Energy crisis marks permanent shift away from fossil fuels, according to IEA
According to IEA executive director Fatih Birol, the global energy crisis triggered by the Iran conflict has permanently undermined the notion of fossil fuels as a reliable foundation for energy systems. Birol says the shock will accelerate investment in renewables, nuclear and electrification, with governments likely to prioritise domestic generation and resilience over global fuel […]
BP board hit by investor climate rebellion after axing net-zero plans
BP’s board was hit by a shareholder backlash at Thursday’s AGM, with investors rejecting two board-backed resolutions giving chair Albert Manifold only 81.8% support – well below the near-unanimous margins UK boards usually expect. The flashpoint was climate governance. Shareholders refused to let BP scrap two longstanding climate-reporting commitments, while major proxy advisers and big […]
Schiphol slashes airport charges to cushion airlines from fuel shock
Amsterdam’s Schiphol airport will reduce airport charges by 10% from 27 April 2026 until 31 March 2027 for daytime flights. The measure aims to offset airlines’ higher costs due to soaring jet kerosene prices following the Middle East conflict. Schiphol expects the discount to have a “temporary negative” effect on its own results but says it will not affect […]
UK development lender launches £15 billion climate finance push
British International Investment (BII) aims to catalyse £15 billion of investment in climate and development projects over 2026‑2031, including up to £8 billion from its own balance sheet. For every pound BII invests, it seeks to attract another pound from private investors – about 40% more private co‑investment than in its previous five‑year plan. BII’s new strategy […]
Fuel-driven cost surge squeezes UK service sector
Purchasing‑manager surveys show UK service providers faced the largest jump in cost inflation since data began in 1996, as the Iran war pushed petrol and diesel prices sharply higher. The month‑on‑month rise in cost pressures is the greatest since the series started, reflecting a sudden increase in fuel bills and input costs. S&P Global’s survey […]
Rooftop solar boom signals structural shift in Europe
Household demand for rooftop solar systems across Europe has more than doubled since the Iran war began. Wholesalers like Solarhandel24 report net sales tripling to nearly €70 million. Households are installing full systems – panels, batteries and EV wallboxes – to shield themselves from volatile oil and gas prices. Renewable retailers note that customers want […]
UK inflation jumps again as fuel costs bite
Consumer prices rose by 3.3% year on year in March, from 3% in February. The Office for National Statistics said this was the first significant impact of the Iran war on inflation. Petrol prices meanwhile rose by 8.6 pence per litre and diesel by 17.6 pence, pushing inflation higher. The Bank of England is weighing whether higher […]
Druzhba pipeline restarts Russian crude flows to Europe, unblocks €90bn loan for Kyiv
Oil flows resume after months‑long halt: Ukraine repaired its section of the Druzhba pipeline, allowing shipments to Hungary and Slovakia to restart. This unblocks a €90 billion EU loan for Kyiv. Hungary had vetoed the loan until flows resumed; the restart prompted ambassadors to approve the funding. Druzhba can carry up to 1.4 million barrels per […]
Brussels readies measures to ease Europe’s energy shock following Iran conflict
The European Commission is drafting measures to reduce electricity taxes and refill gas storage ahead of winter. A revised document warns that premature retirement of nuclear facilities could undermine supply and raise prices. European leaders are re‑evaluating anti‑nuclear stances and embracing a mix of renewables, efficiency and legacy baseload. Other proposed measures include vouchers for […]
Miliband recasts net zero as energy security in landmark speech
UK energy secretary Ed Miliband told industry that the UK must treat clean energy as a defence priority, arguing the Iran crisis proves “the era of fossil fuel security is over”. The government will push ahead with plans to delink electricity prices from volatile gas markets, alongside long-term contracts for legacy renewables. Measures include opening […]