|
Arsalan Shahla, Hadriana Lowenkron and Onur Ant, Bloomberg
The US and Iran announced yesterday that they have reached an interim agreement to halt the war and reopen the strait of Hormuz on Friday, reports Bloomberg. It continues: “Officials from the two countries will meet in Switzerland on 19 June to formally sign the agreement, a decision that suggests aspects of the deal remain unresolved. Neither side has released a text, leaving key sticking points for the next stage of talks.” The agreement would trigger a 60-day ceasefire period in which a “more expansive agreement would be negotiated”, says Reuters. This gives just two months to “resolve what to do about Iran’s stockpile of highly enriched uranium and its atomic programme”, says the Associated Press: “That took years to resolve in Tehran’s 2015 nuclear deal with world powers.”
Politico reports that US president Donald Trump offered his “congratulations to all” in a social media post, adding: “I hereby fully authorise the toll-free opening of the strait of Hormuz, and, simultaneously herewith, authorise the immediate removal of the US naval blockade. Ships of the world, start your engines. Let the oil flow!” In early trading, crude oil prices fell by more than 4% to their lowest levels in over three months, says Axios. However, “it will likely take months before energy companies can resume operations to the point of meeting the world’s demand”, notes the Associated Press, adding: “The slow pace of the process of shipping and refining crude oil, and doubts about the security of travelling through the strait mean the effect won’t be seen immediately.” There are around 500 ships in the backlog waiting to pass through the strait, says the Financial Times.
Jim Pickard and Kana Inagaki, Financial Times
Prime minister Keir Starmer is “poised to water down” the UK’s electric vehicle (EV) sales targets in favour of hybrid options, reports the Financial Times, “although the government will stick to its pledge to end the sale of new petrol and diesel vehicles by 2030”. Following “conversations” with industry groups and trade unions, Starmer is set to launch a consultation on the changes, the article says: “The current zero-emission vehicle (ZEV) mandate requires 80% of all new cars sold in Britain to be all-electric by the end of the decade, with hybrid cars making up the other 20%. But Starmer has signed off a plan to reduce the electric cap to 50%, with hybrid cars…making up the other 50%.” The Sunday Times frontpage story says that Starmer “overruled” energy secretary Ed Miliband on the decision. In a letter to Starmer, EV charging companies have “threaten[ed] to axe £2bn” of investment if the ZEV is weakened, reports the Daily Telegraph. The Guardian, Sun and BBC News also have the story. The Financial Times trails the story on its frontpage.
Meanwhile, there is continued speculation around potential challengers to Starmer, with Saturday’s Daily Telegraph reporting on its frontpage that Miliband is “front-runner” to be chancellor if Andy Burnham – currently mayor of Greater Manchester – were to become prime minister. The choice would be “divisive”, the newspaper argues, as “the unions have been critical of his net-zero policies”. The Guardian says that a “decade-long project to bring water and energy into public control” would be part of Burnham’s agenda as leader. The Sunday Times reports Miliband had been on “resignation watch” last week “after he refused repeatedly to meet Starmer to discuss planned cuts to his net-zero agenda”. Potential leadership challengers Wes Streeting and Al Carns have penned comment articles – in the Financial Times and Sunday Telegraph, respectively – in favour of further North Sea drilling.
MORE ON UK
Industry group Make UK has warned that the UK is losing manufacturing jobs abroad and risks the loss of major industries due to high energy costs, reports Reuters. The Guardian and Times also have the story. A full UK ban on diesel and jet fuel made in Russia will be brought into place by 2027, reports Reuters. The Independent reports that eight out of 10 of the most flood-prone constituencies in England are projected to vote in a Reform MP at the next general election. The Daily Telegraph interprets new energy efficiency requirements as Miliband “com[ing] for [electric] underfloor heating in net-zero drive”. In a speech to the Conservative Environment Network today, Tom Tugendhat MP will argue that Miliband should drop his “Stalinist” approach to net-zero, reports the Daily Telegraph. A “cost-of-living campaigner” has called on Miliband to pause the development of offshore wind to avoid the “scandal” of constraint payments that pay operators to switch off when the grid cannot take their power, reports the Times.
Jennifer McDermott, The Associated Press
Nine renewable energy companies are suing the US military because they say national security reviews for new windfarms on private land have been effectively frozen for months, reports the Associated Press. The lawsuit against the Pentagon and defense secretary Pete Hegseth argues that the logjam jeopardises $47bn in investments and thousands of jobs in 21 states, the outlet says. The Pentagon has intervened in reviews of windfarms to determine whether they interfere with military operations, Bloomberg explains: “The defense department has effectively stopped making determinations of wind projects to be sent to the Federal Aviation Administration, which must issue its own determination before projects can go forward, according to the suit.” The renewables groups argue that this process had previously been “conducted in a timely fashion”, the outlet adds.
MORE ON US
A federal judge has ordered the Trump administration to reinstall exhibits and signs on topics such as slavery and climate change, which it had removed from parks and monuments nationwide, reports Reuters, Los Angeles Times and New York Times. A federal judge in South Carolina has ruled that the Trump administration’s termination of environmental justice grants was “illegal”, reports Inside Climate News. Politico reports that the Republican party’s “favourite power plants run on subsidies”. The US Environmental Protection Agency has said it will send California's landmark vehicle emissions rules to the Republican-controlled Congress for potential repeal, reports Reuters. In the latest of the New York Times “lost science” series, scientist Amy McGovern explains how she used AI to help forecast extreme weather, until the National Science Foundation ended her funding. Politico: “‘This is not normal’: Trump leans on MAGA organiser to revive coal.”
BJX News
China’s state council has approved the “15th five-year plan for building a Beautiful China”, which calls for the country to advance “ecosystem improvement”, address climate change and accelerate “green production and lifestyles”, reports industry news outlet BJX News. Experts said that addressing climate change requires both emission reductions and strengthened responses to extreme weather, according to an explainer of the new plan by state news agency Xinhua. The plan will also accelerate the “low-carbon transformation” of traditional industries and develop non-fossil energy and the clean, efficient use of coal, reports 21st Century Business Herald. Economic Information Daily quotes Sun Chuanwang, a professor at Xiamen University, saying that low-carbon industries are key drivers in building a “Beautiful China”.
Separately, China Environment News reports that China’s environment ministry has approved the “15th five-year plan for a national response to climate change”. It adds that meeting participants noted that China “must implement the national strategy for actively addressing climate change, organically link the 2030 and 2035 nationally determined contribution targets and vigorously advance all aspects of climate change response”.
MORE ON CHINA
China’s top coal-producing region, Inner Mongolia, plans to build the country’s “largest base for turning coal into oil, gas and chemicals”, reports Reuters. The EU’s ban on public funding for Chinese-made solar inverters could “affect more than a fifth of new solar capacity”, reports Reuters. A Global Times editorial says if European auto parts can match the “cost-performance and technology”, Chinese automakers will source more locally.
|
