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US economy grows by 2pc in first quarter
US economy grows by 2pc in first quarter
Houston, 30 April (Argus) — The US economy grew at an annual rate of 2pc in the first quarter, led by government spending and investments in the artificial intelligence (AI) buildup. Growth in gross domestic product (GDP), in the first of three estimates, followed seasonally adjusted annual growth of 0.5pc in the fourth quarter of 2025, during the 43-day federal government shutdown, the Bureau of Economic Analysis (BEA) reported Thursday. GDP growth averaged 2pc in 2025. Economists surveyed by Trading Economics had forecast 2.3pc growth for the first quarter. "The big picture is that growth already was sluggish ahead of the energy shock, with the economy's underlying momentum anemic outside the continued surge in AI-related capex," Pantheon Macroeconomics said in a note. Growth in the first quarter reflected upturns in government spending, exports and investment that were partly offset by a deceleration in consumer spending. Consumer spending rose by 1.6pc in the first quarter following growth of 1.9pc in the fourth quarter. Spending on private investment rose by 8.7pc following 2.3pc growth in the fourth quarter. Spending on equipment rose by 17.2pc and spending on intellectual property products rose by 13pc, both parts of the AI buildout. Residential investment spending fell by 8pc, reflecting the ongoing slump in housing construction. "Recent indicators suggest that economic activity has been expanding at a solid pace," Federal Reserve chairman Jerome Powell said Wednesday in his last press conference as head of the central bank. In the near term, higher energy prices due to the war in the Middle East will push up overall inflation, he said. "Beyond that, the scope and duration of potential effects on the economy remain unclear," Powell said. Net exports weighed on GDP growth, with exports rising by 12.9pc, while imports, which subtract from growth, rose by 21.4pc. Federal government spending rose by 9.3pc in the first quarter after falling by 16.6pc in the fourth quarter on the government shutdown. Defense spending grew by 20.3pc in the first quarter after falling by 24pc in the fourth quarter. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Cop 31 presidency takes focus off fossil fuels
Cop 31 presidency takes focus off fossil fuels
London, 30 April (Argus) — Electrification, clean cooking, methane reductions and climate finance are among the themes host Turkey and lead negotiator Australia will focus on at the UN Cop 31 climate summit in November, the two countries said today, but CO2 emissions reductions and progress in phasing out fossil fuels were lower down their list of priorities. Cop 31 president-designate Murat Kurum today presented the main themes of Turkey's action agenda — part of the Cop process outside of the formal negotiations, which includes contributions from civil society and industry. The action agenda will focus on a combination of energy security and demand, Kurum said, including increasing electrification, accelerating the buildout of renewable energy, and increasing energy efficiency. Countries must "cooperate to maintain both energy supply and prosperity as part of the transition," he said. Methane emissions reductions and clean cooking will also be a focus, as will implementing pledges made on climate financing at Cop 29 in 2024. The priorities of the Turkish presidency — electrification, clean cooking, zero waste and finance — are "themes we can all gather around," according to Stephen Jones, Australia's ambassador to the OECD. Australia is to lead the negotiations at Cop 31 while Turkey hosts the summit. Consensus on concrete actions to reduce fossil fuel consumption or drive down emissions can be difficult to find at Cops, where almost all countries are represented, including major fossil fuel producers. Australia itself is one of the largest coal and LNG exporters in the world. But "we should have no doubt about where our destination is," Jones said, even if action to maintain access to oil and traditional fossil fuel supplies is critical. And the country "strongly supports" the goal set at Cop 28 in 2023 to transition away from fossil fuels in energy systems, he added. Last year's Cop 30 summit in Brazil ended without references to a move away from fossil fuels in the final text. The Brazilian presidency instead launched an optional process, annual conferences on transitioning away from fossil fuels, to be attended only by willing countries, and the first of which concluded in Santa Marta, Colombia , this week. Energy watchdog the IEA's director Fatih Birol pointed to progress on electrification and emissions reductions. The rise in emissions last year was the lowest since the Covid-19 pandemic, he said, while 75pc of new generating capacity installed was renewable, nuclear generation reached an all-time high, and sales of electric vehicles climbed. But former Cop presidents warned against excessive optimism. "Things are much bleaker" than they were five years ago, the UK's Alok Sharma, president of Cop 26 in 2021, said. And France's Laurent Fabius, president of Cop 21 in 2015, warned that hard topics such as transitioning away from fossil fuels and finance would have to be discussed. "Without financial concrete steps, there's no implementation, and it's all talk", he said. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
German chemical industry power demand could resume fall
German chemical industry power demand could resume fall
London, 30 April (Argus) — Power consumption in the German chemical manufacturing sector has fallen sharply over the past decade and could continue to decline in the coming years unless structural reforms are implemented quickly, chemical industry association VCI executive director for sustainability, energy and climate policy Matthias Belitz told Argus . Power consumption in the manufacturing of chemical products totalled 42.79TWh in 2024, according to the latest data from statistical office Destatis, making up more than 9pc of total electricity consumption. But consumption in the sector has dropped by nearly 20pc on 2014-18 levels, and in 2024 was the second lowest for any year since at least 2008, only behind 2023 ( see consumption chart ). A fall in overall chemical production has been a key driver in the power consumption decline, Belitz said. Chemical production fell by 3.3pc on the year in 2025 and was down by about 21pc on 2021, VCI figures show ( see production chart ). Chemical plants totalling 9pc of European production capacity have closed since 2022, with 25pc in Germany, a report commissioned by European chemical industry body Cefic earlier this year showed. Belitz attributed the recent woes in the German chemical industry to global overcapacity, overly complex bureaucracy and high energy costs. Global chemical production capacity has risen sharply in recent years, with particularly strong growth in China and the Middle East, while demand for basic chemicals has largely stagnated. This shift in supply-demand balance has weakened the German industry, and