

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.
Follow the key developments in energy transition field with our Net zero page and keep up to date with ongoing coverage of these issues by following Argus Media on LinkedIn and on X.
News
Most nations miss NDC deadline, while ambition varies
Most nations miss NDC deadline, while ambition varies
London, 10 February (Argus) — The majority of countries that are party to the Paris climate agreement have missed the deadline to submit new national climate plans, while research group Climate Action Tracker (CAT) found that several are not aligned with Paris accord goals. Just 12 countries had submitted new climate plans, known as nationally determined contributions (NDCs), by time of writing today — the UAE, Brazil, the US, Uruguay, Switzerland, the UK, New Zealand, Andorra, Saint Lucia, Ecuador, Singapore and the Marshall Islands. UN climate body the UNFCCC had set 10 February as the deadline for countries to submit their third NDCs, setting out climate action and targets up to 2035. CAT said that of the six NDCs it analysed, just the UK's was aligned with the Paris agreement. The UK plan is "about the only bright spot" among the countries it tracks, CAT noted. But it warned that the UK government "has inherited a vast implementation gap" and must take "urgent action" to introduce and strengthen policies to ensure emissions reduction targets are reached. The UK aims to cut emissions by 81pc by 2035, from a 1990 baseline. The country should support its goals with more international climate finance to be "a fully 1.5°C aligned contribution", CAT said. The Paris agreement seeks to limit the rise in global temperature to "well below" 2°C above pre-industrial levels, and preferably to 1.5°C. CAT noted "a significantly more ambitious" target for 2035 from the UAE , compared with its 2030 goal, but flagged the need for details on the country's planned emissions cuts. It noted a "lack of transparency" in Brazil's NDC and found that, despite an increase in ambition, New Zealand's 2035 NDC "falls short". Switzerland's new NDC "is diverging from a 1.5°C aligned pathway", CAT said. And it said that while the US is leaving the Paris agreement, the country"s NDC "can still be a guiding document for the roughly half of the US states who support continued climate action." But many climate policy observers have emphasised that higher ambition and comprehensive plans are far more important than timeliness. The EU, Canada, Mexico and Norway committed to new, Paris-consistent NDCs at the UN Cop 29 climate summit in November. Climate Action Tracker tracks around 40 countries and the EU, covering around 85pc of global emissions and 70pc of global population. The Paris agreement has a ratchet mechanism, which requires countries to review and revise climate plans every five years, increasing ambition. The UNFCCC deadline for NDC submissions is not enforceable. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US rescinds UN climate fund pledges
US rescinds UN climate fund pledges
Washington, 10 February (Argus) — The US has canceled about $4bn in pledged money to the UN's Green Climate Fund, the latest sign a sharp policy shift under President Donald Trump. The State Department late last week said the US "has rescinded outstanding pledges to the Green Climate Fund," but did not provide any further details. The US under former presidents Joe Biden and Barack Obama had pledged about $6bn combined to the GCF, with the most recent commitment announced at the Cop 28 climate talks in Dubai. But the two administrations were able to deliver only $2bn of the funding. The cancellation of the GCF pledges is just the latest step by Trump to quickly reverse course for US climate and clean energy policies. Among his first acts after taking office last month Trump ordered the US to exit the Paris climate agreement and to pause spending on renewable energy projects. In addition, secretary of state Marco Rubio said the US would stop engaging in climate diplomacy. The GCF finances projects in developing and emerging countries with a focus on mitigation, adaptation and resilience efforts, such as climate-friendly agricultural methods, reforestation or coastal protection. It operates under the UN Framework Convention on Climate Change and was originally capitalized with $10.3bn in 2015. In two replenishment rounds since then, it has gathered more than $20bn in additional pledges. The fund has to date approved nearly $16bn for project in more than 130 countries and expects to approve another $3bn-worth this year. The fund said it "remains determined" to help developing countries achieve the highest level of ambition possible. "If pledges are not fully realized, our ability to support the climate ambitions of developing countries will be constrained," the GCF said. Finance for developing countries has been a major issue at UN climate talks. At last year's Cop 29 in Baku, Azerbaijan, countries agreed to a "new collective quantified goal" of "at least" $300bn/yr for developing countries by 2035, with developing countries "taking the lead." The goal is meant to build on the $100bn/yr that developed countries agreed to deliver over 2020-25. The finance will come from "a wide variety of sources, public and private, bilateral and multilateral, including alternative sources". By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Ecuador vows to cut GHG emissions by 7pc in 2035
Ecuador vows to cut GHG emissions by 7pc in 2035
