2025-08-04 12:41
Talks resume in Geneva on Tuesday on treaty to curb plastics pollution Oil states challenge treaty provisions, push for voluntary measures US seeks treaty focused on waste disposal, not production limits Small island states demand funding for pollution cleanup GENEVA, Aug 4 (Reuters) - Hopes for a "last chance" ambitious global treaty to curb plastic pollution have dimmed as delegates gather this week at the United Nations in Geneva for what was intended to be the final round of negotiations. Diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production - fuelled by petroleum, coal and gas - are threatened by opposition from petrochemical-producing countries and the U.S. administration under Donald Trump. Sign up here. Delegates will meet officially from Tuesday for the sixth round of talks, after a meeting of the Intergovernmental Negotiating Committee (INC-5) in South Korea late last year ended without a path forward on capping plastic pollution. The most divisive issues include capping production, managing plastic products and chemicals of concern, and financing to help developing countries implement the treaty. Delegates told Reuters that oil states, including Saudi Arabia and Russia, plan to challenge key treaty provisions and push for voluntary or national measures, hindering progress toward a legally binding agreement to tackle the root cause of plastic pollution. Government spokespeople for Saudi Arabia and Russia were not immediately available for comment, Andres Del Castillo, senior attorney at the Center for International Environmental Law (CIEL), a non profit providing legal counsel to some countries attending the talks, said oil states were questioning even basic facts about the harm to health caused by plastics. "We are in a moment of revisionism, where even science is highly politicized," he said. The U.S. State Department told Reuters it will lead a delegation supporting a treaty on reducing plastic pollution that doesn't impose burdensome restrictions on producers that could hinder U.S. companies. A source familiar with the talks said the U.S. seeks to limit the treaty's scope to downstream issues like waste disposal, recycling and product design. It comes as the Trump administration rolls back environmental policies, including a longstanding finding on greenhouse gas emissions endangering health. Over 1,000 delegates, including scientists and petrochemical lobbyists, will attend the talks, raising concerns among proponents of an ambitious agreement that industry influence may create a watered-down deal focused on waste management, instead of production limits. ISLAND STATES VULNERABLE Plastic production is set to triple by 2060 without intervention, choking oceans, harming human health and accelerating climate change, according to the OECD. "This is really our last best chance. As pollution grows, it deepens the burden for those who are least responsible and least able to adapt," said Ilana Seid, permanent representative of Palau and chair of the Alliance of Small Island States (AOSIS). Small island states are particularly impacted by plastic waste washing ashore, threatening their fishing and tourism economies. They stress an urgent need for dedicated international funding to clean up existing pollution. "Plastics are a concern for human health because (plastic) contains about 16,000 chemicals, and a quarter of these are known to be hazardous to human health," said Dr. Melanie Bergmann of the Alfred Wegener Institute in Germany. Jodie Roussell, global public affairs lead at food giant Nestle (NESN.S) , opens new tab and a member of a 300-company coalition backing a treaty to reduce plastic pollution, told Reuters that harmonizing international regulations on packaging reduction and sustainable material use would be the most cost-effective approach. French politician Philippe Bolo, a member of the global Interparliamentary Coalition to End Plastic Pollution, said that a weak, watered down treaty that focuses on waste management must be avoided. Bolo and a diplomatic source from a country attending the talks said the potential of a vote or even a breakaway agreement among more ambitious countries could be explored, as a last resort. Inger Andersen, executive director of the United Nations Environment Programme, however, said countries should push for a meaningful pact agreed by consensus. "We're not here to get something meaningless... you would want something that is effective, that has everybody inside, and therefore everybody committed to it," she said. (This story has been corrected to say that virgin plastic production is fuelled by 'petroleum, coal and gas,' not 'coal and gas,' in paragraph 2, and to say Inger Andersen, not Inger Anderson, in paragraph 19) https://www.reuters.com/sustainability/climate-energy/oil-producer-pressure-trump-rollbacks-threaten-last-chance-global-plastics-2025-08-04/
2025-08-04 12:36
