A Polish small modular reactor (SMR) developer has unveiled plans to invest £35 billion in a fleet of 14 nuclear reactors across three sites in Britain, targeting first power generation by 2034 as the UK seeks to expand low-carbon electricity supply and support growing demand from AI data centres.

The inclusion of domestic maritime emissions in the UK Emissions Trading System (ETS) from this month is expected to pose limited difficulties for most shipowners, who are already familiar with the EU’s carbon pricing regime, but it is also unlikely to significantly cut emissions, experts said.

Course correction - Channel operator Brittany Ferries says it is being forced to adapt and reallocates resources in the face of large bills in 2026, coming in part from the EU ETS, as well as the imposition of the UK ETS from July 1, and repayments of Covid-19 loans. The ferry operator has reported a total bill of about £27 mln this year from the ETS, taxes, and loan repayments. It claims to have the "greenest fleet" in the Channel, having introduced two LNG-electric-hybrid ferries last year, but receives no free allowances for the investments made. The application of the EU ETS to maritime currently stands at 70% of emissions, ramping up to 100% next year. Coupled with the effects of "unfair competition on the Eastern channel" and cost-of-living concerns among passengers, the financial impact has led Brittany Ferries to put two of its older ferries up for sales, and to close and reallocate ferry routes. (Maritime Executive)

The Green Climate Fund (GCF) on Thursday approved at least four projects spanning Southeast Asia, the Pacific, Africa, and South Asia that are expected to collectively deliver almost 19.4 million tonnes of CO2e in emissions reductions or removals, while channelling more than $311 mln into climate-resilient agriculture and forest restoration.

Uninsurable - Climate change is making a growing number of assets too risky or expensive to insure, threatening the viability of traditional insurance models, Bloomberg reported, citing an executive at insurer Allianz SE. This is because more frequent heatwaves, floods, storms, and wildfires could render risk-based insurance unaffordable in some locations. The report added that insurers are raising premiums for climate-exposed assets, while some banks have started factoring physical climate risks into corporate lending.

Cash pump – The World Bank has agreed to contribute $265 mln to a pumped hydro project in Morocco, it announced Wednesday, which it described as one of the most significant energy infrastructure investments for Africa. Located near Chefchaoeun, the Ifahsa Pumped Hydropower Storage Project will have a capacity of 300 MW and will enable the country to add at least 1 GW of new solar and wind power to its grid and unlock $1 bln of private sector investment. This will lead to the displacement of 3 TWh of fossil fuel-based generation, reducing emissions by 1.7 MtCO2e annually, the bank said. Morocco has signed deals with Switzerland and Norway under the Paris Agreement’s Article 6 to support the roll out of renewable energy.