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An electric vehicle charging point in Stoke-on-Trent, England.
Nathan Stirk | Getty Images News | Getty Images

The U.K. government said Wednesday it wanted to create a net zero transport sector by the year 2050, as it looked set to publish details of a long-awaited decarbonization plan later today.

According to a news release from the government — the full report had not been made available as of lunchtime on Wednesday — a key part of the roadmap is a goal to “phase out the sale of new diesel and petrol heavy goods vehicles (HGVs) by 2040.”

If realized, this ambition — which is subject to consultation — would complement the government’s previously announced plans to stop the sale of new diesel and gasoline cars and vans by 2030 and require, from 2035, all new cars and vans to have zero tailpipe emissions.

Among other things, authorities are also targeting a net zero railway network by the middle of this century and want net zero aviation emissions by 2050.

The shift to a zero emission transport sector, the U.K.’s largest emitter of greenhouse gases, will require significant investment in areas such as charging infrastructure and the development of new systems and technologies.

In a written statement to the U.K. Parliament, Transport Secretary Grant Shapps said: “The plan published today is genuinely high ambition – technically and feasibly – for all areas of transport and notes that decarbonisation will rely, in part, on future transport technology, coupled with the necessary behavioural and societal change.”

Among those reacting to the plan were Helen Clarkson, CEO of international non-profit The Climate Group. “There is no world in which the decarbonisation of transport happens overnight,” she said, “so we await further clarity from the Government around the timelines for these plans and encourage them to look beyond ambition to action.”

Industry responds

Wednesday’s announcement drew a mixed response from a wide range of stakeholders within industry. Elizabeth de Jong, Logistics UK’s director of policy, said the government’s plan would “help to provide logistics businesses with confidence and clarity on the steps they must take on the pathway to net zero.”

“Consultation on proposed phase out dates for new diesel HGVs should enable business to move forwards with confidence,” she added.

Elsewhere, the Road Haulage Association said that while it supported the decarbonization of trucks, the government’s plan was “speculative, potentially damaging to business, and short on detail.”

Richard Burnett, the RHA’s chief executive, claimed that the proposal as it stood was “unrealistic.”

“These alternative HGVs don’t yet exist – we don’t know when they will and what they will cost,” he said. “It’s also not clear what any transition will look like – this is blue skies aspiration,” he added.

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Trump says he wants to negotiate a nuclear deal with Iran after imposing ‘maximum pressure’

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February 5, 2025

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Trump says he wants to negotiate a nuclear deal with Iran after imposing ‘maximum pressure’

U.S. President Donald Trump speaks as he signs documents in the Oval Office at the White House in Washington, U.S. Feb. 4, 2025. 

Elizabeth Frantz | Reuters

President Donald Trump on Wednesday said he wants to negotiate a nuclear deal with Iran after reimposing a “maximum pressure” campaign on the Islamic Republic.

Trump said in a Truth Social post that work should begin on such a deal “immediately.” The president said reports that the U.S. and Israel are working together to attack Iran are exaggerated.

“I would much prefer a Verified Nuclear Peace Agreement, which will let Iran peacefully grow and prosper,” Trump said in the post. The president withdrew the U.S. in 2018 from the nuclear deal negotiated by President Barack Obama, called the Joint Comprehensive Plan of Action.

The president’s comments come a day after he signed a memorandum reimposing a maximum pressure campaign on the Islamic Republic. The memorandum directed the secretaries of State and Treasury to implement a campaign to drive Iran’s oil sales to zero, including exports to China.

OPEC member Iran is the third biggest oil producer in the cartel. U.S. crude oil and global benchmark Brent futures were trading more than 1% lower on Wednesday morning.

Trump told reporters in the Oval Office on Tuesday that he was unhappy to sign the memorandum and hoped “it’s not going to have to be used in any great measure at all.”

“We don’t want to be tough on Iran, we don’t want to be tough on anybody but they just can’t have a nuclear weapon,” Trump said. The president said he would be willing to talk to his Iranian counterpart when asked by reporters Tuesday.

Trump’s overture to Iran will be complicated by his unprecedented statements on the future of Palestinians and the Gaza Strip. The president said Tuesday during a news conference with Israel Prime Minister Benjamin Netanyahu that Palestinians should leave the Gaza Strip so the U.S. can take the enclave over and rebuild it.

Gaza has been devastated after Israel’s more than yearlong war in the enclave, launched in response to the militant group Hamas’ devastating terrorist attack in southern Israel on Oct. 7, 2023. Israel and Hamas agreed to ceasefire days before Trump took office.

Iran supports Hamas. The Islamic Republic and Israel launched a barrage of strikes against each other twice last year, raising fears that the Middle East would descend into a full-scale regional war.

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Rising star Vammo rides past 1 million battery swaps for electric motorcycles

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February 5, 2025

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Rising star Vammo rides past 1 million battery swaps for electric motorcycles

Vammo, a battery-swapping service for electric motorcycles in Latin America, has just announced that the company has surpassed an impressive 1 million battery swaps in a little over a year.

