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Ian Johnston, Henry Foy, Malcolm Moore and Myles McCormick, The Financial Times
In a frontpage story, the Financial Times reports that the US has “backed down on a threat to stop exporting fuel” as part of a deal in which European countries agreed to release more diesel from their strategic reserves. It says G7 leaders said they would release 100m barrels of crude and diesel, co-ordinated by the International Energy Agency, “in light of ongoing market pressures”. In its frontpage coverage, the Times says that the UK is “not expected to release any of its stockpile of diesel” as part of the deal as it “has only 40 days of supply in reserve and imports 55% of its diesel”. Despite multiple threats from US president Donald Trump that he would halt diesel exports from the US, he later said that a ban was "never really on the table", reports BBC News. The Guardian, Reuters and Sky News all have the story.
Meanwhile, seven major oil-exporting countries agreed yesterday to keep production steady in November, says the Associated Press, as the price of oil remains above $100 a barrel. It continues: “The so-called OPEC+ subgroup – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – will meet again on 1 November to review conditions in the oil market.” Reuters also has the story.
MORE ON FUEL PRICES
Mara Hoplamazian, The Washington Sun
The US supreme court will hear arguments today in a case that could “block one of the last remaining legal paths for holding fossil-fuel companies responsible for damage from climate change”, reports the Washington Sun. It continues: “The case, Suncor Energy vs Boulder County, centres on a procedural question of whether the companies must face lawsuits in state courts, or if federal law precludes those. The answer could shape the future of claims from dozens of states, counties and cities seeking to use state laws to recoup billions of dollars for the costs associated with climate disasters such as fires and floods.” In what the newspaper calls an “unusual move”, the supreme court is reviewing the issue “before the case has gone to trial and before a state court has made a final judgement”.
Nearly 60 state and local governments have brought similar suits seeking billions of dollars from fossil-fuel companies, says Reuters, adding: “A ruling…in favour of the companies could lead to many of those cases being dismissed.” Last week, Justice Samuel Alito announced he was withdrawing from the case, notes the Los Angeles Times. It says Alito did not say why, but adds that he owns stock in other oil companies that could be affected by the court’s decision. CNN reports on why environmentalists “aren’t yet” writing off Justice Clarence Thomas – one of the court’s “most stalwart conservative” – even though he has consistently sided against them. The Associated Press, Washington Post, New York Times, USA Today and CNN all have the story.
MORE ON US
Inside Climate News: “Long-awaited senate deal to speed permitting faces familiar hurdles.” Reuters: “States, cities sue US agencies over weaker vehicle fuel economy rules.” Politico: “From fossil fuel foe to frenemy: Newsom's winding road on oil.” A Massachusetts governor has called on the Trump administration to expedite the review of a gas pipeline that is being developed in New England, reports Reuters. CNN: “Wildfires across the US are changing forest landscapes – and the tipping point may be on the horizon.” The Times of India reports on former US officials and climate experts “creating a new network to keep climate research alive outside the federal government”.
Ione Wells and Tinshui Yeung, BBC News
Flávio Bolsonaro, the son of jailed former rightwing leader Jair, will face incumbent president Luiz Inácio Lula da Silva in a run-off election in Brazil, says BBC News. It says: “With almost all of the votes counted, Bolsonaro had 47.03% to Lula's 45.16% of the vote.” The broadcaster adds: “[Lula] has…backed oil drilling exploration, which has proved controversial with environmentalists, but he has a record of tightening environmental protections and reducing the rate of deforestation in the Amazon. Deforestation increased significantly under Jair Bolsonaro's presidency. [Carbon Brief analysis showed Lula’s presidency had “saved at least 20,000km2 of Brazilian Amazon”.]
Lu Guoping, Caixin
Executives said at a forum in Singapore that critical minerals have become the “focal point” of global competition in this era, as demand for materials vital to low-carbon technologies enters an “unprecedented growth cycle”, partly driven by the ongoing energy transition, reports financial news outlet Caixin. Meanwhile, US trade representative Jamieson Greer said no date is set for cutting tariffs on the $60bn of goods recently recommended by the US-China Board of Trade following the Trump-Xi summit, according to Bloomberg.
MORE ON CHINA
NEV charging demand on the highway on the first day of China’s national day holiday increased by 60.4% from last year, reports CEPN. China’s first 100-megawatt-scale compressed CO2 energy storage project has completed its grid connection, according to CEPN. Business Insider carries a comment by journalist Samuel O’Brient under the headline: “China just gave the energy market another reason to stress.” Yicai quotes an expert as saying that coal consumption controls must consider not only the environmental costs of carbon emissions, but also the social implications. A new batch of environmental inspections found serious problems in local ecological conservation and the “indiscriminate” launch of “dual-high projects”, reports Xinhua.
Jess Shankleman and Olivia Rudgard, Bloomberg
The UK government is “considering cuts” to its flagship “warm homes plan” as it seeks more than £2bn in savings at the energy department in order to fund additional defence spending, reports Bloomberg. Citing a “person familiar with the discussions”, it says the £15bn programme to upgrade millions of homes is among those being examined for cuts, with spending on hydrogen and carbon capture and storage also being scrutinised. It notes that in addition to contributing 1% of its capital spending budget to defence investments, the energy department has been asked to find a further £2bn of savings by the end of the decade. It adds: “No final decisions have been made and the eventual package could change as officials work through options ahead of the 28 October budget.” [For more on the warm home plan, see Carbon Brief’s Q&A.]
Elsewhere, the Times reports that new car sales in the UK hit the highest level since 2017 “after a surge in demand” for electric vehicles (EVs). The Independent says that EV sales had their “busiest month yet, with almost 100,000 new EVs registered”. It says the Chinese-made Jaecoo 7 was the best-selling new car for the month. The news comes as the UK is “preparing to follow the EU and impose import taxes on Chinese electric cars”, says the Times. “Security sources” tell the Mail on Sunday that police cars, ambulances and buses are “all at risk of being remotely sabotaged by China” due to using their EV technology. In a Mail on Sunday comment, shadow foreign secretary Tom Tugendhat says that “this isn’t paranoia, it is engineering”. Elsewhere, the Independent and Daily Express report, respectively, on high diesel prices and “fears” of rationing.
MORE ON UK
The Guardian: “Revealed: Government quietly dropped plan to prepare England for wildfires.” The Independent reports on a survey by campaign group Uplift showing “a majority of British business leaders support government efforts to phase out fossil fuels”. Gary Smith, head of the trade union GMB, has described Labour’s energy policy as “crazy” and once again called for new oil-and-gas drilling, reports the Times. BBC News and the Daily Telegraph respectively report on calls for the UK government to cut household and business energy bills. Experts have warned that the UK government is being “complacent about food as a national security matter”, reports the Guardian. Another
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