Author: omc_admin

• €15.5bn secured for Africa’s renewable energy expansion, led by the EU and South Africa• Commitments include 26.8 GW of new renewable capacity and electricity access for 17.5 million households• Pledging drive strengthens global momentum toward tripling renewable energy by 2030 A year-long effort to push fresh investment into Africa’s clean-energy systems closed this week with €15.5 billion in commitments, placing the continent’s infrastructure needs at the centre of Europe’s geopolitical and climate-finance agenda. The campaign was jointly led by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa, with Global Citizen coordinating the mobilisation effort…

By the time 2030 rolls around, global companies will invest roughly $59 billion a year in new warehouse automation systems and solutions (up from the  current $19 million). Some of that investment will go to full facility transformations but not all automation investments have to take that route. In fact, some of the solutions on the market can be fairly easy to implement and use without breaking the bank. What’s RelatedRight now, the automation market covers a broad range of products and services, including hardware, software and integration services. Retail, manufacturing, healthcare, and logistics are among the biggest adopters, and…

• Countries agreed to mobilise at least $1.3 trillion annually by 2035 for global climate action, with adaptation finance set to triple.• The loss and damage fund moves into a regular replenishment cycle, backed by new implementation tools and monitoring frameworks.• Brazil’s presidency committed to develop two new roadmaps on deforestation and fossil fuel transition after negotiators failed to secure explicit phase-out language in the final text. High expectations, difficult compromises COP30 closed at sunrise on Saturday after a marathon final night of negotiations, delivering a substantial climate-finance package and new implementation mechanisms, but stopping short of a formal commitment…

Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox.The Trump administration is making good on the president’s “drill, baby, drill” rhetoric with a new plan to open up vast areas of the U.S. coastline for offshore oil drilling projects. And though it will be years before any become operable, there are indications that both Red and Blue states don’t want them because of the likelihood of environmental damage. “The Biden administration slammed the brakes on offshore oil and gas leasing and crippled the long-term pipeline of America’s…

As supermajors advance LNG export projects in Mozambique, the southeast African country has granted a 30-year concession to its biggest state firms to build and operate infrastructure for receipt, regasification, storage, and transport of natural gas. Mozambique on Monday announced that its government approved a decree to grant the concession for the construction and operation of natural gas infrastructure at the Port of Beira and at the smaller site of Inhassoro.  The concession will be managed by a special purpose entity that includes state oil firm ENH, Mozambique’s Ports and Railways CFM, Mozambique’s Electricity firm EDM, Cahora Bassa Hydroelectric (HCB). These, plus…

Wildfires have devastated more moorland, forests and fields in the UK this year than at any time since records began, putting huge pressure on the country’s fire service, figures show.The Global Wildfire Information System estimates that by November, wildfires had burned 47,026 hectares (116,204 acres) in 2025 in the UK – the largest area in any year since monitoring began in 2012, and more than double the area burned in the record-breaking summer of 2022.Now the Fire Brigades Union, backed by climate groups and tax justice organisations, has written to the government asking for long-term investment in the service to…

Compared to conventional marine fuels, green methanol has a lower carbon footprint, cutting emissions by up to 65 percent, according to shipping firms. Singapore will start issuing bunkering licences next year to companies supplying methanol as marine fuel, in an effort to help global shipping cut carbon emissions, officials said Monday.Three companies will kickstart methanol supply in the Port of Singapore from January 1, its Marine and Port Authority (MPA) said in a statement.Singapore is the world’s top bunkering hub due to its strategic location along the Strait of Malacca, having a well-developed infrastructure and access to refineries.”This marks an…

Spot charter rates to hire an LNG tanker on the U.S. to Europe route have jumped to their highest level in nearly two years as soaring American exports tighten the Atlantic LNG vessels market.  The spot charter rate for a tanker to ship LNG from the U.S. to Europe surged by 12% on Friday, reaching $130,750 a day, per data from Spark Commodities cited by Bloomberg. That’s the highest daily LNG shipping rate since December 2023.  Since October, LNG freight rates have rallied as U.S. export projects ramp up and tie up more vessels for exports from the U.S. Gulf Coast to…

Oil has sold down in tandem with an unwind in equities. Many will look at NVIDIA’s earnings report as the linchpin. The earnings were good. The market immediately bought the earnings number, then sold down aggressively at the reopen of trade. This is deleveraging. People sell what’s liquid to fund that which is less liquid, or go to cash. The reasons for correlation are myriad. It is somewhat clearer now, how the same liquidity that kept equities elevated, also kept energy alive. In the last week, I decided to liquidate XLE April put spreads. The reason for which was that…

The previous biggest one-day fall was recorded at 99 paise against the dollar on February 24, 2022.The rupee rebounded sharply by 46 paise to settle at 89.20 (provisional) against the greenback on Monday, due to US dollar selling by banks and importers amid a dip in global crude oil prices.At the interbank foreign exchange, the rupee opened strong at 89.46 and moved in the range of 89.05 and 89.50 during the day. It eventually settled at 89.20 (provisional), up 46 paise from its previous close.The rupee had plunged 98 paise to close at its lifetime low of 89.66 against the…