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What a difference an administration makes! Almost 200 countries ratified the Paris climate accord at COP21 in 2015, agreeing to limit the planet’s temperature increase to well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C. Afterward, President Donald Trump withdrew from the Paris agreement. On Friday, US President Joe Biden hosted a virtual climate summit titled the “Virtual Meeting of the Major Major Economies Forum on Energy and Climate.”

Biden spoke about the “urgency of this moment” and the need for a collective “plan to contribute to the climate ambition the world so urgently needs.”

The Power of Story to Make the Climate Crisis Relevant

Former President Donald Trump denied that the climate crisis was a reality, attacked the value of clean energy, and fired scientists in federal departments in favor of installing political friends. Taking a completely different approach, President Biden has acknowledged scientific consensus that the climate crisis poses an existential threat and implored leaders during Friday’s climate summit to take action.

During opening remarks, the President affirmed his promise that the US “would return immediately to the world stage and address the climate crisis.” With some of the most powerful economic forces in the world surrounding him, Biden expressed hope in a “silver lining” — one that would restrict global temperatures from rising to catastrophic levels through “real and incredible economic opportunities to create jobs and lift up the standard of living of people around the world.” The public opening to the Forum was a counterpoint to the otherwise private talks.

Always forthright, Biden told his audience that countries representing the Major Economies Forum account for 80% of global emissions.

The backdrop stage set was specially designed with virtual solar panel arrays as the global leaders were visible on thumbnail screens. Biden called upon the power of story and described the “damage and destruction” in the US and the destructive flooding in Europe. He zoomed in on the experience of seeing California firefighters battling powerful, widespread, and deadly wildfires more than ever before due to rising temperatures and unrelenting drought. He spoke how natural disasters like numerous hurricanes have wreaked havoc on US regions from the Gulf Coast to the Northeast.

Pledges to Do More to Mitigate the Effects of the Climate Crisis

The Biden administration has pledged to cut emissions 50% to 52% below 2005 levels by 2030 and is working to pass historic investments — to modernize what can become a more climate-resilient infrastructure and to build a clean energy future. In doing so, the administration hopes to create millions of jobs and usher in new industries of the future.

To reach such levels, Biden said the US would:

  • have a power sector free of carbon by 2035;
  • sell 50% of total cars as electric by 2050;
  • align efforts with the work of forums like Clean Energy Ministerial and Mission Innovation (which the US will chair next year);
  • focus on ocean initiatives in advance of the Our Ocean Conference in February;
  • convene a leaders-level gathering to take stock of the collective progress the countries in attendance make; and,
  • work with the European Union and other partners to launch a Global Methane Pledge to reduce global methane emissions by at least 30% below 2020 levels by 2030.

Specifically, Biden’s prodding at the Forum for participants to join a global pledge of cutting methane (aka “natural gas”) was deconstructed recently by CleanTechnica‘s Joe Wachunas. “Burning methane is currently responsible for nearly 25% of all carbon emissions in the US, and its use is growing,” Wachunas began. “Methane is also deeply embedded in many of our homes, and this will make it a challenge to extricate. We aren’t anywhere near hitting peak natural gas usage on our current trajectory.”

Methane is one of the most potent agents of climate damage, bursting by the ton from countless uncapped oil and gas rigs, leaky natural gas pipelines, and other oil and gas facilities. Although methane has a shorter lifetime in the atmosphere than carbon dioxide, it is, per unit, more than 20× as potent at warming the planet. During the Forum, Biden pointed to US efforts to plug leaks and cap abandoned wells as “big steps domestically to tackle these emissions.”

“Swift & Bold Action” Necessary beyond the Collegiality of the Climate Summit

It will take substantive effort to push through legislation to put into place the types of emissions levels that Biden outlined. China and India aren’t any better than the US, either, having yet to announce their new targets.

