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Record Investment: CAF approved $5.2 billion across 16 projects in 10 countries to drive infrastructure, energy transition, and social development. Strategic Expansion: Guatemala and St. Lucia join as new shareholders, broadening CAF’s reach and influence in Central America and the Caribbean. Sustainable Focus: Projects span clean energy, climate action, mobility, and mental health, reinforcing CAF’s role in shaping sustainable and inclusive growth. CAF – Development Bank of Latin America and the Caribbean – has approved a record $5.2 billion in funding for 16 sustainable development operations across 10 countries, marking its largest round of credit approvals to date. The decision…
The EU plans to count high-quality international carbon credits for up to 3% of its 2040 emissions reduction target. The credits would begin in 2036, easing pressure on domestic industries and offering cost-effective compliance options. The proposal introduces broader flexibilities to address concerns from member states over the cost and competitiveness of climate measures. The European Commission is preparing to propose the use of carbon credits purchased from other countries to help meet the European Union’s upcoming 2040 climate target. The official target—set for release on July 2—is expected to call for a 90% cut in net greenhouse gas emissions…
£1.4bn allocated to modernise Scotland’s onshore transmission infrastructure, part of a broader £5.4bn supply chain programme over 10 years. 17 of 19 awarded suppliers are UK-based, fostering green job creation, energy security, and long-term economic growth. Contracts signed under SP Energy Networks’ Delivery Charter, committing partners to sustainability, safety, and community benefit. SP Energy Networks, the distribution arm of Iberdrola in the UK, has committed £1.4 billion to deliver critical onshore transmission infrastructure across central and southern Scotland—supporting the UK Government’s Clean Power 2030 mission. This initiative marks the start of a broader £5.4 billion supplier investment programme over the…
A coalition of financial, technical and environmental partners has launched a framework that aims to help investors, lenders, and oil and gas companies integrate methane and flaring performance into debt financing. The Methane Finance Working Group, an initiative launched at COP28 in 2023, released guidance to “deliver and deploy market-tested finance mechanisms that facilitate decarbonization across the oil and gas sector, while expanding the opportunities to achieve measurable methane emission reductions,” the Environmental Defense Fund (EDF) said in a statement. The guidance provided by the group “includes a third-party verification process from trusted scientific and engineering experts, establishing an independent…
Britain’s energy regulator, Ofgem, has given the provisional green light to an investment program of $33 billion (£24 billion) to maintain essential gas distribution networks and expand the power grid in a move to boost energy security and allow more renewables to enter the electricity system.A total of $20.7 billion (£15 billion) will ensure the continued safe operation of Great Britain’s gas transmission and distribution networks, making sure they deliver safe and secure supplies of gas to households and businesses across the UK, Ofgem said on Tuesday.Another $12.2 billion (£8.9 billion) is earmarked for Britain’s high-voltage electricity network, with a…
Europe’s three primary financial regulatory agencies, the European Supervisory Authorities (ESAs) announced the publication of new draft Joint Guidelines on ESG stress testing, setting out how banking and insurance sector authorities in the EU should integrate ESG risks into their supervisory stress tests, and aimed at harmonizing methodologies and practices among banking and insurance supervisors. The ESAs include The European Securities and Markets Authority (ESMA), The European Banking Authority (EBA), and The European Insurance and Occupational Pensions Authority (EIOPA). The ESA’s announced that they have launched a joint consultation into the new proposed guidelines, which will remain open until September…
Santos Limited said it has entered into a process and exclusivity deed with a consortium led by XRG P.J.S.C. related to its non-binding indicative proposal to acquire 100 percent of the issued shares of Santos for $5.76 (AUD 8.89) per share in cash. XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), is the lead investor of a consortium that includes Abu Dhabi Development Holding Company and Carlyle. The process deed governs the basis upon which the XRG consortium “will have the opportunity to undertake due diligence and provides for the parties to negotiate in good faith, in parallel…
New data from the Texas Workforce Commission indicate that upstream oil and gas employment climbed by 2,200 in May compared to April, and by 7,300 jobs through the first five months of 2025. That’s what the Texas Oil & Gas Association (TXOGA) said in a statement sent to Rigzone by the TXOGA team last week, adding that, at 208,200 upstream jobs, compared to the same month in the prior year, May 2025 employment rose by 5,000. In the statement, TXOGA noted that, “since the Covid-low point of September of 2020”, the sector has added 51,200 Texas upstream jobs, which TXOGA pointed…
Equinor and its partners have decided to invest $1.3 billion (13 billion Norwegian crowns) in the Phase 3 expansion of the Johan Sverdrup oilfield in the North Sea, Western Europe’s biggest oil-producing field.The Phase 3 development plan includes two new subsea templates, which will be tied into existing infrastructure via new pipelines. The investment will increase recoverable volumes from the field by 40–50 million barrels of oil equivalent (boe), with production expected to start in late 2027, Equinor said on Tuesday.Last year, Johan Sverdrup set a production record with 260 million barrels of oil, the highest annual oil production ever…
A brutal stretch of severe weather has taxed communities on the eastern fringes of tornado alley this spring and early summer, while harsh staffing cuts and budget restrictions have forced federal meteorologists to attempt to forecast the carnage with less data.As of 30 June, there have already been more than 1,200 tornadoes nationwide.More than 60 people have died due to this year’s tornadoes, most of which have centered on the Mississippi River valley – about 500 miles east of the traditional heart of “tornado alley” of Kansas, Oklahoma and Texas. That unusual eastward shift may also be making tornado outbreaks…