Group 1: Partnership and Technology Implementation - Emerson has been selected by Enagás to provide digital management solutions for Spain's energy supply stability and security [1] - Enagás is utilizing AspenTech OSI monarch SCADA and OSI Continua Pipeline Management tools for real-time energy calculations and gas tracking [2] - The digital technologies support Enagás' goal of integrating renewable gases like biomethane and hydrogen into the existing network [3] Group 2: System Enhancements and Strategic Goals - The AspenTech cloud-hosted SCADA solution aims to improve system maintenance, strengthen cybersecurity, and enhance utility operations [4] - Emerson's solutions provide Enagás with full visibility across mission-critical systems, supporting the natural gas supply for the future [5] - Enagás has announced a profit after tax of €339.1 million and an EBITDA of €675.7 million for 2025, with a 7.4% increase in demand for transported natural gas [5] Group 3: Future Projections - Enagás forecasts a recurring profit after tax of around €235 million and EBITDA of around €620 million for 2026, with an investment target of €225 million [6] - The company aims to achieve a net debt target of nearly €2.4 billion [6]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - The Corporate Transition Assessment (CTA) framework is essential for Indian banks to evaluate client transition readiness across three dimensions: strategy and ambition, feasibility, and accountability [21][38]. - The steel sector in India is highlighted as a critical area for transition due to its significant emissions and the need for decarbonisation to meet national targets [20][12]. - The report emphasizes the importance of understanding transition risks and opportunities to inform risk management and client engagement strategies [21][37]. Summary by Sections Section 1: The Value of Corporate Transition Assessments - The Reserve Bank of India (RBI) is pushing for deeper integration of climate considerations in risk assessments and financing strategies [26]. - Regulatory developments are creating a favorable environment for climate-aligned businesses, with significant progress in renewable energy and electric vehicle adoption [30][31]. - Banks are beginning to establish climate governance structures and capabilities to measure financed emissions and assess climate risks [32][34]. Section 2: Guidance on Conducting CTAs - The CTA framework helps banks gain actionable insights into corporate transitions by assessing transition vulnerability, feasibility, and accountability [45][46]. - Key components of the CTA include evaluating a company's exposure to transition risks, the feasibility of its decarbonisation efforts, and the governance structures in place [47][48][50]. - CTAs should focus on emissions-intensive companies in sectors like steel, cement, and power, which are critical for the bank's portfolio [51][53]. Section 3: Walkthrough: CTA of a Leading Indian Steel Producer - The analysis of Company X illustrates the process of conducting a CTA, focusing on its transition vulnerability and decarbonisation strategy [62][63]. - Company X's operations are primarily based in India, where it faces limited short- and medium-term transition pressures, but significant long-term challenges due to its emissions-intensive production methods [72]. - The company is taking steps to align with emerging regulations, such as the EU Carbon Border Adjustment Mechanism (CBAM), by converting existing facilities to green steel production [73].

Core Insights - Fu-Gen has secured a 125MW battery energy storage system (BESS) project in Vuolijoki, Finland, in collaboration with Nala Renewables, following a framework agreement established in October 2025 [1][2] - Construction of the Vuolijoki project is expected to commence later this year, indicating a strong commitment to renewable energy development in the Nordic region [1][2] Company Developments - Fu-Gen's development director emphasized the project's alignment with their Nordic development strategy and its contribution to Finland's electricity system stability and decarbonization efforts [2] - The Vuolijoki BESS project has been finalized, showcasing its technical and commercial viability, which is crucial for future developments [2] Previous Collaborations - Nala Renewables previously acquired a 50MW BESS facility in Kauhava, Finland, from Fu-Gen, demonstrating a history of successful collaborations in energy storage projects within the Nordic region [3] - Nala's interim CEO highlighted Finland as a strategic market for BESS in Europe, reinforcing the business case for further expansion in the Nordic area [3] Future Prospects - In July 2024, Nala signed an agreement to acquire a 61MW-peak solar photovoltaic project in Romania, indicating ongoing growth and diversification in renewable energy projects [4]