The company has built its service around a combination of VMoto electric motorcycles and a battery-swapping service designed to keep those motorcycles rolling all day without stopping to charge.

Headquartered in São Paulo, Brazil, Vammo’s electric motorcycles and battery swap cabinets currently serve around 1,800 customers, with that number growing quickly. The service was launched just over a year ago and has already saved its customers a combined US $1.3 million in fuel costs. That’s on top of preventing the release of 3,050 tons of CO2 emissions.

Vammo’s subscription model saves users as much as 50% compared to gasoline-powered motorcycles, translating into annual savings of thousands of dollars. “Not only are we helping to cut carbon emissions by 85%, but we’re also putting significant savings back into the pockets of our customers,” said Jack Sarvary, Vammo’s co-founder and CEO. “Many of our users, especially delivery drivers, are saving as much as $2,000–$4,000 per year, making electric mobility both affordable and sustainable.”

That success has led to rapid growth for the company. Last year alone, Vammo saw 8x growth in both revenue and customer base.

“Our growth demonstrates the power of affordable, clean transportation,” said Billy Blaustein, Vammo’s COO. “We are proving that sustainable mobility can be both accessible and scalable.”

Vammo’s VMoto models have now become the #1 registered electric motorcycle brand in Brazil, likely making the company the top player in Latin America.

Battery swapping for electric motorcycles has gained significant interest in the last few years, especially as Gogoro has expanded its world-leading model for swappable electric scooter batteries. But unlike Gogoro, which built a swappable battery standard and then began persuading other companies to adopt it, Vammo built its service around existing electric motorcycles and their already operational battery designs.

Vammo began operations in São Paulo and has positioned its service as a solution not only for Brazil but also for broader Latin America.

Brazil is uniquely suited for electric motorcycles and battery swapping, as the country not only sells 4x the amount of motorcycles per year as the US, but has some of the cleanest electricity in the world. Over 90% of the country’s electricity is generated by clean sources, primarily hydroelectric power, with wind and solar also contributing to the mix. Compare that to the global average of just 13%.

Vammo is building on its momentum, recently announcing a partnership with app-based taxi provider 99, offering mototaxi drivers access to its electric motorcycles.

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TotalEnergies posts 21% drop in annual profit, targets buybacks of $2 billion per quarter in 2025

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February 5, 2025

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TotalEnergies posts 21% drop in annual profit, targets buybacks of billion per quarter in 2025

Poster and logo on the Coupole Tower, compagny Total’s head office renamed TotalEnergies in 2021 in the La Defense business district west of Paris in Courbevoie, France on 7 June 2024.

Antoine Boureau | Afp | Getty Images

French oil major TotalEnergies on Wednesday reported a sharp drop in full-year earnings, against a backdrop of lower crude prices and weak fuel demand.

The oil and gas giant posted full-year 2024 adjusted net income of $18.3 billion, reflecting a 21% fall from $23.2 billion a year earlier.

Analysts had expected TotalEnergies’ full-year 2024 adjusted net income to come in at $18.2 billion, according to an LSEG-compiled consensus.

The energy major reported better-than-expected fourth-quarter adjusted net income of $4.4 billion, an 8% increase on the previous quarter.

TotalEnergies said it was able to close out the year on a positive note thanks to a strong performance in integrated liquefied natural gas and integrated power.

The results buck a trend of consecutive quarterly losses. TotalEnergies’ adjusted net income had dropped for five straight quarters to notch a three-year low in September last year.

Other earnings highlights:

  • TotalEnergies’ full-year net income came in at $15.8 billion, down from $21.4 billion a year earlier.
  • The company announced a 7% increase in the 2024 dividend to 3.22 euros ($3.35) per share.

In a trading update published last month, TotalEnergies said its fourth-quarter results would likely benefit from a slight increase in hydrocarbon production, stronger gas trading and a modest increase in refining margins.

TotalEnergies announced a 7% increase in the 2024 dividend to 3.22 euros ($3.35) per share and said it will target $2 billion of share buybacks per quarter in 2025.

The company said it expects higher gas prices and robust hydrocarbon production in the first three months of 2025.

Paris-listed shares of TotalEnergies were last seen 1.4% higher during early morning deals.

The world’s top oil and gas companies have seen profits fall from record levels in 2022, when Russia’s full-scale invasion of Ukraine prompted international benchmark Brent crude to jump to nearly $140 per barrel.

Oil prices have since cooled amid faltering global demand, with Brent crude futures averaging $80 per barrel in 2024 — about $2 per barrel less than during the previous year, according to the U.S. Energy Information Administration.

Energy giants have reported mixed fourth-quarter and full-year results amid weaker refining margins and lower crude prices.

U.S. oil giant Exxon Mobil beat Wall Street’s estimate for fourth-quarter profit last week, while U.S. oil producer Chevron and Britain’s Shell both missed analyst forecasts.

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