2025-06-24 23:09
SINGAPORE, June 25 (Reuters) - China is set to exceed its 2030 pumped storage hydropower target by more than 8% and potentially reach 130 gigawatts (GW) by the end of the decade, the International Hydropower Association (IHA) said on Wednesday. The world's second-largest economy added 7.75 GW of pumped hydro in 2024, bringing its total installed pumped hydro capacity to 58.69 GW, the IHA said in a statement. More than 200 GW of such projects are under construction, it added, accounting for a third of all such projects under development globally. Sign up here. China has called for even more investment in the development of energy storage, which is critical to help balance supply and demand when wind and solar farms produce too much or too little renewable electricity for the grid's distribution system to be able to handle. The country broke its own records for new wind and solar power installations again last year, hitting its 2030 target for those six years ahead of schedule. The government's disincentivisation of electricity use during peak demand times by raising prices has given storage providers including pumped hydro operators more chance to profit by selling stored power when they can charge more. Global hydropower capacity grew by 24.6 GW in 2024, including 16.2 GW of conventional hydropower and 8.4 GW of pumped hydro, the IHA said, adding that 475 GW of conventional projects are in various stages of development. "This year's world hydropower outlook shows that global new capacity is accelerating after several years of stagnation," IHA said in the statement. Despite the momentum, hydropower projects in the East Asia and Pacific region outside China face financing constraints, high upfront costs and long payback periods, limiting private sector involvement, the IHA said. "Regulatory and permitting delays are also hampering progress in countries such as Australia, Indonesia and Vietnam, where complex approval processes, land rights issues and environmental assessments create uncertainty," the IHA added. https://www.reuters.com/sustainability/climate-energy/china-track-exceed-2030-pumped-storage-hydro-target-by-8-industry-body-says-2025-06-24/
2025-06-24 23:04
LONDON, June 25 (Reuters) - Britain's labour market is showing further slowdown signs, according to surveys published on Wednesday which pointed to below-inflation pay growth and a fall in job vacancies, especially for graduate-level jobs. Most pay settlements offered by private sector employers held at 3% in the three months to the end of May - lower than the most recent inflation reading of 3.4% - and almost 15% of firms gave smaller raises of 2.5%, data firm Brightmine said. Sign up here. "Private sector employers are holding steady at 3%, taking a more cautious approach as, they wait for firmer economic signals," Sheila Attwood, data lead at Brightmine, said. Separate figures from recruitment platform Indeed showed a latest fall in job vacancies which were down 5% in mid-June from their level at the end of March. Vacancies were 21% below their pre-pandemic level, leaving the UK as the only advanced economy tracked by Indeed with job openings lower than before the coronavirus pandemic. The share of graduate-level posts advertised was its lowest since at least 2018 with the biggest drops in human resources, accountancy and marketing, typically areas most vulnerable to a slowdown in the economy. Indeed said the fall could also be linked to the impact of artificial intelligence on some job roles. However, the weakening of the overall jobs market did not represent a slump, despite warnings from employers about the impact of April's increase in social security contributions ordered by finance minister Rachel Reeves. Retail postings were down 2% since April, while in food service they were 10% lower. Hospitality and tourism job postings were down 11%, Indeed said. The Bank of England is watching the jobs market for its inflationary pressures as it considers when to cut interest rates again. Governor Andrew Bailey on Tuesday pointed to a slowdown in pay growth. https://www.reuters.com/business/world-at-work/uk-jobs-surveys-send-fresh-cool-down-signals-2025-06-24/
2025-06-24 21:50
TORONTO, June 24 (Reuters) - U.S. Treasury Secretary Scott Bessent on Tuesday said the date for the nation to reach its debt ceiling could change if courts interfere with U.S. President Donald Trump's tariff policies. "We will never default on national debt," he told reporters at the U.S. Capitol after meeting with lawmakers. Bessent separately said the U.S. Senate could vote on Friday on Republicans' tax and spending measure and that he was confident the House would then pass that version. Sign up here. https://www.reuters.com/world/us/us-treasury-secretary-says-date-debt-ceiling-could-change-2025-06-24/
