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Category: Climate Change

  • MIL-Evening Report: Climate disasters are pushing people into homelessness – but there’s a lot we can do about it

    Source: The Conversation (Au and NZ) – By Timothy Heffernan, Lecturer in Anthropology, Australian National University

    Almost half of all Australian properties are at risk of bushfire, while 17,500 face risk of coastal erosion. By 2030, more than 3 million will face riverine flood risk.

    Meanwhile, housing demand continues to outpace supply. With climate-related disasters projected to increase in frequency and severity, the task of ensuring safe and adequate housing for all Australians remains a challenge.

    In other words, disasters are worsening the housing shortage, rendering more people at risk of homelessness.

    There is growing consensus in the homelessness and emergency management sectors that Australia needs a national policy response.

    We must ensure secure and safe housing options are a disaster planning priority.

    Like ‘living a disaster every day’

    Climate disasters displace 22,261 Australians on average each year. People with the lowest incomes make up 80% of this. The very poorest 3%, despite being small, make up 14% of displaced households.

    Australia is not alone. Globally, 70% of internal displacement in 2024 resulted from disasters, often disproportionately affecting low socioeconomic areas.

    Loss of housing affects everything from a person’s health and employment to education and relationships. One person who’d experienced disaster-related housing loss said it was like

    living a disaster every day, but without the assistance and support given to most disaster survivors.

    Renters, rough sleepers and people living in unattached dwellings are most vulnerable.

    Slipping through the cracks

    The catastrophic Northern Rivers floods in 2022 provide an instructive example.

    The floods rendered over 3,500 homes uninhabitable and more than 8,000 were damaged. Over 1,400 people were displaced and offered emergency accommodation by the New South Wales government.

    The total number of people experiencing homelessness post-floods remains unclear. This is due to existing overcrowding and because people left the area or became uncontactable.

    Recent research colleagues and I conducted with homeowners and renters, commissioned by the Australian Housing and Urban Research Institute, examined 17 people’s experiences of securing shelter after disaster.

    In Lismore, a key barrier was poor communication and increased competition for rental housing. One person told us:

    The real estate basically dropped the ball after a month. I had to chase them up, and the return of my bond and all that. […] I applied for ten different properties and never heard back. […] I ended up sourcing my own accommodation, a camper trailer, and camped out at the local showgrounds.

    For renters, the disaster couldn’t have come at a worse time. A preexisting rental crisis across the region meant the private market was already tight.

    Homeowners, by contrast, were able to use insurance to cover transitional housing costs or were eligible for several funding sources to repair properties. This highlights a policy emphasis toward homeowners.

    In this context, people can slip through the cracks, increasing the risk of homelessness.

    Post-disaster housing can compound vulnerability

    Temporary shelters – such as crisis shelters, motels, short-term rentals, pods, cabins and caravans – can be a stop-gap against the risk of homelessness after disaster. However, temporary shelter comes with trade-offs and downsides.

    Crisis and commercial options can be damaged during disaster, limiting their use. Pod villages provide mass shelter but are costly, slow to deliver, and there’s often no meaningful plan for people to transition out of them.

    Some 18 months after the 2022 Northern Rivers floods, 1,021 people were still living in temporary pod villages and 257 people remained in caravans.

    Rent is not usually charged. When relied on beyond the immediate term, this can compound vulnerability by creating gaps in people’s rental history.

    A NSW government audit found 724 households were on the waitlist for temporary housing a year after the floods, though this list was rarely updated.

    Overall, relatively few households have secured long-term housing solutions. This year, four pod villages will be demobilised amid the region’s ongoing rental crisis.

    This comes at a time when Australia is facing a shortfall of 640,000 social and affordable homes.

    Around 110,000 requests for homelessness services go unassisted annually.

    A national framework is needed

    In 2024, a national symposium, convened by the Australian Red Cross, Homelessness Australia and UNSW Sydney’s HowWeSurvive initiative, brought together 125 professionals from the housing, homelessness, emergency management, government and academic sectors.

    The report, released in June 2025, called for a national framework focused on disasters, housing and homelessness.

    Several policies deal separately with these areas at the Commonwealth, state and territory levels. A unified approach, however, would reposition shelter after disaster from a stop-gap to a central part of disaster planning.

    The aim is to strengthen housing options before a natural hazard occurs and prevent disaster-related homelessness.

    Australia needs a coordinated strategy and taskforce to align housing, homelessness, and disaster policies and programs. Homelessness planning should be part of disaster planning, and vice versa, to ensure housing type and tenure does not place people at risk of homelessness when disaster strikes.

    This requires going beyond just linking displaced households with crisis services.

    We must plan for each stage of housing before and after a disaster and anticipate diverse needs, especially for renters and those at risk of homelessness.

    Responses should be trauma-informed and able to adapt individual experiences.

    Now is the time to act – before the next disaster strikes.

    This article was developed with the Australian Red Cross and Homelessness Australia, co-facilitators of the Housing, Homelessness and Disasters National Symposium held in Melbourne in 2024. The symposium was supported by National Shelter and the Community Housing Industry Association, and event funding was provided by the Lord Mayor’s Charitable Foundation.

    Timothy Heffernan has received funding from the Australian Housing and Urban Research Institute (AHURI), the NSW government and the National Health and Medical Research Council. He is an Honorary Research Fellow at HowWeSurvive, UNSW Sydney.

    – ref. Climate disasters are pushing people into homelessness – but there’s a lot we can do about it – https://theconversation.com/climate-disasters-are-pushing-people-into-homelessness-but-theres-a-lot-we-can-do-about-it-259149

    MIL OSI Analysis – EveningReport.nz –

    July 23, 2025
  • MIL-OSI: Pulse Seismic Inc. Reports Strong Q2 2025 Financial Results and Declares Special and Regular Quarterly Dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and six months ended June 30, 2025. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

    Today, Pulse’s Board of Directors declared a regular quarterly dividend of $0.0175 per common share and also declared a special dividend of $0.20 per common share. The total dividend declared will be approximately $11.0 million based on Pulse’s 50,755,057 common shares outstanding as of July 22, 2025, to be paid on August 20, 2025, to shareholders of record on August 13, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “In the first half of 2025 the Company has benefited from increases in traditional data sales as well as energy sector M&A, generating revenue of $41.1 million, an EBITDA margin of 86% and $27.2 million of shareholder free cashflow,” stated Neal Coleman, Pulse’s President and CEO. “Pulse’s industry leading seismic data library contains vital subsurface information used by E&P companies for risk mitigation and maximization of drilling results,” he continued. “The Company continues to rely on shareholder free cashflow as the basis for its capital allocation strategy and remains focused on returns to shareholders, as evidenced by distributing 84% of 2025 free cash flow in the form of dividends. Pulse’s Board of Directors today declared the second special dividend of 2025,” Coleman continued. “In the last 24 months, special dividends of $0.80 have been declared, in addition to the regular dividend which has increased annually and is currently set at $0.07 per year,” he concluded.

    HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

    • The regular quarterly dividend of $0.0175 per common share declared and paid in the second quarter of 2025 was a 17% increase over the regular quarterly dividend of $0.015 per common share declared and paid in the first quarter of 2025. A special dividend of $0.20 per common share totaling $10.2 million was also declared and paid in the first quarter of 2025;
    • The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the six months ended June 30, 2025, the Company purchased and cancelled 80,600 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $197,000;
    • Total revenue for the three months ended June 30, 2025, was $18.3 million, compared to $6.3 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $41.1 million, compared to $15.1 million for the same period in 2024. Revenue generated in the first half of 2025 reflects an increase of 71% compared to the last three years average of annual revenue;
    • Shareholder free cash flow(a) was $11.7 million ($0.23 per share basic and diluted) for the three months ended June 30, 2025, compared to $3.9 million ($0.07 per share basic and diluted) for the same period in 2024. Shareholder free cash flow was $27.2 million ($0.53 per share basic and diluted) for the six months ended June 30, 2025, compared to $8.9 million ($0.17 per share basic and diluted) for the same period in 2024;
    • EBITDA(a) was $15.2 million ($0.30 per share basic and diluted) for the three months ended June 30, 2025, compared to $4.4 million ($0.0.09 per share basic and diluted) for the same period in 2024. For the six months ended June 30, 2025, EBITDA was $35.3 million ($0.69 per share basic and diluted) compared to $10.6 million ($0.21 per share basic and diluted) for the same period in 2024;
    • Net earnings for the three months ended June 30, 2025, was $9.6 million ($0.19 per share basic and diluted) compared to net earnings of $1.3 million ($0.03 per share basic and diluted) for the same period in 2024. Net earnings for the six months ended June 30, 2025, was $22.9 million ($0.45 per share basic and diluted) compared to net earnings of $4.0 million ($0.08 per share basic and diluted) for the same period in 2024; and
    • At June 30, 2025, the Company had a cash balance of $25.9 million as well as $5.0 million of available liquidity on its revolving demand credit facility.
    SELECTED FINANCIAL AND
    OPERATING INFORMATION
             
               
               
    (Thousands of dollars except per share data, Three months ended June 30, Six months ended June 30, Year ended,
    numbers of shares and kilometres of seismic data) 2025 2024   2025 2024 December 31,
      (Unaudited) (Unaudited) 2024
    Revenue 18,316 6,300   41,075 15,077 23,379
               
    Amortization of seismic data library 2,224 2,279   4,449 4,549 9,090
    Net earnings 9,565 1,341   22,940 4,022 3,391
    Per share basic and diluted 0.19 0.03   0.45 0.08 0.07
    Cash provided by (used in) operating activities 12,543 (1,269 ) 29,158 9,195 14,195
    Per share basic and diluted 0.25 (0.02 ) 0.57 0.18 0.28
    EBITDA (a) 15,238 4,418   35,286 10,647 15,496
    Per share basic and diluted (a) 0.30 0.09   0.69 0.21 0.30
    Shareholder free cash flow (a) 11,733 3,869   27,152 8,907 12,408
    Per share basic and diluted (a) 0.23 0.07   0.53 0.17 0.24
               
    Capital expenditures          
    Seismic data – –   – 225 225
    Property and equipment – –   – – 45
    Total capital expenditures – –   – 225 270
               
    Dividends          
    Regular dividends declared 885 775   1,648 1,490 3,018
    Special dividends declared – –   10,167 – 2,548
    Total dividends declared 885 775   11,815 1,490 5,566
               
    Normal course issuer bid          
    Number of shares purchased and cancelled 37,300 539,500   80,600 1,166,800 1,784,000
    Cost of shares purchased and cancelled 91 1,222   197 2,407 3,880
               
    Weighted average shares outstanding          
    Basic and diluted 50,761,321 51,734,590   50,795,174 51,928,298 51,448,985
    Shares outstanding at period-end     50,755,057 51,455,063 50,837,863
               
    Seismic library          
    2D in kilometres     829,207 829,207 829,207
    3D in square kilometres     65,310 65,310 65,310
    FINANCIAL POSITION
    AND RATIO
             
          June 30, June 30, December 31,
    (Thousands of dollars except ratio)     2025 2024 2024
    Working capital     24,202 10,996 9,222
    Working capital ratio     4.8:1 4.0:1 5.1:1
    Cash and cash equivalents     25,876 9,392 8,722
    Total assets     36,479 29,184 21,516
    Trailing 12 -month (TTM) EBITDA(b)     40,135 27,528 15,496
    Shareholders’ equity     29,177 25,177 18,295
               

    (a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
    (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK
    Pulse had a very strong first half year, generating revenue of $41.1 million and ending the quarter with $24.2 million of working capital including $25.9 million in cash. These financial results have provided capital returns to shareholders, strengthened the balance sheet, and positioned the Company for solid financial performance in 2025.

    Pulse’s ability to forecast future revenue continues to be challenging, as significant annual fluctuations are the norm in the seismic data library business. Industry trends that we consider relevant as we look forward include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M&A forecasts and the status of industry infrastructure improvements. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. M&A activity for the year so far, has surpassed many analysts’ earlier expectations and is expected to remain strong for the remainder of 2025. Lower oil prices have contributed to decreased corporate valuations which often lead to acquisition opportunities. Alberta land sales through 2024 were strong, but at midpoint in 2025 have generated just over half the amount for the same period in 2024. In British Columbia land sales were resumed in Q3 2024 after a pause of over three years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. LNG Canada’s liquified natural gas export facility is now operational and is expected to contribute to increased drilling and may lead to an improvement in Canadian natural gas prices.

    Of course, there continues to be a high level of uncertainty on political and economic fronts. Uncertainty around energy tariffs and trade policy between Canada and the United States, are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.

    Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources continue to translate to the return of capital to shareholders through regular and special dividends.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    > The outlook of the Company for the year ahead, including future operating costs and expected revenues;

    > Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;

    > The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;

    > Pulse’s capital allocation strategy;

    > Pulse’s dividend policy;

    > Oil and natural gas prices and forecast trends;

    > Oil and natural gas drilling activity and land sales activity;

    > Oil and natural gas company capital budgets;

    > Future demand for seismic data;

    > Future seismic data sales;

    > Pulse’s business and growth strategy; and

    > Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

    These factors include, but are not limited to:

    > Uncertainty of the timing and volume of data sales;

    > Volatility of oil and natural gas prices;

    > Risks associated with the oil and natural gas industry in general;

    > The Company’s ability to access external sources of debt and equity capital;

    > Credit, liquidity and commodity price risks;

    > The demand for seismic data;

    > The pricing of data library licence sales;

    > Cybersecurity;

    > Relicensing (change-of-control) fees and partner copy sales;

    > Environmental, health and safety risks;

    > Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;

    > Competition;

    > Dependence on key management, operations and marketing personnel;

    > The loss of seismic data;

    > Protection of intellectual property rights;

    > The introduction of new products; and

    > Climate change.

