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Mexico central bank lowers target interest rate to 8pc
Mexico central bank lowers target interest rate to 8pc
Houston, 30 June (Argus) — Mexico's central bank lowered its target interest rate by half a percentage point to 8pc, its lowest since July 2022, but signaled a slower pace to the current rate cut cycle on inflation concerns. The central bank move marked the fourth half-point rate cut of 2025 and followed five quarter point cuts last year from a cyclical peak of 11.25pc in March 2024. In its rationale, the board said last week it based the decision on "the behavior of the exchange rate, the weakness of economic activity, and the possible impact of changes in trade policies worldwide." The peso was trading at Ps18.83/$1 Monday compared to Ps19.40/$1 a month earlier. However, for the first time this year, the decision was not unanimous, going 4-1, with deputy governor Jonathan Heath voting to hold the rate unchanged. Mexican bank Banorte noted the decision was less dovish in tone, having eliminated the phrase "of a similar magnitude" after stating "…looking ahead, the board will assess further adjustments to the reference rate" as appeared in this year's earlier decisions. Banorte said it now thinks the next decision 7 August will be for a quarter-point cut to 7.75pc, instead of a half-point to 7.5pc, but maintains its year-end forecast for the rate to reach 7.00pc. The decision included upward revisions to the bank's end-2025 consumer prices forecasts, with the headline forecast at 3.7pc from 3.3pc in the previous forecast on 15 May while the core estimate – which excludes volatile food and energy prices – moved to 3.6pc from 3.4pc. The board based the revisions on recent inflation data, noting headline inflation accelerated to 4.51pc in the first two weeks of June from 3.93pc in April. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
UK unveils plan to triple solar capacity by 2030
UK unveils plan to triple solar capacity by 2030
London, 30 June (Argus) — The UK government has unveiled a plan to nearly triple solar photovoltaic (PV) capacity to 45-47GW by 2030. The roadmap — co-chaired by energy secretary Ed Miliband and industry body Solar Energy UK chief executive Chris Hewett — outlines a series of measures to address challenges in planning, grid connections, supply chains and skills. It estimates that solar could power about 9mn homes by 2030, up from 2mn currently, and suggests that up to 0.4pc of UK land would be required for ground-mounted solar to achieve these targets. Total PV capacity in the UK at the end of May was 18.9GW across about 1.8mn installations , provisional government data show. Additions totalled nearly 1.4GW over the 12 months to May, slowing slightly from the 1.5GW added a year earlier. Installations need to ramp up significantly to more than 4.7 GW/yr of new capacity if the UK is to reach the lower end of the 45-47GW target range for 2030. A key focus of the plan is expanding rooftop solar, with the forthcoming future home standard set to mandate solar panels on most new homes from this autumn. The "warm homes plan", backed by £13.2bn over the spending review period, aims to support households in adopting solar panels and other energy-saving measures to reduce energy bills. The government is also exploring reforms to the Consumer Credit Act to facilitate financing for domestic solar installations, while state-owned company Great British Energy will fund solar projects for about 200 schools and 200 hospitals in England in 2025-26. For commercial rooftops, the roadmap highlights the potential of warehouse roofs, which could support 15GW of capacity, and proposes streamlined contractual agreements to ease installations on leased buildings. The government is also considering the potential of solar canopies on car parks and plug-in solar systems for households, with a safety study planned to explore the latter. Planning reforms include doubling the threshold for nationally significant solar projects to 100MW from 50MW, enabling more mid-sized projects to be decided locally, and updating the national planning policy framework to prioritise renewable energy. A £46mn investment will enhance local planning authorities' capacity, while a new "solar council" will monitor progress. By Timothy Santonastaso Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU eyes Article 6 for up to 3pc of 2040 climate target
EU eyes Article 6 for up to 3pc of 2040 climate target
London, 30 June (Argus) — The European Commission is planning to propose a "possible limited contribution" of international carbon credits issued under Article 6 of the Paris climate agreement to the EU's 2040 climate target, leaked elements of the legal text indicate. Alongside an emissions cut target for 2040 of 90pc compared with 1990 levels, the proposed amendment to the EU climate law includes using Article 6 credits from 2036 amounting to a maximum 3pc of the EU's net 1990 emissions, the text notes. The origin, quality criteria and other conditions of the credits would be regulated by EU law under the proposal, the draft reads. The commission will also lay out the possible use of domestic permanent carbon removals within the EU emissions trading system, as well as "enhanced flexibility across sectors" for meeting climate targets, the source said. Commission climate director-general Kurt Vandenberghe suggested earlier this month that its 2040 target proposal could offer more flexibility , without providing details. And some EU member states had expressed interest in using Article 6 credits towards the 2040 goal. But the approach has been criticised by others for potentially weakening