Energy Transition, Renewables, Emissions, Carbon
February 18, 2026
ET Highlights: CBAM hits Europe ammonia imports, energy transition ‘unstoppable’, US repeals GHG rules
Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.
Top story
Ammonia traders grapple with CBAM fallout as EU imports plunge
Uncertainty over the EU's Carbon Border Adjustment Mechanism has caused concerns in European ammonia markets, slashing imports to the bloc in January, and leaving traders unsure about how the tax mechanism will apply to the sector, market participants said.
January ammonia imports to the EU stood at 130,000 metric ton, falling by almost half from December, Platts data showed. Traders had stocked up in December ahead of the start of CBAM, but imports were also down 46% year over year in January.
Traders are trying to navigate uncertainty over whether and when CBAM will apply to ammonia and fertilizers, after EU Commissioner Maros Sefcovic said in January the European Commission could use an "emergency brake" to exempt the sector from the tax.
Sefcovic suggested the Article 27a mechanism that addresses "serious and unforeseen circumstances" that could affect the price of goods could be applied retroactively from Jan. 1 to support the agricultural sector.
Benchmark of the Week
10.5 cents/watt
Platts FOB China solar photovoltaic module assessment on Feb. 13 after the recent silver price spike pushed module prices higher, but they are still around half the level in 2023.
Learn more: Platts Carbon Markets Specifications Guide
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SPGlobal.com
Energy transition 'unstoppable' but climate goals out of reach: IE Week panel
The global energy transition is "completely unstoppable" despite significant political headwinds from the US and elsewhere, though it may be too late to limit global warming to 2 C, leading experts said at the International Energy Week conference in London on Feb. 12. Energy Transitions Commission chair Adair Turner said the shift to a deeply electrified, zero-carbon future was inevitable due to fundamentally superior technologies.
INTERVIEW: Topsoe CEO sees pathway to low-cost green hydrogen despite headwinds
Topsoe CEO Roeland Baan is sanguine about the energy transition, even amid sector headwinds marked by policy setbacks and investment delays, and is confident the company can deliver meaningful renewable hydrogen cost reductions by the end of the decade. Topsoe is eyeing 60% hydrogen production cost reductions from its solid oxide electrolyzer technology by 2030, driven by larger stack sizes and higher power density, therefore requiring lower capital expenditure from project developers.
California RECs face headwinds in January, as new bill may drive prices
California US renewable energy certificate prices remained under pressure through January 2026, pointing to thin liquidity and limited bid depth across Portfolio Content Categories 1 to 3, also referred to as "buckets." Meanwhile, policymakers are pushing Senate Bill 868 to soften electricity costs, which could drive REC prices by the summer.
India publishes first draft project design document under carbon credit offset scheme
India’s Bureau of Energy Efficiency has published the first draft project design document for the Kosher Biogas Program under India's Carbon Credit Trading Scheme offset mechanism, inviting public comments, BEE Director Saurabh Diddi said in a social media post. The Kosher Biogas Program is a carbon-reduction initiative focused on reducing methane emissions from manure management, particularly through household-level biogas plants.
S&P Global Energy Core
US EPA cancels 2009 GHG endangerment finding in largest deregulatory move yet
The Trump administration has repealed a landmark 2009 finding that undergirds the US government's efforts to slow climate change, a decision likely to bring more legal battles and uncertainty for industry. If the final rule announced Feb. 12 survives court challenges, it would invalidate existing greenhouse gas reduction mandates for the US energy sector, car manufacturers and oil producers. It would also make it harder for future administrations to regulate climate-warming emissions.
Australia's Western Green Energy Hub signs feasibility stage agreement with China's SANY
Western Green Energy Hub has signed a ‘feasibility phase agreement’ with China's SANY International Development and South Korean entities for the development of initial stage 6GW renewable energy facilities in Western Australia to produce 330,000 mt/year of renewable hydrogen, developer InterContinental Energy said. The 70-GW WGEH is the largest Australian renewable hydrogen project to date, and could produce 5 million mt of the fuel at full scale, with a targeted final investment decision in 2029.
EU carbon prices hit fresh lows as political rift over ETS intensifies
European carbon prices fell to their lowest since late July 2025 on Feb. 13 as concerns over competitiveness took center stage for a second consecutive week, with politicians calling for reforms to the EU’s Emission Trading System. EUAs fell particularly sharply after Germany’s Chancellor Friedrich Merz called for the European Commission to revise or postpone the system. Merz later revised his stance in a statement late Feb. 12, referring to the EU ETS as an “effective system and instrument in Europe that allows growth.”