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/8df92694-2a01-45f3-b5b4-ecc0f5bd6edb

    The MIL Network –

    July 23, 2025
  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of
    $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of
    $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17     —     (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1     —  
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1) 
    Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17     —     14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests     —     —     —  
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1) 
    All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt     —     —     (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

    July 23, 2025
  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of
    $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of
    $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17     —     (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1     —  
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1) 
    Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17     —     14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests     —     —     —  
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1) 
    All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt     —     —     (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

    July 23, 2025
  • MIL-OSI: Weatherford Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter revenue of $1,204 million increased 1% sequentially
    • Second quarter operating income of $237 million increased 67% sequentially
    • Second quarter net income of $136 million increased 79% sequentially; net income margin of 11.3%
    • Second quarter adjusted EBITDA* of $254 million was flat sequentially; adjusted EBITDA margin* of 21.1% decreased 11 basis points sequentially
    • Second quarter cash provided by operating activities of $128 million and adjusted free cash flow* of $79 million
    • Repurchased $27 million of 8.625% Senior Notes due 2030 in the second quarter of 2025
    • Shareholder return of $52 million for the quarter, which included dividend payments of $18 million and share repurchases of $34 million
    • Board approved quarterly cash dividend of $0.25 per share, payable on September 4, 2025, to shareholders of record as of August 6, 2025
    • Signed an agreement with Amazon Web Services to migrate and modernize our digital platforms, including the Modern Edge Platform and Unified Data Model, enhancing operational efficiency and data-driven decision-making. The collaboration also boosts Weatherford’s Software Launchpad, offering scalable, cloud-based solutions while ensuring data control and integration flexibility

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2025.

    Revenues for the second quarter of 2025 were $1,204 million, an increase of 1% sequentially and a decrease of 14% year-over-year. Operating income in the second quarter of 2025 was $237 million, an increase of 67% sequentially and a decrease of 10% year-over-year. Net income in the second quarter of 2025 was $136 million, with a 11.3% margin, an increase of 79%, or 493 basis points, sequentially, and an increase of 9%, or 240 basis points, year-over-year. Adjusted EBITDA* was $254 million, with a 21.1% margin, flat, or a decrease of 11 basis points, sequentially, and a decrease of 30%, or 488 basis points, year-over-year. Basic income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 10% year-over-year. Diluted income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 13% year-over-year.

    Second quarter 2025 cash flows provided by operating activities were $128 million, a decrease of 10% sequentially and a decrease of 15% year-over-year. Adjusted free cash flow* was $79 million, an increase of 20% sequentially and a decrease of 18% year-over-year. Capital expenditures were $54 million in the second quarter of 2025, a decrease of 30% sequentially and a decrease of 13% year-over-year.

    Girish Saligram, President and Chief Executive Officer, commented, “Our core operating markets continued to exhibit activity slowdown during the quarter, driven by geopolitical events, supply-demand imbalance concerns, and trade uncertainties. Despite these structural headwinds, the One Weatherford team delivered second-quarter results in line with expectations, reflecting disciplined execution and operational efficiency in a distinctly softer market. The sequential performance demonstrates strong fundamentals and the resilience of our operating model. Revenues increased and adjusted EBITDA was flat despite the previously announced divestiture of certain businesses in Argentina. Adjusted Free Cash Flow also increased, even as receivables continued to build in Latin America due to lack of payments in Mexico. This performance underscores the strength of the new Weatherford operating paradigm and marks a positive departure from past responses to prior market cycle inflections.

    Looking ahead, activity levels in both North America and international markets continue to show signs of sluggishness, and expectations for a broader sector recovery have shifted further to the right. While we anticipate a relatively flat trajectory on revenues for the immediate future, we remain focused on driving adjusted free cash flow conversion through portfolio optimization, structural cost efficiencies, optimization of working capital, and CAPEX efficiency.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational & Commercial Highlights

    • An International Oil Company (IOC) awarded Weatherford a three-year contract to provide Managed Pressure Drilling (MPD) services for a deepwater development project in Mexico.
    • Aramco awarded Weatherford a one-year contract extension to provide MPD services for its onshore and offshore wells.
    • Weatherford, with Superior Energy Services, secured a three-year contract to supply conventional completions (Upper and Lower) equipment to Petrobras for pre-salt and post-salt fields offshore Brazil.
    • Cairn Oil & Gas granted Weatherford a Letter of Award to provide Completions, Liner Hanger, Whipstock systems and services, and MPD services for High Temperature – Ultra High Temperature (HT-UHT) drilling and rigless project in Barmer, India.
    • bp UK awarded Weatherford a one-year contract to provide Cementation Products, Completions, Drilling Services, Intervention Services & Drilling Tools (ISDT), and a one-year contract to provide Liner Hanger systems for the Northern Endurance Partnership CO2 Storage Project in offshore UK.
    • Beach Energy Limited awarded Weatherford contracts to provide Cementation Products, Cement Heads, Liner Hangers, and Tubular Running Services (TRS) for a campaign in offshore Australia.
    • Origin Energy awarded Weatherford a five-year contract to re-supply PCP systems in onshore Australia.
    • OMV awarded Weatherford a three-year contract to supply Completions and Reservoir Monitoring equipment in Tunisia.
    • Shell awarded Weatherford a three-year contract to provide ISDT offshore in the Gulf of America.
    • An IOC awarded Weatherford a three-year contract to provide thru-tubing Well Services in offshore Malaysia.
    • Kuwait Oil Company (KOC) awarded Weatherford a contract for the supply of XpressTM XT Liner Hanger systems for deep drilling operations in Kuwait.
    • A National Oil Company in the Middle East awarded a two-year contract to provide thru-tubing and safety valve systems in the United Arab Emirates.
    • A major operator in Canada awarded Weatherford a two-year contract to provide Artificial Lift services in onshore Canada.
    • Weatherford, in strategic partnership with Constellation, secured a three-year contract to deliver TRS, integrating the automated Vero™ technology into their rig for Petrobras in offshore Brazil.

