Argentina's YPF to invest $400 million in sustainable jet fuel venture
The new venture, to be called Santa Fe Bio, will be run in tandem with Essential Energy and operate out of YPF's San Lorenzo refinery.
The project, which will pull financing from Argentina's Large Investment Incentive Regime, is planned in two phases, YPF said in a statement.
YPF said the plant's location in San Lorenzo, a port city, was ideal for selling SAF abroad as demand from airlines grows.
SAF is seen as key to reaching the net-zero carbon emissions commitments of airlines, which are heavy polluters. But the fuel, which is made from waste products such as used cooking oils and crop residues, remains in short supply, particularly in Latin America.
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Telegraph
a day ago
- Telegraph
Britain must copy China in net zero race, says Miliband's energy tsar
Britain must copy China and become a net zero 'electrostate', Ed Miliband's top civil servant has said. Chris Stark, the Energy Secretary's 'Head of Mission Control for Clean Power by 2030', said the UK needed to match the speed of electrification seen in China in order to become a new global super-power as the world moves towards net zero. Writing in The Telegraph, he said: 'China, still the world's largest consumer of coal, is now moving towards a cleaner future: laying vast networks of transmission lines, rolling out the world's biggest fleet of electric vehicles, and deploying solar and wind at a scale that now dwarfs the rest of the world. We ignore these changes at our peril.' Mr Stark argued that the world was moving from an era where petrostates, such as Saudi Arabia and Russia, exerted significant global power thanks to their control of fuel sources, to one where clean energy economies will be dominant. He wrote: 'This isn't just about cutting emissions. It's about cold, hard economics. India, Sweden and China and many other countries recognise the future is electric – the blueprint for a more efficient economy and the basis for economic dominance in the decades to come. Britain should be among these new electrostates.' Mr Stark is one of the UK's most influential experts on energy and climate, and was formerly chief executive of the Climate Change Committee, the Government's advisory body. He is now one of Mr Miliband's closest allies, leading the 'control centre' set up by the Energy Secretary immediately after Labour came to power intended to 'turbocharge the Government's mission to provide Britain with cheaper and clean power by 2030'. His suggestion that Britain must copy China is likely to prove controversial. China is already the world's largest emitter of greenhouse gases and is still building coal-fired power stations. International Energy Agency data shows that its annual coal consumption rose from 1.3m tonnes in 2000 to 5bn tonnes now. Claire Coutinho, the Conservative former energy secretary, now shadow energy spokeswoman, said: 'China, unlike Labour, isn't planning for a system that relies on wind and sun – they are still 60pc powered by coal and building more of it as well as every other type of energy. Living standards depend on having lots of cheap energy. That's why we should back the North Sea and build a lot more nuclear.' China has also been widely criticised for using 'forced labour' to accelerate its renewable energy programme, with its Uyghurs minority forced into labour camps to make solar panels. Mr Miliband had ignored the issue till a backbench rebellion earlier this year forced him to legislate to ensure UK supply chains remained free of slavery. Additionally, UK electricity costs four times more than gas, so such a shift could adversely impact bills. Ms Coutinho said: 'If you want people to use electric cars and home heating, then it's simple. You need to make electricity cheap.' Mr Stark claimed that becoming an 'electrostate' would eventually cut UK energy bills – currently among the world's highest. He said: 'Our once-in-a-generation investment in our electricity grid across the country will allow renewables and nuclear to fulfil their promise of lowering bills for households and businesses, ensuring Britain is no longer hostage to volatile global gas markets.' Britain must become an 'electrostate' like China By Chris Stark Two hundred years ago, Britain lit the fuse on the Industrial Revolution. Coal, steam and steel transformed our economy, powered factories and propelled Britain's global dominance. The countries who mastered these technologies have been the global leaders. Today, the world is on the brink of another transformation – one that will be every bit as profound – this time powered by clean abundant electricity. The global race is on to be among the first 'electrostates': nations whose economies run on abundant, affordable, low-carbon power, rapidly reducing their dependency on volatile, insecure oil and gas. And the stakes are clear: last year, $2 trillion poured into clean energy, double the investment in fossil fuels, according to the International Energy Agency. Look at Norway, where almost every home is heated with electricity and nine in 10 new cars are electric. Sweden is producing fossil-free steel, aiming to dominate the industries of the 21st century. But it is Asia where we see the biggest changes, as growing energy demand drives a rapid shift towards clean energy. China, still the world's largest consumer of coal, is now moving towards a cleaner future: laying vast networks of transmission lines, rolling out the world's biggest fleet of electric vehicles, and deploying solar and wind at a scale that now dwarfs the rest of the world. We ignore these changes at our peril. This isn't just about cutting emissions. It's about cold, hard economics. India, Sweden and China and many other countries recognise the future is electric – it's the blueprint for a more efficient economy and the basis for economic dominance in the decades to come. Britain should be among these new electrostates. It makes economic sense but it is also an opportunity for better lives for people in Britain, whether that be warmer homes, cleaner air, new jobs and control over our energy. That's why over the past year I've been tasked with laying the foundations to lead this global race through our clean power by 2030 mission. We have approved clean energy projects that could power over two million homes, attracted over £50bn in private sector investment for clean energy industries, and backed nuclear power at scale – signing off a multi-billion-pound deal for Sizewell C that will deliver clean power for the equivalent of six million homes and support 10,000 jobs at peak construction. This complements work to launch first-of-a-kind carbon capture projects in the UK and introduced plans to upgrade millions of homes with clean technologies to cut bills for homeowners and renters. These are big and bold energy policy decisions that are required for Britain's reindustrialisation. We're