the bloc's climate action. "These so-called flexibilities are nothing but a backdoor to less climate action. Those who rely on international offsets are not investing in our industry, not in our energy independence and not in our future," the shadow rapporteur for the 2040 target in the European Parliament, Greens MEP Lena Schilling, said today. Her comments echoed earlier findings by research body the Oeko-Institut on the potential risks of using Article 6 credits in the EU. The commission is scheduled to present its 2040 climate target proposal on 2 July. French president Emmanuel Macron last week called for discussions on the subject to be separated from those on the EU's 2035 climate target under its nationally determined contribution to the Paris deal, which must be decided ahead of the UN Cop 30 climate conference in Belem, Brazil, in November. Danish ambassador to the EU Carsten Gronbech-Jensen confirmed today that some member states are calling for the decoupling of the two discussions. Denmark takes over the presidency of the EU council from tomorrow. But there is not much time to prepare for discussions leading up to Cop 30, Gronbech-Jensen warned. "I think it might be somewhat complicated, given the discussion that took place last week," he said. "We'll do all we can to get to a good result." By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US Senate bill cuts 45Z extension, boosts crops
US Senate bill cuts 45Z extension, boosts crops
New York, 30 June (Argus) — The latest Senate draft of a major US budget bill would extend a biofuels tax break for an additional two years, down from four years in the prior draft, and set far more sweeping limits on foreign feedstocks. The "45Z" clean fuel production credit would last until 2029 and be available for only domestically produced fuels produced from North American feedstocks starting next year, according to a draft released over the weekend by Senate leaders that could be voted on as soon as Monday. An earlier Senate draft proposed extending the incentive through 2031 and cutting credit values for foreign feedstocks by just 20pc. The incentive, part of the Inflation Reduction Act, kicked off this year and currently offers a sliding scale of subsidy to US-made alternative fuels through 2027 based on their greenhouse gas emissions. The updated language is a win for farm groups, which have worried that imports of used cooking oil, tallow, and sugarcane ethanol are hurting demand for home-grown crops that can also be turned into biofuels. Refiners that had previously looked abroad for renewable diesel inputs, expanding US production to record levels last year, would have to pay up for scarcer domestic options. A shorter credit extension could frustrate corners of the industry that had emphasized the need for policy certainty — including companies with plans to start producing novel fuels later this decade — although biofuel incentives have a long history of extensions. For instance, the Senate bill would revive an expired tax credit for small biodiesel producers in a major change from earlier drafts. Facilities with capacities of no more than 60mn USG/yr could claim a 20¢/USG subsidy for up to 15mn USG of annual production this year and next year, supplementing tax breaks they can already claim under 45Z. That could keep more biodiesel plants, which have struggled to adapt to policy changes and competition from larger renewable diesel producers, running after a difficult start to the year. Smaller producers also would benefit from the latest Senate draft preserving the ability of companies without enough tax liability to sell tax credits to others. The bill is otherwise similar to earlier versions. It would still bar regulators next year from considering indirect emissions from land use changes, a shift from current law that in effect ups subsidies for fuels made from crops, another top priority for farm groups. If passed, the typical gallon of US dry mill corn ethanol and canola biodiesel would likely qualify for some 45Z subsidy — unlike under current rules — and soybean-based road fuels would earn larger credits next year. Aviation fuels conversely would see slimmer subsidies starting next year, since the bill would eliminate extra credit under current law for jet fuels over road fuels. That would be a major disruption to airlines and to those refiners that have invested in upgrading more of their renewable diesel output to instead produce sustainable aviation fuel (SAF). Trucking groups had argued that the imbalance was diverting feedstocks away from road markets to costlier SAF production — and that treating fuel types equally was one way conservative lawmakers could reduce the credit's price-tag. More changes possible The bill could be changed further Monday as the Senate proceeds with a process in which lawmakers can propose amendments. If the bill passes, it would go back to the House for approval. President Donald Trump has pushed lawmakers to finalize the sprawling package this week, an ambitious timeline given lawmakers still disagree on key issues. Any revised 45Z credit would also need final rules from the US Department of Treasury, which still has questions to answer about eligibility this year. The ultimate profitability of biofuels will depend on interactions between the tax credit and other policies that are also in flux. That includes a federal biofuel blend mandate, which the Trump administration wants to revamp to discourage foreign feedstocks, and newly tougher carbon intensity targets in California's influential low-carbon fuel standard market. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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