrate on research and development and scale production without hedging against political reversals, something she suggested remains a structural disadvantage for western automakers. Industrial reality versus political instability Michigan governor Gretchen Whitmer, whose state accounts for more than a fifth of US car production, echoed this assessment from a US perspective, saying policy uncertainty has slowed decision-making across the industry. "The back and forth policies at the national level have made it more difficult for industry to throw all in," Whitmer said, adding that long-term investments were increasingly being delayed. "Chaos is really bad for business." The result, she added, is that manufacturers are forced to pursue multiple drivetrain strategies simultaneously, rather than committing fully to electrification. Former General Motors chief economist Elaine Buckberg said that a disconnect between political timeframes and industrial reality is critical. Automakers, she noted, plan vehicles years in advance, while democracy can change government policy over smaller time periods. "The typical planning process is five years before a vehicle comes into market, and you're planning to keep it there for six years," Buckberg said. "Keeping those incentives stable is really powerful." Alternatively, shifting incentives and short-term subsidies can distort demand. Li warned that poorly designed support schemes risk delaying purchases altogether. "Sometimes subsidies are more like a drug," she said. "Consumers just wait and the market stops. That is not sustainable." As competition between the US, China and Europe intensifies, the panel's message was that in the EV race, consistency may matter more than speed. By Thomas Kavanagh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fossil fuels shift talks to continue outside Cop
Fossil fuels shift talks to continue outside Cop
Developed countries struggled to lead, and oil producers pushed back, but a roadmap may emerge away from Cop, write Caroline Varin and Georgia Gratton Edinburgh, 28 November (Argus) — The UN climate Cop 30 summit in Belem, Brazil, ended last week without an agreement to establish a roadmap on how to shift away from fossil fuels that some countries had hoped to see, but the discussion will not stop there. Just over 80 countries , including EU member states, the UK, Australia, countries in Latin America and Africa, and island states had pushed for the overarching Cop 30 text to address the transition away from fossil fuels, the largest contributor to climate change, but language on a roadmap did not make the final decision. Opposition from major oil-producing countries proved too strong to push the roadmap through, European ministers said. Parties instead agreed on the launch of a "global implementation accelerator (GIA)", and the "Belem Mission to 1.5". These voluntary initiatives are aimed at "enabling ambition and implementation" of countries' climate plans and at keeping the Paris Agreement's 1.5°C temperature rise limit within reach. This refers to the more ambitious goal of the Paris accord — to hold the global rise in temperature to less than 2°C above pre-industrial levels, and preferably to 1.5°C. "Although text addressing the response [to a lack of climate ambition] was watered down, there are hooks to build on within the GIA and the Belem Mission to 1.5°C," environmental think-tank E3G said. By the end of the summit, 119 countries — accounting for 74pc of global emissions — had submitted new commitments in nationally determined contributions (NDCs), non-profit group WRI noted. But these plans, if delivered, only account for 15pc of the emissions cut required by 2035 to limit the rise to 1.5°C. As a consolation prize, the Brazilian Cop 30 presidency pledged to deliver roadmaps on the transition away from fossil fuel and on halting and reversing deforestation. This echoed Cop 29's outcome, when a roadmap was promised, for scaling up climate finance to $1.3 trillion/yr by 2025 for developing countries that were left disappointed. The roadmaps "will be led by science and they will be inclusive", summit president Andre Correa do Lago said. Brazil holds the presidency until Cop 31 in Turkey next year. In the interim, the country plans to convene high-level talks with key international organisations, fossil fuel-producing and consuming countries, workers and civil society, do Lago said. He also noted that the presidency would "benefit from the first international conference for the phase-out of fossil fuels", to he held in Colombia in April. Having the roadmap in the Cop 30 text would have sent a much stronger signal, as "the main text is an obligation for all", EU climate commissioner Wopke Hoekstra said as the summit closed. But the presidency's work on a roadmap, high-level dialogues and the event in Colombia will create further milestones for climate discussions on the transition from fossil fuels, observers said. The presidency's roadmap could create momentum for the start of a plan on fossil fuels from willing countries, even though it sits outside official Cop negotiations. Fault lines The pushback from major oil and gas producers on cutting emissions by reducing fossil fuel use — evident at Cop 29 last year — grew firmer in Belem, and shows no sign of abating. The achievement at Cop 30 was not to renege on the Cop 28 consensus, French climate minister Monique Barbut said. Almost 200 countries pledged at Cop 28 in Dubai in 2023 to transition away from fossil fuels "in a just, orderly and equitable manner… so as to achieve net zero by 2050 in keeping with the science". The Cop 28 outcome also called for renewable energy capacity to triple and energy efficiency to double by 2030 and for "accelerating efforts towards the phase-down of unabated coal power". The main Cop 30 text does not mention the transition away from fossil fuels, and only makes