Bloomberg The world needs to dramatically ramp up spending tenfold to $110 billion a year to curb methane releases and avoid the worst of climate change, a new study has found. The potent greenhouse gas is responsible for nearly half of net global warming to date, yet just 2% of global climate finance is directed towards curbing releases of the …

  Bloomberg Britain’s path towards zeroing out its greenhouse gas pollution may cost a third less than expected if natural gas prices remain elevated, analysis by government’s fiscal watchdog showed. The Office For Budget Responsibility examined how high fossil-fuel prices would impact the whole-economy cost of the UK reaching its target for net zero emissions by 2050. In 2019, the …

  Bloomberg Volkswagen AG broke ground on a new battery plant in Germany on Thursday, saying the factory marks the first step in an effort that will generate more than 20 billion euros ($20.4 billion) in revenue annually by the end of the decade. The Salzgitter venture is one of six battery plants VW has planned for Europe. PowerCo, the …

  Bloomberg The French government will nationalize its financially struggling nuclear giant Electricite de France SA to help it ride out Europe’s worst energy crisis in a generation and invest in new atomic plants. “The climate emergency requires strong, radical decisions,” Prime Minister Elisabeth Borne said during a policy speech in parliament in Paris. “We need to have full control …

  Bloomberg Natural gas in Europe headed for the longest stretch of daily gains in more than nine months as persistent fears of deeper supply cuts by Moscow spread through the market. Benchmark futures, which have doubled their value over the past month, surged as much as 9% for a seventh day of increases. The crisis has also sent power …

Bloomberg British Airways is nearing a possible agreement on pay with check-in staff that could head off a strike and prevent further disruption after the carrier scrapped thousands of flights amid a staffing crunch. Talks with the Unite union have progressed and a deal is close, according to a person familiar with the matter who asked not to be named …

Bloomberg Germany’s richest man is now the largest shareholder in Deutsche Lufthansa AG after reinvesting a chunk of a fortune he made in logistics into Europe’s biggest airline. Klaus-Michael Kuehne raised his stake in Lufthansa to 15.01% from 10.01%, according to a filing, overtaking the German government as the carrier’s biggest shareholder. The state has been selling down its interest …

  Bloomberg J Sainsbury Plc held its profit forecast for the full year even as it warned that rising inflation means pressure on household budgets will intensify. Britain’s second-largest supermarket chain stuck to its forecast for the full year of underlying profit before tax of £630 million ($764 million) to £690 million. The grocer’s comparable sales, excluding fuel, fell 4% …

  Bloomberg Hong Kong’s new leader John Lee suspended a system that banned airlines from flying routes if they carried passengers infected with Covid, raising hopes he’ll ease onerous travel curbs that have damaged the city’s status as a financial hub. Starting from Thursday, the so-called circuit breaker mechanism will end until further notice, the government said in a statement. …

  Bloomberg United Airlines Holdings Inc blamed the US Federal Aviation Administration and the nation’s air traffic control system for exacerbating the issues plaguing the industry, saying the agency has been overwhelmed by the volume of flights. The FAA rejected that criticism in a sharply worded rejoinder. The carrier estimated that more than 50% of its delay minutes and 75% …