Even as 2025 risks becoming a year of deferral on climate action, key moments ahead—from FFD4 in Seville, which aims to reform global finance, to COP30 in Brazil—offer a chance to revive trust, scale ambition, and restore multilateralism’s promise
Creatives: Riddhi Tandon
Climate Talks in 2025: Converging Crises, Rising Stakes, and Diminished Returns
Even as 2025 risks becoming a year of deferral on climate action, key moments ahead—from FFD4 in Seville, which aims to reform global finance, to COP30 in Brazil—offer a chance to revive trust, scale ambition, and restore multilateralism’s promise
The world is heading into one of its most crowded and consequential climate calendars in years. Between this month’s UN negotiations in Bonn, the Fourth International Conference on Financing for Development (FFD4) in Spain’s Seville, and the COP30 summit in Brazil’s Belem, 2025 was supposed to be a year of delivery. Instead, it’s shaping up to be a year of deferral — where political gridlock, global conflicts, and financial shortfalls are threatening to derail progress on the world’s most urgent agenda.
This poses more than just a diplomatic problem. It signals the need for international multilateralism to stay credible in a world increasingly defined by war, resource nationalism, and widening inequality.
June’s climate talks in Bonn were meant to prepare the ground for meaningful action at COP30 in November. What they helped bring out was a preview of the fault lines that continue to plague global climate diplomacy. The talks began with a procedural deadlock after developing countries—led by India and the G77+China—called for climate finance to be formally prioritised on the agenda – their position rooted in legal commitments under the Paris Agreement and long-standing unmet promises. Developed countries resisted this push, citing economic and geopolitical pressures and the cost of multiple ongoing wars.
And while the developing nations’ push back to this response by developed ones is along expected lines, it is hardly helpful to bring about a resolution. Richer countries have pointed to economic pressures and ongoing conflicts. Yet, it is tough to ignore the developing nations’ argument that without adequate, predictable finance, talk of higher climate ambition is “just rhetoric.” The Baku-to-Belém Roadmap — a commitment to mobilise $1.3 trillion annually in climate finance by 2030 — is crippled without binding mechanisms, burden-sharing framework among developed countries, and clarity on grant-based versus market-rate finance.
While the recent announcement of a $250 million initial disbursement from the Fund for Responding to Loss and Damage, could be seen as some progress, it is also woefully inadequate in the face of mounting climate devastation and a reminder of the persistent failure by wealthy nations to provide the scale of finance urgently needed.
The OECD has warned that without systemic reform in 2025, the gap between the development finance needs for poorer countries and the available resources could balloon to US$ 6.4 trillion by 2030. Key funding access barriers for developing nations – including creditworthiness filters, fiscal ceilings imposed by the International Monetary Fund, and slow disbursement by Multilateral Development Banks – need urgent reforms.
Finance, Reform, and a Shrinking Pie
The Fourth International Conference on Financing for Development (FFD4), scheduled in July, is supposed to focus on fixing the architecture that delivers climate and development finance. And while expectations remain subdued, the test will be the implementation of the newly launched Sevilla Platform for Action, being put forward by Spain in collaboration with the UN.
While this outcome document was adopted in the absence of the US because the world’s largest economy withdrew from the process having objected to proposed UN involvement in debt negotiations and calls to triple MDB lending, it still holds hope by keeping the focus on what matters.
It’s perhaps befitting that the conference is being held at a time when temperatures in Seville are expected to hit 47°C — a timely reminder of climate impacts amid the backdrop of mounting global economic pressures.
As it is, developing nations are facing funding challenges including deep UN budget cuts, shrinking aid flows and escalating conflicts. In 2023 alone, developing countries spent $1.4 trillion servicing external debt, with interest payments at a 20-year high -– signalling the need for urgent reforms to the global financial systems to make funds available to tackle climate challenges while ensuring economic growth. This makes the FFD4 conversations more crucial as planned discussions include ways to make public spending more effective and improve domestic revenue collection, strengthening collaboration between multilateral and national development banks and expanding local currency financing.
