Reeves claims that the UK's last government concealed spending data from the fiscal watchdog
The British Finance Minister Rachel Reeves said on Wednesday that the previous Conservative Government hid important information about public spending from Office for Budget Responsibility. She cited a recent report by the independent forecasting group. Reeves quoted OBR's report, which stated that its forecasts for the March 2024 Budget published by the former government would have "materially" been different had it received a more complete picture of government spending.
UK increases windfall taxes on North Sea Oil and Gas Producers
Finance Minister Rachel Reeves said on Wednesday that the British government would increase its windfall tax for North Sea oil-and-gas producers from 35% to 38% and extend it by one year. Reeves, who presented the first budget of the new Labour Government, said that the increase in the windfall tax - also known as the Energy Profits Levy - will come into effect on November 1. The headline tax rate for oil and gas activity is now 78%. This is among the highest rates in the world.
Reeves, UK's Reeves, announces that fuel duty will not increase
In her first budget address on Wednesday, British Finance Minister Rachel Reeves announced that the temporary five-pence reduction in fuel duty will remain in effect. She said it would be unfair to increase it in a period of global uncertainty and high living costs. "I have decided today to freeze fuel duties next year... and I will also maintain the current 5p reduction for another year." Reeves, Reeves's deputy in the House of Commons, said that there would be no increase in fuel taxes next year.
The UK has committed up to $28.5 billion for carbon capture projects
The government announced on Friday that it will invest up to 21.7 billion pounds (up to $28.5 billion) in 25 years for the development of carbon capture and storage technology to reduce emissions from energy, industry, and hydrogen production. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs. In a press release…
Britain has pledged up to 21,7 billion pounds for cleaner energy
The government announced on Friday that it will invest up to 28.46 billion pounds (21.7 billion pounds) in the development of carbon capture and storage and hydrogen technology for northern England. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs. The Chancellor of Exchequer Rachel Reeves stated that "this game-changing technology" will create 4,000 jobs in communities in Merseyside, and Teesside.
Honduras top court declares self-governing ZEDE zones unconstitutional
The Honduran Supreme Court declared on Friday that the legal basis for special economic zones, also known as ZEDEs (Zones of Economic Development Exempted from Local Laws and Taxes), which attracted foreign investors because of the promise of low taxation and regulations was unconstitutional. Some ZEDEs are operating in Honduras following the concession of 50 years. These include so-called Start-up Cities that have significant autonomy.
Starmer, the UK's ambassador to Berlin, is there for talks on resetting ties with Europe
On Wednesday, British Prime Minister Keir starmer will discuss an economic and defense accord with German leaders. He hopes to use his two-day trip to Europe's leading powers Germany and France as a chance to reset the relationship with the rest. Starmer stated that he wanted Britain move past the previous Conservative Government's fractious relationships with European allies, and place improved ties as the core of his efforts in order to boost Britain's economy.
Starmer wants to help Europe reset its ties by pursuing a defence deal with Germany
British Prime Minister Keir Starmer will discuss a landmark economic and defence accord with German leaders on Wednesday, hoping to use a visit to pursue a "once-in-a-generation opportunity" to reset relations with the rest of Europe. Starmer, who is on a two-day trip to Germany and France to promote Britain's economy, said that he wanted to see Britain move past the fractious relationship with European allies of the previous Conservative government and place improved relations at the center of his efforts.
Australia Beats 2020 Clean Energy Target
Australia has met its 2020 target for generating electricity from large-scale renewable energy a year ahead of plan, the Australian Clean Energy Regulator said, despite there being a slowdown in investment in wind and solar power.The target was set in 2001 by a conservative government and reduced in 2015 with bipartisan support, aiming forAustralia to generate 33,000 gigawatt hours (GWh) of electricity from large-scale renewable energy by 2020.
London Ups Vehicle Emissions Tax
London brought in a new levy on the oldest and most polluting cars entering the city centre from Monday, almost doubling how much motorists have to pay in the latest blow to diesel. Drivers are already charged 11.50 pounds ($15) to enter the financial district and parts of west London under a congestion charge. But those driving petrol and diesel vehicles typically registered before 2006 will need to pay an additional 10 pounds.