two references to the Cop 28 deal — dubbed "the UAE consensus". Even pointing to the energy package within the Dubai deal agreed two years ago proved too much for some oil-producing countries. "The [UN climate body] UNFCCC's consensus-based process, as well as the lack of a concrete proposal to create the framework for developing countries to phase out fossil fuels, hindered the adoption of a roadmap in the Cop cover decision text," the Fossil Fuel Treaty Initiative said. The final day of Cop 30 — which ran more than 24 hours over time — saw decisions swiftly adopted. But Colombia spoke out against one, objecting that it included no language on the transition away from fossil fuels. "We are demanding the minimum necessary," Colombia's representative said, to "allow language already agreed under [Cop 28] consensus to be discussed here". Confounding the consensus Correa do Lago suspended the plenary while the Cop 30 presidency sought a solution. Decisions adopted at Cop summits cannot be revoked. But Correa do Lago said countries will be able to discuss issues in June next year in Bonn, Germany, at interim climate talks hosted annually by the UNFCCC. Colombia's intervention prompted pushback from Saudi Arabia and a furious response from Russia. The latter told countries objecting to "refrain from behaving like children". India's representative said reopening discussions would be "fundamentally unfair" and "inconsistent" with UNFCCC process. Russia, India and Saudi Arabia throughout the summit opposed the addition of wording on fossil fuels, according to Barbut. Saudi Arabia reiterated throughout Cop 30 that the focus should be on reducing emissions, not on specific fuels. And the climate-sceptic stance taken by US president Donald Trump's administration emboldened major oil-producing countries to stand their ground more firmly this year, many negotiators and observers said. Developed nations were not forceful, at least in the first week of the negotiations, in their support for a roadmap to shift away from fossil fuels. The EU called it a "difficult topic" and was caught in controversial domestic discussions on its own targets and environmental ambitions before heading to the summit, which may have weakened its claims to leadership. Australia, which will preside over Cop 31 negotiations in Turkey next year, at first could not see a space for discussing the roadmap in Belem. And even though over 80 countries had thrown their weight behind the topic by the midpoint of the summit, details on what it would look like were lacking. China, the world's largest greenhouse gas emitter, remained largely quiet on the topic outside negotiating rooms, redirecting attention towards renewable energy — a huge market for the country. Discussions on the transition away from fossil fuels were not expected to take centre stage at Cop , until Brazilian president Luiz Inacio Lula da Silva called for this during the leaders' summit that preceded the talks. Leadership came from developing nations, notably Colombia. And there has been an eye-catching change at this Cop in how some developing countries are reframing rhetoric around fossil fuels and economic development. Some, including those with oil projects such as Kenya and Sierra Leone, are increasingly pushing for plans to shift away from fossil fuels — in a just, equitable and orderly manner — and highlight the importance of drastically increasing energy access through the transition. A Cop 30 decision addressing "the just energy transition" was broadly well-received. The text drew links between cutting emissions and ensuring climate resilience and positive economic development. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico climate pledge clashes with refinery push
Mexico climate pledge clashes with refinery push
Houston, 13 November (Argus) — Mexico's updated climate pledge sets its most ambitious emissions target, but the plan sits in sharp contrast to the government's push to increase crude processing and fuel output at state-owned Pemex's refinery system. Mexico submitted its new nationally determined contribution (NDC) ahead of this month's UN Cop 30 summit in Belem, Brazil, committing for the first time to an absolute cap on greenhouse gas emissions of 364–404mn t of CO2 equivalent (CO2e) by 2035, or 332–363mn t CO2e with international support. The target represents a cut of more than 50pc from a business-as-usual trajectory, according to the environment ministry, and aligns with Mexico's long-term commitment to reach net zero by 2050. But while Mexico promises steep emissions reductions, it is simultaneously doubling down on a fossil-heavy industrial strategy centered on reviving its aging refining system, boosting domestic output of gasoline and diesel and limiting private-sector participation across the downstream chain. Mexico's refineries — most of which regularly run at below 50–60pc of capacity — remain among Mexico's largest stationary emitters, with high rates of flaring, residual fuel oil production and energy inefficiency. The government has also poured billions of dollars into the new 340,000 b/d Olmeca refinery and continues to prioritize increasing crude throughput at the legacy system, even as maintenance shortfalls, outages and unplanned shutdowns remain common. Pemex processed about 950,000 b/d of crude across its seven domestic refineries in September, up by 8pc from a year prior and 57pc higher than the 604,300 b/d processed in September 2018, before former president Andres Manuel Lopez Obrador took office. Mexico's refining-heavy strategy took shape under Lopez Obrador, who made fuel self-sufficiency the centerpiece of his administration after years of under-investment and declining output at Pemex's refining system. His government moved away from the 2014 energy reform and proposed constitutional changes that would free Pemex from its obligation to operate as a "productive state company." The shift enabled greater political influence over Pemex's operations and reinforced a nationalistic focus on refining, even as the company posted financial losses and saw its crude output fall to 40-year lows. President Claudia Sheinbaum's administration has continued that trajectory. Backed by a congressional supermajority that allows her party to advance Lopez Obrador's reforms, Sheinbaum has maintained the emphasis on fuel self-sufficiency and continued to expand Pemex's role through increased state support. Mexico's NDC frames climate policy as compatible with economic development, job creation and "just transition" principles. But the plan is still vague on specific mitigation actions for the refining sector. "Mexico's ambition is clear, but delivering on these goals will require deep structural transformation and a clear, sustained investment strategy," said Francisco Barnes Regueiro, executive director of the environmental non-governmental organization the World Resources Institute in Mexico. Meanwhile, the government maintains policies and proposed reforms that favor Pemex and state utility CFE over private-sector companies, limiting private investment in cleaner fuels and renewable electricity. The lack of incentives for low-carbon technologies, combined with an aggressive push to increase domestic production of gasoline and diesel, contradicts the technical requirements implied by the emissions cap, according to market sources. The contradiction becomes more pronounced as Mexico prepares for the Cop 30 negotiations. Mexico, which now joins more than 50 countries that have updated their NDCs, will likely face scrutiny over how its energy agenda fits within its climate ambitions. For now, the gap between Mexico's stated targets and its refining-focused policy framework remains wide. Without clear measures to reduce emissions from Pemex's refining system, expand low-carbon fuels and introduce stronger regulatory incentives, the new NDC risks becoming another aspirational document. Pemex's crude throughput '000b/d Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Country focus
Germany may need coal-fired power plants longer: Merz
Germany may need coal-fired power plants longer: Merz
London, 30 March (Argus) — Germany may need to keep "existing" coal-fired plants connected to the power grid "longer" than currently planned, should the energy crisis continue and there is a shortage of electricity, chancellor Friedrich Merz said at a conference. Merz is "not ready" to risk the core of German industry for existing phase-out targets should they "become unrealistic", he said at the Frankfurter Allgemeine Zeitung Kongress. Germany plans to fully phase out coal and lignite-fired generation by 2038 through its coal-fired power generation termination act, under which the country's coal and lignite-fired capacity will fall incrementally each year. The federal state of North Rhine-Westphalia is already aiming to phase out coal and lignite by 2030. And while Merz did not explicitly mention any changes to these targets, he stressed the importance in ensuring security of power supply. He also emphasised the importance in building new gas-fired plants swiftly under the country's power plant strategy. The new plants will be built at pre-existing thermal plant locations and be connected to existing grid infrastructure. They will not need to be hydrogen-ready straight away, he said. Merz also cited nuclear fusion, as well as small modular reactors (SMRs), as potential technologies for future power generation. The government has the "ambition to connect the world's first large fusion power plant to the grid in Germany", Merz said, stating that Germany is relatively "far along" and "quite good" in fusion technology. And Merz expressed interest in further researching SMRs, and would be prepared to work together with other European countries in developing these, although he said this would be for the "longer term". By John Horstmann Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Dutch government focuses on power grids
Dutch government focuses on power grids
London, 2 February (Argus) — The new Dutch government is focusing on power grid congestion as its "top priority" for energy and climate, according to its coalition agreement released last week. The government will create a grid congestion "crisis act" to accelerate permitting and intervene if construction stagnates, it said. It has committed to a target of 40GW of offshore wind by 2040, with contracts for difference to be rolled out to support this goal, on the higher end of the 30-40GW range the previous government mooted in July to replace a goal of 50GW. And the SDE++ programme of subsidies for renewable generation is being extended, with six new tender rounds to come. The coalition document represents a compromise between the positions of the partners , left-wing D66 and centre-right CDA and VVD. D66's proposals to increase the country's carbon tax was not adopted, with the tax to be scrapped. But no more gas extraction permits are to be issued for the Wadden Sea, in line with the party's manifesto. The giant Groningen gas field, which shut down in October 2024, will remain closed. The coalition agreement includes a role for "blue" hydrogen made from gas in "scaling up the Dutch hydrogen supply chain" and commits to building at least four new nuclear power plants. Dutch grid operator association Netbeheer Nederland and energy association Energie Nederland welcomed the coalition document's focus on grids, but both warned that a focus on green electricity supply needed to be paired with an increase in demand. The coalition government holds 66 out of 150 seats in the lower house of parliament and will need the support of other parties to implement its agenda. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Climate ‘superfund’ bill revived in Rhode Island