Summary of Key Points from the Conference Call on China's Aluminium Demand Industry Overview - The report focuses on the **aluminium industry in China**, specifically the demand dynamics and trends for 2025 and beyond, as tracked by the **China Aluminium End-Use Tracker (CAET)** [1][2][8]. Core Insights and Arguments - **Aluminium Demand Growth**: Implied aluminium demand in China grew approximately **4% year-over-year (y/y)** in 2025, reaching an annualized estimate of **~51 million tonnes (Mt)**. This growth was primarily driven by decarbonisation-related end-use markets [2][8][19]. - **Decarbonisation Impact**: Demand linked to decarbonisation surged by **~18% y/y** in 2025, supported by strong renewable energy installations, particularly in solar and wind sectors [8][10]. - **Cyclical Demand Weakness**: Traditional cyclical demand for aluminium has softened, particularly in late 2025, due to a decline in manufacturing and infrastructure fixed-asset investment (FAI) [3][9][10]. - **K-Shaped Economic Recovery**: China's economy is exhibiting a **K-shaped recovery**, where structurally strong sectors (renewables, EVs, energy storage) diverge from weaker traditional sectors (construction, manufacturing) [10][3]. - **Future Outlook**: Economists project a rebound in infrastructure and manufacturing FAI to approximately **6% and 5% y/y** respectively in 2026, which could positively influence cyclical aluminium demand [3][10]. Additional Important Insights - **Battery Energy Storage Systems (BESS)**: The BESS sector is becoming a significant contributor to aluminium demand, with output rising **~73% y/y** in December 2025. Policy reforms are expected to accelerate project commissioning in 2026 [4][43]. - **Transportation Sector**: Transportation-related aluminium demand fell **~3% y/y** in December 2025, but for the full year, it rose **~14% y/y**, driven by a **~25% y/y** increase in electric vehicle (EV) sales [22][23]. - **Solar Installations Decline**: Solar installations saw a **~40% y/y** decline in December 2025, following a strong front-loading in the first half of the year. This was a significant factor in the overall softness in electrical-related aluminium demand [27][28]. - **Consumer Durables**: Demand for aluminium in consumer durables declined by **~2% y/y** in December 2025, primarily due to weaker air conditioner output. However, medium-term prospects remain positive due to potential material substitution from copper to aluminium [42]. Conclusion - The aluminium industry in China is navigating a complex landscape characterized by strong decarbonisation-driven demand and weakening traditional cyclical demand. The outlook for 2026 appears cautiously optimistic, contingent on policy support and economic recovery in key sectors. The BESS sector is poised to play an increasingly important role in shaping future aluminium demand dynamics.

Core Viewpoint - Paladin Energy Ltd has released a presentation for the Langer Heinrich Mine investor site visit scheduled for February 12, 2026, in Namibia, highlighting its ongoing commitment to transparency and investor engagement [1]. Company Overview - Paladin Energy Ltd is a significant independent uranium producer with a 75% ownership stake in the Langer Heinrich Mine, which is recognized as a world-class long-life asset located in Namibia [3]. - The company expanded its portfolio in late 2024 by acquiring Fission Uranium Corp. in Canada, leading to a dual-listing on both the ASX and TSX [3]. - Paladin now operates a diverse range of uranium development and exploration assets across Canada, including the Patterson Lake South Project in Saskatchewan and the Michelin project in Newfoundland and Labrador, along with exploration assets in Australia [3]. - The company emphasizes a sustainability framework that promotes responsible and transparent management of uranium resources, contributing to global decarbonization efforts and providing reliable uranium supply to major nuclear utilities worldwide [3].

Core Insights - The report titled 'The Cost of Inaction – The Financial Risks of Delaying Decarbonization in the Apparel Industry' highlights the financial implications of postponing decarbonization efforts in the apparel sector, emphasizing the impact on operating margins due to rising costs associated with carbon pricing, raw materials, and energy [1][2]. Financial Risks - The analysis identifies three main factors leading to a decline in operating margins: increases in carbon prices, higher raw material costs, and escalating energy expenses [2]. - Under a net-zero scenario, inaction could reduce the value of the $1.77 trillion fashion industry by 70% by 2040 for a typical conventional player [7]. Investment Strategies - Early investment in decarbonization measures, particularly at the supplier level, is recommended to mitigate long-term financial exposure [2][4]. - Supplier-level measures such as electrification and renewable energy adoption are highlighted as immediate investment opportunities that can help protect short-term profit margins [4]. Collaborative Efforts - Collaborative investment is deemed essential for maintaining business stability amid climate change, requiring industry players to work together on scalable decarbonization strategies [3]. - Collective funding and collaborative investment approaches are noted as beneficial for enhancing resilience and long-term operational stability [4]. Role of Financial Leadership - The report emphasizes the importance of chief financial officers (CFOs) and finance teams in managing climate-related risks, suggesting that early investments can lead to improved financial stability and competitiveness [5]. Recommendations for Business Leaders - Business leaders are urged to acknowledge the financial risks of delaying climate mitigation efforts and to take proactive steps to enhance resilience and safeguard long-term performance [6]. - Incremental actions are suggested to yield near-term savings, enhance resilience, and facilitate larger decarbonization initiatives in the future [7].