Quito, 7 February (Argus) — Ecuador committed to reduce its greenhouse gas emissions (GHG) by 7pc by 2035 compared with the baseline projected emissions for that year, it said in its second Nationally Determined Contributions (NDC) this week. The reduction is the equivalent to 8.8mn metric tonnes (t) of CO2 equivalent (CO2e). Ecuador emitted 88.3mn t of CO2e in 2022 mainly from the energy sector (47pc), including transportation and power generation; land use (29pc); agriculture (13pc); waste management (6pc) and industrial processes (5pc). If the current trend projected since 2010 continues without any actions, Ecuador's annual emissions will reach almost 130mn t of CO2e in 2035. But by applying mitigation measures such as more renewable energies, sustainable methods of production and mobility, with domestic funding, the emissions will be reduced to about 121.2mn t of CO2e, for a 7pc cut. With more financial support from the international community, Ecuador aims to reduce its GHG emissions by another 8 percentage points. That would cut another 10.6mn t of CO2e, for a total reduction of 15pc and emissions of 110mn t of CO2e in 2035. The mitigation measures will cost Ecuador about $6.5bn. In 2019, Ecuador launched its first NDC and set the goal to reduce GHG emissions by 9pc annually from 2020-2025. But it missed the goal, mainly because the 2020 pandemic generated an economic crisis that cut funds to implement mitigation measures. By Alberto Araujo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
California considers different paths to lower carbon
California considers different paths to lower carbon
Houston, 4 February (Argus) — California may need a different path to its climate goals but will continue to work to meet them, state Air Resources Board chairwoman Liane Randolph said today. President Donald Trump's hostility to the state's long-standing authority to drive tougher emissions standards led California regulators last month to pull proposed separate emissions requirements for vehicle fleets and locomotives. But the state will use other means to drive down transportation emissions, including from heavy vehicles, if federal authorities do not approve more direct methods, Randolph said at the BNEF Summit in San Francisco. "We are playing the long game," Randolph said. "We can't afford to let the political winds dictate too much of what we do to actually get those new technologies and build those new markets and get it out on the ground." The federal Clean Air Act allows California to set its own vehicle emissions standards, so long as they are tougher than federal requirements and receive a US Environmental Protection Agency waiver. Such regulations may be adopted by other states. California withdrew petitions for waivers for its Advanced Clean Fleets and In-Use Locomotive Standards rather than risk a denial under the new Trump administration. Advanced Clean Fleets required government fleets, drayage equipment and delivery fleets for businesses earning more than $50mn/yr in revenue to shift to zero-emissions vehicles. The locomotive regulation required rail carriers shift to lower-emission equipment and limit idling. The state also braced for challenges to previously approved regulations, including mandates requiring auto manufacturers to steadily increase the share of zero-emissions vehicles in the new vehicles offered to buyers in the state. California can use regional regulations through air quality districts in the state to help drive toward the same goals, Randolph said. Agreements with automakers and regulations already in place had already driven real change, she added. Revisions to the state's Low Carbon Fuel Standard (LCFS) and pending work on the state's cap-and-trade program could meanwhile deliver new incentives to support especially medium- and heavy-duty vehicle ZEV transitions, she said. "My plea to you all is to keep playing the long game and to recognize that these investments are paying off, will pay off," Randolph said. "If we have a clear line of sight to success, we can keep that momentum going and use that momentum to support the practical regulations that can be adopted at the state level and hopefully again at the federal level." By Elliott Blackburn Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Analysis
US Paris exit sparks concern but also climate unity
US Paris exit sparks concern but also climate unity
London, 24 January (Argus) — Governments, companies and scientists have expressed concern at President Donald Trump's decision to withdraw the US from the Paris climate agreement, but have committed to continue with plans to decarbonise and drive forward the energy transition. "It's not a complete halt of the efforts but it's definitely a concerning moment," director of the Potsdam Institute for Climate Impact Research Johan Rockstrom told delegates this week at the World Economic Forum (WEF) in Davos, Switzerland. "The nervousness is what spillover effects this can have on other countries in the world and that in turn can end up in a serious slowdown of efforts. I'm thinking of Saudi Arabia, I'm thinking of Argentina, I'm thinking of some of the more populist governments now in Europe," Rockstrom added. Action on climate change is competing for space on policymakers' agendas with geopolitical turmoil — war in Ukraine and the Middle East — as well as economic challenges. "We're in a state of crisis fatigue… we only seem to have an attention span for one crisis at a time, so as this polycrisis environment