2025-01-30 11:59
LONDON, Jan 30 (Reuters) - Global investment in low-carbon energy transition exceeded $2 trillion for the first time last year, a report by BloombergNEF showed on Thursday. WHY IT'S IMPORTANT Countries around the world are investing in and developing cleaner sources of power and infrastructure to meet climate targets under the Paris Agreement but many experts say the pace is not fast enough. Global energy transition investment needs to average $5.6 trillion each year from 2025 to 2030 to meet a net zero emissions target by mid-century. Current investment levels are only 37% of what is required to get on track, BloombergNEF's energy annual investment trends report said. BY THE NUMBERS Investment in the low-carbon energy transition grew by 11% last year to a record $2.1 trillion, driven by renewable energy, power grids and electrified transport and energy storage investment, according to the report. However, the pace of growth was slower than in the previous three years when investment grew by 24-29% a year. The largest market for investment was mainland China, which accounted for $818 billion of investment, up 20% from 2023. CONTEXT One of U.S. President Donald Trump's first acts on returning to office last week was to quit the Paris Agreement, which will slow U.S. climate funding internationally and increase the chance of global warming escalating. KEY QUOTE "There is still much more that needs to be done, especially in emerging areas like industrial decarbonisation, hydrogen and carbon capture, in order to reach global net-zero goals." said Albert Cheung, deputy chief executive of BloombergNEF. Sign up here. https://www.reuters.com/business/energy/global-energy-transition-investment-exceeded-2-trln-last-year-report-shows-2025-01-30/
2025-01-30 11:50
LONDON, Jan 30 (Reuters) - Britain said it had submitted details of its plan to cut carbon emissions to the United Nations climate body on Thursday, detailing how it would hit the ambitious targets announced by Prime Minister Keir Starmer last year. Starmer raised Britain's climate targets at last year's United Nations COP29 climate summit, pledging to cut greenhouse gas emissions by 81% by 2035. The submission to the United Nations Framework Convention on Climate Change, announced by climate minister Ed Miliband in a written statement to parliament, is the formal paperwork setting out how those targets would be met. The submission itself was yet to be published. Miliband said the submission "contains information about the scope, timing, sectors and greenhouse gases covered by the target, as well as some high-level information on policies and measures involved in delivering the NDC (Nationally Determined Contributions)." Sign up here. https://www.reuters.com/world/uk/britain-submits-plans-hit-emissions-cutting-target-2025-01-30/
2025-01-30 11:46
TSX ends up 1.3% at 25,808.25 Eclipses Dec. 6 record closing high Tech and metal mining shares lead gains Gold prices rise amid economic uncertainty Jan 30 (Reuters) - Canada's main stock index rose to a record high on Thursday, led by gains for technology and metal mining shares, as investors assessed U.S. corporate earnings and after safe-haven demand fostered by the threat of U.S. trade tariffs lifted the price of gold. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 334.095 points, or 1.3%, at 25,808.25, eclipsing the record closing level it posted on Dec. 6. The materials group, which includes fertilizer companies and metal mining shares, jumped 3.4% as the price of gold rose to a record high. "Gold is certainly looking somewhat attractive if you're going into a period of economic uncertainty," said Michael Sprung, president at Sprung Investment Management. Trump said he would likely decide by the end of the day whether to put a 25% tariff on imports of Mexican and Canadian oil that would take effect on Feb. 1. Still, the energy sector rose 0.5% as the price of oil clawed back a small part of its recent declines. U.S. crude oil futures settled 0.15% higher at $72.73 a barrel. U.S. stocks also ended higher as investors digested a stack of key earnings reports, including some from high-flying technology companies. The TSX's technology sector added 3.5%, with shares of Celestica (CLS.TO) , opens new tab jumping 14.3% after the electronics firm surpassed analysts' fourth-quarter profit expectations. "A lot of these stocks that are selling at very lofty valuations could be very vulnerable," Sprung said. "We are trying to position ourselves more to where we think there's some relative safety, such as in financials and utilities." Heavily weighted financials rose 0.7% and utilities added 1.7% as bond yields fell. On Wednesday, the Bank of Canada cut its benchmark interest rate by 25 basis points to 3% to support the economy. Sign up here. https://www.reuters.com/markets/tsx-futures-rise-investors-assess-wall-street-earnings-2025-01-30/
