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Just over a month after announcing customer orders for over 300 of its flagship Zero electric trucks, commercial EV startup Volta Trucks announced it has secured the necessary certification to produce and sell its vehicles in Europe. This is welcomed news as the company is still aiming for a start of series production of the trucks next quarter.

Volta Trucks is a London-based commercial EV startup that offers “Trucks as a Service” (TaaS). Since its inception in 2019, the company has been consistently working to deliver its first commercial truck, the Volta Zero, which began as a mere concept drawing.

The Zero went from drawing board to assembly line in a mere twelve months, as documented by Volta Trucks and reported by Electrek last fall, following prototype testing under extremely hot conditions.

Even with its lightning-fast pace in electric truck development, Volta Trucks has been able to stay on track in its timeline to begin series production in Europe by Q2 of 2023, which will eventually be followed by US manufacturing as well. In January, Volta relayed the same progress in reaching series production, pending vital certification to proceed, but shared that it has already secured customer orders for over 300 Zero Trucks when the builds finally begin.

Today, Volta Trucks explained it is one step closer to series production in Europe following its official certification from the European Community Whole Vehicle Type Approval (ECWVTA).

Volta truck production

Volta Trucks on schedule for series production in Europe

According to a release from Volta Trucks today, its 16-ton version of the Volta Zero has achieved European Whole Vehicle Type Approval, enabling its makers to produce and sell the all-electric trucks in volume.

The newly awarded certification means that all Volta’s electric vehicles meet stringent environmental, safety, and security standards for markets in Europe in which the trucks underwent multiple system and individual component testing in areas that include braking, steering, lighting and glazing, in addition to the vehicle’s safety systems. Volta Trucks CEO Essa Al-Saleh spoke:

Receiving the European Community Whole Vehicle Type Approval is a huge milestone for Volta Trucks, and our mission to make city center streets safer and more sustainable for all. We’ve developed a completely new vehicle from the ground up, and it’s a testament to our engineering and developments teams that the Volta Zero has passed these stringent and demanding tests so quickly. We are now all set for the start of Series Production at our manufacturing facility in Steyr, Austria, to put trucks into the hands of our customers, and start the work of delivering on our mission.

Volta Trucks states that while series production of the 16-ton Zero Trucks is imminent, the startup’s second-generation of “production verification” prototypes will soon be delivered to several customers in Europe as part of a pilot fleet of EVs. The verification trucks will be loaned to customers for extended periods of time so fleet operators can fully understand how the medium-duty, electric trucks can be integrated into their given operations.

Volta Trucks also shared that series production of the first Volta Zeros for customers are due to begin rolling off the line at the aforementioned contract manufacturing facility in Steyr, Austria, in early Q2 2023.

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The oil-rich Gulf states are better-positioned to weather the tariff storm — but crashing crude prices could spell trouble

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The oil-rich Gulf states are better-positioned to weather the tariff storm — but crashing crude prices could spell trouble

U.S. President Donald Trump with Mohammed bin Salman, crown prince of Saudi Arabia, at the start of the Group of 20 summit on 28 June 2019.

Bernd von Jutrczenka | picture alliance | Getty Images

DUBAI, United Arab Emirates — The wealthy Arab Gulf states are in a better position than many other regions of the world to manage the economic impact of U.S. President Donald Trump’s tariffs, economists and regional investors say. But a shaky outlook for the price of oil could put some countries’ budgets and spending projects at risk.

Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Oman, and Qatar make up the Gulf Cooperation Council. Together, they comprise around $3.2 trillion in sovereign financial assets, accounting for 33% of the total sovereign assets worldwide, according to GCC Secretary-General Jasem Mohamed Albudaiwi. 

The GCC also holds approximately 32.6% of the world’s proven crude oil reserves, according to the Statistical Center of the Cooperation Council for the Arab States of the Gulf.

That makes it both an asset for the Trump administration as well as vulnerable to its policies, as Trump has long pushed for OPEC, the oil producer alliance led by Saudi Arabia, to pump more oil to help lower oil prices and offset inflation in the U.S. 

A lower oil price, however, can significantly impact the budget deficits and spending plans for those countries, whose economies — despite diversification efforts — still rely heavily on hydrocarbon revenues.  

Beneficial relations with Trump  

How to invest as markets sink, according to Blackrock's Ben Powell

“I think we’re all going to be swept into the maelstrom over the next short period of time. That’s inevitable. But the Middle East, with the balance sheet strength that they have, with the energy support that they still have, providing funding on a near ongoing basis … for me, the Middle East — maybe not today, but over time — should be a relative winner within that mix” when it comes to emerging markets, Powell said.