Beefing up BRICS
These very themes are also likely to come up at the BRICS Summit where the heads of states from major emerging economies are expected to demand fairer, more effective international climate finance and technology transfer. The grouping, which has now beefed up its ranks much beyond the initial members Brazil, Russia, India, China and South Africa to 11 full members, including UAE, Saudi Arabia, Indonesia, Egypt, Ethiopia and Iran now represents 40% of the world’s economy.
The bloc has, for the first time, forged a unified position on climate funding — just months before FFD4 and COP30 — when it approved a joint climate finance framework that calls for reforming multilateral development banks, scaling up concessional finance, and mobilising private capital to support climate action in the Global South. A move that’s even more important in the context of an evident backtracking on climate by European leadership.
French President Emmanuel Macron has openly called for a “pause” in new EU environmental regulations and for delaying the adoption of the bloc’s 2040 climate target at the June 2025 EU summit in Brussels, citing concerns over competitiveness and economic strain. This shift, echoed by other European countries, risks eroding the EU’s credibility as a climate leader just as BRICS is consolidating its influence and presenting itself as an alternative centre of gravity in global climate negotiations, especially at a time of a vacuum created by the absence of US leadership.
This EU stance also signals that Brazil will have a tougher job of building consensus at the COP30.
The Cost of Conflict
Yet, the biggest tectonic shift threatening climate conversations this year is a world in conflict. The wars in Ukraine, Gaza, and now the broader Middle East are not only driving up defense budgets—they are crowding out development and climate finance. Global military expenditure hit a record $2.7 trillion in 2024, with the US, China, Russia and Germany accounting for 60% of the total.
Recent analysis shows that NATO countries alone spent 52 times more on their militaries than they delivered in climate finance to the world’s poorest countries. Militaries themselves are major emitters, responsible for an estimated 5.5% of global greenhouse gases. As defense budgets rise, the fiscal and political space for climate action shrinks.
Wars not only divert resources, they change political appetites. In an era of securitised diplomacy, climate issues are struggling to remain at the top of the agenda.
COP30: Brazil’s Test
Against this backdrop, Brazil has laid out an ambitious agenda for COP30: accelerating renewables, curbing deforestation, advancing energy efficiency, and enabling a just transition. But Brazil’s own officials have also been clear — without concrete progress on finance, many countries simply will not sign on to higher ambition.
This is a recognition that for much of the Global South, climate action without finance is no longer politically or economically tenable. India, Brazil, AOSIS, and the African Group are aligned in holding the line on finance, equity, and the principle of Common But Differentiated Responsibilities. These meetings — Bonn, FFD4, BRICS and COP30 — are the scaffolding holding up a fragile international consensus on how the world manages climate risk. But if consensus frays and if the financial and political imbalances continue to deepen, the foundations of multilateralism will begin to crack.
Photo: Wikimedia Commons
Monsoon covers all of India nine days ahead of normal date
The southwest monsoon reached Delhi on Sunday, “simultaneously covering the entire country nine days ahead of schedule—a rare meteorological convergence that has occurred only five times since 2001, when IMD onset records for the Capital began,” reported HT citing IMD.
The newspaper said this year’s June 29 convergence marks the earliest complete national coverage since 2020, with the monsoon typically taking a median of four days to cover the entire country after reaching Delhi during the 2001-2025 period.
“The Southwest Monsoon has further advanced into remaining parts of Rajasthan, West Uttar Pradesh and Haryana and entire Delhi today, the 29th June 2025. Thus, it covered the entire country on 29th June, 2025, against the normal date of 08th July (nine days before the normal date),” the IMD said in a statement on Sunday.
South Africa declares national disaster after floods kill over 100
The death toll from severe floods that inundated parts of South Africa’s rural Eastern Cape province two weeks ago has risen to 101, reported PTI citing authorities. The newswire added that “two children are still missing. Heavy rain on June 9 and 10 caused by a cold front resulted in floods that swept away victims and their houses, trapped others in their homes, damaged roads and other infrastructure and cut electricity supplies.”