Aug 4 (Reuters) - India's GreenLine Mobility Solutions said on Monday it will invest 4 billion rupees ($45.7 million) to boost its electric truck supply fleet for miner Hindustan Zinc (HZNC.NS) , opens new tab, replacing diesel vehicles. Hindustan Zinc, which has set a 2050 net-zero carbon emission goal, will deploy electric trucks for the movement of materials between its mines and smelters, GreenLine said in a statement. Sign up here. The funds will also be used to set up a commercial-scale battery-swapping infrastructure and double Hindustan Zinc's liquefied natural gas-powered truck fleet to 200 for long-haul finished goods transport, GreenLine said. The company had in April pledged $275 million to accelerate decarbonization of heavy trucks, in a move to cut logistics-related emissions. ($1 = 87.5910 Indian rupees) https://www.reuters.com/sustainability/india-greenline-invest-46-million-electric-truck-fleet-hindustan-zinc-2025-08-04/
2025-08-04 12:16
Aug 4 (Reuters) - Indian e-scooter maker Ather Energy (ATHR.NS) , opens new tab reported a narrower first-quarter loss on Monday on higher demand, and said it expects a week of "potential business impact" only in the second quarter due to China's rare-earth magnet export ban. Ather expects around a week's worth of a supply gap to dealers due to China's ban but aims to manage the impact with existing inventory, CEO Tarun Mehta said in post-earnings call. Sign up here. The company is also exploring alternatives, including a shift to more widely available light rare earth magnets, which remain unrestricted, he added. China, which supplies around 90% of the world's rare earth magnets, imposed the export ban in April. Last week major Indian carmakers Mahindra (MAHM.NS) , opens new tab, Hyundai India (HYUN.NS) , opens new tab shrugged off medium-term issues from the export ban, with Mahindra saying it was using alternatives such as light rare-earths and ferrites. Ather Energy, which makes the popular "Rizta" e-scooter, said its losses narrowed to 1.78 billion rupees ($20.3 million) in the quarter ended June 30 from 1.83 billion rupees a year ago, helped by sales that grew nearly two-fold to 46,078 units. Backed by Hero MotoCorp (HROM.NS) , opens new tab, Ather entered India's electric vehicle market in 2018 as an early mover, but has since lost ground to rivals such as Ola Electric (OLAE.NS) , opens new tab and legacy players with stronger finances and a broader reach. Its revenue surged 78.8% on-year to 6.45 billion rupees, but rising material costs pushed overall expenses 54.4% higher. Its adjusted gross margin rose to 23% from 19% a year ago, driven by non-vehicle revenue such as warranty programs, software and accessories such as its "Halo" helmets. Ather's shares rose as much as 19.4% to a record high of 414.65 rupees on Monday after its quarterly results and closed 14% higher. ($1 = 87.6320 Indian rupees) https://www.reuters.com/world/india/indias-ather-energy-posts-narrower-quarterly-loss-flags-rare-earth-headwinds-2025-08-04/
2025-08-04 11:59
MILAN, Aug 4 (Reuters) - U.S. investment firm Sixth Street said on Monday it had agreed to buy 38% of Sorgenia, in a deal that values the Italian renewable energy company at 4 billion euros ($4.6 billion). The transaction allows Spanish infrastructure fund Asterion Industrial Partners to exit Sorgenia's capital, while F2i, Italy's main infrastructure fund, retains its position as the leading shareholder in Sorgenia, with a 62% stake. Sign up here. Under the agreement, F2i will transfer to Sorgenia its wind and solar power generation assets in Italy and Spain: EF Solare, Renovalia and Renovalia Tramontana. Asterion, which held 27.6% of Sorgenia, first invested in the company in 2020 supporting its efforts to build a position as a significant player in Europe's green energy transition. "This agreement establishes Sorgenia as one of the leading energy infrastructure platforms in Europe," Sixth Street partner Richard Sberlati said. Sorgenia's renewable portfolio spans solar, wind, biomass, and hydroelectric plants. The company currently operates approximately 1,700 megawatt (MW) of installed renewable capacity and is pursuing development projects totalling an additional 5,000 MW. Rothschild & Co advised Sixth Street, together with law firm Cleary Gottlieb. Lazard, Intesa Sanpaolo, Mediobanca acted as financial advisers to F2i and Pedersoli Gattai as legal adviser. BofA Securities, Nomura and Societe Generale each advised one of the F2i funds involved in the transaction. ($1 = 0.8636 euros) https://www.reuters.com/sustainability/climate-energy/sixth-street-takes-38-italian-renewable-energy-firm-sorgenia-46-bln-deal-2025-08-04/
2025-08-04 11:45
