Author: omc_admin
New levies on luxury flights: France, Kenya, Spain, and five other nations launch a coalition to tax premium air travel and private jets, aiming to direct funds toward climate resilience and fair transitions. Massive revenue potential: Global implementation of levies on premium tickets and private jet kerosene could generate over €78 billion annually, according to research commissioned by the Global Solidarity Levies Task Force. Framework set for COP30: The coalition plans to finalize the initiative’s structure and national legislation changes ahead of COP30 in Brazil, inviting other countries to join a harmonized global approach. A coalition of eight countries —…
Brussels, 2 July 2025 CEOs from the world’s leading energy, automotive, and technology companies have come together to issue a strong and unified message to European policymakers: Hydrogen mobility is essential to Europe’s climate goals, industrial competitiveness, and strategic autonomy – and urgent action is needed on infrastructure buildout. In a joint letter addressed to EU and Member State leaders, the CEOs urge policymakers to firmly position hydrogen mobility at the heart of Europe’s clean transport and industrial strategies. The letter has been signed by executives from more than 30 companies, from multinationals to smaller vendors that combined span the…
Idaho Power Co. has filed a new 20-year plan that favors cleaner electricity to meet surging demand in southern Idaho and eastern Oregon. The 2026-45 Integrated Resource Plan (IRP) would add about 2.15 gigawatts of renewables-sourced generation: 1,445 megawatts (MW) of solar and 700 MW of wind. The plan also eyes 885 MW of battery energy storage capacity, 611 MW of gas power via coal conversions, 550 MW from natural gas, 344 MW of energy efficiency and 20 MW of incremental demand response. The company expects its peak load to grow by around 1,700 MW over the 20 years, with…
The Nuclear Regulatory Commission (NRC) has granted V.C. Summer Nuclear Station Unit 1 in Jenkinsville, South Carolina, a 20-year extension to operate through 2062. “V.C. Summer Nuclear Station has provided reliable, affordable and increasingly clean energy for our customers in the Palmetto State for more than 40 years”, Dominion Energy chief nuclear officer Eric Carr said in an online statement Tuesday. “With steady population growth and economic development, South Carolina will continue to need a clean and reliable workhorse like V.C. Summer to power our customers’ homes and businesses around the clock well into the future”. The 966-megawatt plant powers…
Iraq’s electricity grid lost around 15% of its generation capacity after gas supplies from neighboring Iran were more than halved on Tuesday, highlighting the country’s vulnerability to energy shocks despite its oil wealth. Iranian gas deliveries currently stand at 25 million cubic meters per day, less than half the 55 million cubic meters agreed under a bilateral deal, Iraq’s Electricity Ministry said in a statement. The lost volumes have resulted in the shutdown of some gas-fired power plants and a loss of about 3,800 megawatts of generation. High domestic demand combined with maintenance work in Iran was cited as the…
€23 million Series C funding will accelerate Dexter’s AI-powered trading and forecasting tools for wind, solar, and battery assets across Europe. Dexter’s software boosts revenues for clean energy producers by optimizing operations in volatile day-ahead, intraday, and imbalance markets. Backed by Klima and Mirova, the funding supports expansion into new European markets and further development of battery trade optimization tools. Dexter Energy, an Amsterdam-based climate tech firm, has raised €23 million in a Series C funding round to scale its AI-powered forecasting and trade optimization services for renewable energy and battery storage. The round was led by Alantra’s energy transition…
Insurance and investment group Allianz’s commercial insurance unit, Allianz Commercial, announced the launch of Climate Adaptation & Resilience Services (CAReS), a new platform aimed at enabling companies to identify and mitigate climate risk exposures facing their businesses. According to Allianz Commercial, the new platform comes as businesses face growing climate risk management challenges, with climate change having a severe impact on economies globally, noting that in 2024, losses from climate-related natural catastrophes such as flood, windstorm, or hail reached $327 billion, and insured losses reached $138 billion. Michele Williams, Global Head of Allianz Risk Consulting (ARC) at Allianz Commercial,, said:…
India, the world’s third-largest crude oil importer, which depends on imports for about 85% of its daily consumption, considers building three new sites to raise its strategic petroleum reserves.Engineers India Ltd, a state-run engineering consultancy, is doing feasibility studies, L R Jain, chief executive at the state company managing the reserve, Indian Strategic Petroleum Reserve Ltd, told Reuters on Wednesday.“In case of exigencies, we will be better prepared,” Jain said.Currently, India’s underground Strategic Petroleum Reserve storage has a total capacity of 5.33 million metric tons of crude oil, equal to only 39 million barrels of crude oil, or eight days’ worth of…
88% of global companies view sustainability as a value creation strategy, with measurable ROI reported by over 80%. Climate risks are reshaping operations: 57% of companies experienced climate-related disruptions in the past year; 80% are preparing to boost resilience. High investment needs remain a top barrier, but companies continue to deliver: 65% say sustainability strategies are meeting or exceeding expectations. Corporate commitment to sustainability is intensifying, with 88% of companies globally identifying it as either a primary (53%) or partial (35%) driver of long-term value creation—up three percentage points from 2024. The insight comes from Morgan Stanley’s Sustainable Signals: Corporates…
The European heatwave has moved east, threatening record temperatures in Germany, as a political row broke out in France over air conditioning.The French far-right leader Marine Le Pen seized a canvassing opportunity before the 2027 presidential election, announcing she would launch a “grand plan for air conditioning” for the nation if she won power.In parliament, Le Pen, an MP for the Pas-de-Calais in northern France, said “air conditioning saves lives”. She said there was a problem in France if public services “are unable to function because of a lack of air conditioning, unlike dozens of countries across the world”.Éric Ciotti,…