South Africa has “declared a national disaster after floods and snow killed more than 90 people and destroyed roads and bridges in four of the country’s nine provinces”, reported Bloomberg. This month’s floods are the latest in a series of adverse weather events to hit South Africa. Last year, Cape Town had record rainfall in July and tens of thousands of homes were damaged. In 2022, at least 459 people died when torrential rains hit two coastal provinces.”
Chinese meteorological authorities warn of heatwaves in north and floods in south
China’s National Meteorological Centre (NMC) warned of heatwaves in northern China, with temperatures to exceed 40°C, reported Global Times adding that southern provinces are expected to “experience torrential downpours and flood risks”. Floods triggered by “days of torrential rains” have forced more than 400 students to evacuate their lodgings in southern China’s Guangxi province, reported state news agency Xinhua
Restoring forests key to carbon capture: Govt paper
The Centre released a document titled the National Mission for Green India that said the largest potential of creating additional carbon sinks is through restoration of degraded forests, which have impaired in the last 15 to 20 years, along with afforestation of open forests, wastelands and agroforestry, reported the HT.
The paper added that restoration of natural forests through plantations can contribute up to 60% of the total carbon sink which can be achieved by 2030, the report said.
Earlier, the Forest Survey of India had evaluated that to bring about an increase in carbon sink (CO2 equivalent billion tonnes) by 2.51 and 3.39 by 2030, as committed by India in its nationally determined contribution (NDC), a corresponding increase of 18.71 and 24.69 million hectares of enhanced forest and tree cover area would be required respectively, the newspaper noted. The Green India Mission is being implemented during the 10-year period from 2021 to 2030. A part of these plantation activities have already taken place.
Three years left to limit warming to 1.5°C, top scientists warn
There could be as little as three years at current levels of carbon dioxide (CO2) emissions before the world is “doomed to breach the symbolic 1.5C warming limit”, reported the BBC. A new report from more than 60 of the world’s leading climate scientists has found that, despite nearly 200 countries agreeing to try to limit global temperatures, they have continued to “burn record amounts of coal, oil and gas and chop down carbon-rich forests – leaving that international goal in peril”, the news channel said.
Climate crisis could hit yields of key crops even if farmers adapt, study finds
According to a new study, some critical crops could suffer “substantial” production losses due to climate change, reported the Guardian. Maize, soy, rice, wheat, cassava and sorghum yields could all fall by as much as 120 calories per person per day for every 1°C warmer the planet gets, the newspaper said. Covering the same study Daily Telegraph reported that the study suggests that this impact on food will be “like everyone giving up breakfast”. New Scientist pointed out that of the six key crops the researchers looked at, all but rice are set for steep losses with rising temperatures, “For instance, global corn yields are projected to fall by about 12% or 28% by the end of the century – depending on whether greenhouse gas emissions are moderate or very high, respectively – relative to what they would be without global warming,”
Expect more extreme summertime North Atlantic Oscillation under climate change
Global warming will lead to a higher probability of summers that see extremes in the North Atlantic Oscillation (NAO), a new study published by Nature suggests. Using a large collection of climate models, as well as reanalysis data, the researchers find that the statistical distribution of the summer NAO “grows wider with increasing global warming”. This amplified variability “leads to a higher probability of summer NAO extremes” for both positive and negative phases, the researchers say, “accompanied by an amplification of their impacts on surface temperature over north-western Europe.
More than 200 countries have agreed to increase the budget of the UN Framework Convention on Climate Change (UNFCCC) to €81.5 million for 2026-27, reported Reuters . The newswire said the new budget is a 10% increase compared to the UNFCCC’s 2024-25 budget. “The deal includes an increase in China’s contribution, reflecting the country’s economic growth. China, the world’s second-biggest economy, would cover 20% of the new budget, up from 15% previously. Only the US, the world’s biggest economy, was allocated a bigger share, of 22%. The US did not attend the UN climate talks this week in Bonn, Germany where the budget was approved,” the newswire noted. The outlet said UNFCCC “has faced a severe budget shortfall in recent years, as major donors including China and the US had not paid on time, prompting the body to cut costs including by cancelling some events”.
