Global Climate News

US business groups are attempting to weaken EU sustainability rules. The article does not provide specifics on which groups or the exact methods they are using.

Egypt: The Suez Canal Bank participated in a $108 million financing for MAFI to build a fruit and vegetable processing plant in Sadat City. The project aims to produce concentrates and frozen fruits and vegetables, with 100% of the products intended for export. This supports Egypt’s economic growth and sustainable development goals.

India launched the 8th edition of the National Programme for Organic Production (NPOP), aiming to increase organic exports to Rs 20,000 crore in three years. The program includes simplified certification, TraceNet 2.0 for traceability, and new portals for organic promotion and Agri-exports. The initiative promotes sustainable farming to combat water scarcity and pesticide overuse.

Finland has experienced a decline in electricity prices, with the Nordic power futures indicating further decreases below 50 euros per megawatt-hour. The country is on track to become self-sufficient in electricity and achieve fossil-free power generation within the next couple of years due to new nuclear reactors and increased wind power capacity. Onshore wind power in Finland is noted as one of the cheapest methods for increasing zero-emission power in Europe, reducing reliance on Russian energy imports.

The article discusses the global economic challenges of 2021 and 2022, including high energy prices and inflation. Rising energy costs are partly due to reduced Russian natural gas supply to Europe. Central banks are responding by raising interest rates, although concerns exist about high public debt levels.

The UK launched the Global Clean Power Alliance, bringing twelve countries together to accelerate clean energy deployment and green job creation. The UK also committed to increasing its defence spending to 2.5% of GDP and pledged continued military aid to Ukraine (\"3 billion a year\"). Further, the UK is developing legislation for a new sanctions regime targeting irregular migration, and is reforming the FCDO to better connect its work to domestic priorities.

India and the USA, represented by the Ministry of Agriculture and Farmers Welfare and NASDA, respectively, held discussions to strengthen collaboration in key areas of agriculture, including Climate-Smart Agriculture, Voluntary Carbon Credit Initiatives, and Precision Agriculture using AI. The meeting also covered Cold Chain Management, Crop Insurance, and Capacity Building.

The European Union has implemented the eFTI Regulation to facilitate paperless freight transport. This digital shift is expected to save the EU transport and logistics sector up to €1 billion per year by reducing administrative burden, increasing data security, and improving efficiency. Member states will start developing necessary IT systems in 2025 and the regulation will apply in full by July 2027.

\"The US Department of Energy (DOE) reported that vehicles and fuels were the top waterborne imports in 2023 by value ($170 billion) and weight, respectively. This highlights the maritime sector's importance to transportation and the US economy.\"

The Chinese company Asia-Potash plans to invest \\$10 billion in Egypt to build a phosphate fertilizer production complex. The first phase will involve \\$1.6 billion in investments to produce 2 million tons of phosphate fertilizer annually, with 100% of production exported. The project aims to create 3,000 direct jobs in its first phase and will partner with green ammonia production projects in Egypt for energy supply.

The European Central Bank (ECB) has lowered its key interest rates by 25 basis points, based on its assessment of the inflation outlook and monetary policy transmission. The Eurosystem staff macroeconomic projections expect headline inflation to average 2.4% in 2024, declining to 1.9% in 2026, and rising to 2.1% in 2027 due to the expanded EU Emissions Trading System. Energy inflation is expected to remain negative until the second half of 2025, except for an uptick in 2027 due to new climate change mitigation measures.

India's Prime Minister mentioned renewable energy, aviation ecosystem, electric mobility, metro network expansion, and bullet train projects as examples of the country's rapid progress. He also highlighted India's progress in renewable energy and its aim to become a developed nation by 2047, emphasizing the role of the Indian diaspora in this journey.

Norway's Producer Price Index (PPI) data for 2024 shows a 3.7% increase in industrial prices, lower than previous years. Energy prices decreased by 6.7%, with significant drops in oil and gas prices (-6.4%) and electricity prices (-18.4%). The food industry showed a 4.1% price increase.

The Bank of Korea's Governor Chang Yong Rhee delivered a New Year's speech addressing challenges to the Korean economy, including export diversification, household debt, and political uncertainty. He highlighted the need for structural reforms to boost potential growth and emphasized the importance of managing household debt responsibly. The speech also mentioned the Bank of Korea's ongoing work on initiatives such as the risk-free reference rate (KOFR) and a Central Bank Digital Currency (CBDC).

The EU's REPowerEU plan aims to accelerate the green transition and reduce dependence on Russian energy, leading to increased public-sector demand for green initiatives at the expense of private-sector demand.

France hosted the 30th Conference of Ambassadors, addressing major international challenges and focusing on supporting the French economy and the European agenda. The conference also discussed the upcoming AI Action Summit, Nutrition for Growth Summit, and UN Ocean Conference, all of which have sustainability implications.

Czech Statistical Office (ČSÚ) reported significant year-on-year decreases in export and import prices of electricity and fuels in September 2024. Export prices decreased by 0.5% month-on-month and increased by 2.3% year-on-year. Import prices fell by 0.6% month-on-month and rose by 0.4% year-on-year.

The US Exim Bank approved a US$527 million loan to finance a gas-to-energy project in Guyana. This will construct a natural gas separation plant and a 300MW gas power plant, reducing CO2 emissions by over 460,000 tonnes annually. More than a dozen US companies are involved, including Lindsayca, CH4 Systems, and ExxonMobil.

Fastmarkets forecasts a modest increase in global crude steel production in 2025, driven by growth in North America, Europe, the Middle East, and India, which will offset a weak year in China. Increased steel production in India will be driven by rising demand and capacity expansion, much of which is coal-based and potentially affected by emission controls. Europe's steel production is forecast to show modest growth due to a slight rebound in end-user demand and new trade restrictions. The Middle East will see growth driven by new capacity and construction, with increasing investment in green steel. North American growth will be due to new capacity in Mexico and the US.

Sweden is expected to produce the world’s first truly zero-carbon emission steel in 2025. This will reshape pricing, markets, and supply chains. The EU’s Carbon Border Adjustment Mechanism (CBAM), effective in 2026, incentivizes decarbonization but also pressures steel mills to invest in green technologies. Green steel premiums currently track at an additional 20-40% cost. The transition requires significant capital investment and collaboration across stakeholders.