In considering what the firsthand impact of tariffs might be, Monica Malik, chief economist at Abu Dhabi Commercial Bank, noted that the U.S. is not a major export market for the Gulf.

“The GCC should be in a relatively favourable position to withstand headwinds, especially the UAE,” she wrote in a report for the bank on Friday. 

While the region faces the blanket 10% universal tariff as well as previously imposed tariffs on all foreign steel and aluminum — products that the UAE and Bahrain both export — “we expect the direct impact to be relatively contained, as the US is not a key destination for Gulf exports, averaging just c.3.7% of the GCC’s total exports in 2024,” she said.

Threat to spending plans

Crude and copper have a lot of room to move lower, says Citi's Max Layton

Saudi Arabia needs oil at more than $90 a barrel to balance its budget, the International Monetary Fund estimates. Goldman Sachs this week lowered its oil price forecast for 2026 to $58 for Brent and $55 for U.S. benchmark WTI crude. That’s a significant move lower from its forecast just last Friday of $62 for Brent and $59 for WTI in 2026.

“A weaker global demand and greater supply adds downside risk to our Brent forecast for 2025, though we wait for more market clarity before making any changes,” ADCB’s Malik told CNBC on Monday. OPEC+ is meant to increase oil production levels again in May, and she predicts the group will pause that plan if crude prices stay where they are or fall further. 

“Our greatest concern would be a sharp and sustained oil price fall, which would require a reassessment of spending plans – government and off budget – including capex, while also potentially affecting banking sector liquidity and wider confidence,” Malik warned.

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World’s first-ever global emissions tax is on the table at crunch shipping talks

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World's first-ever global emissions tax is on the table at crunch shipping talks

Aerial view of containers for export sitting stacked at Qingdao Qianwan Container Terminal on April 5, 2025 in Qingdao, Shandong Province of China. 

Vcg | Visual China Group | Getty Images

The United Nations shipping agency is on the cusp of introducing binding regulations to phase out fossil fuel use in global shipping — with the world’s first-ever global emissions levy on the table.

The International Maritime Organization (IMO) will this week hold talks at its London headquarters to hammer out measures to reduce the climate impact of international shipping, which accounts for around 3% of global carbon emissions.

Some of the measures on the table include a global marine fuel standard and an economic element, such as a long-debated carbon levy or a carbon credit scheme.

If implemented, a robust pricing mechanism in the shipping sector would likely be considered one of the climate deals of the decade.

An ambitious carbon tax is far from a foregone conclusion, however, with observers citing concerns over sweeping U.S. tariffs, a brewing global trade war and reluctance from members firmly opposed to any kind of levy structure.

Sara Edmonson, head of global advocacy at Australian mining giant Fortescue, described the talks as “absolutely historic,” particularly given the potential for a landmark carbon levy.

“I think it would be an absolute game-changer. No other industry on a global level has made a commitment of this size and I would argue most countries haven’t made a commitment of this size,” Edmondson told CNBC via telephone.

She added, however, that “the jury is still very much out” when it comes to a global carbon price.

It’s not really a question of whether they get agreement, it’s just how ambitious it is, how effective it is and how many unhappy people there are.

John Maggs

President of the Clean Shipping Coalition

“There are also a lot of discussions around levy-like structures because obviously the word levy in very polarized countries like the U.S., like Australia and even in China, can be very challenging. But I think there are really good discussions around levy-like structures that would ultimately have an equivalent effect,” Edmondson said.

The IMO’s Marine Environment Protection Committee (MEPC) is scheduled to conclude talks on Friday.

‘A great opportunity’

Some of the biggest proponents of a global greenhouse gas emissions charge on the shipping industry include Pacific Island states, such as Fiji, the Marshall Islands and Vanuatu, and Caribbean Island states, including Barbados, Jamaica and Grenada.

Those opposed to a carbon levy, such as Brazil, China and Saudi Arabia, have raised concerns over economic competitiveness and increased inequalities.

“For countries like Vanuatu … we see the UNFCCC isn’t moving fast enough — and this is the great opportunity,” Vanuatu Minister Ralph Regenvanu said Monday.

Secretary-General of the International Maritime Organization (IMO) Arsenio Dominguez delivers a speech at the IMO Headquarters, in London, on January 14, 2025.

Benjamin Cremel | Afp | Getty Images

The UNFCCC refers to the United Nations Framework Convention on Climate Change, a multilateral treaty that has provided the basis for international climate negotiations.

If adopted, it would be “the first industry-wide measure adopted by a multilateral UN organisation with much more teeth than we could get in the UNFCCC process,” Regenvanu said.