    Technology Highlights

    • Drilling & Evaluation (“DRE”)
      • In Kuwait, Weatherford successfully deployed combined Magnus™ and Victus™ solutions for a pilot project for KOC. This approach enabled the use of a smaller wellhead, eliminated one casing string, and allowed effective drilling and cementing through stacked reservoirs, potentially unlocking new completion designs and enhancing recovery.
      • In Qatar, Weatherford successfully completed the first Modus™ job using MPD techniques that significantly improved operational efficiency and well safety. The Modus system enabled the operator to reach the targeted total depth while saving substantial rig time and costs compared to conventional methods.
      • In Norway, Weatherford successfully completed three open hole logging jobs for an international operator using coiled tubing for deployment. This approach enabled effective logging in a highly deviated well, overcoming the limitations of conventional wireline conveyance.
    • Well Construction and Completions (“WCC”)
      • In the Gulf of America, Weatherford successfully integrated multiple TRS technologies for bp. This integration enhanced operational speed, cost-effectiveness, and well integrity while improving quality, efficiency, and safety by reducing personnel requirements and eliminating manual intervention.
      • In the United Kingdom, Weatherford successfully implemented StringGuardTM for Shell. The solution is designed to provide protection against potential dropped string events, with the aim of maintaining operational focus and incident free delivery.
    • Production and Intervention (“PRI”)
      • Weatherford’s Rotaflex® Artificial Lift technology has witnessed continued global adoption, with recent installations in France, Australia, and Oman. These projects have addressed a variety of operational challenges, including the replacement of Electric Submersible Pumps and conventional pumping units, enhancement of production efficiency, support for Coal Bed Methane initiatives, and restoration of output in complex wells, underscoring the versatility and effectiveness of the Rotaflex technology.
      • In Norway, Weatherford completed a successful field trial of TITAN RS technology for Equinor, following the acquisition of Ardyne. The trial delivered a full casing cut and recovery solution for the plug and abandonment market, reinforcing Weatherford’s leadership in advanced well abandonment.
      • In Saudi Arabia, Weatherford installed the first Rod Lift system in the Jafurah field. The unit was successfully commissioned, validating Weatherford’s Rod Lift technology as a viable artificial lift solution for this unconventional gas field.

    Shareholder Return

    During the second quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $34 million, resulting in a total shareholder return of $52 million. In the first half of the year, Weatherford paid dividends of $36 million and repurchased shares for approximately $87 million, resulting in a total shareholder return of $123 million.

    On July 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on September 4, 2025, to shareholders of record as of August 6, 2025.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)
      

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    Revenue   $          335     $              350     $          427     (4)   %   (22)    %
    Segment Adjusted EBITDA   $            69     $                 74     $          130     (7)   %   (47)    %
    Segment Adj EBITDA Margin     20.6 %     21.1 %     30.4 %            (55) bps         (985) bps

    Second quarter 2025 DRE revenue of $335 million decreased by $15 million, or 4% sequentially, primarily from lower Wireline activity in North America and Latin America partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/Russia and Latin America. Year-over-year DRE revenue decreased by $92 million, or 22%, primarily from lower activity across all geographies, especially in Latin America, partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/ Russia, North America and Middle East/North Africa/Asia.

    Second quarter 2025 DRE segment adjusted EBITDA of $69 million decreased by $5 million, or 7% sequentially, primarily from lower Wireline activity, partly offset by higher Drilling Services activity. Year-over-year DRE segment adjusted EBITDA decreased by $61 million, or 47%, primarily from lower activity across all geographies, especially in Latin America.

    Well Construction and Completions (“WCC”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    Revenue   $          456     $              441     $          504     3 %   (10)   %
    Segment Adjusted EBITDA   $          118     $              128     $          145     (8) %   (19)   %
    Segment Adj EBITDA Margin     25.9 %     29.0 %     28.8 %         (315) bps          (289) bps

    Second quarter 2025 WCC revenue of $456 million increased by $15 million, or 3% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Completions activity especially in Latin America.  Year-over-year WCC revenues decreased by $48 million, or 10%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers activity in Middle East/North Africa/Asia.

    Second quarter 2025 WCC segment adjusted EBITDA of $118 million decreased by $10 million, or 8% sequentially, primarily from lower Completions activity partly offset by higher Liner Hangers activity and Cementation Products activity and fall through. Year-over-year WCC segment adjusted EBITDA decreased by $27 million, or 19%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers and TRS fall through in Middle East/North Africa/Asia.

    Production and Intervention (“PRI”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    Revenue   $          327         $              334     $          369     (2)  %   (11)   %
    Segment Adjusted EBITDA   $            63         $                 62     $            85     2 %   (26)   %
    Segment Adj EBITDA Margin     19.3 %     18.6 %     23.0 %             70  bps          (377) bps

    Second quarter 2025 PRI revenue of $327 million  decreased by $7 million, or 2% sequentially, primarily from lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business partly offset by higher Artificial Lift and Sub-sea Intervention activity. Year-over-year PRI revenue decreased by $42 million, or 11%, as lower activity across all geographies was partly offset by higher Sub-sea intervention activity in Latin America.

    Second quarter 2025 PRI segment adjusted EBITDA of $63 million increased by $1 million, or 2% sequentially, primarily from  higher Sub-sea Intervention activity and fall through partly offset by lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business. Year-over-year PRI segment adjusted EBITDA decreased by $22 million, or 26%, primarily from lower activity across all geographies, partly offset by higher Sub-sea intervention activity and fall through in Latin America.

    Revenue by Geography 

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    North America   $             241   $                  250   $             252   (4) %   (4) %
                         
    International   $             963   $                  943   $          1,153   2 %   (16) %
       Latin America                     195                        241                    353   (19) %   (45) %
       Middle East/North Africa/Asia                    524                        503                    542   4 %   (3) %
       Europe/Sub-Sahara Africa/Russia                    244                        199                    258   23 %   (5) %
    Total Revenue   $          1,204   $               1,193   $          1,405   1 %   (14) %


    North America

    Second quarter 2025 North America revenue of $241 million decreased by $9 million, or 4% sequentially, primarily from lower Wireline activity in Canada Land, partly offset by higher Cementation Products and Liner Hangers activity. Year-over-year, North America decreased by $11 million, or 4% , primarily from lower activity across all the segments, partly offset by higher activity in US Offshore.

    International

    Second quarter 2025 international revenue of $963 million increased by $20 million, or 2% sequentially and decreased by $190 million, or 16% year-over-year.

    Second quarter 2025 Latin America revenue of $195 million decreased by $46 million, or 19% sequentially, primarily from lower activity in Argentina pursuant to the sale of the Argentina Pressure Pumping business, partly offset by higher Sub-sea intervention activity. Year-over-year, Latin America revenue decreased by $158 million, or 45%, primarily from lower activity in Mexico and Argentina, partly offset by higher Sub-sea intervention activity.

    Second quarter 2025 Middle East/North Africa/Asia revenue of $524 million increased by $21 million, or 4% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Drilling Services. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $18 million, or 3%, primarily from lower activity in the DRE and PRI segments partly offset by higher Liner Hangers activity.