2025-06-24 21:45
Senior White House official said Trump's comments do not reflect a new policy Trump's comments signal bearish outlook for oil prices No near-term impact on China's Iranian, US oil purchases expected Saudi Arabia may be upset by China's Iranian oil purchases June 24 (Reuters) - U.S. President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of U.S. sanctions. "China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also," Trump said in a post on Truth Social, just days after he ordered U.S. bombings of three Iranian nuclear sites. Sign up here. Trump was drawing attention to no attempts by Iran so far to close the Strait of Hormuz to oil tankers, as a closure would have been hard for China, the world's top importer of Iranian oil, a senior White House official told Reuters. "The president continues to call on China and all countries to import our state-of-the-art oil rather than import Iranian oil in violation of U.S. sanctions," the official said. After the ceasefire announcement, Trump's comments on China were another bearish signal for oil prices, which fell nearly 6% on Tuesday. Any relaxation of sanctions enforcement on Iran would mark a U.S. policy shift after Trump said in February he was re-imposing maximum pressure on Iran, aiming to drive its oil exports to zero, over its nuclear program and funding of militants across the Middle East. Trump imposed waves of Iran-related sanctions on several of China's independent "teapot" refineries and port terminal operators for purchases of Iranian oil. "President Trump's greenlight for China to keep buying Iranian oil reflects a return to lax enforcement standards," said Scott Modell, a former CIA officer, now CEO of Rapidan Energy Group. In addition to not enforcing sanctions, Trump could suspend or waive sanctions imposed by executive order or under authorities a president is granted in laws passed by Congress. Trump will likely not waive sanctions ahead of coming rounds of U.S.-Iran nuclear talks, Modell said. The measures provide leverage given Tehran's demand that any deal includes lifting them permanently. Jeremy Paner, a partner at law firm Hughes Hubbard & Reed, said if Trump chooses to suspend Iran oil-related sanctions, it would require lots of work between agencies. The U.S. Treasury would need to issue licenses, and the State Department would have to issue waivers, which require Congressional notification. Oil traders and analysts in Asia said they did not expect Trump's comments to have a near-term impact on Chinese purchases of oil from either Iran or the U.S. Iranian oil accounts for roughly 13.6% of China's oil purchases this year, with the discounted barrels providing a lifeline to margin-squeezed independent refineries. U.S. oil accounts for just 2% of China's imports, and Beijing's 10% tariffs on U.S. oil deter further purchases. PRESSURE ON CHINA China has long opposed what it has called Washington's "abuse of illegal unilateral sanctions." Guo Jiakun, a spokesperson for China's foreign ministry, said on Wednesday that China would adopt reasonable energy security measures in accordance with its own national interests, when asked about the Trump post at a regular press briefing. Larger purchases of Iranian oil by China and other consumers could upset U.S. ally Saudi Arabia, the world's largest oil exporter. The impact of U.S. sanctions on Iran's exports, however, has been limited since Trump's first administration when he cracked down harder on Tehran. Trump has "flashed the Glock" this year with sanctions on Chinese trading companies and terminals, Modell said, referring to threatening with a gun. But the results have been far more "minimum pressure" than maximum, Modell added. State Department spokesperson Tammy Bruce told reporters that Trump had signaled what he wanted to happen and that his administration is focused on delivering that. She would not say what the process would entail. "But clearly we are focused on making sure that (the) guiding hand of President Trump prevails and moves this government forward, so we will have to wait and see when it comes to what that ends up looking like," Bruce said. https://www.reuters.com/business/energy/trump-says-china-can-continue-purchase-oil-iran-2025-06-24/
2025-06-24 21:21
