Author: omc_admin

North America dropped six rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on June 27. Although the U.S. dropped seven rigs week on week, Canada added one rig during the same timeframe, taking the total North America rig count down to 687, comprising 547 rigs from the U.S. and 140 rigs from Canada, the count outlined. Of the total U.S. rig count of 547, 533 rigs are categorized as land rigs, 12 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is…

WASHINGTON (AP) — Clean energy advocates were already bracing for a Republican-led bill that would phase out tax credits for wind, solar and other renewable energy as President Donald Trump and GOP lawmakers moved to dismantle the 2022 climate law passed by Democrats under former President Joe Biden. But a proposal that emerged over the weekend was even more drastic than they thought.It was more aggressive in ending incentives for clean energy than a previous Senate version and would even impose new taxes on some wind and solar projects while boosting production of coal used in steelmaking. The Senate was…

• Supervisory review finds shortcomings in SFDR compliance and risk integration• Report identifies issues at both entity and product levels• ESMA urges national regulators to increase scrutiny and follow up on vulnerabilities The European Securities and Markets Authority (ESMA) has published the results of its 2023–2024 Common Supervisory Action (CSA) on the integration of sustainability risks and disclosures in the investment management sector. The report, developed in coordination with national competent authorities (NCAs) across the EU, identifies key areas for improvement in how asset managers comply with the Sustainable Finance Disclosure Regulation (SFDR), the EU Taxonomy Regulation, and other related…

€1.5B credit facility integrates sustainability pricing: Nokia’s new five-year revolving credit facility (RCF) links financing terms to Scope 1, 2, and 3 GHG emission reductions. Sustainability-linked margin adjustments: Loan pricing will rise or fall annually based on Nokia’s progress against its climate targets. Supports Nokia’s 2040 Net-Zero goal: Facility strengthens Nokia’s broader climate transition plan, aligned with Science Based Targets initiative (SBTi). Nokia has signed a €1.5 billion five-year multicurrency revolving credit facility (RCF), with two optional one-year extensions. The facility includes a sustainability-linked pricing mechanism, tying the margin of the loan directly to progress on reducing absolute Scope 1,…

The Federal Council has suspended revisions to the climate disclosure ordinance until at least early 2026. Proposed amendments aim to align Swiss rules with evolving international standards and EU developments. Final decisions on corporate climate reporting requirements are delayed until a broader revision of the Code of Obligations is approved. At its meeting on 25 June 2025, the Swiss Federal Council announced a decision to pause the ongoing revision of the Ordinance on Climate Disclosures for companies. The move reflects a strategic choice to wait for clarity on both domestic legal reforms and developments in the European Union’s sustainability reporting…

California’s energy market regulator is backing off a plan to place a profit cap on oil refiners in the state.  Siva Gunda, vice chair of the California Energy Commission, said during a Friday briefing that the cap would “serve as a deterrent” to refiners boosting investments in the state. Gunda said the commission wants to increase gasoline supply in California after two refineries announced plans to close in the next year, accounting for about one-fifth of the state’s crude-processing capacity. The recommendation marks a reversal from years of regulatory scrutiny by Governor Gavin Newsom and the California Energy Commission that…

Construction work on solar power arrays continues at rPlus Energies’ Green River Energy Center in Emery, Utah, U.S. June 11, 2025. Jim Urquhart | ReutersClean energy stocks fell on Monday as President Donald Trump’s spending legislation now includes a tax on wind and solar projects using Chinese components and abruptly phases out key credits.Shares of NextEra Energy, the largest renewable developer in the U.S., fell 4%. Solar stocks Array Technologies, Enphase and Nextracker were down between 4% and 9%.The Senate is voting Monday on amendments to the legislation. The current draft ends the two most important tax credits for solar…

• Confirms continued commitment to anti-greenwashing law after confusion over withdrawal• Microenterprise exemption remains the key sticking point• Final outcome hinges on Council clarity and political consensus The European Commission has clarified that it has not withdrawn the Green Claims Directive, despite confusion following a statement last week that suggested the EU executive intended to pull the proposed anti-greenwashing regulation ahead of final negotiations. The clarification comes after political backlash, media reports, and the cancellation of the trilogue meeting that was set to finalize the law. The Green Claims Directive was introduced in March 2023 as part of the European…

85% of Europeans see climate change as a serious threat and support policies to reach net-zero emissions by 2050. 88% support stronger EU action on renewables and energy efficiency as a path to energy security and economic resilience. Public trust in institutions outweighs faith in individual impact, with national governments, the EU, and industry seen as best placed to lead on climate action. A strong majority of Europeans believe climate change is a critical issue requiring urgent action, according to the latest Eurobarometer survey. 85% of citizens say tackling climate change should be a priority to improve health and quality…

400,000 tonnes CO₂ saved: The SAF deal is projected to eliminate emissions equal to 240,000 round-trip flights between London and New York. 80% lifecycle carbon reduction: EcoCeres’ SAF, derived from 100% waste-based feedstock, slashes emissions compared to conventional jet fuel. Supports BA’s net-zero goals: The agreement advances British Airways’ target of 10% SAF by 2030 and net-zero emissions by 2050. EcoCeres has secured a multi-year agreement to supply British Airways with sustainable aviation fuel (SAF), enabling the airline to cut lifecycle carbon emissions by approximately 400,000 metric tonnes—the equivalent of flying 240,000 economy-class passengers round-trip from London to New York.…