War Energy

Former prime minister says policies will lose support without continued lower prices, while Malcolm Turnbull points to some progress in USGet our breaking news email, free app or daily news podcastKevin Rudd has described Donald Trump’s cuts to support for green industries as “unfortunate”, warning that Australians would conclude the clean transition was “bullshit” if it did not offer tangible benefits to their lives.But – in some of his first comments since finishing his term as Australia’s ambassador to the US – the former prime minister said climate policies would have staying power if they delivered affordable prices, a reliable energy supply and new job opportunities. Continue reading...

Brussels will relax state aid rules to allow member countries to offer ‘targeted and temporary’ supportEurope live – latest updatesThe EU will cut electricity taxes and provide consumers with fresh incentives to ditch fuel-burning cars and boilers, the European Commission has announced, as the Iran war energy crisis speeds a shift to a clean economy.The plan, which foresees tweaking rules so that electricity is taxed less than oil and gas, aims to bring down bills while encouraging the move away from polluting devices that prolong reliance on foreign fuels. Continue reading...

Climate leaders say Democrats need to extol clean energy as a way to cut costs for Americans as war roils oil marketsDemocrats should get louder in championing clean energy’s affordability and resilience from global shocks, according to some of the party’s leading voices on the climate.As the Iran war roils economies by raising the cost of oil and gas, countries are aiming to accelerate their shift to cleaner energy. But in the US, Donald Trump has sought to kill off any alternative to fossil fuels while opposing Democrats have been reluctant to tie the conflict to any action on the climate crisis. Continue reading...

There will be flight cancellations ‘soon’ if oil supplies are not restored in coming weeks, says head of IEABusiness live – latest updatesMiddle East crisis – live updatesEurope has only six weeks’ supply of jet fuel left before shortages will hit because of the Iran war, according to the head of a global energy watchdog.Fatih Birol, the executive director of the International Energy Agency (IEA), said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks. Continue reading...

Scheme cutting bills by up to 25% expanded to cover 10,000 firms, but they will not be paid until next yearRachel Reeves has announced an expansion of support for the most energy-intensive UK businesses, as they face soaring bills as a result of the Middle East conflict.The chancellor said the long-promised British Industrial Competitiveness Scheme (BICS) would be expanded to cover 10,000 companies, up from the 7,000 originally announced. Continue reading...

As treasurer Jim Chalmers weighs ‘extreme uncertainty’, one economic scenario sees global growth plunging to just 2% in 2026Get our breaking news email, free app or daily news podcastThe International Monetary Fund has warned the US-Israel war on Iran risks creating an “energy crisis of an unprecedented scale” that could tip the global economy towards recession.The grim warning contained in the IMF’s latest World Economic Outlook comes as Jim Chalmers prepares to attend the organisation’s spring meetings in Washington DC this week, where he said he would be “joining with other countries continuing to call for an enduring end to the war”. Continue reading...

Companies using heating oil have already begun rationing their fuel use, says Federation of Small BusinessesMiddle East crisis – live updatesThousands of independent businesses across the UK are braced for their energy bills to more than double owing to the sharp rise in heating oil costs as the war in Iran pushed Europe’s fuel market prices to fresh record highs.About 7% of all small and medium-sized companies warm their properties and provide hot water using heating oil, which in some cases has more than doubled in recent weeks. Continue reading...