2025-01-30 11:45
Jan 30 (Reuters) - Valero Energy (VLO.N) , opens new tab on Thursday reported a sharp drop in refining profit and margins for the fourth quarter but still beat analyst estimates. The San Antonio, Texas-based posted earnings of 64 cents per share, compared with analysts' estimate of 7 cents per share, LSEG data showed. Wall Street had anticipated a sharper decline in earnings than the U.S. oil refiner reported as global fuel demand slowed and as the industry braced for potential impact from President Donald Trump's threatened tariffs on crude imports from Canada and Mexico. Valero's refining segment reported operating income of $437 million for the fourth quarter of 2024, down 73% from a year ago. Its refining margins also slid 34.5%. Its shares were down more than 2% at noon, as investors worried that margins would stay weak. "Our team's relentless focus on operational excellence and low cost operations enabled us to deliver positive results in the fourth quarter and otherwise weak margin environment," Chief executive Lane Riggs said during a call with analysts. The refiner's fourth-quarter results were partly helped by better-than-expected margins in the Gulf Coast and North Atlantic regions as well as strong performance of its renewable diesel business, said Jason Gabelman, analyst at TD Cowen. Its renewable diesel business reported $170 million in fourth-quarter operating income, up from $84 million a year ago. The company announced on Thursday it was progressing with its FCC Unit optimization project at the St. Charles Refinery that will enable it to increase the yield of high-value products. The project is estimated to cost $230 million and is expected to be completed in 2026. Sign up here. https://www.reuters.com/business/energy/valero-energy-beats-quarterly-profit-estimates-2025-01-30/
2025-01-30 11:40
Jan 30 (Reuters) - Swedish mining equipment maker Epiroc (EPIRa.ST) , opens new tab on Thursday reported a fourth-quarter operating profit that beat market expectations and said it expects underlying mining demand to remain at a high level in the near term. Mining customer demand remained high, while construction customer demand stayed weak, Epiroc said in a statement, adding that construction demand is expected to remain weak in the near term. The company's shares fell 0.8% in choppy trading, after initially rising 2.7% following the results. Epiroc reported quarterly operating profit of 3.43 billion Swedish crowns ($311.58 million), compared to 3.35 billion crowns a year earlier. Analysts, on average, expected 3.34 billion crowns profit, according to data compiled by LSEG. Supply chain bottlenecks and high costs have weighed on the mining and construction sectors for several quarters, but Epiroc's order levels have remained stable. Epiroc, maker of drill rigs, rock excavation and construction equipment among others, said its fourth-quarter order intake increased 12% to 16.2 billion crowns, with organic increase of 5%. ($1 = 11.0085 Swedish crowns) Sign up here. https://www.reuters.com/markets/commodities/epiroc-beats-operating-profit-expectations-q4-2025-01-30/
2025-01-30 11:33
DAR ES SALAAM, Tanzania, Jan 30 (Reuters) - Tanzania and Burundi have signed an agreement with two Chinese firms to build a railway between the two African countries for transporting metals, including battery mineral nickel, to the port city of Dar es Salaam. The $2.15 billion joint venture will be constructed by China Railway Engineering Group Ltd and China Railway Engineering Design and Consulting Group, Tanzania's transport minister Makame Mbarawa said during the signing ceremony on Wednesday. It will be financed by the African Development Bank (AfDB), Tanzania's finance minister Mwigulu Nchemba said. The two nations expect the 282 kilometre (175 mile) standard gauge line to transport three million metric tons of minerals annually, Tanzania's finance ministry said last year. In the last decade China has funded infrastructure projects, such as railways, power plants and ports, and across Africa through its Belt and Road Initiative. Sign up here. https://www.reuters.com/world/africa/tanzania-burundi-sign-deal-with-china-build-nickel-carrying-railway-2025-01-30/
