Energy Transition, Renewables, Emissions, Carbon
October 28, 2026
ET Highlights: Climate pathway after overshoot, US midterm elections, India's carbon market
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
UN report sets out pathway to return to 1.5 C warming by 2100 after overshoot
The world must cut greenhouse gas emissions by 18% within four years to limit the worst effects of climate change, and return warming levels to 1.5 C above pre-industrial levels by 2100 after overshooting this century, the UN warned on Oct. 21, with the pace of reductions now required exceeding targets set by the Intergovernmental Panel on Climate Change.
The UN Environment Programme's Emissions Gap Report 2026 finds that global temperatures are now certain to exceed 1.5 C and lays out what it would take to minimize the overshoot and return to that threshold by the end of the century.
The report's findings come as energy markets face mounting pressure from climate policy and the accelerating buildout of renewable power capacity.
"Overshoot is not surrender," UN Secretary-General António Guterres said in a statement. "We can still keep it as small and as short as possible – and bring temperatures back below 1.5 C by the end of the century."
Benchmark of the Week
€86.45/mt
Platts EU ETS carbon allowance assessment on Oct. 23, with prices rising steadily since March, as EU lawmakers and member states made progress on a market review.
Editor's picks: Free and premium content
Democrats may gain platform but lack power to shift EV, fuels policy: analysts
Democratic control of the US Congress after the November midterm elections would give the party a larger platform to promote electric vehicles and challenge President Donald Trump's energy policies, but it is unlikely to meaningfully accelerate US EV adoption or a broader fuel transition before the 2028 presidential election. Congressional Democrats could hold hearings, investigate administration decisions and argue that greater reliance on oil will become increasingly costly. But restoring federal EV incentives or reversing the rollback of vehicle-efficiency rules would require legislation acceptable to Trump or enough congressional support to override his veto, analysts said.
Indian carbon market advances verification as first credit issuance nears
India's carbon market is advancing by verifying greenhouse gas emissions from obligated industrial entities, with carbon credit issuance expected as the next step, according to two carbon verifiers and a policy expert. The Bureau of Energy Efficiency, which administers India's Carbon Credit Trading Scheme, published a list of 18 Accredited Carbon Verification Agencies impaneled under the scheme on Oct. 16. Government officials have indicated the National Carbon Market may open for trading carbon credits early 2027.
INPEX, Sumitomo Osaka Cement test ship CO₂ capture technology
INPEX Corp. and Sumitomo Osaka Cement Co. have begun demonstration testing of a calcium-based carbon capture system initially designed for large vessels, the companies said. The Ca-Looping technology, which the two Japanese companies have jointly researched since August 2023, converts CO₂ into calcium carbonate that can be transported under ambient temperature and pressure conditions -- a feature that could simplify logistics for captured carbon and reduce costs compared with high-pressure CO₂ transport systems.
INTERVIEW: SAF scale-up needs investor push, Dubai Airports CEO warns
The head of Dubai Airports has warned that sustainable aviation fuel will remain a marginal energy source for the global aviation industry unless a major injection of capital into production infrastructure breaks a self-reinforcing cycle of high costs and weak demand. Dubai Airports CEO Paul Griffiths told Platts in an interview that SAF currently accounts for barely 1% of global jet fuel consumption — which runs at around 7 million to 8 million b/d — and that the economics of scaling up production remain deeply challenging for an airline industry operating on thin margins and already facing soaring oil prices amid the US-Israeli war with Iran.
Woodside Energy to curb investment in Texas blue ammonia project
Woodside Energy Group Ltd. intends to reduce investment in its newly built Beaumont New Ammonia plant in Texas despite ongoing plans to add carbon capture technology to the facility, which has a capacity of 1.1 million metric tons/year. Following a strategic review of the clean energy project, Woodside will initiate a formal process to reduce investment and achieve value for our shareholders, Woodside CEO Liz Westcott said.
Qantas announces A$30M partnership for Australian carbon credit units
Qantas announced an A$30 million partnership with Greening Australia and Conscious Investment Management to restore cleared land in South Australia, with the first project targeting nearly 800 hectares on Barngarla Country on the Eyre Peninsula, Hayley Alchin, Qantas executive manager for climate strategy, finance and reporting said at the Australasian Emissions Reduction Summit 2026 in Adelaide. The investment aims to generate native afforestation-based environmental planting ACCUs, Alchin said.