Delegates at the IMO agreed in 2023 to target net-zero sector emissions “by or around” 2050 and set a provision to finalize a basket of mid-term carbon reduction measures in 2025.

Calls for a ‘decisive’ economic measure

“We’re going to get something,” John Maggs, president of the Clean Shipping Coalition, a group of NGOs with observer status at the IMO, told CNBC via telephone.

“The timetable is quite clear and they are working really, really hard to stick to it. So, I think it’s not really a question of whether they get agreement, it’s just how ambitious it is, how effective it is and how many unhappy people there are,” Maggs said.

Clean Shipping Coalition’s Maggs warned that a sizable gap still exists between progressive and more conservative forces at the IMO.

“My feeling from the progressive side is that people are optimistic and confident because the case they are making is a sound one and they’ve got the technical expertise to back them up,” Maggs said.

“But, at the end of the day, China and Brazil and others aren’t just going to go, ‘OK you can have your way.’ There is going to be payment exacted in some way or other,” he added.

PORTSMOUTH, UNITED KINGDOM – OCTOBER 28: The container ship Vung Tau Express sails loaded with shipping containers close to the English coast on October 28, 2024 in Portsmouth, England.  

Matt Cardy | Getty Images News | Getty Images

The international shipping sector, which is responsible for the carriage of around 90% of global trade, is regarded as one of the hardest industries to decarbonize given the vast amounts of fossil fuels the ships burn each year.

Angie Farrag-Thibault, vice president of global transport at the Environmental Defense Fund, an environmental group, said a successful outcome at the IMO would be an ambitious global fuel standard and a “decisive” economic measure to ensure shipping pollution is significantly reduced.

“These measures, which should include a fair disbursement mechanism that uses existing climate finance structures, will encourage ship owners to cut fossil fuel use and adopt zero and near-zero fuels and technologies, while supporting climate-vulnerable regions at the speed and scale that is needed,” Farragh-Thibault said.

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The US wind industry’s 5-year outlook is now a total roller-coaster

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The US wind industry's 5-year outlook is now a total roller-coaster

The US wind industry installed just 5.2 gigawatts (GW) in 2024 – the lowest level in a decade, according to Wood Mackenzie’s new US Wind Energy Monitor report. Installations are expected to rebound in 2025, but the real concern lies in US wind’s sharply downgraded 5-year outlook. As for the reason behind that bleak forecast, we’ll give you one guess as to why, and it starts with a T.

Wood Mac reports that 3.9 GW of onshore wind came online last year, along with 1.3 GW of onshore repowers and 101 megawatts (MW) of offshore wind.

Onshore wind

The US is expected to achieve more than 160 GW of installed onshore capacity by 2025, and onshore growth is projected to bounce back from 2024 and surpass 6.3 GW this year.

“The cliff in 2023 and 2024 created by the Production Tax Credit (PTC) push in 2022 will come to an end,” said Stephen Maldonado, research analyst at Wood Mackenzie. “Despite the uncertainty created by the new administration, the massive number of orders placed in 2023 culminating in projects now under construction support the short-term forecast.”

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The pipeline for onshore has 10.8 GW currently under construction through 2027, with another 3.9 GW announced.

GE Vernova led onshore wind installations in 2024 with 56% of the market and will continue to lead in connections for the next five years. It was followed by Vestas (40%) and Siemens Gamesa (4%).

Offshore wind

Offshore wind is projected to increase in 2025 as well, with 900 MW of installed capacity, up from a disappointing 101 MW in 2024. However, several projects have been shelved in the wake of Trump’s anti-wind executive orders, which downgraded the five-year outlook by 1.8 GW.

Electrek’s Take on US wind’s 5-year outlook

According to Wood Mac, 33 GW of new onshore wind capacity will be installed through 2029, along with 6.6 GW of new offshore capacity and 5.5 GW of repowers. However, due to Trump’s anti-wind policy and economic uncertainty, this five-year outlook is 40% less than a previous total of 75.8 GW. ​Growth will happen, but it’s going to be slower.

The main reason is Trump’s flourish of his Sharpie on executive orders that include “temporary” withdrawal of offshore wind leasing areas and putting a stop to onshore wind on federal lands. Plus, firing all those federal employees will likely make permitting wind farms a slower process. (Trump just wrote more executive orders today allowing coal projects on federal lands; he won’t have federal employees to issue permits for those, either.) He’s worked to throw up obstacles for wind projects in favor of fossil fuels. He won’t stop the wind industry, but he’s managed to get some projects canceled, and he’ll make things more of a slog over the next few years.

Read more: Coal is dead and Trump’s executive order won’t revive it


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