Nagaland: First payout under extreme-weather insurance triggers relief
Nagaland’s new extreme-weather insurance scheme called the Disaster Risk Transfer Parametric Insurance Solution (DRTPS), is the first of its kind in the country, which insures the entire state against heavy rainfall, reported Mongabay India. The scheme was relaunched last year after making revisions to its design. So far, payouts worth ₹1.06 crore have been made to residents impacted by heavy rain and other hazards.
Nagaland is the first state in India to insure its entire geography against heavy rainfall.
The scheme was revised to include a more accurate threshold based on localised meteorological data, and triggered a payout of ₹1 crore. Parametric insurance is an innovative way to raise disaster finance, but the rising frequency of extreme weather events could make premiums unaffordable in the future, according to experts.
NGT notice to CPCB, Bihar authorities over rise in lightning deaths due to felling of palm trees
The National Green Tribunal (NGT) issued notice to the central and Bihar governments after taking suo motu cognizance of a report that linked lightning strike deaths in Bihar with the felling of Asian palmyra palm trees. The court asked both governments to file a reply on the matter, DTE reported.
The outlet said a tribunal bench took cognisance of the report on June 5, 2025.
The newspaper article, published on May 29, 2025, raised questions as to whether Bihar’s disappearing palm trees were the reason behind increasing deaths due to lightning in the state.
More than 2,000 people have died in lightning strikes in Bihar since 2016, the article noted.
This figure reached 2,446 by April 2025, according to the Economic Survey and Bihar’s state disaster management department. Some 2,937 people lost their lives between 2014 and 2024, according to the Lightning Report 2023-24. Districts like Gaya, Aurangabad, Rohtas, Patna, Nalanda, Kaimur, Bhojpur and Buxar were the most affected during this period.The report indicated that palm trees help in safely transmitting electricity to the ground and their felling has made lightning incidents more deadly, the DTE report said.
Climate misinformation turning crisis into catastrophe: Report
Action on climate change is being “obstructed and delayed by false and misleading information stemming from fossil-fuel companies, rightwing politicians and some nation states,” the Guardian reported saying this was according to a review of some 300 studies by the International Panel on the Information Environment. The newspaper said the researchers found climate denialism has evolved into campaigns focused on discrediting solutions, such as the false claims that renewable energy caused the recent massive blackout in Spain. The report said the researchers found that online bots and trolls hugely amplify false narratives playing a key role in promoting climate lies.
The outlet noted that political leaders, civil servants and regulatory agencies are increasingly being targeted in order to delay climate action. The IPIE report is a comprehensive assessment of who is producing climate misinformation, how they propagate it, what impact it has and how it can be combated. The newspaper said: ‘Misleading information has undermined public trust in climate science and other key social institutions. This crisis of information integrity is intensifying and exacerbating the climate crisis.’” COP30 host Brazil will “rally nations behind a separate UN initiative to crack down on climate misinformation”, the report said.
EU countries abandon anti-greenwashing talks after Italy pulls out
Negotiations around new EU rules to tackle corporate “greenwashing” can no longer continue after Italy withdrew its support for the bill, Politico reported. The move means a “landmark EU law clamping down on companies making misleading environmental claims is all but dead”, the outlet said. Italy’s decision follows a “confusing series of announcements from the European Commission” which suggested the commission itself would withdraw its proposal last week, then stated its support for the proposal
Northern Ireland releases new draft Climate Action Plan: 33% emission cuts by ‘37
Northern Ireland’s first draft Climate Action Plan has been published for consultation, reported the BBC. The outlet says the plan sets out how Northern Ireland will meet its target of cutting emissions by 33% by 2023-37, compared to 1990 levels.