that we've been in for the last few years… climate has been pushed down that crisis priority list, but… science behind climate hasn't changed. The impacts actually have changed in that they're simply getting worse", executive secretary of UN climate body the UNFCCC Simon Stiell said in Davos. In response to Trump's decision to pull the US out of the Paris accord , the EU and China immediately committed to continue with their action on climate change , and both underlined the importance of multilateralism. "I want to be very clear with my message. Europe stays the course, and we stand ready to work with all global actors to accelerate the transition to clean energy," European Commission president Ursula von der Leyen said. Transition is ‘unstoppable' Many speakers in Davos noted that the energy transition to renewables is well underway, and has advanced rapidly since Trump's first term in office. "The world is undergoing an energy transition that is unstoppable," Stiell said. Several private-sector representatives attending the WEF embraced the energy transition, pointing to increased efficiency and cost savings. "I haven't found one single area where climate smart wouldn't be resource smart and cost smart," Ikea chief executive Jesper Brodin said. "Technology will win the day in the end", Volvo Cars chief executive Jim Rowan said. The consensus from a CEO lunch during the WEF was that "we are not deviating from the plans we have. We're staying on track. We're moving on a decarbonisation path, we're electrifying our industry, we're not going to be shaken up by what's happening," Rockstrom said. Within the US, action to decarbonise looks set to consolidate beyond federal level. A group of 24 US state and territorial governors have assured the UNFCCC of their continued climate action. And Bloomberg Philanthropies this week said it would step in to cover the US' financial obligations to the UNFCCC, as well as support the country's climate reporting. The long-term realities of a heating world overshadow the relatively short-term politics. "It is one of the most challenging things we will be facing in the decades to come, and the effects are devastating," EU climate commissioner Wopke Hoekstra said this week. Extreme heat is projected to cause $2.4 trillion/yr in productivity losses by 2035, as well as $448 bn/yr in fixed-asset losses for publicly listed companies, financial services provider Allianz said. The US in particular has been hit hard by catastrophic weather events — proven to be exacerbated by climate change — in recent months. California governor Gavin Newsom pointed to wildfires, which have this month devastated swathes of Los Angeles. "If you don't believe in science, believe your own damn eyes," Newsom said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Landmark legal opinion on climate expected in 2025
Landmark legal opinion on climate expected in 2025
The ICJ guidance will inform the growing number of national and international climate cases, writes Georgia Gratton London, 3 January (Argus) — Last year saw historic outcomes in international legal cases centred on climate change, from the European Court of Human Rights (ECHR) to the world's highest court for marine protection, Itlos. And 2025 could see more, as the visible impacts of a heating planet increase. The UN International Court of Justice (ICJ) is expected to reach an outcome in 2025 that is likely be a "watershed moment for international climate governance", think-tank IISD's Earth Negotiations Bulletin (ENB) says. Hearings for the ICJ proceedings wrapped up in mid-December. The court — which all 193 UN member states are party to — will issue an advisory opinion on states' responsibilities with regard to climate change. ICJ advisory opinions are not legally binding, but the outcome will "serve as definitive guidance from the world's highest court", environment organisation ClientEarth lawyer Lea Main-Klingst tells Argus . The issue under consideration at the ICJ was originally spearheaded by the small island state of Vanuatu, and led to a UN General Assembly request for the ICJ's advisory opinion on states' obligation to "ensure the protection of the climate system and other parts of the environment from anthropogenic emissions of greenhouse gases for states and for present and future generations". It also seeks the ICJ's opinion on the legal consequences for states when they "by their acts and omissions, have caused significant harm to the climate system and other parts of the environment". Countries gave verbal evidence outside the negotiating blocs typically seen at forums such as Cop climate summits, meaning countries "were free to articulate their own positions, often with surprising divergences from other speakers in the same negotiating group", according to ENB. Countries and some organisations will also be able to submit written evidence on topics including fossil fuel production and mitigation — actions to cut greenhouse gas (GHG) emissions. Case study The ICJ proceedings "will be very relevant to all climate-related cases both at the domestic and international level — and the number of these cases is only growing", Main-Klingst says. The ECHR ruled in April that signatories to the European Convention on Human Rights must protect their citizens from "serious adverse effects of climate change". And the Itlos outcome in May — another advisory opinion — was similar, finding that states have an obligation to reduce their GHG emissions to protect