US ELECTIONS: Presidential race holds diverging futures for commodities, climate
Energy Transition by S&P Global Commodity Insights
Latest #EnergyTransition news on lower carbon energy sources and its impact on commodity markets.
Energy transition highlights: Our editors and analysts bring together everything you need to know about the industry this week, from renewables to storage to carbon prices.
The 2024 presidential election presents the US energy commodities sector with a big dose of uncertainty about the regulatory, tax and climate policies ahead in the next four years.
Former President Donald Trump, the Republican nominee, has promised deregulatory steps that aim to stamp out current President Joe Biden's climate agenda and clear away barriers for energy production. Attempts to revise the large suite of Biden administration rules are likely if Trump wins, with implications across energy commodities.
By contrast, Vice President Kamala Harris, the Democratic nominee, is expected to defend and extend the Biden administration's emphasis on greenhouse gas emissions controls and tax incentives for cleaner energy.
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Both were nearly 65% higher than the levels seen in early 2022. Tanker markets started a multi-year bull run since Russia invaded Ukraine in February 2022. Trump tightened sanctions on Russia during his presidency, but there has been speculation that the former president would take a softer stance toward the country if he was elected.
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A carbon price for India could kick off at around $10/mtCO2e when the country's upcoming inaugural Carbon Credits Trading Scheme commences in the coming years, industry executives and a government official said at the recent Asia Climate Summit in Delhi.
Greenhouse gas emissions in the EU fell by 8.3% in 2023, driven by significant reductions from power and industrial installations, but more efforts are needed for the bloc to meet its 2030 climate targets, the European Commission said. This is the largest annual drop in a decade except for 2020, when emissions fell by 9.8% due to the COVID-19 pandemic. Emissions are now 37% below 1990 levels but the EU's GDP has grown by 68% in 2023 from 1990, "showing the continued decoupling of emissions and economic growth," the EC added.
China has initiated dispute settlement proceedings against the European Union at the World Trade Organization to safeguard its interests in the electric vehicle industry, a spokesperson for China's Ministry of Commerce said at a press conference Oct. 30, referring to the EU's decision to impose countervailing duties on Chinese EVs.
Essar subsidiary EET Hydrogen has pushed back a target date for a final investment decision on its planned 350-MW blue hydrogen production facility in the proposed HyNet industrial decarbonization cluster in the northwest of England to 2025, after delays to government funding allocations to associated CO2 transport and storage infrastructure. An FID was previously expected in September 2024, but despite a funding commitment of GBP21.7 billion from the new Labour government for the country’s first two CCUS clusters -- HyNet and the East Coast Cluster -- at the start of October, delays in implementing funding allocations and investment decisions on the associated CO2 infrastructure have pushed back the final decision for EET’s Hydrogen Production Plant 1.