    Second quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $244 million increased by $45 million, or 23% sequentially, primarily from higher activity across all the segments. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue decreased by $14 million, or 5%, primarily from lower activity across all the segments especially WCC, partly offset by higher Drilling Services and Pressure Pumping.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 17,300 team members representing more than 110 nationalities and 310 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Wednesday, July 23, 2025, to discuss the Company’s results for the second quarter ended June 30, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until August 6, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 1312926. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts
    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development & Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Per Share Amounts)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Revenues:                    
    DRE Revenues   $              335     $                 350     $              427     $            685     $            849  
    WCC Revenues                    456                          441                      504                     897                    962  
    PRI Revenues                    327                          334                      369                     661                    717  
    All Other                       86                            68                      105                     154                    235  
    Total Revenues                 1,204                      1,193                   1,405                 2,397                 2,763  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $                69     $                    74     $              130     $            143     $            260  
    WCC Segment Adjusted EBITDA[1]                    118                          128                      145                     246                    265  
    PRI Segment Adjusted EBITDA[1]                       63                            62                        85                     125                    158  
    All Other[2]                       19                              4                        23                       23                       50  
    Corporate[2]                     (15 )                        (15 )                    (18 )                   (30 )                   (32 )
    Depreciation and Amortization                     (64 )                        (62 )                    (86 )                 (126 )                (171 )
    Share-based Compensation                       (9 )                          (7 )                    (12 )                   (16 )                   (25 )
    Gain on Sale of Business                       70                            —                        —                       70                       —  
    Restructuring Charges                     (11 )                        (29 )                       (5 )                   (40 )                     (8 )
    Other (Charges) Credits                       (3 )                        (13 )                        2                     (16 )                     —  
    Operating Income                    237                          142                      264                     379                    497  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31
                        (21 )                        (26 )                    (24 )                   (47 )                   (53 )
    Loss on Blue Chip Swap Securities                       (1 )                          —                      (10 )                     (1 )                   (10 )
    Other Expense, Net                     (24 )                        (20 )                    (20 )                   (44 ) —                 (42 )
    Income Before Income Taxes                    191                            96                      210                     287                    392  
    Income Tax Provision                     (46 )                        (10 )                    (73 )                   (56 )                (132 )
    Net Income                    145                            86                      137                     231                    260  
    Net Income Attributable to Noncontrolling Interests                         9                            10                        12                       19                       23  
    Net Income Attributable to Weatherford   $              136     $                    76     $              125     $            212     $            237  
                         
    Basic Income Per Share   $             1.87     $                1.04     $             1.71     $           2.91     $           3.25  
    Basic Weighted Average Shares Outstanding                   72.2                         73.1                     73.2                    72.7                   73.1  
                         
    Diluted Income Per Share   $             1.87     $                1.03     $             1.66     $           2.90     $           3.16  
    Diluted Weighted Average Shares Outstanding                   72.4                         73.4                     75.3       72.9       75.0  
    [1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2] All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) June 30, 2025   December 31, 2024
    Assets:      
    Cash and Cash Equivalents $                              943   $                                 916
    Restricted Cash                                     60                                         59
    Accounts Receivable, Net                               1,177                                    1,261
    Inventories, Net                                  881                                       880
    Property, Plant and Equipment, Net                               1,136                                    1,061
    Intangibles, Net                                  305                                       325
           
    Liabilities:      
    Accounts Payable                                  685                                       792
    Accrued Salaries and Benefits                                  252                                       302
    Current Portion of Long-term Debt                                     26                                         17
    Long-term Debt                               1,565                                    1,617
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity                               1,519                                    1,283
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Cash Flows From Operating Activities:                    
    Net Income   $             145     $                    86     $             137     $             231     $             260  
    Adjustments to Reconcile Net Income to Net Cash
    Provided By Operating Activities:
                       
    Depreciation and Amortization                      64                             62                        86                      126                      171  
    Foreign Exchange Losses                      17                             13                          8                        30                        23  
    Loss on Blue Chip Swap Securities                        1                             —                        10                          1                        10  
    Gain on Disposition of Assets                      (3 )                           (1 )                    (25 )                      (4 )                    (32 )
    Gain on Sale of Business                    (70 )                           —                        —                      (70 )                      —   
    Deferred Income Tax Provision (Benefit)                      (5 )                             7                        13                          2                        27  
    Share-Based Compensation                        9                               7                        12                        16                        25  
    Changes in Accounts Receivable, Inventory, Accounts
    Payable and Accrued Salaries and Benefits
                       (22 )                         (17 )                    (22 )                    (39 )                  (174 )
    Other Changes, Net                      (8 )                         (15 )                    (69 )                    (23 )                    (29 )
    Net Cash Provided By Operating Activities                    128                          142                      150                      270                      281  
                         
    Cash Flows From Investing Activities:                    
    Capital Expenditures for Property, Plant and Equipment                    (54 )                         (77 )                    (62 )                  (131 )                  (121 )
    Proceeds from Disposition of Assets                        5                               1                          8                          6                        18  
    Proceeds from Sale of Businesses                      97                             —                        —                        97                        —   
    Purchases of Blue Chip Swap Securities                    (83 )                           —                      (50 )                    (83 )                    (50 )
    Proceeds from Sales of Blue Chip Swap Securities                      82                             —                        40                        82                        40  
    Business Acquisitions, Net of Cash Acquired                      —                             —                        —                        —                       (36 )
    Proceeds from Sale of Investments                      —                             —                        —                        —                         41  
    Other Investing Activities                      (4 )                           (3 )                        3                        (7 )                      (7 )
    Net Cash Provided by (Used In) Investing Activities                      43                           (79 )                    (61 )                    (36 )                  (115 )
                         
    Cash Flows From Financing Activities:                    
    Repayments of Long-term Debt                    (34 )                         (39 )                    (87 )                    (73 )                  (259 )
       Distributions to Noncontrolling Interests                      (8 )                           —                        (9 )                      (8 )                      (9 )
    Tax Remittance on Equity Awards                      —                           (20 )                      (1 )                    (20 )                      (9 )
    Share Repurchases                    (34 )                         (53 )                      —                      (87 )                      —   
    Dividends Paid                    (18 )                         (18 )                      —                      (36 )                      —   
    Other Financing Activities                      (3 )                           (3 )                      (5 )                      (6 )                    (12 )
    Net Cash Used In Financing Activities   $              (97 )   $                (133 )   $           (102 )   $           (230 )   $           (289 )
    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Margin in Percentages)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Revenues   $         1,204     $          1,193     $         1,405     $      2,397     $      2,763  
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Margin     11.3 %     6.4 %     8.9 %     8.8 %     8.6 %
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
    Adjusted EBITDA Margin*     21.1 %     21.2 %     26.0 %     21.2 %     25.4 %
                         
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Attributable to Noncontrolling Interests                       9                        10                       12                    19                    23  
    Income Tax Provision                     46                        10                       73                    56                 132  
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31
                        21                        26                       24                    47                    53  
    Loss on Blue Chip Swap Securities                       1                        —                       10                      1                    10  
    Other Expense, Net                     24                        20                       20                    44                    42  
    Operating Income                  237                      142                    264                 379                 497  
    Depreciation and Amortization                     64                        62                       86                 126                 171  
    Other Charges (Credits)[1]                       3                        13                       (2 )                  16                    —  
    Gain on Sale of Business                   (70 )                      —                       —                  (70 )                  —  
    Restructuring Charges                     11                        29                         5                    40                      8  
    Share-Based Compensation                       9                          7                       12                    16                    25  
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
                         
    Net Cash Provided By Operating Activities   $            128     $              142     $            150     $         270     $         281  
    Capital Expenditures for Property, Plant and
    Equipment
                      (54 )                    (77 )                   (62 )             (131 )             (121 )
    Proceeds from Disposition of Assets                       5                          1                         8                      6                    18  
    Adjusted Free Cash Flow*   $              79     $                66     $              96     $         145     $         178  
    [1] Other Charges (Credits) in the three and six months ended June 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits.