oceans. The UK could prove to be a case study. The country's Supreme Court ruled in June — days before the current Labour government took power — that consent for an oil development in southern England was unlawful as it had not taken into account downstream emissions. The new government had already pledged to issue no new oil and gas permits, but it has since used the ruling to kick-start an overhaul of environmental guidance for oil and gas firms, which could have implications for previously approved developments. The damage caused by climate change is growing, making it more crucial to settle legal parameters. Scientists are in agreement that 2024 will be the hottest on record, smashing the current record set in 2023. And insured losses from natural catastrophes — proven to be made more intense by climate change — easily broke the $100bn mark in 2024, for a fifth consecutive year, reinsurance firm Swiss Re says. This does not take into account the scale of uninsured assets, which are often in the most vulnerable countries. These factors put further pressure on international courts to clarify and set expectations on an issue that is not confined to national borders. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU ETS auction revenue decreases in 2024
EU ETS auction revenue decreases in 2024
London, 23 December (Argus) — Revenue from the sale of EU emissions trading system (ETS) allowances decreased in 2024 despite a higher volume of ETS being sold, as the average settlement price fell by 23pc. EU ETS primary market auctions generated around €39bn ($40.6bn) this year, down from €44bn in 2023. Revenue decreased despite a higher overall volume of ETS being sold at auction, with around 599mn permits sold in 2024 compared with 523mn in the previous year. The auctions cleared at an average price of €64.76/t of CO2 equivalent (CO2e) in 2024, considerably lower than the 2023 average of €83.60/t CO2e. Lower demand for permits weighed on carbon prices in 2024. Eurozone manufacturing performance has contracted consistently since July 2022 , and there has been an accelerated decline in new factory orders, production and purchasing, data from Hamburg Commercial Bank show, reducing industrial activity and therefore compliance demand for carbon allowances. This fall in industrial activity also reduced power use, which combined with continued renewables build-out has reduced the carbon intensity of the region's generation mix. The top five highest-emitting countries in sectors covered by the EU ETS — Germany, Poland, Italy, Spain and France — all recorded record low stationary emissions in 2023 , which reduced buying demand ahead of the 30 September compliance deadline for last year's emissions. Uncertainty regarding future EU ETS supply has also weighed on the value of permits this year. The bloc has auctioned additional allowances since July 2023 in an attempt to raise €20bn for its REPowerEU initiative by 2026, but it has not specified how many permits it expects to sell, presenting the possibility that auction volumes could be increased if revenue falls short. Around €5.60bn were raised in EU ETS auctions for REPowerEU in 2024, increasing from €2.82bn a year earlier. The European Commission confirmed last month that it will not adjust scheduled sales volumes until September next year at the earliest. A total of €2.29bn were raised through sales this year for the EU's innovation fund — designed to stimulate low-carbon technology development in the bloc — up from €1.81bn in 2023. And revenue for the EU's modernisation fund — which supplies lower-income member states with financing to improve their energy systems — rose to €6.27bn in 2024 from €5.61bn a year earlier. All remaining revenue from EU ETS actions was returned to member state governments, which have been obliged to spend 100pc of these funds on climate and energy-related projects since the beginning of this year . EU ETS auctions will resume on 7 January. UK ETS auction revenue tumbles A total of 68.96mn permits were auctioned under the UK ETS in 2024, bringing in £2.56bn ($3.21bn) in revenue. This compares with revenue of £4.20bn from the 78.74mn allowances sold last year. Alongside the lower number of permits for sale, revenue was squeezed by weaker UK carbon prices. UK ETS auctions cleared at an average of £37.18/t CO2e this year, down from an average of £53.36/t CO2e in 2023. This was largely a function of similar conditions to those seen in the EU. The UK's production sector contracted in the second and third quarters of the year, government statistics show. And the country's last coal-fired power plant closed in September , reducing the carbon intensity of its generation mix. UK ETS auctions will resume on 8 January. By Navneet Vyasan EU ETS annual auction revenues €bn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Cop 29 Article 6 deal ushers in new carbon markets era
Cop 29 Article 6 deal ushers in new carbon markets era
