September 2025

In May 2021, Fatih Birol, Executive Director of the IEA, told The Guardian, “If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year.”

The world’s leading banks spent just 89 cents on low-carbon energy companies and projects such as wind, solar and grids for every dollar they allocated to fossil fuels.

While global spending is likely to hit $570 billion this year — enough to keep production at current levels if sustained — the amount would be down slightly from 2024,

These new measures follow the 18th sanctions package, unveiled in July 2025, which lowered the oil price cap on Russian crude to US$47.6/bbl,

The contract, worth CNY4.2bn ($594m), was awarded to a joint group of companies, China Energy Engineering Jiangsu Electric Power Construction No 3 Company and China National Nuclear Huachen Construction Engineering Company. They will build the nuclear islands, their auxiliary systems and part of the equipment for the balance of the station.

Russia sold 35 billion bcm of gas to the European Union in 2024, which positioned Russia as Europe’s largest gas supplier. Gas has not been subjected to EU sanctions, although the EU has stated it wishes to cut off all Russian gas supplies by 2027. Iran’s gas consumption potential can more than make up the difference and is also likely to spur Iranian industrial development.

Current Russian exports to the Philippines are dominated by products from the metallurgical and chemical industries and the timber sector, as well as agricultural goods and food products. Philippines exports to Russia include electronics, chemical industry goods and agricultural products.

In May this year, Sweden's parliament - the Riksdag - approved the government's proposals for providing state aid to companies that want to invest in new nuclear reactors in the country.

In Brussels, Belgium, Secretary Wright met with members of the European Parliament and Commission, stressing the benefits of U.S.-E.U. energy partnerships, ending Europe’s reliance on Russian oil and gas, and the need to shift away from policies that lead to more expensive energy and inhibit long-term energy agreements in the EU.