going to be powered by electricity in the decades to come, so we need to start acting like it. This past week our annual renewables auction opened for applications. The Contracts for Difference scheme has been a notable British success in securing clean energy, creating jobs, strengthening local economies and attracting investment. Britain's greatest asset is our abundant offshore wind. Take Hornsea Two. Supported through the scheme, it now powers over 1.4 million British homes and supports 600 jobs in places like Grimsby and Hull. The Sofia offshore wind farm in the North Sea is projected to contribute £760m to the UK economy – up to £181m of that in Yorkshire and the Humber alone. These mega projects are drivers of growth. That's why investment in clean energy is so important. Our mission is the start of a new era of clean energy abundance, where plentiful British wind and solar drives down energy costs, creates jobs, and gives our industries a global competitive edge. Britain has a head start on the shift to clean power, but if we can't match – and in some areas beat – the pace of other countries' deployment, we risk the industries of tomorrow taking root elsewhere. We have every advantage – world-class engineering, a strong track record in renewables and some of the best natural resources for abundant power anywhere in the world. With the clarity of our clean power mission, we aim to secure the commitment of our clean industries and build their confidence to invest in Britain. This is the next chapter of Britain's industrial story. The scale of investment will bring new economic opportunities to communities in Wales, Teesside, Norfolk and the Humber. It will support new energy jobs in Scotland as our oil and gas resources begin to dwindle. Our once-in-a-generation investment in our electricity grid across the country will allow renewables and nuclear to fulfil their promise of lowering bills for households and businesses, ensuring Britain is no longer hostage to volatile global gas markets. Two centuries ago, Britain's embrace of coal and steam shaped the modern world. An industrial boom, based on domestically sourced energy and astonishing technological innovations. Fast forward to 2025, it is now clean power that provides the economic opportunity of the century. The more renewable and nuclear power we can connect to our grid, the quicker we will displace imported gas and decouple consumer prices from expensive imports. The faster we adopt electrical technologies, for our heating and cooling, for our transport and our industry, the easier it will be to maximise the use our domestic energy resources. The electrostates have already committed to a future powered by the wind, the sun and nuclear. That is Britain's path too. We must not watch from the sidelines as others claim the rewards.
Daily Mail
a day ago
- Daily Mail
Tories savage 'deranged' £650million electric car grant scheme that 'hands taxpayers' money' to foreign automakers
More electric car models will be eligible for taxpayer-funded grants as part of Labour's drive to meet Net Zero goals. The Department for Transport (DfT) has announced £1,500 discounts for certain Nissan, Renault and Vauxhall models. But the Tories branded the plans 'deranged' and questioned why ministers were handing taxpayers' money to foreign car companies. The £650 million electric car grant scheme enables motorists purchasing some new electric cars costing up to £37,000 to save either £1,500 or £3,750, depending on the vehicle's green credentials. The greenest vehicles will be in band one, while band two vehicles will receive up to £1,500. Chinese EVs are not expected to meet the criteria for the grants. No band one models have been announced yet. But Richard Holden, Tory transport spokesman, said: 'Labour ministers' decision to hand £650 million of taxpayers' money to foreign car companies, for cars made in foreign countries, is deranged. 'This latest mess with a confused rollout and botched incentives is only making things worse. Labour has put ideological obsession ahead of hard-pressed taxpayers.' Under the Government's zero emission vehicle (Zev) mandate, at least 28% of new cars sold by each manufacturer in the UK this year must be zero emission, which generally means pure electric. Across all manufacturers, the figure during the first half of the year was 21.6%. But the Government has pledged to ban the sale of new fully petrol and diesel cars and vans from 2030. The DfT has previously said many drivers cite upfront costs as a 'key barrier to buying an electric vehicle' and the grant will bring down prices so they 'more closely match their petrol and diesel counterparts'. Funding for the scheme will remain 'under review'. And it will not immediately be available as manufacturers must apply for eligibility for vehicles in their ranges, rather than buyers registering grants at the point of purchase. Transport Secretary Heidi Alexander said: 'With discounts on 17 car models announced this week alone, we're delivering on our promise to make it easier and cheaper for families to go electric.'
Reuters
a day ago
- Reuters
Argentines grill up more beef in first half of 2025 as wages soar
Aug 8 (Reuters) - Argentines are once again chowing down on beef, as an economic turnaround has allowed them to fork over more for steaks, a report from the Rosario exchange said on Friday. The domestic beef market has logged an uptick as wages soar past inflation, the exchange said. Average salaries for registered workers jumped 62.5% in the year to May 2025. Consumer inflation was contained at 39%, although beef prices rose at a steeper 59% over the past 12 months. While still a strain, the inflation rate is a significant drop from the triple-digit annual price increases of the recent past. Austerity policies of libertarian President Javier Milei's have helped cool inflation. The bump in purchasing power went directly to the dinner table, according to the exchange. Consumers in the South American country went from eating an average of 47.6 kg (104.9 lb) of beef in the first six months of last year to 50.2 kg (110.7 lb) in the same period of 2025. "As inflation begins to ease and allows the consumer's pocket to loosen up, albeit slowly ... beef consumption tends to recover the place of preference it has historically occupied within the local consumer's shopping basket," said the study. The increased domestic beef consumption so far this year absorbed a supply glut, as exports fell 19% by volume, hurt by a volatile exchange rate, the report said. "The question going forward is how long (local) consumers will be willing to accept the increased supply without a price adjustment," the exchange said. The country is famed for its beef-eating culture, with steakhouses and asado barbecues a frequent dining option. Argentines had tightened their belts last year due to the high inflation, a recession and rising poverty and unemployment, turning from beef to cheaper meats.