An area of contention at the Forum was pressure for the largest economies to assist less wealthy countries to transition to cleaner energy and to make sense of the changes to their countries that the climate crisis has created. In April, the Biden administration pledged to deliver $5.7 billion annually to these countries by 2024. During today’s Forum, Biden increased that amount by pointing to a “collective goal of mobilizing $100 billion a year.”

During a letter sent earlier this month to the climate summit’s invited guests, Biden offered the opportunity for “a focused, private discussion” to address the “profound generational challenge” posed by the climate crisis. Not to be deterred by the enormous task, Biden affirmed that the world’s largest economies possessed an “extraordinary opportunity to create a more prosperous and sustainable economy benefitting all.” Ever the negotiator and compromiser, Biden used the imperative of strengthening climate efforts so that action might be “swift and bold enough” to make a lasting impact that would “benefit […] both present and future generations.”

The invitation to Argentinian President Fernandez was posted on that country’s website.

Final Thoughts about the Climate Summit & What’s Ahead

From October 31 to November 1, the United Nations conference in Glasgow — the COP26 summit — will bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Nearly 200 nations are expected to announce more ambitious emissions-cutting targets than they had previously set in order to keep the world from overheating.

“Glasgow,” President Biden told his audience at the Forum, “is not our final destination.” Instead, countries around the world must “continue strengthening our ambition and our actions next year and throughout the decisive decade to keep us at one point — below 1.5 degrees and to keep that within reach.”

Participants at Friday’s climate summit included:

President Alberto Fernandez, Argentine Republic
Prime Minister Scott Morrison, Commonwealth of Australia
Prime Minister Sheikh Hasina, People’s Republic of Bangladesh
President Ursula von der Leyen, European Commission
President Charles Michel, European Council
President Joko Widodo, Republic of Indonesia
Prime Minister Mario Draghi, Italian Republic
Prime Minister Yoshihide Suga, Japan
President Moon Jae-in, Republic of Korea
President Andrés Manuel López Obrador, United Mexican States
Prime Minister Boris Johnson, United Kingdom of Great Britain and Northern Ireland
Secretary-General António Guterres, United Nations
Special Envoy of the President and China Special Envoy for Climate Change Xie Zhenhua, People’s Republic of China
Parliamentary State Secretary at the Ministry for Environment, Nature Conservation and Nuclear Safety Rita Schwarzelühr-Sutter, Federal Republic of Germany
Union Cabinet Minister of Labour and Employment, Environment, Forest and Climate Change Bhupender Yadav, India
Special Presidential Envoy for Climate Change Ruslan Edelgeriyev, Russian Federation

Image screenshot taken from YouTube during Presidential welcome remarks

 

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New electric VW packs XPeng tech, 800V electronics, and 425 mile range

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New electric VW packs XPeng tech, 800V electronics, and 425 mile range

Volkswagen has released a new ID.UNYX 08 electric crossover for the Chinese market with a sharp look, an ultra-fast charging 800V system architecture, and a starting price that’s bound to steal even more sales from the struggling Tesla brand.

Co-developed by Volkswagen and XPeng over the last year, CarNewsChina is reporting that the new VW is being positioned as an upscale flagship for the ID.UNYX lineup that made its debut in 2024, and brings a series of new features to the German brand’s all-electric Chinese lineup.

The new ID.UNYX 08 is reportedly set to be offered with two battery options – in ~82 kWh and ~95 kWh capacities offering between 630 km and 730 km (~425 miles) of range, depending on drive and trim levels.

Those batteries will be sending power to a 230 kW (~310 hp) electric motor, and can be charged at lickedy-quick speeds, thanks to an 800V system architecture that supports 300+ kW charging for 10-80% top-off times in the ~20 minute range, depending on battery choice.

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Big in China – and more?


VW ID.ONYX 08; via CarNewsChina.