The BBC News said Scotland unveiled a new set of climate targets. It says: “Annual targets were abandoned by Scottish ministers last year after they were repeatedly missed but the pledge to reach net-zero by 2045 was retained. The new target states emissions need to fall by an average of 57% over the next five years and by 69% by 2035, when compared with 1990 levels. The targets will be met using a carbon budgeting system and the proposals will be voted on by MSPs in the autumn.
US: Trump administration to end protections for 58m acres of national forests
The Trump administration in the US announced plans to “open up” 58 million acres of national forests to road construction and development, NYT reported. The newspaper said the move eliminates protections that have been in place since 2001 and which till date preserved the wild nature of nearly a third of the land in national forests. The so-called “roadless rule” has meant that mining, logging and roadbuilding could not take place across swathes of forest, the outlet said.
Photo: Wikimedia Commons
Delhi set to launch its first cloud seeding operation to fight air pollution
Delhi is set to use artificial rain to lessen air pollution in the city. This will involve five aircraft sorties each of 90 minutes which will spray seeding mixture covering nearly 100 square kilometres over low-security air zones in northwest and outer Delhi, Live Mint reported.
The flight plan for the cloud seeding operation has been submitted by IIT Kanpur to the India Meteorological Department (IMD) in Pune for technical coordination and set to be implemented between July 4 and 11, PTI reported. Delhi Environment Minister Manjinder Singh Sirsa announced that the “conditions are not suitable for cloud seeding until July 3, but a flight window has been proposed between July 4 and 11.”
Immediately publicise ban on Plaster of Paris idols, NGT tells TNPCB
The National Green Tribunal (NGT) criticised the Tamil Nadu Pollution Control Board for failing to publicise awareness campaigns on the guidelines for using eco-friendly idols, The Hindu reported. The bench said the Board was taking a “backseat” in enforcing environmental regulations. The court questioned whether any posters had been displayed outlining the do’s and don’ts to prevent the manufacture of idols made from Plaster of Paris (PoP) and other harmful materials.
With a little over two months to go for the festival Vinayaka Chaturthi, the bench also asked if steps had been taken to restrict the entry of such idols from neighbouring states. In response, the counsel representing the Tamil Nadu Pollution Control Board TNPCB requested additional time to submit a report.
Noise pollution harms health of millions across Europe, report finds
About 110 million people suffer stress and sleep disturbance because of noise pollution that leads to tens of thousands of early deaths, reported the Guardian citing a new study.
More than 110 million people across Europe suffer high levels of health-damaging noise pollution, according to the report. The resulting physiological stress and sleep disturbance leads to 66,000 early deaths a year and many cases of heart disease, diabetes and depression
The harm to health from noise is greater than that from higher-profile risks, including secondhand tobacco smoke or lead exposure, and incurs an economic cost of almost €100 billion (£86 billion) a year, the analysis found.
Photo: Wikimedia Commons
Interstate transmission (ISTS) charges will not be waived for Solar, Wind Projects Commissioned after June 2028
The Central Electricity Regulatory Commission (CERC) issued a time frame for waiving interstate transmission (ISTS) charges. Renewable energy generation projects based on wind, solar, or hybrid sources commissioned on or before June 30, 2025, will receive a full waiver for 25 years, reported Mercom.
Projects commissioned in successive years up to June 30, 2028, will receive progressively lower waivers, reducing from 75% to 25%. Projects commissioned after June 30, 2028, are not eligible for a waiver, the outlet said.
Energy storage systems (ESS). Pumped storage projects awarded for construction by June 30, 2028, will receive a 25-year waiver. Battery energy storage systems (BESS) co-located with renewable power projects at the same substation and charged from such sources are eligible for a 12-year full waiver, Mercom report said.
Closed coal mines can host 300 GW of solar energy
A new study by the Global Energy Monitor estimated that 446 coal mines and 5,280 km square of abandoned mines could be suitable for being converted into solar energy projects, reported CarbonCopy. These projects equal nearly 300 GW of solar potential, or 15% of the globally installed solar capacity.
