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In brief | 21 July ‘26

Reuters: EU waives penalties for oil and gas firms that breach methane lawThe European Commission instructed EU governments to waive penalties for three years for oil and gas companies that breach its methane emissions law, following pressure from the US government to roll back the rules.The Guardian: European gas prices surge amid fears US-Iran war will cause winter shortagesBenchmark hits a four-year high as oil briefly breaches 90 US-dollars a barrel before easing after Tehran says talks ongoing. Renewables Now: Germany plans to remove offshore electrolysis from transformation fundThe German government has presented the draft business plan for the Climate and Transformation Fund (KTF), removing the budget items for offshore electrolysis and system-supporting electrolysis from the fund.Carbon Pulse: UK’s new PM faces battle over North Sea oil and gas drillingThe North Sea is set to become a new battleground for the UK’s net zero commitment, after the new prime minister’s team signalled plans to allow further oil and gas drilling. Bloomberg: Hungary crackdown on $20 billion EV sector puts China on noticeThe government plans to introduce the strictest environmental rules in the European Union, hiking levies on polluters and ending lavish tax breaks for multinational companies, prime minister Peter Magyar said.

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