Generic Hero BannerGeneric Hero Banner
Latest market news

Cop 28 outcome must be implemented in full: Cop 30 head

  • Market: Coal, Crude oil, Emissions, Natural gas
  • 20/06/25

The incoming UN Cop 30 summit president Andre Correa do Lago has set out his objectives for the conference in November, placing as a key priority the Cop 28 outcome of trebling renewables capacity and transitioning away from fossil fuels.

Correa do Lago today said his plan is to drive "collective action" to tackle climate change, placing a strong emphasis on the global stocktake, the first of which was concluded at Cop 28 in 2023. That outcome saw almost 200 countries commit to "transition away" from fossil fuels, as well as treble renewables capacity by 2030.

The global stocktake, a five-yearly process, sets out progress made towards Paris climate agreement goals. Today's "Action Agenda must drive momentum towards the full implementation of the GST [global stocktake]", Correa do Lago said.

The incoming Cop president is focusing on implementing agreements made at previous Cops, and ensuring that countries and all other stakeholders — such as sub-nationals and the private sector — work together to put the decisions into action.

Correa do Lago's letter today repeated language from the Cop 28 outcome, and noted his other main themes for Cop 30, which will take place in Belem, in Brazil's Para state, on 10-21 November. As well as shifting energy, industry and transport from fossil fuel-powered to lower- or zero-carbon alternatives, he listed forests, oceans and biodiversity and agriculture and food as key topics.

Further topics involved building resilience for cities, infrastructure and water and human and social development. A final priority was enablers and accelerators across the board, including for finance and technology.

Correa do Lago said in May that Cop 30 should be a "pivot point" to action on climate change, and "a new era of putting into practice" what has been agreed at previous Cop summits. He has noted a difficult geopolitical situation, which could make talks more challenging.

Brazil's Cop 30 presidency is also focused on climate finance at UN climate talks, currently underway in Bonn, Germany. These 'halfway point' discussions serve to cover substantial technical groundwork ahead of political talks at Cop summits each November.

Brazil yesterday at Bonn presented a draft of a roadmap to scale up climate finance — from all sources — to $1.3 trillion/year by 2035. The roadmap will not be officially negotiated, although it was a key outcome from Cop 29 in 2024 and is likely to be finalised just ahead of Cop 30 this year.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
23/06/25

Iran vows payback after US strike on nuclear facilities

Iran vows payback after US strike on nuclear facilities

Dubai, 23 June (Argus) — Iran said today that US airstrikes on its nuclear facilities have expanded the range of legitimate military targets for its armed forces, intensifying concerns over supply disruptions in a region that underpins global oil trade. Powerful and targeted operations with "serious consequences" await the US in response to its direct involvement in strikes on Iranian soil, according to Ebrahim Zolfaqari, spokesperson for Iran's Khatam al-Anbiya central military headquarters. "Mr. Trump, the gambler, you may start this war, but we will be the ones to end it," Zolfaqari said. The US strikes on three heavily fortified nuclear facilities in Iran early on 22 June local time marked a clear shift, with Washington now openly joining Israel's military campaign against Tehran's nuclear programme, which Israel views as an existential threat. Israel and Iran have been trading airstrikes and missiles since 13 June. The US has thousands of troops stationed across the Middle East, including in Bahrain, Qatar, the UAE, Kuwait, Saudi Arabia and Iraq. While Iran has threatened retaliation, it has so far held back from steps often floated by its leadership, such as striking US bases in the region or closing the strait of Hormuz — a vital waterway through which about a quarter of global seaborne oil trade flows. The US bombing and Iran's threats of retaliation caused crude futures to rise sharply in early trading on 23 June , with front-month Ice Brent climbing above $80/bl for the first time in five months, as the US bombing raised fears of wider escalation. But markets later pared gains. The August Ice Brent contract was trading at $76.56/bl as of 08:25 GMT, down by 45¢/bl from its 20 June settlement. Trump warned Iran against retaliating for the strikes and signalled he is open to regime change in Tehran. "If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change??? MIGA!!!" he said on Sunday, as Tehran continued to show defiance. He followed up by claiming the strikes had caused "monumental" damage to Iran's nuclear sites, adding that the "biggest damage took place far below ground level. Bullseye!!!" The full extent of the damage remains unverified. But "even if nuclear sites are destroyed, game isn't over, enriched materials, indigenous knowledge, political will remain", said top Iranian military and nuclear adviser, Ali Shamkhani. The UN's nuclear watchdog, the IAEA, said on 22 June that no increases in off-site radiation levels had been reported following the US strikes. Director general Rafael Grossi, in an address to the UN Security Council, confirmed that Fordow — Iran's main facility for enriching uranium to 60pc — was hit. He also said the Esfahan nuclear site and the Natanz enrichment facility were struck again. By Bachar Halabi Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Iran raises Hormuz closure threat after US strikes