In China, 90 former coal mines have been converted into solar- power facilities, generating 14 gigawatts GW of energy. An additional 46 projects, with a combined capacity of 9 GW are in the works as well. It is “leading the world in such conversion”, according to GEM.
Besides China, 14 other countries like Australia, the US and Greece are attempting such conversion projects totalling 11GW of solar capacity, but most are in early stages, according to GEM. The report outlined that such projects can address land-utilisation issues, as roughly 6,000 coal mines have been closed since 2010, and more are expected to close as other countries are gradually phasing out coal.
China Solar Additions Surge to Record in May Ahead of Deadline
China’s solar installations surged in May, setting a new monthly record as companies rushed to finish projects before the start of new rules that threaten to slash renewable power prices.
The country installed 93 gigawatts of panels last month, according to data released by the National Energy Administration, four times more than in the same period in 2024. The previous record was 71 gigawatts in December. The May figure means China installed more solar capacity in a single month than any other country did in all of 2024, according to BloombergNEF data.
China’s installations of solar power surged in May, reaching a “new monthly record” of 93 gigawatts (GW), “four times more than in the same period in 2024”.
Photo: Wikimedia Commons
Government Opens Doors to Global Electric Car Makers with Portal Launch
The Ministry of Heavy Industries (MHI) launched the portal for the ‘Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI),’ inviting global and domestic manufacturers to establish electric vehicle (EV) production facilities in the country, with a minimum investment of ₹41.5 billion, Mercom Reported.
The outlet said the application portal will remain active until October 21, 2025, adding that the program aims to attract major global EV manufacturers by offering a reduced customs duty structure and a policy framework that encourages long-term investments in India’s automotive sector.
MHI had recently issued guidelines for SPMEPCI. that also allow applicants to import completely built units of electric four-wheelers with a minimum cost, insurance, and freight value of $35,000 (~₹2.99 million) at a reduced customs duty rate of 15% for five years from the date of application approval, the outlet said.
Tamil Nadu Closer to Achieve Storage of Excess Green Power as Three Firms Bag Tender for 1,000MWh system
Three companies, including NLC India Renewable Limited, wholly owned subsidiary of NLC India Limited, were awarded a tender floated by TN Green Energy Corporation Limited to set up a 1,000MWh battery storage facility in the state. NLC India Renewable Limited was awarded a 500 MWh battery energy storage system, Bondada Engineering Limited won the bid to set up a 400MWh battery storage facility, and Oriana Power Limited will set up a 100MWh storage facility, reported ET Energyworld.
This move makes Tamil Nadu closer to achieving the storage of excess green power. These companies will release 1 lakh million units of electricity to release it in two cycles during the peak power demand time period.
Battery Storage Investment to Cross $1Billion in India This Year Amid High Financing Costs: IEA
Battery storage system investments are expected to cross the $1billion mark as high financing costs remain a barrier, according to the International Energy Agency (IEA), reported ET Energyworld. The report cited that the battery storage investments continue to rise globally, but financing costs still remain a challenge for emerging economies like India.
The investments in the battery storage system rose globally by 45% in 2024 compared to the previous year. The largest contributor for over 90% investments remained the US, Europe, and China.
Uber, Waymo Launches Self-Driving Taxis in Atlanta
Uber Technologies, in collaboration with Alphabet unit Waymo, will be starting self-driving taxis in Atlanta after offering its services in Austin, Texas since March. The company will first offer its service for travel across 168 square km of Atlanta, reported Reuters.
Waymo has more than 1,500 vehicles running over 250,000 rides a week across San Francisco, Los Angeles, Phoenix, and Austin. It is also planning to launch fully autonomous ride-hailing in the US Capital City of Washington next year.
US Safety Agencies Probe Tesla Over Robotaxis’ Alleged Traffic Violations
The National Highway Traffic Safety Administration contacted Tesla after a video surfaced showing the robotaxis using the wrong highway lane and speeding past another driverless vehicle, reported Reuters. Tesla launched a limited and paid test service in Austin, Texas. The service is not available to anyone under the age of 18, and Tesla plans to avoid adverse weather conditions and challenging intersections.
