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US President Donald Trump grabbed the headlines again at the World Economic Forum, launching his “Board of Peace” for Gaza on the final day of the gathering of political and business leaders. But discussions on climate and energy continued below the media radar.

Climate Home New has been listening in – here are some of the best bits.

Occidental boss: Banks “coming back” to oil and gas

Banks which have previously refused to fund oil and gas projects are “coming back” to the industry, an American oil executive told an event at Davos on Thursday.

Vicki Hollub, CEO of Occidental Petroleum, the world’s 28th most polluting company, said in a conversation with US Energy Secretary Chris Wright that “there was a time” when banks shunned her industry. That, she added, had been a “burden”.

“But some of those banks are now coming back – and in fact I talked to one yesterday that had kind of abandoned us and now are back and wanting to do business in the oil and gas industry,” she said, without revealing the name of the bank.

A report by the London School of Economics last year found that many banks weakened their policies against fossil fuel lending in 2025 and the Net Zero Banking Alliance shut down in October 2025, after many – particularly American – banks left the green initiative.

Azeri oil chief says no spare cash for green tech

European investors appear to have been slower to abandon their climate commitments. Rovshan Najaf, president of SOCAR (the State Oil Company of the Azerbaijan Republic), told a separate Davos panel that his company struggles to get financing from most European commercial banks for its oil and gas operations.

As a result, he said, the firm must use its available cash to fund oil and gas projects – “one of the priority areas” – leaving it with little free capital to invest in lower-carbon fuels like green hydrogen and ammonia, or emissions-reducing technologies such as carbon capture or methane abatement.

Recent COP hosts Brazil and Azerbaijan linked to “super-emitting” methane plumes

Unlike renewables and electrification, there is still no commercial case for funding those potential breakthroughs at scale and making them affordable, he added.

“There should be a big picture approach to all energy mixes and how we can free up the capital [for decarbonisation],” he argued.

Najaf promised last year that the firm would achieve near-zero methane emissions in its oil and gas production by 2035. But, as Climate Home News reported recently, the latest data available from SOCAR shows that its methane emissions more than tripled from 2023 to 2024, when the country hosted COP29.

    US promotes fossil gas to “ally” Europe

    One key reason why SOCAR has been investing in more gas production and export capacity is deals with European governments to help replace Russian gas after the invasion of Ukraine in 2022.

    At Davos, Wright praised Europe for being close to independence from Russian gas, saying it could achieve that goal in the next year or two.

    He called for the EU to weaken its environmental regulations on methane – a particularly potent greenhouse gas – to enable American fossil gas to displace Russian supplies.

    Despite President Donald Trump’s recent threats to take over Greenland, which have caused a growing rift with European leaders, Wright insisted Europe is “our main ally in defending the Western world”.

    The US supplies about a quarter of the EU’s gas imports, a percentage which has risen since Russia’s invasion of Ukraine.

    But overall, the EU’s gas imports are declining and are predicted to keep falling, as the continent moves towards clean energy. On Thursday, data published by think-tank Ember showed that wind and solar generated more EU electricity than fossil fuels in 2025, producing a record 30% of EU power, ahead of fossil fuels at 29%.

    “New era of climate extremes” as global warming fuels devastating impacts in 2025

    On climate change, Wright played down the threat, saying that deaths from extreme weather have declined over the last 100 years.

    While floods, droughts, storms and heatwaves are becoming more frequent and intense as the planet warms, Wright is correct in saying they have caused fewer deaths over this long time period.

    This has largely been the result of economic development and, more recently, climate resilience measures of the kind the Trump administration has drastically reduced US funding for.

    The post Climate at Davos: Oil execs bemoan “burden” of bank boycotts appeared first on Climate Home News.

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    Climate action is “weapon” for security in unstable world, UN climate chief says

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    In an increasingly unstable world of “strong arms and trade wars”, climate action is the “not-so-secret weapon” that can deliver security, the UN climate chief said in his first speech of the year.

    Speaking in Istanbul alongside Turkiye’s COP31 president on Thursday, Simon Stiell warned that, while security is on most leaders’ lips at the moment, “many cling to a definition that is dangerously narrow”.