WASHINGTON, June 24 (Reuters) - The U.S. Senate is working on adjustments to a residential solar energy incentive that had been eliminated in previous versions of the Republicans' "One Big Beautiful Bill," Senator Kevin Cramer said on Tuesday. Cramer, a Republican who serves on the Senate Energy Committee, told reporters that "there is work being done" on rooftop solar as part of discussions around fixing the language on the future of tax credits for clean energy projects. Sign up here. Both the House of Representatives and Senate Finance Committee versions of the bill eliminated a 30% tax credit for homeowners that put up rooftop panels and ended a separate subsidy for companies that lease residential systems. Shares of residential solar companies have been battered ever since, and many were up on Tuesday following Cramer's comments. Shares of top residential installer Sunrun closed up 15% at $7.20, while shares of microinverter maker Enphase (ENPH.O) , opens new tab rose 11% to $38.38. Congressional leaders and administration officials are pressing Republican lawmakers to pass the OBBB so President Donald Trump can sign it into law before the July 4 U.S. Independence Day holiday. Overall, Cramer said, whatever the Senate comes up with, "it might be actually a little more generous than the House" version of the bill, which shrank the timeline for renewable energy tax credits that were created or expanded in former President Joe Biden's 2022 Inflation Reduction Act. Groups representing renewable energy producers and users have been making a last-minute push to improve language around the phase-out of IRA tax credits for clean energy before the Senate votes on the OBBB. They say the bill, as written, is a threat to billions of dollars in investment, would increase power prices for consumers and kill jobs in fast-growing industries. Cramer said senators are working on adjusting the "off ramp" for phasing out the tax credits, which were abrupt in the House-passed version. Cramer's office did not immediately respond to a request for additional detail on what was being considered. https://www.reuters.com/sustainability/climate-energy/us-senate-adjusting-rooftop-solar-language-budget-bill-senator-says-2025-06-24/
2025-06-24 21:13
June 24 (Reuters) - Naturally-regenerating forests are often ignored by policymakers working to curb climate change even though they hold an untapped potential to rapidly absorb planet-warming carbon from the atmosphere, scientists found in a research paper published Tuesday. These so-called secondary forests, which have regenerated themselves after being razed, often for agriculture, can help bring the world closer to the net-zero emissions target needed to slow global warming, the research published in the journal Nature Climate Change , opens new tab shows. Sign up here. That is because these young forests, which are made of trees between two and four decades old, can remove carbon from the atmosphere up to eight times faster per hectare than forests that were just planted, they found. It comes as companies worldwide are raising millions of dollars to regrow forests from scratch to generate carbon credits they can sell to polluting industries seeking to offset their greenhouse gas emissions. Secondary forests, on the other hand, are often not allowed to regenerate themselves for long enough to benefit the climate, either because they are cleared or because they fall prey to fires or pests. Across the tropics, they found, only 6% of secondary forests reach two decades of regrowth. "It's a constant cycle of deforestation," said Nathaniel Robinson, one of the authors and a scientist at the Center for International Forestry Research and World Agroforestry. He added that their vulnerability "is likely tied to policy loopholes." Robin Chazdon, a research professor at the Forest Research Institute of the University of the Sunshine Coast, in Australia, who was not involved, said the refined evaluation of the global carbon mitigation potential of regrowing forests had important implications that could shape new climate policy. Last week, Reuters revealed how a loophole in the Amazon Soy Moratorium, an agreement signed by the world's top grain traders that they would not buy soy grown on recently deforested land, has allowed Brazilian farmers to market soy grown in razed secondary forests as deforestation-free. The Moratorium, like many conservation policies around the world, protects old-growth rainforests, but not regrown ones. In the Brazilian Amazon, half of secondary forests are cleared within eight years of regrowing, the scientists found. "The most rapid and largest carbon removal comes from these young secondary forests," said Susan Cook-Patton, a reforestation scientist at The Nature Conservancy, and one of the authors. But, she added, these forests "just aren't often appreciated." https://www.reuters.com/sustainability/climate-energy/policymakers-often-ignore-forest-regeneration-fight-against-climate-change-2025-06-24/