Climate ‘superfund’ bill revived in Rhode Island
Houston, 30 January (Argus) — Rhode Island lawmakers are making another attempt at passing legislation that would establish a climate "superfund" to hold large oil, natural gas and coal companies responsible for their greenhouse gas (GHG) emissions and their associated harms. The bills, H7004 and S2024, were introduced to both houses of the state General Assembly earlier this month, state senator Linda Ujifusa (D) and representative Jennifer Boylan (D), the sponsors of the proposal, said on Thursday. The legislation would direct the Rhode Island Department of Environmental Management (DEM) to identify and issue payment requirements to obligated entities within 18 months of its passage. Obligated entities would include fossil fuel companies that are responsible for at least 1bn metric tonnes of GHG emissions from 2000-2025 but would not include any that do not have "sufficient connection with the state." Entities covered under the bill would have to make the required payment within six months of being notified, though they could choose to do so in installments. Late payments would result in a penalty totaling to 10pc/yr of the unpaid amount. The bills, which are virtually identical, would also establish a "climate superfund account" where the payments would be deposited, which would then be used to fund any eligible projects identified by DEM. The agency as well as the attorney general's office would be given the authority to enforce the requirements under the proposal. The Rhode Island legislature considered a similar climate superfund bill last year , but it died in committee. Rhode Island is part of a growing number of states that have introduced or restarted efforts to establish a climate superfund law this year. New Jersey lawmakers introduced a bill earlier this month while Maine lawmakers advanced their own climate superfund bill on Wednesday. Vermont and New York remain the only states that have enacted climate superfund laws. Both are currently facing lawsuits from the federal government. By Ida Balakrishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil's Lula eyes draft to step away from fossil fuels
Brazil's Lula eyes draft to step away from fossil fuels
Sao Paulo, 8 December (Argus) — Brazil's president Luiz Inacio Lula da Silva called for the country's own draft roadmap for a "just and planned" energy transition, focusing on the move away from fossil fuels, after leading efforts for such an international plan. Brazil's energy, environment and finance ministries, as well as the chief of staff, must draft a resolution by 60 days from 5 December, or by 3 February, according to a presidential decree published in the official gazette on 8 December. Lula called for the creation of an international roadmap to move away from fossil fuels during a leaders' summit only a few days before the UN Cop 30 climate summit. That led to over 80 countries supporting a call for a roadmap to be included in final agreements at Cop 30. But the proposal did not make it to the summit's final decision. Instead, the Cop 30 presidency pledged to create a roadmap on the issue outside of official negotiations. Cop 30 president Andre Correa do Lago said recently that an initial draft of roadmap could be ready by April , when Colombia is set to host a global summit on the topic . Energy transition fund Lula also requested the creation of a draft resolution to "propose financing mechanisms to implement an energy transition policy", which would include creating an energy transition fund financed "by a portion of government revenues from oil and gas exploration". The ministries and chief of staff will also have 60 days from 5 December to draft this resolution. Lula had also asked oil and mining firms to pay their fair share of climate financing during a speech at Cop 30. This comes after similar efforts at previous climate summits. An initiative from the Cop 29 presidency called for a climate fund, capitalized with voluntary contributions from oil, coal and gas-producing countries and companies, to support developing economies in addressing climate change. But the fund was never set up and the topic slid from the agenda. Brazilian state-controlled oil firm Petrobras did not answer Argus ' requests for comments on the topic. Mining giant Vale declined to comment. But Brazil's oil, gas and biofuels institute IBP "recognizes the importance of creating a fund to finance energy transition and climate change projects and understands that the oil and gas sector can and should be part of the solution for this process", it told Argus . Brazil's oil and gas sector contributes with R325bn ($60.85bn)/yr in taxes and "part of this amount should be directed towards climate finance and a fair and efficient energy transition process", IBP said. But for that it is necessary to maintain oil and gas production, it said. Brazil has been steadily increasing its oil production. It produced 4.03mn b/d of crude in October , a 23pc increase from the same month in 2024, data from hydrocarbons regulator ANP show. The country has plans to expand oil production to 5.3mn b/d by 2030, according to energy research bureau Epe, hinging on new exploratory frontiers such as the southern Pelotas basin and the environmentally sensitive equatorial margin. IBP also argues that Brazil's oil sector already faces a large tax burden, with 66pc of all crude destined for the payment of taxes, fees and royalties. "We want to and will contribute, but it's necessary to point out that there's no way to create more burdens on the sector's supply chain", it said. The group argues that the fund's financing should come from the redistribution of current government oil and gas revenues. "Increasing taxation on oil and gas exploration and production could make future projects unfeasible," it said. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.