Dimensionally, the new ID. UNYX 08 is precisely 5,000 mm long, making it about as a Jeep Wagoneer S at just over 16 feet and riding on a ~119″ wheelbase. At nearly 6.4 feet wide and just under 5.5 feet tall, it’s firmly in the midsize-to-large SUV class by US standards – but that 5m length is crucial for the car if it ever intends to play on the global stage. That’s because a number of cities in the UK and EU have floated bans on non-commercial vehicles over 5 meters long, and the fact that this European-branded car being built and sold half a world away has “maxed out” those dimensional boxes sure feels significant to me.

That said, if I’m so smart why am I writing about Chinese Volkswagens at 5:30 in the morning on Christmas Eve, right?

Right – but you guys are smart. You know stuff. Take a look at some of the VW ID.UNYX 08 press photos, below, then let us know if you think this latest electric Volkswagen has global ambitions in the comments section at the bottom of the page.

VW ID.UNYX 08


SOURCE | IMAGES: VW, via CarNewsChina.


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Oil giant BP to sell 65% stake in $10 billion Castrol unit

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Oil giant BP to sell 65% stake in  billion Castrol unit

Britain’s BP has agreed to sell a 65% shareholding in lubricants business Castrol to Stonepeak for $6 billion, months on from the oil giant seeking a buyer for the unit.

The deal comes as the company looks to launch a strategic reset, including a green strategy U-turn and the divestment of $20 billion of assets by the end of 2027. The sale values Castrol at $10.1 billion.

Energy companies, including India’s Reliance Industries and Saudi Arabia’s oil behemoth Aramco, as well as private equity firms Apollo Global Management and Lone Star Funds, had all been touted as suitors for BP’s Castrol unit in May, according to Bloomberg, citing people familiar with the matter.

“With this, we have now completed or announced over half of our targeted $20bn divestment programme, with proceeds to significantly strengthen bp’s balance sheet,” interim CEO Carol Howle said in a statement.

“The sale marks an important milestone in the ongoing delivery of our reset strategy. We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan.”

BP has the option to sell its remaining 35% stake in Castrol after a two-year lock-up period.

Strategy reset

The Castrol majority stake sale comes days on from the oil giant announcing it was appointing a new CEO — it’s fourth in six years.

Woodside Energy boss Meg O’Neill will take up the role on April 1, replacing Murray Auchincloss, who lasted less than two years in the role.

Stephen Isaacs, strategic advisor at Alvine Capital, which holds a position in BP, told CNBC’s “Squawk Box Europe” last week that while BP has been “a very poor performer for a long, long time,” the CEO change could be “the last piece of the jigsaw” in getting its house in order.

“I think there’ll be further stake sales of different parts of BP” going forward, Dan Boardman-Weston, CEO at BRI Wealth Management, told CNBC on Wednesday. The shift will see the company “getting back to their bread and butter of focusing on oil and gas exploration and development.”

The London-listed company has underperformed compared with its peers in recent times, having reported declining annual profits in both 2023 and 2024.

BP’s shares opened at 1.3% on Wednesday before paring gains slightly to last trade 0.9% higher. Its share price is up around 9% so far this year, following a 15.7% drop in 2024. Pressure on the stock eased in 2025 following a leadership shakeup, a cost-cutting program, and a string of oil discoveries.

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China’s mineral dominance gives Western magnet makers a moment in the sun

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China’s mineral dominance gives Western magnet makers a moment in the sun

Annealed neodymium iron boron magnets sit in a barrel at a Neo Material Technologies Inc. factory in Tianjin, China on June 11, 2010.

Bloomberg | Bloomberg | Getty Images

Rare earth magnet makers are having a moment as Western nations scramble to build domestic “mine-to-magnet” supply chains and reduce their dependence on China.

A turbulent year of supply restrictions and tariff threats has thrust the strategic importance of magnet manufacturers firmly into the spotlight, with rare earths surging toward the top of the agenda amid the U.S. and China’s ongoing geopolitical rivalry.

Magnets made from rare earths are vital components for everything from electric vehicles, wind turbines, and smartphones to medical equipment, artificial intelligence applications, and precision weaponry.