23/06/25
News
23/06/25

Iran raises Hormuz closure threat after US strikes

Dubai, 23 June (Argus) — A senior Iranian lawmaker says parliament has concluded that the strait of Hormuz "should be closed" in response to US airstrikes on three nuclear sites early Sunday — a move that would severely disrupt global oil flows. Esmaeil Kowsari — a member of the national security and foreign policy commission, and a former high-ranking commander in the Islamic Revolutionary Guard Corps (IRGC) — told state-owned Press TV that lawmakers had reached a consensus that closure would be the appropriate response. Argus understands that while members of parliament were all in agreement, the issue was not formally put to a vote. Kowsari said the final decision lies with the Supreme National Security Council, Iran's top security body. His comments have drawn global attention as markets await Iran's response to the strikes, which US president Donald Trump ordered against nuclear facilities at Fordow, Natanz and Isfahan. The Fordow site is heavily fortified and located underground. The Natanz facility had already been targeted by Israeli strikes, prompting a series of retaliatory missile and drone exchanges between Iran and Israel. Iranian officials, including supreme leader Ayatollah Ali Khamenei, had repeatedly warned Washington that any direct military action would trigger a response causing "irreparable" harm to the US. . Variety of options The strait of Hormuz is the world's most critical oil transit route, with around 17mn b/d of crude and refined products — roughly a quarter of global seaborne oil trade — passing through it. Iran has repeatedly threatened to close the strait in past confrontations but has never followed through. It has, however, previously targeted or seized vessels transiting the waterway, prompting some shipowners to consider alternative routes. Closure of the strait is one of several retaliatory options regularly floated by Iranian political and military leaders. Others include military strikes on US bases across the Mideast Gulf. The US maintains installations in Bahrain, Qatar, the UAE, Kuwait, Saudi Arabia and Iraq. Asked whether closing the strait was under consideration, Iranian foreign minister Abbas Araqchi declined to confirm, saying only that "there are a variety of options available to us". Araqchi travelled to Moscow late on Sunday and is expected to meet Russian president Vladimir Putin on Monday. Moscow has condemned the US strikes. Ali Akbar Velayati, a long-time adviser to Khamenei, also issued a veiled threat to Washington, saying: "West Asia is not Greenland, and the strait of Hormuz is fundamentally different from the Panama Canal." The comment referenced earlier threats by Trump to assert US control over Greenland and the Panama Canal during the early days of his second term. US secretary of state Marco Rubio warned that any attempt by Iran to close the strait would be "a terrible mistake." "It's economic suicide for them if they do it, and we retain options to deal with that," he said. By Nader Itayim Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

News

NZ’s Genesis Energy to maintain coal generators to 2035


23/06/25
News
23/06/25

NZ’s Genesis Energy to maintain coal generators to 2035

Sydney, 23 June (Argus) — Four New Zealand utilities have signed a non-binding agreement to support utility Genesis Energy's coal and gas-fired Rankine generators at its 953MW Huntly power station through to 2035, underpinning New Zealand coal demand for a decade. The company announced the deal on 19 June. It did not reveal the specific support mechanisms in the deal, but likely involves the other utilities making annual payments in exchange for the right to buy electricity from the company's Huntly power station as needed. Genesis will use the support to maintain its Rankine units until 2035 and build a fuel reserve at Huntly. One of the generators was set to retire in 2026, and two others were previously set to shut early in the next decade. Maintenance will be required on the unit set to retire in 2026. Genesis expects to finalise an agreement with the other utilities by the start of 2026, with the aim to have all Rankine units on line by mid-2026 in time for New Zealand's winter period. Genesis' Rankine units at its Huntly power station play a supporting role in New Zealand's power system, firing up when renewable generation from hydroelectric, geothermal and wind sources falls. The company is working on transitioning its Rankine units to biomass generators, but this is dependent on economic viability of black wood pellet prices . Indonesian sub-bituminous coal, which Genesis uses to power Huntly, is currently much cheaper than pellets. By Avinash Govind Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