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
     
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Total Debt   $              1,591   $              1,605   $              1,648  
                   
    Cash and Cash Equivalents   $                 943   $                 873   $                 862  
    Restricted Cash                          60                          57                          58  
    Total Cash   $              1,003   $                 930   $                 920  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Less: Cash and Cash Equivalents                       943                        873                       862  
    Less: Restricted Cash                          60                          57                          58  
    Net Debt*   $                 588   $                 675   $                 728  
                   
    Net Income for trailing 12 months   $                 481   $                 470   $                 500  
    Adjusted EBITDA* for trailing 12 months   $              1,188   $              1,299   $              1,327  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)                      0.49 x                     0.52 x                    0.55 x


    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    The MIL Network –

    July 23, 2025
  • MIL-Evening Report: Do countries have a duty to prevent climate harm? The world’s highest court is about to answer this crucial question

    Source: The Conversation (Au and NZ) – By Nathan Cooper, Associate Professor of Law, University of Waikato

    Getty Images

    The International Court of Justice (ICJ) will issue a highly anticipated advisory opinion overnight to clarify state obligations related to climate change.

    It will answer two urgent questions: what are the obligations of states under international law to protect the climate and environment from greenhouse gas emissions, and what are the legal consequences for states that have caused significant harm to Earth’s atmosphere and environment?

    ICJ advisory opinions are not legally binding. But coming from the world’s highest court, they provide an authoritative opinion on serious issues that can be highly persuasive.

    This advisory opinion marks the culmination of a campaign that began in 2019 when students and youth organisations in Vanuatu – one of the most vulnerable nations to climate-related impacts – persuaded their government to seek clarification on what states should be doing to protect them.

    Led by Vanuatu and co-sponsored by 132 member states, including New Zealand and Australia, the United Nations General Assembly formally requested the advisory opinion in March 2023.

    More than two years of public consultation and deliberation ensued, leading to this week’s announcement.

    What to expect

    Looking at the specific questions to be addressed, at least three aspects stand out.

    First, the sources and areas of international law under scrutiny are not confined to the UN’s climate change framework. This invites the ICJ to consider a broad range of law – including trans-boundary environmental law, human rights law, international investment law, humanitarian law, trade law and beyond – and to draw on both treaty-related obligations and customary international law.

    Such an encyclopaedic examination could produce a complex and integrated opinion on states’ obligations to protect the environment and climate system.

    Second, the opinion will address what obligations exist, not just to those present today, but to future generations. This follows acknowledgement of the so-called “intertemporal characteristics” of climate change in recent climate-related court decisions and the need to respond effectively to both the current climate crisis and its likely ongoing consequences.

    Third, the opinion won’t just address what obligations states have, but also what the consequences should be for nations:

    where they, by their acts and omissions have caused significant harm to the climate system and other parts of the environment.

    Addressing consequences as well as obligations should cause states to pay closer attention and make the ICJ’s advisory more relevant to domestic climate litigation and policy discussions.

    Representatives from Pacific island nations gathered outside the International Court of Justice during the hearings.
    Michel Porro/Getty Images

    Global judicial direction

    Two recent court findings may offer clues as to the potential scope of the ICJ’s findings.

    Earlier this month, the Inter-American Court of Human Rights published its own advisory opinion on state obligations in response to climate change.

    Explicitly connecting fundamental human rights with a healthy ecosystem, this opinion affirmed states have an imperative duty to prevent irreversible harm to the climate system. Moreover, the duty to safeguard the common ecosystem must be understood as a fundamental principle of international law to which states must adhere.

    Meanwhile last week, an Australian federal court dismissed a landmark climate case, determining that the Australian government does not owe a duty of care to Torres Strait Islanders to protect them from the consequences of climate change.

    The court accepted the claimants face significant loss and damage from climate impacts and that previous Australian government policies on greenhouse gas emissions were not aligned with the best science to limit climate change. But it nevertheless determined that “matters of high or core government policy” are not subject to common law duties of care.

    Whether the ICJ will complement the Inter-American court’s bold approach or opt for a more constrained and conservative response is not certain. But now is the time for clear and ambitious judicial direction with global scope.

    Implications for New Zealand

    Aotearoa New Zealand aspires to climate leadership through its Climate Change Response (Zero Carbon) Amendment Act 2019. This set 2050 targets of reducing emissions of long-lived greenhouse gases (carbon dioxide and nitrous oxide) to net zero, and biogenic methane by 25-47%.

    However, actions to date are likely insufficient to meet this target. Transport emissions continue to rise and agriculture – responsible for nearly half of the country’s emissions – is lightly regulated.

    Although the government plans to double renewable energy by 2050, it is also in the process of lifting a 2018 ban on offshore gas exploration and has pledged $200 million to co-invest in the development of new fields.

    Critics also point out the government has made little progress towards its promise to install 10,000 EV charging stations by 2030 while axing a clean-investment fund.

    Although a final decision is yet to be made, the government is also considering to lower the target for cuts to methane emissions from livestock, against advice from the Climate Change Commission.

    With the next global climate summit coming up in November, the ICJ opinion may offer timely encouragement for states to reconsider their emissions targets and the ambition of climate policies.

    Most countries have yet to submit their latest emissions reduction pledges (known as nationally determined contributions) under the Paris Agreement. New Zealand has made its pledge, but it has been described as “underwhelming”. This may present a chance to adjust ambition upwards.

    If the ICJ affirms that states have binding obligations to prevent climate harm, including trans-boundary impacts, New Zealand’s climate change policies and progress to date could face increased legal scrutiny.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Do countries have a duty to prevent climate harm? The world’s highest court is about to answer this crucial question – https://theconversation.com/do-countries-have-a-duty-to-prevent-climate-harm-the-worlds-highest-court-is-about-to-answer-this-crucial-question-261396

    MIL OSI Analysis – EveningReport.nz –

    July 23, 2025
  • MIL-OSI Africa: Strengthening vulnerability analysis to tackle food insecurity in Southern Africa

    Source: APO

    Food insecurity in Southern Africa is worsening, driven by erratic weather patterns, pest outbreaks, and economic shocks. An estimated 46.3 million people across seven countries -Botswana, the Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, South Africa and Tanzania— are projected to fate acute food insecurity during the 20205/26 consumption period. As shocks intensify, timely and harmonized vulnerability assessments remain critical to inform early action, response planning, and policy development.