PARIS, Aug 4 (Reuters) - France's Tereos on Monday reported a sharp drop in quarterly profit, saying low sugar prices continued to pressure its core business while a weaker dollar exacerbated import competition for its ethanol activity. Tereos, one of the world's largest sugar producers, had warned previously that a slide in prices that squeezed earnings in its 2024/25 financial year to March 31 would remain a drag in 2025/26. Sign up here. Reporting results for its April-June first quarter, the farmer-owned cooperative said adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were 56 million euros ($64.82 million), down 79% from the year-earlier period. The company posted a net loss of 65 million euros compared with a year-earlier net profit of 108 million euros. "Lower contracted sales prices in Europe - since Q3 24/25 for sugar and since Q4 24/25 for starch & sweeteners - had an adverse impact on the Group's first quarter," Tereos said in a statement, adding this was compounded by lower yields in Brazil at the start of the harvest. The group maintained its guidance that its net debt versus EBITDA ratio would temporarily peak at around 5.0 during 2025/26, and reiterated that it sees lower anticipated sugar output in Europe in the coming season helping prices gradually recover. It also said its first quarter is typically its weakest period. However, a decline in the dollar linked to the wider geopolitical context had also weighed on the group by pushing down prices for sugar exports and ethanol biofuel, it said. The weaker dollar reinforced the competitiveness of imports of U.S. corn-based ethanol, flows of which into Europe had already been running at record levels, Tereos added. ($1 = 0.8639 euros) https://www.reuters.com/sustainability/climate-energy/tereos-profit-drops-dollar-low-sugar-prices-weigh-2025-08-04/
2025-08-04 11:45
Dollar rebounds slightly after Friday's slide Weak jobs data, uncertainty over Fed independence undermine US economy Investors pricing in almost 90% chance of September Fed cut LONDON, Aug 4 (Reuters) - The U.S. dollar found some support on Monday after Friday's dismal U.S. jobs report and President Donald Trump's firing of a top statistics official battered the currency and prompted investors to ramp up bets of imminent Federal Reserve rate cuts. Data on Friday showed U.S. employment growth undershot expectations in July while the nonfarm payrolls count for the prior two months was revised down by a massive 258,000 jobs, suggesting a sharp deterioration in labour market conditions. Sign up here. "The report itself was perhaps not that weak but the revisions were extremely significant," said Mohamad Al-Saraf, FX strategist at Danske Bank. "We have a hard time seeing how the Fed cannot lower rates at the September meeting." Adding to headwinds for markets, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer the same day, accusing her of faking the jobs numbers. An unexpected resignation by Fed Governor Adriana Kugler also opened the door for Trump to make an imprint on the central bank much earlier than anticipated. Trump has been at loggerheads with the Fed for not lowering interest rates sooner. The barrage of developments dealt a one-two punch to the dollar, which sank more than 2% against the yen and roughly 1.5% against the euro on Friday. The greenback steadied on Monday, last trading flat at 147.47 yen . Still, it was down over 3 yen from its peak on Friday. The euro was also little changed on Monday at $1.1584 , while sterling rose 0.2% to $1.3310. Trump said on Sunday he will announce a candidate to fill an open position at the Fed and a new BLS head in the next few days. Against a basket of currencies, the dollar was little changed at 98.70, after sliding more than 1.3% on Friday. The dollar rose 3.4% in July, its biggest monthly gain since a 5% jump in April 2022 and first monthly rise of the year, as markets became more at ease with Trump's trade policy and economic data had remained resilient in the face of tariffs. TREASURY YIELDS DROP AS FED CUT BETS MOUNT The policy-sensitive two-year Treasury yield fell to a three-month low of 3.659% on Monday as traders heavily upped bets of a Fed cut in September, while the benchmark 10-year yield strayed not too far from a one-month low at 4.2257%. Markets are now pricing an over 90% chance the Fed will ease rates by a quarter-point next month owing to the weaker-than-expected jobs data, with just under 60 basis points worth of cuts expected by December, implying two 23 basis point cuts and a 40% chance of a third. "Market reactions to Friday night's events were swift and decisive," said Tony Sycamore, a market analyst at IG. "Equities and the U.S. dollar tumbled, along with yields." In other currencies, the dollar strengthened over 0.4% against the Swiss franc after Trump hit the country with some of the highest tariffs as part of the White House's global trade reset. The euro rose 0.4% against the Swiss currency . "We saw the franc weakening a lot after the announcement," Danske Bank's Al-Saraf said. "If these tariffs were to be sustained, the relative downside for the Swiss economy will be quite big." The Swiss cabinet will hold a special meeting later on Monday to discuss the next steps, and said it remains open to revising its offer to the United States. https://www.reuters.com/world/india/forex-us-dollar-steadies-after-jobs-rout-swiss-franc-drops-2025-08-04/
