Oil demand is expected to contract by 80 kb/d this year, as the Iran war upends the International Energy Agency's (IEA's) global outlook. This is 730 kb/d less than in last month’s report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption. Initially, the deepest cuts in oil use have come in the Middle East and Asia Pacific, mainly for naphtha, LPG and jet fuel. However, demand destruction will spread as scarcity and higher prices persist.
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JP Morgan addresses climate and “under-modelled” tipping points
Climate decision-making requires acting on long-term scientific signals with imperfect estimates of financial and societal impact, sometimes well before markets fully price in the risks. Leaders make strategic choices under this uncertainty, which may only become visible to the broader market years later, writes Dr Sarah Kapnick, Global Head of Climate Advisory, Commercial & Investment Bank, J.P. Morgan.
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New approaches needed to address supply chain risks for rare earth elements
Rare earth elements are moving rapidly to the forefront of global policy making for energy, transport, advanced manufacturing and digital technologies as demand continues to expand while supply chains remain highly concentrated, according to a new International Energy |Agency (IEA) report developed to inform G7 discussions this year.
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Canada’s Carney launches C$3.8bn strategy to protect nature
To protect Canada’s lands and waters, the Prime Minister, Mark Carney, has launched 'A Force of Nature: Canada’s Strategy to Protect Nature'. With an investment of C$3.8bn, Canada’s new nature strategy will protect and restore critical habitats, ensure industrial strategies complement our conservation efforts, and mobilise new capital for nature.
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EIC awards €118m to 30 breakthrough research projects
The European Innovation Council (EIC) has selected 30 new projects under the 2025 EIC Pathfinder Challenges Call for cutting edge research projects delivering breakthroughs in four strategic areas: biotech for climate resilient crops and plant-based biomanufacturing; generative-AI based agents to revolutionise medical diagnosis; robot collectives; and waste-to-value devices - circular production of renewable fuels, chemicals, and materials.
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Verification of Sustainable Aviation Fuel traceability strengthened
Zemo Partnership has launched RFAS Aviation, a new voluntary assurance scheme designed to provide independent verification of Sustainable Aviation Fuel (SAF) across the UK supply chain. The scheme responds to a critical industry need for a harmonised approach to verifying SAF traceability in the downstream fuel supply chain.
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New framework links past and future emissions to location-specific damage
One tonne of CO2 emitted in 1990 caused US$180 in discounted global damages by 2020 ($40–530) and will cause an additional $1,840 through 2100 ($500–5,700). Settling debts for past damages will not settle debts for past emissions. The research, Quantifying climate loss and damage consistent with a social cost of carbon, was published in Nature and was carried out by Burke, M., Zahid, M., Diffenbaugh, N.S. et al
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Hormuz shipping disruptions raise risks for energy, fertilizers and economies
UN Trade and Development (UNCTAD) has released a rapid analysis – Strait of Hormuz disruptions: Implications for global trade and development – examining the implications of recent disruptions to maritime traffic in the Strait of Hormuz, one of the world’s most critical trade corridors.
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ADB surpasses $14bn food security commitment
The Asian Development Bank (ADB) has surpassed its $14bn commitment to strengthen food security in Asia and the Pacific during 2022–2025, while advancing a broader agenda to transform the region’s food systems through additional funding and expanded partnerships.
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Europol: large-scale operation targeting waste and pollution crime
Europol has successfully coordinated a large-scale operation targeting organised crime networks involved in waste and pollution crime. The global operation, code-named ‘Custos Viridis’, took place between January and December 2025 on five continents, with Europol working alongside partners from 71 countries and numerous international organisations.
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Commission to increase EU’s energy independence and affordability
The European Commission has presented its first initiatives to boost investment in homegrown clean energy solutions, increase resilience and reduce energy prices. The prevailing geopolitical context acts as a reminder of the risks related to Europe's reliance on imported fossil fuels. The Commission says that clean energy sources remain the most affordable and safe, and the only mid-term response to reduce our exposure to price volatility.
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Council signs off simplification of sustainability reporting and due diligence
The European Council has approved the simplification of the sustainability reporting and due diligence requirements for companies. This legislation simplifies the directives on corporate sustainability reporting (CSRD) and corporate sustainability due diligence (CS3D) by reducing the reporting burden and limiting the trickle-down effect of obligations on smaller companies.
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UK Government issues UK Sustainability Reporting Standards
The UK Department for Business & Trade has issued UK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2. UK SRS have been created by assessing and endorsing the global corporate reporting baseline of IFRS Sustainability Disclosure Standards.
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Sodium ion battery stores twice the energy and desalinates seawater
Researchers at the University of Surrey in the UK have discovered that keeping water inside a key battery material dramatically boosts performance. The batteries then store nearly twice as much charge, charge faster and remain stable for hundreds of cycles. This makes them among the top-performing sodium batteries ever.
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University of Graz develops computation method for climate extremes
How much heat, flooding, drought and storms increase as a result of human-induced climate change can be calculated, according to a study by Gottfried Kirchengast and his team at the University of Graz. It can compute all relevant hazard metrics in any region worldwide. The researchers found that anthropogenic climate change has caused a tenfold increase in extreme heat in recent decades.