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€5B Guarantee Aims to Unlock €10B: New mechanism will de-risk projects in clean energy, infrastructure, and SME financing outside the EU. Broader Eligibility: For the first time, support extends to non-state-backed entities, speeding up funding deployment. Geopolitical Reach: Investments target North Africa, Middle East, Eastern Neighbourhood, Central Asia, and Latin America under the Global Gateway strategy. The European Commission and European Investment Bank (EIB) have introduced a new €5 billion flexible guarantee to expand EIB operations beyond the EU and unlock up to €10 billion in investment across strategic global regions. Announced at the 4th International Conference on Financing for…

Jonathan Brearley became chief executive of the UK’s energy regulator Ofgem in 2020.  Since then, he has seen the organisation through the Covid-19 pandemic, the impact of Russia’s war in Ukraine and the subsequent energy crisis.  In January, it was announced that Brearley will continue in the role until 2030, the target date for the UK’s electricity system to run on clean power.  This gives him an important position in overseeing the country’s electricity and gas networks, as well as the energy markets, retailers and consumer prices during a period of huge transition.  Carbon Brief sat down with Brearley to…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet.The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday. The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room. The Vilamoura, a Marshall Islands-flagged tanker, is currently being towed to Greece, with an estimated time of arrival on July…

SLB said it was awarded an engineering, procurement and construction (EPC) contract by Equinor for the OneSubsea joint venture related to a carbon dioxide (CO2) subsea injection system for the Northern Lights phase two project offshore Norway. The project scope includes two new satellite subsea CO2 injection systems with associated tie-in equipment. Work has already started, with first deliveries expected in 2026, SLB said in a news release. Financial terms were not disclosed. The award follows the successful delivery of two subsea injection systems for the first phase of this project in 2023, SLB said. Northern Lights is part of…

Google on Monday announced a partnership with Commonwealth Fusion Systems, or CFS, a private company spun off from the Massachusetts Institute of Technology, which marks the tech giant’s first commercial commitment to fusion.The company unveiled plans to buy 200 megawatts of clean fusion power from what CFS describes as the world’s first grid-scale fusion power plant, known as ARC, based in Chesterfield County, Virginia.ARC is expected to come online and generate 400 megawatts of clean, zero-carbon power in the early 2030s, which is enough energy to power large industrial sites or roughly 150,000 homes, according to CFS. The agreement also…

Chinese automaker BYD will invest 32 billion forints ($94 million) in a new plant in the northern Hungarian town of Komarom, tripling its annual capacity to 1,250 electric buses and trucks, Hungarian Foreign Minister Peter Szijjarto said.Under right-wing Prime Minister Viktor Orban, Hungary has become an important trade and investment partner for China, in contrast with some other European Union nations considering becoming less dependent on the world’s second-largest economy.“We Hungarians do not consider East-West cooperation a threat, but rather an opportunity, a big opportunity,” Szijjarto was quoted as saying on Friday, adding that the government…

The US battery recycler Redwood Materials has founded a new business unit called Redwood Energy to reuse batteries from electric vehicles in stationary energy storage systems. The battery recycling firm has already built what it claims is “the largest microgrid in North America” for a data centre in Abilene, Texas. Redwood is expanding into second-life applications for used and unused batteries. The new subsidiary, Redwood Energy, has been founded to tackle the increasing demand for energy from data centres to power AI, as well as to balance electricity supply and demand for the rapidly growing renewable energy sector, and make…

The groundbreaking ceremony for CATL’s Indonesian plant was attended by federal and state ministers. Officials reiterated that the factory will be expanded to a production capacity of 15 GWh, while the government added that it is also aiming to extend operations to include the production of stationary storage batteries. Indonesian Energy Minister Bahlil Lahadalia said, “With the battery for solar modules, the total production capacity of this plant could reach up to 40 GWh,” noting also that talks with the project owner were still ongoing. Officials confirmed that battery cells produced at the plant will be sold both domestically and…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.The UK government has called for an investigation into the owners of the Lindsey oil refinery after the facility fell into insolvency, putting hundreds of jobs at risk.The refinery in north-east England, owned by the privately held Prax Group since 2021, filed for insolvency over the weekend, a UK government spokesman said on Monday. The facility processed about 96,600 barrels of oil a day in 2024 from the site on the river Humber, where about 400 people are employed. Those workers…

Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. Getty Images Asthe Senate struggles to pass its version of President Trump’s “Big Beautiful” budget bill that squeaked through the House of Representatives by a single vote, it’s increasingly likely that tax credits and programs for clean energy projects won’t survive. Fossil fuel industry lobbyists and fringe political figures have argued that the policies that helped create the fastest increase in renewable electricity generation in U.S. history are wasteful and unnecessary, even as oil and gas drillers continue…