Core Insights - ArcelorMittal has confirmed a strategic €1.3 billion investment for the construction of an electric arc furnace (EAF) at its Dunkirk steelmaking site, marking a significant step in the decarbonisation of its steel production in France [1][3][10] Investment Details - The EAF is expected to have a production capacity of 2 million tonnes and will generate steel with three times less CO2 emissions compared to traditional blast furnaces, producing 0.6 tonnes of CO2 per tonne of steel [3] - The funding for this project will be partially supported by Energy Efficiency Certificates (CEE), which will cover 50% of the total investment [3] Regulatory Environment - Recent regulatory proposals from the European Commission aim to limit unfair imports through a Tariff Rate Quota (TRQ) mechanism and reform the Carbon Border Adjustment Mechanism (CBAM) [4] - ArcelorMittal expresses appreciation for these regulatory developments, which are expected to restore fair competition in the European steel market and secure a sustainable future for steel production in the EU [5] Government Support - The French government, including President Emmanuel Macron, has been instrumental in supporting the steel industry, which has facilitated the investment decision for the Dunkirk EAF [7][8] - A long-term contract with EDF for low-carbon electricity supply is also a critical component of ArcelorMittal's energy strategy in France [5] Future Prospects - The company is considering the possibility of building additional EAFs in other European locations, contingent on favorable economic conditions and regulatory frameworks [9] - The Dunkirk EAF project is seen as a milestone for ArcelorMittal's commitment to decarbonisation and the long-term viability of steel production in Europe [10] Additional Investments - In addition to the EAF, ArcelorMittal is launching a new electrical steel production unit at its Mardyck plant, with a €500 million investment, representing the largest investment in Europe in the last decade, excluding decarbonisation efforts [11]

Core Insights - Japanese companies have significant financial interests in Australia's liquefied natural gas (LNG) sector, with nearly $70 billion invested in 13 projects, highlighting a strong link between Japanese corporate interests and Australia's gas export economy [1][2] Investment and Economic Impact - The scale of Japanese investment in Australian LNG projects is substantial, with firms like INPEX, JERA, and Mitsubishi Corporation holding a combined equity stake of approximately $70 billion [1][2] - Australia is a key gas supplier to Japan, which has been criticized for reselling Australian gas to other markets, raising concerns about domestic supply adequacy [3][10] Gas Reselling and Consumption - Estimates indicate that Japanese companies onsold between 600 to 800 petajoules of Australian gas to other Asian markets in 2024, which is comparable to the annual domestic gas consumption in eastern Australia [4] Lobbying and Political Engagement - There have been at least 24 meetings between Japanese companies and Australian officials since the Labor government took power in 2022, suggesting a proactive approach to influence policy [5] - The report indicates that these meetings are likely just a fraction of the total interactions, emphasizing the need for greater transparency in government dealings [5] Climate Goals and Industry Tactics - InfluenceMap identifies four tactics used to expand the fossil fuel industry: investment, lobbying, government influence, and narrative control [4] - Common narratives framing gas as a "transition fuel" are challenged by scientific evidence, which suggests that continued investment in LNG could hinder decarbonization efforts [6][7][8] Industry Statements - Industry representatives assert that Australian LNG is crucial for Japan's energy security and contributes to job creation and revenue in Australia [11][12] - INPEX emphasizes its commitment to supporting energy security in the Indo-Pacific while aiming for net-zero emissions by 2050, as outlined in its strategic roadmap [12]

Core Viewpoint - ReNew Energy Global plc, a leading decarbonisation solutions company in India, is set to release its third quarter earnings report for fiscal year 2026 on February 16, 2026, before the US market opens [1]. Group 1: Earnings Report Announcement - The earnings report will cover the period from October to December 2025 [1]. - A conference call to discuss the earnings results is scheduled for 8:30 AM EST on February 16, 2026 [2]. - The conference call will be accessible via multiple toll-free numbers for various countries, including the US, Canada, France, Germany, Hong Kong, India, Japan, Singapore, Sweden, the UK, and other regions [2]. Group 2: Company Overview - ReNew Energy has a clean energy portfolio of approximately 18.5 GW, including 1.1 GWh of Battery Energy Storage Systems (BESS), making it one of the largest globally as of November 10, 2025 [3]. - The company is a major independent power producer in India and offers end-to-end solutions in clean energy, digitalization, storage, and carbon markets [3]. - ReNew also has 6.4 GW of solar module manufacturing and 2.5 GW of solar cell manufacturing, with plans to expand solar cell capacity by an additional 4 GW [3].

The platform now enables multi-category brands and retailers to calculate carbon footprints and Scope 3 emissions using primary data for products in areas such as sporting goods, apparel, footwear, home goods, and others. This move aims to support businesses in meeting global regulatory requirements for emissions reporting. The Product Impact Calculator allows organisations to connect information about materials, suppliers, and finished products within a single system. This integration helps companies ...