Trump climate grant upheaval temporarily blocked: US District Judge Tanya S. Chutkan has issued a temporary restraining order blocking the US Environmental Protection Agency (EPA) move to suspend USD 14 bn worth of grants awarded to three climate groups by the Biden administration, AP reported on Wednesday. Citibank — which holds the EPA’s money — was also blocked from transferring the funds to the federal government or any other party. The move comes after the Trump administration moved to cancel USD 20 bn grants — earmarked under the Inflation Reduction Act’s Greenhouse Gas Reduction Fund — that were awarded to eight non-profits and have been frozen since last month.

S&P Green energy stocks on a downturn: Stocks of green companies have slumped to a five-year low thanks to dwindling enthusiasm for climate efforts, Financial Times reported on Sunday. The sector’s S&P Global Clean Energy Transition Index slipped 16% over the past year and recorded a loss in a reversal of fortunes compared to the 2021 ESG boom.

Is change on the horizon? Clean energy investments, particularly solar and battery storage, are projected to surpass upstream oil and gas investments for the first time in 2025, according to S&P Global Commodity Insights. Hydrogen companies operating outside the EU and the US, like those in the Middle East, hold a competitive advantage due to a significantly different funding environment and greater financial resources available, RBC Capital Markets analyst Erwan Kerouredan said.

German clean energy stocks, meanwhile, surged following the approval of a EUR 100 bn package for green projects, with stocks of wind turbine manufacturers Nordex and Vestas and the renewables player Siemens seeing robust gains, Bloomberg reported last week. The debt-financed package — still pending approval by parliament — would contribute to eco-friendly ventures and help Germany achieve its 2045 climate neutrality targets. The country’s climate target will also be included in the constitution as part of the agreement, making it difficult to repeal in the future.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • BP to ditch solar unit to allay investor unease: British oil giant BP will sell off a 50% stake in its solar and battery storage joint venture Lightsource BP to a strategic partner. BP, which will reportedly start accepting bids in June, aims to placate investors by softening costs, raising ROIs, and achieving share price gains. (Reuters)
  • BYD launches new fast chargers for China: BYD has launched a “super e-platform” that it says can charge electric vehicles as fast as a traditional gas pump. The platform will have a charging speed of 1 MW — almost double Tesla’s latest superchargers — that gives a 400 km driving range per a five-minute charge. (Reuters)
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