This week brought a mix of natural disruption, regulatory shifts, and intensifying geopolitical tension. From tropical storms and shadow oil fleets to evolving climate priorities and aviation policy disputes, the global energy landscape remains unsettled. Below are the key developments shaping markets and policies across energy, climate, and carbon this week:

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Macroeconomics & Geopolitics

Storm Ragasa Nears Vietnam After Soaking Southern China

‍Tropical Storm Ragasa, the most powerful storm globally this year, continues to wreak havoc across Asia. Having torn through the Philippines, Taiwan, and Hong Kong, the system is now skirting China’s southern coast and is forecast to deliver intense rainfall and flooding in northern Vietnam. Infrastructure damage and insurance claims are mounting, with storm surges contributing to severe losses in Hong Kong.

Russia’s Shadow Fleet Continues to Defy Sanctions and Risk Oil Spills

‍Russia’s so-called “shadow fleet”, ageing oil tankers sailing under obscure flags with minimal insurance, continues to evade Western sanctions. Now accounting for 17% of the global tanker fleet, it poses mounting environmental risks owing to both its age and clandestine operations. While the US and UK consider further sanctions, volatility in global oil prices remains a brake on enforcement.

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Carbon Markets

India Excludes Cookstoves from Article 6 Eligibility List

‍India has removed clean cookstoves from its Article 6.2 and 6.4 eligible activities, citing concerns over integrity and double-counting. This reverses a recent decision and narrows the positive list to 13 categories. The move underscores India’s cautious approach to credit exports under the Paris Agreement amid growing scrutiny of high-volume, low-cost project types.

US Threatens ICAO Funding Over Climate Efforts

‍The United States has threatened to cut funding to the UN’s International Civil Aviation Organization (ICAO) over its increased focus on climate and social issues. Transport Secretary Sean Duffy criticised the agency’s climate financing initiatives, arguing they detract from ICAO’s core mission. Although the US remains a key participant in the aviation offsetting scheme CORSIA, it may withdraw from future phases.

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Renewables & Biofuels

UK’s Miliband Defends Green-Energy Push After Trump Attack

‍UK Energy Secretary Ed Miliband reaffirmed the government’s commitment to renewables and nuclear following criticism from former US President Donald Trump at the UN. Trump had branded the UK’s green energy policies “suicidal”, but Miliband countered that renewables strengthen energy security and reduce reliance on petrostates.

Singapore Introduces Bill to Implement SAF Policies

‍Singapore has tabled legislation to enforce its sustainable aviation fuel (SAF) policies, including a levy on departing flights and the creation of a national SAF fund. The bill is central to meeting the city-state’s blending targets of 1% by 2026 and potentially 3-5% by 2030.

IATA Study: SAF Tech Rollout, Not Feedstock, Is the Key Bottleneck

‍A new IATA study finds that the chief barrier to net-zero aviation is not feedstock availability but the slow rollout of SAF production technologies. While sufficient sustainable feedstocks exist, progress requires stronger investment, policy alignment, and large-scale commercial deployment of emerging technologies.

NWE Imports of US LPG Hit All-Time High

‍Northwest Europe is set to receive nearly 5.7 million tonnes of US LPG in the first three quarters of 2025, a record volume. The surge is driven by supply disruptions in Asia and trade flow shifts away from China. European propane prices remain subdued due to strong supply and weak seasonal demand.

Australia to Spend $740mn on Biofuels Incentives

‍Australia has pledged A$1.1 billion (£740 million) over the next decade to support biofuels and e-fuels. The Cleaner Fuels Programme will prioritise domestic feedstocks and hard-to-abate sectors such as mining and aviation, positioning the industry for long-term growth and emissions reduction.

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Environmental Regulation

China Sets New Paris Target: 7-10% Emissions Cut by 2035

‍At the UN climate summit in New York, China unveiled updated climate targets, including a 7-10% cut in emissions from peak levels by 2035 and a major expansion of its national ETS. The plan also commits to a six-fold increase in solar and wind capacity by 2030 and the mainstream adoption of new energy vehicles.