    To this end, representatives from 11 Southern African Development Community  (SADC) Member States, joined by regional and international partners including the Food and Agriculture Organization of the United Nations (FAO), World Food Programme (WFP), Famine Early Warning Systems Network (FEWS NET), and the Integrated Food Security Phase Classification (IPC) Regional Support Unit, gathered virtually from 14 to 16 July 2025 for the Annual Dissemination Forum of the SADC Regional Vulnerability Assessment and Analysis (RVAA) Programme. The event was followed by the 29th Steering Committee meeting on 17 July 2025.

    Despite data collection and budgetary challenges, seven Member States successfully completed their national assessments and presented findings at the forum. These findings contributed to the finalization of the 2025 Regional Synthesis Report on the State of Food and Nutrition Security in SADC, validated by the Regional Vulnerability Assessment Committee (RVAC).

    The report highlights a concerning uptick in food insecurity, particularly in the Democratic Republic of Congo, Mozambique and low-income urban areas, underscoring the compounded impact of the 2024 El Niño-induced drought, ongoing conflict, and high food prices. At the same time, the region experienced normal to above-normal rainfall in many areas during the 2024/25 season, supporting a modest recovery in cereal production and grazing conditions, particularly in countries like Tanzania, Lesotho and Eswatini.

    FAO’s technical support and way forward

    As a long-standing partner of the RVAA system, FAO continues to support Member States in enhancing the quality and use of vulnerability assessments. This includes contributing technical expertise to the Regional Vulnerability Assessment Committee, promoting alignment with IPC frameworks, and strengthening links between data and early action.

    Looking ahead, FAO will continue engaging with SADC Member States and partners to improve the quality and coverage of vulnerability assessments across the region. This includes supporting harmonization of tools and methodologies, promoting digital data collection systems, and fostering cross-country learning and peer-to-peer exchange. FAO is committed to working alongside the SADC Secretariat to strengthen the institutional sustainability of the RVAA programme and integrate early warning into broader disaster risk management systems.

    The outcomes of the 29th Steering Committee meeting reaffirm the urgency of accelerating investment in regional food security analysis. The Committee called for renewed efforts to mobilize resources for the upcoming landscape analysis of existing national frameworks, which will inform the development of a harmonized vulnerability assessment framework for the SADC region by 2026. FAO will remain a key technical partner in this process, offering expertise to ensure that the proposed framework is scalable, inclusive, and responsive to the complex drivers of vulnerability facing Southern Africa today.

    Distributed by APO Group on behalf of Food and Agriculture Organization of the United Nations (FAO): Regional Office for Africa.

    Media files

    .

    MIL OSI Africa –

    July 23, 2025
  • MIL-OSI USA: Donalds Fights For Hardworking Floridians: Leads Bicameral Effort To Deliver Much-Needed Flood Insurance Tax Relief

    Source: United States House of Representatives – Representative Byron Donalds (R-FL)

    WASHINGTON – Congressman Byron Donalds (R-FL) has announced the reintroduction of legislation to provide much-needed tax relief for National Flood Insurance Program (NFIP) and private insurance policyholders across Southwest Florida, the Sunshine State, and the nation.

    H.R. 4494 – “The Flood Insurance Relief Act” is the 18th piece of legislation proposed by Congressman Donalds during the 119th Congress. Specifically, this bill combats the rising cost of flood insurance by creating a non-refundable tax deduction for flood insurance premiums.

    Senate Companion bill, S. 2313 – “The Flood Insurance Relief Act” is sponsored by Sen. Rick Scott (R-FL) and co-led by Sen. Ashley Moody (R-FL). Last Congress, the “The Flood Insurance Relief Act” was introduced by Rep. Donalds as H.R. 8102 and by Sen. Rick Scott as S. 4143.

    “For far too long, the rising cost of flood insurance has crushed hardworking Floridians. This is unacceptable, this must change, and this critical issue must be addressed to ensure our economy works for all Americans. The time for action is now, and I’m proud to join Senator Rick Scott in introducing the Flood Insurance Relief Act to provide this overdue relief to policyholders across our Southwest Florida community, the Sunshine State, and the nation,” said Congressman Byron Donalds (R-FL). 

    “Floridians know well that flood insurance can be a crucial but costly asset, and it is unacceptable that many are left struggling to find flood insurance coverage they can afford. Families shouldn’t have to choose between protecting their homes and putting food on the table. I’ve been working on several bills to fix the broken NFIP system and encourage private-sector participation to allow for a more robust, affordable flood insurance market, but we must do more to help families ASAP. My Flood Insurance Relief Act offers a practical way to directly ease the financial burden of flood insurance for families by allowing a tax deduction on their premiums, whether through the NFIP or the private market. I’m glad to have my fellow Floridians Senator Ashley Moody and Congressman Byron Donalds joining me in leading this effort,” said Senator Rick Scott (R-FL).

    “As I travel around the Sunshine State, one thing folks continue to tell me is that they are worried about the rising cost of flood insurance. That is why today, Senator Scott and I are working to ease the financial burden on Florida families by proposing a bill that would create a tax deduction on their flood insurance premiums. The Flood Insurance Relief Act is a critical solution that will directly benefit Floridians, ” said Senator Ashley Moody (R-FL).


    Bill Overview:

    • This bill allows individuals to deduct the cost of qualified flood insurance premiums paid during the year from their taxable income.

    • The deduction applies to premiums, federal policy fees, and surcharges associated with the National Flood Insurance Program and qualifying private flood insurance.

    • This bill limits any individuals who have a gross income (AGI) of more than $200,000 or $400,000 for joint filers from taking this deduction focusing on middle-class families.

    • The deduction applies only to premiums tied to property owned by the taxpayer.


    Bill Background:

    • Flood insurance premiums have been rapidly rising, but are not deductible under federal tax law, despite being a mandatory expense for many homeowners with federally backed mortgages in high-risk flood zones.
    • As we work to restore the economy for all hardworking Americans, providing tax relief for flood insurance premiums helps to alleviate a major financial burden for many Floridians.


    More:

    • Read text of H.R. 4494 – the Donalds “Flood Insurance Relief Act” HERE.
    • See bill profile of H.R. 4494 HERE.
    • Read text of S. 2313 – the Scott “Flood Insurance Relief Act” HERE.
    • See bill profile of S. 2313 HERE.
    • See H.R. 4494 social media graphics BELOW:

    ###

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI Europe: Karl Nehammer appointed new Vice-President of the European Investment Bank

    Source: European Investment Bank

    Nidetzky

    • Former Chancellor of Austria will join the EIB Management Committee.
    • Vice-President Nehammer will start on 1 September, succeeding Swedish Vice-President Thomas Ostros.