UK Conservatives Support Shale Energy
Britain's Conservative Party will introduce legislation to support shale energy development and impose a household energy tariff cap if it is re-elected in June, its election policy document showed on Thursday. The Conservative government pledged last month to cap standard variable tariffs, responding to voter discontent about energy bills which have doubled in the past decade. "We will introduce a safeguard tariff…
Australia Plans to Limit LNG Exports
Australia's conservative government unveiled a radical plan on Thursday to restrict exports of liquefied natural gas (LNG) at times when domestic shortages push up local prices, aiming to ease soaring energy costs for local manufacturers. The plan would allow Australia's resources minister to impose controls on LNG exports on advice from the market operator and regulator, as the government seeks to cap domestic gas prices, which have become a political hot potato. "It's not a threat.
Northern Gateway Pipeline Won't Appeal Court Decision
Oil company Enbridge Inc's Northern Gateway pipeline project will not appeal a recent Canadian Federal Court of Appeal decision that reversed its approval pending consultations with aboriginal groups, it said on Tuesday. "We believe that meaningful consultation and collaboration, and not litigation, is the best path forward for everyone involved," Northern Gateway President John Carruthers said in a statement, adding that the project wanted the support of aboriginal groups.
DONG Energy Listing to Value Group at up to $16 Bln
DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but also into a business heavily reliant on government subsidies. State-controlled DONG Energy on Thursday set a price range for its initial public offering at 200 Danish crowns to 255 crowns per share. This would give the group a market value of 83.5 billion to 106.5 billion Danish crowns ($12.6-16.0 billion)…
Suncor to Disclose More Information on Carbon Risk, Lobbying
Suncor Energy, Canada's largest oil and gas company, said it would disclose more details on its plans to compete in a lower-carbon future and on its lobbying activities. Several oil and gas companies, including Exxon Mobil and Anadarko Petroleum Corp, have been under pressure from regulators and shareholders to disclose more details on their climate change strategies. In Canada, Prime Minister Justin Trudeau has…
Canada Energy Regulator is Monitoring Pipelines Poorly
Canada's energy regulator is doing a poor job of monitoring pipeline firms, an official watchdog said on Tuesday in a report that could bolster support for government plans to reform how major oil and gas projects are approved. Environment Commissioner Julie Gelfand said the National Energy Board (NEB) did not properly check whether companies were sticking to the approval conditions for projects and did not consistently check that problems had been cleared up.
UK Softens Solar Supports Cuts
Feed-in-Tariff for solar up to 10 KW at 4.39 p/KWh; tariff spending capped at 100 mln pounds a year. Britain reduced financial support for domestic-scale solar power by less than expected on Thursday but went ahead with other cost-saving measures on renewables subsidies as expected. The government cut the tariff for domestic-scale solar up to 10 kilowatts in capacity, such as rooftop solar photovoltaic (PV) installations, to 4.39 pence per kilowatt hour, it said in a statement.
Canada to Aid Developing Nations Fight Climate Change
Canada will provide aid to developing countries to combat climate change, Prime Minister Justin Trudeau announced on Friday ahead of talks on global warming, which he has promised will show the country is serious about tackling the issue. Canada will give C$2.65 billion ($1.98 billion) over the next five years, the newly elected Trudeau announced during a trip to Malta, where he was meeting the heads of Commonwealth countries.
Canada PM Tells Minister to Modernize Energy Regulator
Prime Minister Justin Trudeau instructed his natural resources minister to "modernize" Canada's independent pipeline regulator, said a letter released on Friday that gave details on the newly elected leader's environmental plans. Trudeau asked Natural Resources Minister James Carr to ensure the Calgary-based National Energy Board (NEB) has a balanced representation from across the country, as well as sufficient expertise in environmental science, community development and indigenous traditional knowledge.
Canada to Ban Oil Tankers on Northern BC Coast
Canada will push ahead with a moratorium on oil tanker traffic along the northern coast of British Columbia, effectively slamming the door on a controversial pipeline project that was already facing massive development hurdles. In a letter released on Friday, Canadian Prime Minister Justin Trudeau instructed Transport Minister Marc Garneau to work with numerous other ministries to "formalize" the ban on oil tanker traffic, a Liberal campaign promise ahead of the federal elections last month.