the Middle East conflict will "undoubtedly" have "negative consequences", Belitz said. The business climate in the German chemical industry "deteriorated significantly" in March, according to the latest survey conducted by German economic research institute Ifo. Share of power consumption stagnant Power's share of total energy consumption in the chemical industry fell narrowly on the year in 2024 to 25.1pc and was slightly below the 2008-23 average, the latest Destatis data show. An electrification investment incentive is currently "lacking", Belitz said. Electricity is too expensive, making large-scale electrification unviable without significant policy changes. And in a highly uncertain environment, it is difficult for firms to make long-term investment decisions, he added. Energy-intensive industry association VIK's index for average industrial power prices — tracking wholesale developments — stood at 309 points in March, against a January 2002 baseline of 100 points, with the rise well outpacing inflation. By contrast, the index was consistently below 200 in 2009-20. Belitz also pointed to the lack of physical availability of grid connections. Obtaining grid connections can take 5-10 years, further complicating the electrifying process. ‘Structural reforms' required to boost power demand To prevent further plant closures and enable electrification, "structural reforms" are urgently needed, Belitz said, including lowering overall power system costs, synchronising renewables expansion with grid expansion and ensuring consistently lower all-in electricity costs. "We need the physical pre-requisites regarding the grid and we need solutions for times when renewables are not producing," Belitz said, arguing that "expanding renewables capacity alone is not enough" but that "it is important that the availability of renewable energy is perpetuated". German chemical company BASF echoed this sentiment. "Politically induced costs must be reduced," a BASF spokesperson told Argus , urging a "faster, co-ordinated expansion of renewable electricity and grids", while also demanding a "fundamental ETS [emissions trading system] reform". The EU ETS puts Europe at an "enormous" disadvantage, Belitz said. Other regions have followed Europe's emissions pricing at "a significantly slower pace than expected and also with a much lower magnitude". Chinese firms, for example, pay roughly one tenth of Europe's CO2 emissions costs, and not all sites are liable, Belitz said. BASF last month opened its Zhanjiang Verbund chemical production site in China, into which it invested €8.7bn. The site's construction aligns with BASF's strategy of "investing where we see opportunities for growth", a spokesperson told Argus . China recorded 45.7pc of global turnover in the chemical industry in 2024, according to VCI data. China's 2024 chemical production was up by 26.6pc on 2021, while German production was down by nearly 19pc ( see international production chart ). And the carbon border adjustment mechanism (CBAM), intended to safeguard European industry and prevent carbon leakage, is "unsuitable for protecting our companies in international competition", Belitz said. The complexity in the industry is too high, meaning CBAM will "constantly lag behind the reality" and generate massive bureaucracy. CBAM currently does not apply to the vast majority of chemicals, although they are likely to be included in the future. Government subsidies only a ‘temporary fix' Government measures to subsidise industry, including the industry power price and an expansion of the power price compensation, are "merely a temporary fix", Belitz said. The industry power price will relieve beneficiaries of 50pc of the yearly average wholesale price in 2026-28, although only down to €50/MWh, while the power price compensation expansion aims to slightly boost aid for firms' incurred indirect emissions costs as part of their electricity costs. These measures provide some short-term relief, but more structural solutions are required to keep industry afloat. "The government cannot subsidise permanently, it will not work," Belitz said. These instruments alone are "insufficient to sustainably restore competitiveness", BASF said. Power consumption is expected to rise significantly in the long term, despite stagnation in recent years, Belitz said, citing the Chemistry4Climate study last updated in 2024. Power consumption across chemicals and pharmaceuticals, with the former making up the vast majority, could reach 160-440TWh by 2045, according to the study, assuming climate neutrality and strongly depending on how much hydrogen will be imported, although Belitz said we "must acknowledge that we will not end up in an all-electric world". In the near term, power consumption in the chemical industrial sector is likely to continue dropping, owing to further falls in production, unless structural reforms in the energy and regulatory sectors take effect promptly. By John Horstmann German chemical industry consumption by year German chemical industry, production, electricity, gas consumption index 2014=100 International chemical production index 2014=100 German chemical industry 2008-24 average energy consumption % Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Singapore, Philippines tighten Article 6 co-operation
Singapore, Philippines tighten Article 6 co-operation
London, 30 April (Argus) — Singapore and the Philippines signed an agreement on Thursday establishing the legal framework for the bilateral transfer of carbon credits aligned with Article 6 of the Paris Agreement, almost two years after the countries began collaborating on the arrangement. The Article 6 implementation agreement — the first signed by the Philippines — provides a legal framework for the generation and transfer of carbon credits aligned with the mechanism between the countries. Such credits will be correspondingly adjusted, meaning their emissions savings cannot be double counted. They will be eligible for use towards national climate plans under the Paris deal, the international credit quota under Singapore's domestic carbon tax, and other "international mitigation purposes" such as the Carbon Offsetting and Reduction Scheme for International Aviation (Corsia), Singapore's trade and industry ministry said. Singapore will cancel 2pc of the credits authorised under the agreement on issuance as a contribution towards global emissions reductions. It will also put 5pc of its share of proceeds from the agreement's credits towards climate adaptation in the Philippines. Authorisation processes for projects and the eligible methodologies for credit generation will be published "in due course", the ministry said. The countries signed an initial agreement in August 2024 to work towards the legal framework. Singapore signed its first Article 6 implementation agreement with Papua New Guinea in 2023, followed by Ghana in 2024 . It significantly ramped up its agreements last year, signing with Bhutan, Peru, Chile , Rwanda , Paraguay , Thailand , Vietnam and Mongolia . By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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