News

Brent crude tops $80/bl after US strikes on Iran


23/06/25
News
23/06/25

Brent crude tops $80/bl after US strikes on Iran

Singapore, 23 June (Argus) — Crude oil futures rose in early trading on Monday, sending Brent crude to a five-month high above $80/bl, after the US bombed Iran's nuclear sites. The front-month August Brent contract on Ice rose by 5.7pc to a high of $81.40/bl shortly after trading got underway in Asia. Brent last closed above $80/bl in January. Prices later eased, with Brent trading at $78.92/bl at 7:40am Singapore time (23:40 GMT). The Nymex front-month August WTI contract rose by 6.2pc to a high of $78.40/bl, before dropping back to $75.74/bl. The US carried out air strikes on Iran's Fordow, Natanz and Isfahan nuclear sites early on 22 June local time. The strikes were a "spectacular military success" and the sites have been "completely and totally obliterated", US president Donald Trump said. The International Atomic Energy Agency (IAEA) confirmed the attacks and said it had identified extensive damage to the Isfahan site in particular. It said the extent of damage to the Fordow facility, which is heavily fortified and built inside a mountain, is unclear. Radiation levels at the sites have not increased following the strikes, it said, citing Iranian authorities. Iran's foreign ministry condemned what it described as "brutal military aggression" by the US against its nuclear facilities. It remains unclear how Tehran will respond to the attacks. Any attempt by Iran to close the strait of Hormuz would be "a terrible mistake," US secretary of state Marco Rubio said on 22 June. The strait is the global oil market's single most vulnerable chokepoint, through which pass about 17mn b/d of crude and products, or about a quarter of seaborne oil trade. "It's economic suicide for them if they do it, and we retain options to deal with that," Rubio said. By Kevin Foster Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

News

US bombs nuclear sites in Iran: Update


22/06/25
News
22/06/25

US bombs nuclear sites in Iran: Update

Updates with remarks from President Donald Trump Washington, 21 June (Argus) — The US conducted air strikes on three nuclear facilities in Iran, President Donald Trump said Saturday evening. US bombers targeted the heavily fortified, underground facility at Fordow and sites at Natanz and Isfahan, Trump said on his social media platform. "The strikes were a spectacular military success," Trump said in a televised address Saturday night. "Iran's key nuclear enrichment facilities have been completely and totally obliterated. Iran, the bully of the Middle East, must now make peace. If they do not, future attacks will be far greater and a lot easier." Trump waited until after the US planes had left Iranian airspace before making the announcement. Israel's air and missile strikes, underway since 13 June, had already targeted those three facilities, in addition to some domestic energy infrastructure and urban areas across Iran. UN nuclear watchdog the IAEA on Friday warned of potential nuclear safety hazards from the ongoing Israeli attacks on Iran's nuclear facilities and cautioned Israel against targeting Iran's Busherh nuclear power plant and a nuclear research laboratory in Tehran. Washington-based military experts assessed that only the US Air Force had the right type of munitions to destroy Fordow. Involving the US in the Israel-Iran war is a watershed moment for Trump's presidency. Trump in the past decade has often lambasted his predecessors for involving the US in costly and fruitless military adventures in the Middle East. But he has changed his tune since the beginning of Israel's offensive on Iran, claiming that eliminating Iran's nuclear program was worth the US involvement. Trump, in his televised address, referenced the US' killing of senior Iranian military commander Qassem Soleimani in January 2020 — the last time US and Iranian forces directly exchanged fire. Tehran's response at that time involved missile attacks on US bases in Iraq that wounded more than 100 US military personnel, but drew no heavy US retaliation. The markets will closely watch Tehran's reaction to the US air strikes. Even before the US bombing raids, Trump's public musings about a possible US role in Israel's campaign against Iran in the past week spurred the oil industry and shipping sectors to increase the risk premiums embedded in their calculations. Most immediately at stake are Iran's 2.5mn b/d of crude, condensate and products exports, which mostly head to China. Oil markets are also concerned about the risk of contagion if Israel and the US draw retaliatory attacks elsewhere in the Mideast Gulf or jeopardize shipping through the strait of Hormuz — the global oil market's single most vulnerable chokepoint, through which pass about 17mn b/d of crude and products, or about a quarter of seaborne oil trade. By Haik Gugarats Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more
OSZAR »