New NDCs will show how many countries aim to use Article 6 mechanisms towards climate goals London, 29 November (Argus) — Countries concluded nine years of negotiations on UN-level carbon market mechanisms at the Cop 29 climate conference in Baku, Azerbaijan, this month, opening up new avenues for carbon trading that will present both opportunities and challenges for existing systems. Cop 29 ended last week with agreement on the crucial outstanding elements to allow the full operationalisation of Article 6 of the Paris Agreement, which includes two mechanisms designed to help countries co-operate on meeting their emissions cut targets, or nationally determined contributions (NDCs), through carbon trading. Article 6.2 provides for the bilateral trading of so-called internationally traded mitigation outcomes (Itmos) between countries, while Article 6.4 establishes the Paris Agreement Crediting Mechanism (PACM). The mechanisms distinguish themselves from existing carbon markets largely in the rules and methodologies underpinning the credits. Article 6.2 credits will be "correspondingly adjusted", meaning emissions savings cannot be double-counted by the buyer and seller. And Article 6.4 specifically requires the downward adjustment of emissions cut pathways over time, as well as providing environmental and human rights safeguards and a buffer pool to address any reversal of achieved mitigation. This offers potential guidance to other carbon markets, whether existing schemes in need of reform or newly established. The unregulated voluntary carbon market (VCM) has notably suffered a reputational crisis since last year, largely as a result of questions surrounding the integrity of its credits. Brazil's planned emissions trading system is "sure to benefit" from the benchmarks established by Article 6.4, Bruno Carvalho Arruda of the Brazilian foreign affairs ministry said this week. But Article 6 also potentially poses competition to existing systems, if the credits that it issues are perceived to be more robust. "The UN system will not be immune from the same criticisms as the VCM," Switzerland's lead negotiator on international carbon markets under Article 6, Simon Fellermeyer, told delegates at Cop 29. But its basis of legitimacy — an inclusive system, which has been developed over a long period of time — gives confidence to participants and could act as a "guiding star" that other markets could try to align with, he said. Healthy competition There is a role for independent carbon crediting registries, but they will be looking at the UN process for comparison, chair of the Article 6.4 supervisory body Olga Gassan-Zade said following the body's initial adoption of key rules for the mechanism last month. "It's healthy to have competition," she said. The submission of new NDCs under the Paris deal, due in February, should bring some more clarity as to how many countries intend to make use of Article 6 mechanisms towards their goals, as they set out how they intend to meet ever-stricter emissions cut targets, this time for 2035. Some parties, including the EU, have made it clear that they will not use Article 6 to meet their targets under the Paris agreement. But deputy director-general of the European Commission's climate directorate, Jan Dusik, still welcomed the agreement on Article 6.4 at Cop 29 as a "significant achievement", emphasising the "complementary role" it can play for individual member states that want to make additional emissions cuts beyond the bloc's NDC, as well as for EU companies. And the flow of money between regions through Article 6 mechanisms could become all the more vital in light of the $300bn/yr climate finance deal reached in Baku, which is widely regarded as inadequate by developing countries. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Country focus
Trump tries again at faster energy permitting
Trump tries again at faster energy permitting
Washington, 27 January (Argus) — President Donald Trump is moving early in his second term to fast-track federal permitting by tapping into emergency powers he hopes will expedite approval of oil and gas infrastructure projects and electric transmission lines. Trump spent his first term promising a "massive" permitting overhaul that never materialised, after he was unable to achieve comprehensive updates through regulatory changes or a legislative deal in Congress. But in an executive order he signed on his first day in office that declares a "national energy emergency", he directed his administration to use emergency powers usually used to respond to issues such as natural disasters or short-term fuel shortages, to make it easier to build oil and gas pipelines, refineries and power plants. Trump's order argues that swift government action is needed because former president Joe Biden's policies have created an "emergency" under which energy supplies have become "precariously inadequate and intermittent" and the electric grid is "increasingly unreliable". It directs government agencies to use emergency powers to expedite issuance of water permits under the Clean Water Act and fast-track project reviews under the Endangered Species Act. It also asks regulators to "use all lawful emergency" powers to support the supply, refining and transportation of energy in the US west coast, northeast US and Alaska. But the White House will not offer expedited permitting for wind farms, which Trump detests and says should no longer be built. His administration has issued orders to stop leasing federal lands for wind farms, prompting an outcry from offshore wind group Turn Forward, whose executive director Hillary Bright sees a disconnect between declaring an energy emergency while impeding the buildout of wind power capacity, which is on track to grow by 60pc by 2028. Trump also rescinded a 1977 executive order supporting binding government-wide regulations for issuing environmental reviews of projects under the National Environmental Policy Act (NEPA). This provides a chance to overhaul processes under NEPA, a decades-old law that often