It’s in this context that the U.S., European Union and Australia, among others, have sought to break China’s mineral dominance by taking a series of strategic measures to support magnet makers, including heavily investing in factories, supporting the buildout of new plants, and boosting processing capacity.

The U.S. and Europe, in particular, are expected to emerge as key growth markets for rare earth magnet production over the next decade. Analysts, however, remain skeptical that Western nations will be able to escape China’s mineral orbit anytime soon.

“Frankly, we were the solution to the problem that the world didn’t know it had,” Rahim Suleman, CEO of Canadian group Neo Performance Materials, told CNBC by video call.

Photo taken on Sept. 19, 2025 shows rare-earth magnetic bars at NEO magnetic plant in Narva, a city in northeastern Estonia.

Xinhua News Agency | Xinhua News Agency | Getty Images

“The end-market is growing from the point of physics, not software, so therefore it has to grow in this way,” he continued. “And it’s not dependent on any single end market, so it’s not dependent on automotive or battery electric vehicles or drones or wind farms. It’s any energy-efficient motor across the spectrum,” Suleman said, referring to the demand for magnets from fast-growing industries such as robotics.

His comments came around three months after Neo launched the grand opening of its rare earth magnet factory in Narva, Estonia.

Situated directly on Russia’s doorstep, the facility is widely expected to play an integral role in Europe’s plan to reduce its dependence on China. European Union industry chief Stéphane Séjourné, for example, lauded the plant’s strategic importance, saying at an event in early December that the project marked “a high point of Europe’s sovereignty.”

How Europe is scrambling to reduce dependence on China’s rare earths

Neo’s Suleman said the Estonian facility is on track to produce 2,000 metric tons of rare earth magnets this year, before scaling up to 5,000 tons and beyond.

“Globally, the market is 250,000 tons and going to 600,000 tons, so more than doubling in ten years,” Suleman said. “And more importantly, our concentration is 93% in a single jurisdiction, so when you put those two factors together, I think you’ll find an enormously quick growing market.”

‘Skyrocketing demand’

To be sure, the global supply of rare earths has long been dominated by Beijing. China is responsible for nearly 60% of the world’s rare earths mining and more than 90% of magnet manufacturing, according to the International Energy Agency.

A recent report from consultancy IDTechEx estimated that rare earth magnet capacity in the U.S. is on track to grow nearly six times by 2036, with the expansion driven by strategic support and funding from the Department of Defense, as well as increasing midstream activity.

Magnet production in Europe, meanwhile, was forecast to grow 3.1 times over the same time period, bolstered by the EU’s Critical Raw Materials Act, which aims for domestic production to satisfy 40% of the region’s demand by 2030.

Regional composition of rare earths and permanent magnet production in 2024, according to data compiled by the International Energy Agency.

IEA

John Maslin, CEO of Vulcan Elements, a North Carolina-based rare earth magnet producer, told CNBC that the company is seeking to scale up as fast as possible “so that this fundamental supply chain doesn’t hold America back.”

Vulcan Elements is one of the companies to have received direct funding from the Trump administration. The magnet maker received a $620 million direct federal loan last month from the Department of Defense to support domestic magnet production.

“Rare earth magnets convert electricity into motion, which means that virtually all advanced machines and technologies—the innovations that shape our daily lives and keep us safe—require them in order to be operational,” Maslin told CNBC by email.

“The need for high-performance magnets is accelerating exponentially amid a surge in demand and production of advanced technologies, including hard disk drives, semiconductor fabrication equipment, hybrid/electric motors, satellites, aircraft, drones, and almost every military capability,” he added.

Separately, Wade Senti, president of Florida-based magnet maker Advanced Magnet Lab, said the only way to deliver on alternative supply chains is to be innovative.

“The demand for non-China sourced rare earth permanent magnets is skyrocketing,” Senti told CNBC by email.

“The challenge is can United States magnet producers create a fully domestic (non-China) supply chain for these magnets. This requires the magnet manufacturer to take the lead and bring the supply chain together – from mine to magnet to customers,” he added.

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