    “For any leader who is serious about security, climate action is mission critical, as climate impacts wreak havoc on every population and economy,” he added. “Climate cooperation is an antidote to the chaos and coercion of this moment, and clean energy is the obvious solution to spiralling fossil fuel costs, both human and economic.”

    Stiell’s remarks aim to reframe the global security debate at a time when climate change has slipped down the global political agenda.

    Climate dropping down priority list

    In much of the Western world, governments’ attention has shifted towards geopolitical tensions and spending redirected towards defence build-up following Russia’s invasion of Ukraine and, more recently, US President Donald Trump’s military action in Venezuela and renewed pursuit of Greenland.

    Climate change has also fallen sharply in public risk perception among advanced economies, according to the Munich Security Conference’s annual survey on national threats, released ahead of the annual gathering of leaders – including those of most European nations – which starts on Friday.

    In 2021, respondents in the G7 industrialised nations ranked climate change as the top risk facing their countries. This year, it has slipped to sixth place, overtaken by worries about cyberattacks, financial crises and disinformation.

    By contrast, climate-related threats continue to dominate risk perceptions in major emerging economies. In China, India, Brazil and South Africa, respondents consistently rank climate change, extreme weather and forest fires among the most serious dangers facing their countries, the survey found.

    “Antidote to the chaos”

    The shift in sentiment comes as global temperatures are on course to breach the 1.5C warming threshold widely regarded as a critical guardrail. Scientists warn surpassing that limit would significantly increase the likelihood of more frequent and severe climate impacts worldwide, from droughts to floods and storms.

    “Growing greenhouse gas pollution means escalating climate extremes fuelling famine, displacement and war,” said Stiell on Thursday, adding that “climate adaptation is the only path to securing billions of human lives, as climate impacts get rapidly worse”.

    Clean energy, meanwhile, is the best way to protect energy supplies and communities from fossil fuels’ volatile costs, he added.

    “The fact is renewables are the clearest, cheapest path to energy security and sovereignty – shielding countries and economies from shocks unleashed by wars, trade turmoil and the might-is-right politics that leave every nation poorer,” the UN climate chief said.

    Gas flaring soars in Niger Delta post-Shell, afflicting communities

    Ahead of the Munich Security Conference, energy analysts are warning that Europe should be wary of its reliance on US gas, which has become a growing energy source across the continent following restrictions on supplies from Russia after its invasion of Ukraine.

    Chris Aylett, research fellow at Chatham House’s Environment and Society Centre, said Trump’s pursuit of geopolitical energy dominance seeks to lock countries, including EU member states, into long-term oil and gas dependencies.

    “During peace, this vulnerability to an unreliable – if not actively hostile – supplier would be a major constraint on Europe’s strategic autonomy,” he added. “During war it would be catastrophic”.

    What role for climate diplomacy?

    UN climate head Stiell met this week with officials from the Turkish and Australian governments – co-hosts of this year’s COP31 summit in Antalya – as well as Brazil’s COP30 presidency to kick-start climate diplomacy efforts for the year ahead.

    The ability of UN climate negotiations to keep up with the urgency of the climate crisis is coming under increasing question. The deepening divisions seen in Belém last November have stalled meaningful progress on key issues such as the transition away from fossil fuels and climate finance.

      In his speech, Stiell acknowledged that climate cooperation is “under unprecedented threat” from those determined to use their power to increase dependency on polluting coal, oil and gas.

      But climate action needs to enter a new “era of implementation” with the UN process moving closer to the real economy and countries deepening cooperation with businesses, investors and regional leaders, he added. Stiell noted he has convened experts to advise on this, and will say more about it in the months ahead.

      Stiell’s remarks on the evolving UN climate regime echo the words of COP30 president André Aranha Corrêa do Lago. In a letter last month, he said climate multilateralism needs to “mature” and called for a shift to a two-speed system, where new coalitions lead fast, practical action alongside the slower, consensus-based decision-making of the annual COP climate summits.

      The post Climate action is “weapon” for security in unstable world, UN climate chief says appeared first on Climate Home News.

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      Maryland Environmentalists Face Awkward Choice: Support Moore’s Budget Raid or Fight for Climate Goals

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      Budget pressures are forcing climate groups into uncomfortable compromises even as Maryland falls further behind on its climate targets.