requires time-consuming reviews of projects that can take years to prepare and are regularly challenged in court. Where's the emergency? But tapping emergency powers to expedite permitting and overhaul NEPA processes could face substantial risks in court. Energy projects approved using novel processes would almost certainly face a barrage of lawsuits from environmentalists, who see no legal justification to jettison standard permitting rules that have been in place for decades. "There is no energy emergency. There is a climate emergency," environmental group NRDC's president, Manish Bapna, says. Republicans in Congress are considering ways to expedite permitting using a filibuster-proof manouevre called ‘budget reconciliation', which they also intend to use to cut taxes, expand fossil fuel leasing and push through other parts of Trump's agenda. Arkansas Republican representative,and chairman of the House of Representatives Natural Resources Committee, Bruce Westerman says "certain parts of permitting" could qualify for that bill, so long as they affect the federal budget. Industry officials are urging lawmakers to create durable energy policy. But Trump's efforts to roll back wind, solar and other clean energy projects — one executive order pauses disbursement of all funds enacted under Biden's signature climate laws — could threaten the bipartisan support required to pass comprehensive permitting changes. Democrats last year were willing to support permitting changes to help pipelines, in exchange for fast-tracking the electric grid buildout needed to deploy vast amounts of renewable energy. Blocking clean energy projects would remove an incentive for compromise. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump puts US climate risk disclosures on the outs
Trump puts US climate risk disclosures on the outs
Houston, 21 January (Argus) — US President Donald Trump revoked an executive order by his predecessor on Monday that required federal agencies to take steps to assess climate-related risks to the country's economy. The order revocation comes as part of a flurry of repeals and executive orders from Trump in his first days in office. The move, along with withdrawing the US from the Paris Climate Agreement, is in line with Trump's plans to distance his administration from former president Joe Biden's environmental goals, following campaign promises to focus on a deregulatory agenda and increase US oil production. "Climate extremism has exploded inflation and overburdened businesses with regulation," the executive order said. Biden issued his executive order in 2021 directing the federal government to take steps to assess climate risk impacts on the financial system, homeowners and businesses and then help inform the government and investors of those risks. It also required the identification of public and private financing needs to meet the Biden administration's net-zero emissions target for the US economy by 2050. But some of Biden's plans were already on their way out in the final days of his administration, while others are likely to be revisited by the government under Trump. The US Department of Defense (DOD), National Aeronautics and Space Administration (NASA), General Services Administration (GSA) on 13 January withdrew their proposed rule to amend the Federal Acquisition Regulation, which would have required major federal suppliers to publicly disclose GHG emissions and climate-related financial risk along with setting science-based GHG reduction targets in line with the executive order. The agencies cited a lack of time to finalize the rule, first proposed in 2022, before the end of the Biden administration. The lack of Trump support for federal climate-change disclosures is likely to slow progress on creating a national framework for measuring the impact of climate-change on US financial systems, investments, and housing among other sectors. The impact is likely to leave federal agencies unprepared to handle the aftermath, according to non-profit group Ceres. "Without comprehensive data and planning frameworks in place, federal agencies will be ill-equipped to protect taxpayer investments, ensure continuity of critical services, and build resilience against growing climate-related threats," said Steven Rothstein, managing director of the Ceres Accelerator for Sustainable Capital Markets. With the departure of US Securities and Exchange Commission's (SEC) chairman Gary Gensler on Monday, Trump's Republican replacement, acting chairman Mark Uyeda, will likely revisit the SEC's related disclosure requirements . Under a rule finalized last year, companies publicly listed in the US must begin disclosure of climate-related information by March 2026. But state-level action will continue even if the federal government unravels the previous administration's disclosure requirements. California has already mandated these disclosures. SB 261, signed by governor Gavin Newsom (D) in 2023 , requires companies operating in the state with revenues of $500mn/yr or more to biennially report, starting in 2026, the immediate and long-term climate-related financial risks within their operations and supply chain. The California Air Resources Board is taking public feedback to develop the regulations through July, with disclosures beginning in 2026. New York is also considering similar requirements. By Denise Cathey Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump to declare energy 'emergency': Update 2
Trump to declare energy 'emergency': Update 2