Mahanadi Coalfields Limited (MCL) will invest ₹40,000 crore to set up a 4,000 MW thermal power plant, ET reported. The project will be developed in association with Coal India and the Energy Department of Odisha.
The news website said the company is also planning to establish a high ash coal to ammonium nitrate plant with an annual capacity of 6,00,000 metric tonnes. The investment outlay for this project is ₹11,782.05 crore. The plant will be set up in partnership with BCGCL and the Industries Department of Odisha.
In the renewable energy segment, MCL has lined up three major projects. These include a 2,000 MW ground-mounted and floating solar power plant with a projected investment of ₹12,000 crore. A 500 MW pumped storage power plant is proposed at an investment of ₹5,000 crore. Additionally, a 100 MW wind power plant is expected to be developed at a cost of ₹900 crore.
Trump exhorts US to drill oil, gas after Iran attacks
US president Donald Trump urged his own government – specifically the US Department of Energy – to “drill, baby, drill”, adding “I mean now”, in a post on his Truth Social platform, Reuters reported. The newswire said that US energy secretary Chris Wright responded: “We’re on it!” The outlet noted that, in another post, Trump wrote in all caps: “Everyone, keep oil prices down, I’m watching! You’re playing into the hands of the enemy, don’t do it.”
The comments come “amid fears that the aftermath of the US attacks on Iran’s nuclear facilities could cause energy prices to spike” due to disruption of oil and gas flows from the Middle East, the article explains. US oil production already reached record highs during the Biden administration, Reuters pointed out. Bloomberg reported that the industry “wary of false starts”, adding that US oil companies “are likely to use hedging contracts to lock in revenue for future output rather than spend heavily on new drilling”. The article says that these producers have been scaling back amid a “slump” in prices triggered by concerns about Trump’s threats of global tariffs.
According to The New York Times, a spike in energy costs could prove especially difficult for American consumers and businesses this summer, given that it could arrive at about the same time that Mr Trump plans to revive his expansive, steep tariffs on nearly every US trading partner,”
Wall Street Journal reported that “frackers have no immediate plans to pump more crude,” …there is a “long list of factors” behind this, “from a global economic slowdown to pressure from tariffs and a wave of new crude supplies inundating already well-sated markets”.
Trump says China can buy Iranian oil, urges it to buy US crude
President Donald Trump said China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of US sanctions, reported Reuters.
“China can now continue to purchase oil from Iran. Hopefully, they will be purchasing plenty from the US, also,” Trump said in a post on Truth Social, just days after he ordered US bombings of three Iranian nuclear sites.
US tax bill includes billions in benefits for oil Industry
As the US Senate prepares new legislation that would slash benefits for renewable energy and electric vehicles, Republicans are poised to include billions of dollars in benefits for the oil and gas industry, Inside Climate News reported, adding that the benefits would cost the government about $18 billion in lost revenue over a decade, according to an analysis released Saturday by Congress’ Joint Committee on Taxation.
The outlet noted that, for comparison, a plan to end a tax credit for energy-efficient home improvements was projected to save about $21 billion over the same period.
Environmental groups said the proposal, included in draft language, subsidises fossil fuel companies at the expense of the American people.
Global north countries responsible for 70% of Oil and Gas expansion: Report
A new report showed that four Global North countries, led by the United States (US), are responsible for nearly 70% of projected new oil and gas expansion from 2025 to 2035, reported CarbonCopy. An analysis by Oil Change International warned that if the expansion is allowed to proceed, it would lock in an unliveable future.
According to the report, if these four countries— the United States, Canada, Norway, and Australia— halted their plans for expansion, it would keep 32 billion tonnes of carbon pollution on the ground, which is equivalent to three times the annual emissions of all the world’s coal power plants combined.
At COP28, all the countries promised to phase out fossil fuels in an equitable manner. The report cited that the richest countries with the highest capacity should do so before 2035 and mobilise climate finance to enable a just transition in global South countries.