      Maryland environmental groups are backing Gov. Wes Moore’s plan to redirect more than $700 million from the state’s main clean energy fund while at the same time pushing for legislation to prevent similar raids in the future and secure hundreds of millions of dollars in guaranteed yearly climate spending going forward.

      Maryland Environmentalists Face Awkward Choice: Support Moore’s Budget Raid or Fight for Climate Goals

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      Analysis: Trump has overseen more coal retirements than any other US president

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      Donald Trump has overseen more retirements of coal-fired power stations than any other US president, according to Carbon Brief analysis.

      His administration’s latest efforts to roll back US climate policy have been presented by interior secretary Doug Burgum as an opportunity to revive “clean, beautiful, American coal”.

      The administration is in the process of attempting to repeal the 2009 “endangerment” finding, which is the legal underpinning of many federal climate regulations.

      On 11 February, the White House issued an executive order on “America’s beautiful clean coal power generation fleet”, calling for government contracts and subsidies to keep plants open.

      On the same day, Trump was presented with a trophy by coal-mining executives declaring him to be the “undisputed champion of beautiful clean coal”.

      These words are in sharp contrast to Trump’s record in office, with more coal-fired power plants having retired under his leadership than any other president, as shown in the figure below.

      This is because coal plants have been uneconomic to operate compared with cheaper gas and renewables – and because most of the US coal fleet is extremely old.

      A blue and red bar chart on a white background shpwing that Trump has overseen more coal retirements than any other US president. The chart shows that Biden oversaw 41 coal retirements, Obama 48, and Trump 57.
      Capacity of coal-fired power plants retiring under recent US presidents, gigawatts (GW). Source: Carbon Brief analysis of data from Global Energy Monitor.

      In total, some 57 gigawatts (GW) of coal capacity has already been retired during Trump’s first and second terms in office, compared with 48GW under Obama’s two full terms and 41GW under Biden’s single term.

      Even in relative terms, the US has lost a larger proportion of its remaining coal fleet for each year of Trump’s presidencies than for either of his recent predecessors.

      Trump’s record hints at the many practical and economic factors that have driven US coal closures, regardless of the preferences of the president of the day.

      Indeed, Trump made variousefforts to prop up coal power during his first term in office. These were ultimatelyunsuccessful, as the figure below illustrates.

      Coal-fired power capacity in the US, GW. Source: Global Energy Monitor.
      Coal-fired power capacity in the US, GW. Source: Global Energy Monitor.

      Coal plants have been retiring in large numbers over the past 20 years because they were uneconomic relative to cheaper sources of electricity, including renewables and gas.

      These unfavourable market conditions, alongside air pollution regulations unrelated to climate change, have resulted in a steady parade of coal closures under successive presidents.

      By 2024, wind and solar were generating more electricity in the US than coal.

      More recently, analysis from the US Energy Information Administration shows that surging power prices have improved the economics of both coal and gas-fired power plants.

      These rising prices have been driven by increasing demand, including from data centres, and by higher gas prices, due to increasing exports at liquefied natural gas (LNG) terminals.

      These factors saw coal-power output increase by 13% year-on-year in 2025, only the second rise in a decade of steady decline for the fuel, according to the Rhodium Group.

      Nevertheless, many utilities have still been looking to shutter their ageing coal-fired power plants.

      The vast majority of US coal plants are nearing retirement. Three-quarters of US coal capacity is more than four decades old and only 14% is less than 20 years old, as shown in the figure below.

      Capacity of US coal plants by age group, GW. Source: Global Energy Monitor.
      Capacity of US coal plants by age group, GW. Source: Global Energy Monitor.

      In response, the Trump administration has recently invoked legislation designed for wartime emergencies to force a number of uneconomic coal plants to remain open.

      Despite Trump’s efforts, clean energy made up 96% of the new electricity generation capacity added to the US grid in 2025. None of the new capacity came from coal power.

      The post Analysis: Trump has overseen more coal retirements than any other US president appeared first on Carbon Brief.

      Analysis: Trump has overseen more coal retirements than any other US president

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