Updates with details throughout Washington, 20 January (Argus) — President Donald Trump today signed an executive order declaring a "national energy emergency" and said he plans to impose 25pc tariffs on imports from Canada and Mexico on 1 February. Returning to the White House for a second term, Trump signed a series of executive orders on energy and trade that he said will restore "common sense" to US policy. His orders aim to expedite permitting of energy infrastructure, tackle inflation, roll back climate programs put in place under former president Joe Biden and pursue a "drill, baby, drill" energy policy. In declaring a national energy emergency, Trump's order contends the Biden administration left a "precariously inadequate and intermittent energy supply, and an increasingly unreliable grid" that required swift action. Trump also froze all federal regulations, placed a temporary hold on hiring non-military federal workers, rescinded 78 Biden executive actions and memoranda and began rolling back Biden's climate legacy. "I'm immediately withdrawing from the unfair, one-sided Paris climate accord rip-off," Trump said at a rally held after his second inaugural ceremony. Trump's declaration of an "energy emergency" could bolster the legal rationale for some of energy policies and plans to expedite permitting. Trump also said he plans to end the "Green New Deal" — a reference to climate programs enacted under Biden — and revoke an "electric vehicle mandate" he said is threatening the US auto manufacturing sector. Trump also vowed to begin an "overhaul" of the US trade system to protect domestic workers and reiterated his support for tariffs, which he sees as a way to raise government revenue and support domestic manufacturing. "Tariffs are going to make us rich as hell," Trump said. They are "going to bring our country's businesses back that left us". While Trump is reiterating his threat to impose tariffs on Canada and Mexico, oil industry officials have warned such a move could disrupt the nearly 4mn b/d of crude the US imports from Canada. Trump stopped short of promised to erect tariffs on all US imports, saying: "We're not ready for that." On foreign policy, Trump said the US would "reclaim its rightful place" as the most powerful country in the world and reiterated plans to rename the Gulf of Mexico as the Gulf of America. Trump also promised still-unspecified actions to take control of the US-built Panama Canal in response to what he says has been unfair treatment of US ships, a claim that Panamanian president Jose Raul Mulino has rejected. "We gave it to Panama, and we're taking it back," Trump said during his second inaugural address. Trump signed an order to ease drilling restrictions in the Arctic National Wildlife Refuge and the National Petroleum Reserve in Alaska, while also prioritizing the development of the proposed 20mn t/yr Alaska LNG export terminal. Trump also said he wants to refill the US Strategic Petroleum Reserve (SPR), which is at 55pc of its capacity with 394mn bl of crude in storage, "right to the top". Refilling the SPR would require the US Congress to appropriate $32bn at current prices, to offset the costs of canceling 100mn bl of upcoming mandatory crude sales and buying about 300mn bl of crude. Trump signed an order to rescind a series of climate-related orders Biden had issued, measures the new administration says places "undue burdens" on energy production. And he imposed a temporary moratorium on leasing acreage in federal waters for wind projects. "We're not going to do the wind thing," Trump said. That drew an outcry from offshore wind advocacy group Turn Forward, whose executive director Hillary Bright said an emergency should require unleashing "all necessary sources of American energy — including offshore wind". During his campaign, Trump promised to cut the price of energy by 50pc within 12 months of taking office. But with regular grade gasoline averaging close to $3/USG and Henry Hub natural gas prices less $4/mmBtu this month, such a dramatic cut in prices would be difficult to achieve without causing major disruptions to industry. Environmentalists and Democratic-led states are also preparing to file lawsuits challenging Trump's deregulatory actions, a strategy they used during his first term with mixed success. Trump was sworn in in a relatively small ceremony inside the US Capitol, after calling off a more traditional, outdoor inauguration because of temperatures that were hovering around 23° F. Among those in attendance was Telsa chief executive Elon Musk, who spent more than $250mn to help elect Trump and is chairing a cost-cutting advisory panel. After being sworn in, Trump formally nominated his cabinet members, leaving it up to the Republican-controlled US Senate to hold confirmation votes. Trump also named Republicans to lead 15 independent agencies. Trump named Mark Christie as chairman of the US Federal Energy Regulatory Commission; Mark Uyeda as acting chair of the US Securities and Exchange Commission; and Patrick Fuchs as chair of the US Surface Transportation Board. Caroline Pham became acting chairman of the US Commodity Futures Trading Commission through a vote of its members. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump to declare energy 'emergency': Update
Trump to declare energy 'emergency': Update
Updates with changes throughout Washington, 20 January (Argus) — President Donald Trump pledged today to declare a "national energy emergency" as one of the first acts of his second term in office and has signed a series of executive orders designed to bring down energy costs, including pulling the US out of the Paris climate agreement. The executive orders on energy, trade and other issues will restore "common sense" in US policy, Trump said during his second inaugural address, moments after being sworn in at the US Capitol. The executive orders and emergency declaration are intended to expedite permitting of energy infrastructure, tackle inflation, roll back climate programs put in place under former president Joe Biden and pursue what Trump says is a policy to "drill, baby, drill". Trump signed his first set of executive orders during a rally tonight with supporters and plans to sign more orders later tonight at the White House. The first executive orders will implement an "immediate regulation freeze", put a temporary hold on hiring workers and rescind 78 of Biden's executive actions and memoranda. Trump also signed a directive to federal agencies to take steps to reduce the cost-of-living, along with a separate order that will withdraw the US from the Paris climate accord for a second time. "I'm immediately withdrawing from the unfair, one-sided Paris climate accord rip-off," Trump said at a rally later in the day. "The United States will not sabotage their own industries while China pollutes with impunity." Trump's declaration of an "energy emergency" could bolster the legal rationale for some of energy policies and plans to expedite permitting. Trump also said he plans to end the "Green New Deal" — a reference to climate programs enacted under Biden — and revoke an "electric vehicle mandate" he said is threatening the US auto manufacturing sector. Trump also vowed to begin an "overhaul" of the US trade system to protect domestic workers and reiterated his support for tariffs, which he sees as a way to raise government revenue and support domestic manufacturing. "Tariffs are going to make us rich as hell," Trump said. They are "going to bring our country's businesses back that left us." But it remains unclear if Trump will move ahead with his threatened 25pc tariff against Canada that oil industry officials have said could disrupt the nearly 4mn b/d of crude the US imports from Canada. On foreign policy, Trump said the US would "reclaim its rightful place" as the most powerful country in the world and reiterated plans to rename the Gulf of Mexico as the Gulf of America. Trump also promised still-unspecified actions to take control of the US-built Panama Canal in response to what he says has been unfair treatment of US ships, a threat that Panamanian president Jose Raul Mulino has rejected . "We gave it to Panama, and we're taking it back," Trump said. Trump is expected to take action soon to restart licensing of US LNG export terminals and support drilling in the Arctic National Wildlife Refuge. Trump said he wants the US to take advantage of its vast oil and gas reserves, which he said would reduce energy prices and increase energy exports. Trump also said he wants to refill the US Strategic Petroleum Reserve (SPR), which is at 55pc of its capacity with 394mn bl of crude in storage, "right to the top". Refilling the SPR would require the US Congress to appropriate $32bn at current prices, to offset the costs of canceling 100mn bl of upcoming mandatory crude sales and buying about 300mn bl of crude. Trump has yet to specify which parts of Biden's climate legislation he will work to overturn, which also would require congressional action. But the White House said the administration would consider rescinding all federal rules that put "undue burdens" on energy producers and stop leasing federal land to wind farms. "We're not going to do the wind thing," Trump said. That drew an outcry from offshore wind advocacy group Turn Forward, whose executive director Hillary Bright said an emergency should require unleashing "all necessary sources of American energy — including offshore wind." During his campaign, Trump promised to cut the price of energy by 50pc within 12 months of taking office. But with regular grade gasoline averaging close to $3/USG and Henry Hub natural gas prices less $4/mmBtu this month, such a dramatic cut in prices would be difficult to achieve without causing major disruptions to industry. Environmentalists and Democratic-led states are also preparing to file lawsuits challenging Trump's deregulatory actions, a strategy they used during his first term with mixed success. Trump was sworn in in a relatively small ceremony inside the US Capitol, after calling off a more traditional, outdoor inauguration because of temperatures that were hovering around 23° F. Among those in attendance was Telsa chief executive Elon Musk, who spent more than $250mn to help elect Trump and is chairing a cost-cutting advisory panel. After being sworn in, Trump formally nominated his cabinet members, leaving it up to the Republican-controlled US Senate to hold confirmation votes. Trump also named Republicans to lead 15 independent agencies. Trump named Mark Christie as chairman of the US Federal Energy Regulatory Commission, Mark Uyeda as acting chair of the US Securities and Exchange Commission,and Patrick Fuchs as chair of the US Surface Transportation Board. Caroline Pham became acting chairman of the US Commodity Futures Trading Commission through a vote of its members. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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