    The European Investment Bank (EIB) is pleased to announce the appointment of Karl Nehammer as a new Vice-President and Member of its Management Committee, following a decision by the 27 EU Finance Ministers, representing the EIB’s shareholders, the EU Member States.

    Mr. Nehammer, an Austrian national, has been nominated by Austria and is set to take up his duties on 1 September 2025, succeeding current Vice-President Thomas Östros.

    Karl Nehammer joins the EIB with a wealth of experience from his distinguished career in Austrian politics. He served as the Federal Chancellor of Austria from 2021 to 2025. Prior to this, he was Minister of the Interior from 2020 to 2021, and he was a member of the National Council from 2017 to 2020 as well as Secretary-General of the People’s Party.

    EIB Group President Nadia Calviño welcomed the appointment, stating, “I am pleased to welcome Karl Nehammer to the EIB Management Committee. His profound experience in European politics will be an important asset for our Group and for delivering on key EU policy goals.”

    Upon his appointment, Karl Nehammer remarked, “I am thrilled to join the European Investment Bank, an institution vital to the economic well-being and strategic autonomy of the European Union. The EIB plays a key role in backing priority investment across Europe and worldwide, and I look forward to working with President Calviño, my fellow Management Committee members, EIB Group staff and stakeholders to advance the Bank’s critical mission”.

    The EIB Group has operated in Austria since 1973 and since then the EIB  has provided more than EUR 34 billion for public and private investment across the country. The last Austrian Vice-President of the EIB was Wilhelm Molterer who served from 2011 to 2015.

    Background information  

    The EIB’s Management Committee is the Bank’s permanent collegiate executive body, composed of a President and eight Vice-Presidents. Its members are appointed by the EIB’s Board of Governors, which consists of the economy and finance ministers of the 28 EU Member States.

    The Committee collectively oversees the day-to-day running of the EIB and is responsible for preparing and ensuring the implementation of the Board of Directors’ decisions, particularly concerning borrowing and lending operations.

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers.Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. 

    High-quality, up-to-date photos of our headquarters for media use are available here.

    MIL OSI Europe News –

    July 23, 2025
  • MIL-OSI USA: MTA Expands Accessibility With 12 More Stations

    Source: US State of New York

    overnor Kathy Hochul today announced that the Metropolitan Transportation Authority (MTA) continued its celebration of Disability Pride Month with the announcement of an additional 12 stations across four boroughs to receive elevators and other accessibility upgrades as part of the 2025-2029 Capital Plan. The Capital Plan calls for at least 60 more stations to be made ADA-accessible. This will ensure that nearly 70 percent of all subway rides will take place to or from accessible stations.

    “Every New Yorker deserves an accessible, safe, and reliable transit system, and today’s announcement represents real progress towards a better subway for everyone,” Governor Hochul said. “Thanks to record investment in the MTA’s current capital plan and funding from congestion pricing, dozens of station accessibility projects across the city are already underway. By including 12 more stations to our accessibility program, this historic pace of upgrades will only get better.”

    These stations were selected using legislatively mandated criteria including geographic coverage, demographics, ridership, transfers and priority destinations. And for the first time, the MTA used a public tool to allow riders to submit their accessibility priorities, which garnered more than 2,000 responses across all five boroughs. This adds to the previous 43 stations the MTA has committed to upgrading with elevators or ramps in the 2025-2029 Capital Plan. The 2025-2029 Capital plan also includes the replacement and modernization of 45 subway station elevators.

    New York State Chief Disability Officer Kimberly Hill Ridley said, “With this announcement comes the news that all New Yorkers, both with and without disabilities, families and visitors to this great state will soon have more access to the subway station that connects so many important parts of this city. I commend the Governor Hochul and the MTA for making accessibility one of its priorities that everyone will benefit from.”

    MTA Chair and CEO Janno Lieber said, “When it comes to accessibility, the MTA is delivering much more than ever before – both in terms of dollars and number of ADA stations. And thanks to our fully funded Capital Plan, we are going to keep moving forward at the same pace – five times faster than ever before – until we achieve full accessibility.”

    MTA Construction and Development President Jamie Torres-Springer said, “Nearly a quarter of every accessible station in the system has been built in the last five years. We’re on an unprecedented streak of success in bringing our system to everyone, and we can’t wait to keep the momentum going. This next batch of stations presents new opportunities to expand access, and we’re ready to complete the projects better, faster, and cheaper.”

    MTA Chief Accessibility Officer and Senior Advisor Quemuel Arroyo said, “This is the next step in our journey to make transit accessible for everyone, including riders with disabilities, seniors, families with strollers, and visitors. These stations serve tens of thousands of daily riders, and I’m thrilled to see how these upgrades will improve their customer experience.”

    The stations receiving accessibility upgrades are:

    • 53 St R
    • 63 Dr-Rego Park MR
    • 190 St A
    • Bedford-Nostrand Avs G
    • Botanic Garden S
    • Cathedral Pkwy (110 St) 1
    • Eastchester-Dyre Av 5
    • Fordham Rd BD
    • Franklin Av-Medgar Evers College 2345
    • Grand Army Plaza 23
    • Grand Av-Newtown MR
    • Woodlawn 4

    The MTA also announced the launch of a revamped Elevator and Escalator Status tool, making it easier for riders to check the status of any elevator or escalator. Improvements were made to the interface, navigation and search functionality, which allows customers to save favorite stations. This tool allows customers to make travel decisions with real-time information about the status of machines throughout the MTA system.

    The MTA is also using funds from congestion pricing to invest in transit improvements, including Americans with Disabilities Act (ADA) upgrades at 23 subway stations, including new elevators and reconstructed platforms. The MTA is delivering accessibility projects at an unprecedented pace, completing 36 ADA stations since 2020, double the number of ADA stations completed in the previous six years.

    Senate Minority Leader Chuck Schumer said, “These much-needed accessibility upgrades at subway stations across the city are key to modernizing the system and making public transit more accessible for the whole riding public. New Yorkers with disabilities, including many seniors, have long suffered from poor access to our region’s mass transit. I’m proud to support the MTA’s accessibility projects with the federal funding needed to deliver these critical upgrades.”

    Senator Kirsten Gillibrand said, “Every New Yorker, regardless of age or disability, deserves an accessible and inclusive public transportation network. Renovated platforms, new elevators, and other upgrades will make our subway stations more accessible for riders with disabilities, families, seniors, and travelers with luggage. As ranking member of the Senate Aging Committee and Senate Appropriations Transportation Subcommittee, I will continue to fight for federal funding for vital ADA upgrades and other improvements to New York City’s public transit infrastructure.”

    House Democratic Leader Hakeem Jeffries said, “I am grateful that the MTA continues to make investments in accessibility and has included the Bedford-Nostrand Avenue station among its planned improvements in the 2025-2029 Capital Plan. The G train is an incredibly important part of the transportation infrastructure of Bed-Stuy and these upgrades will provide more of the people I am privileged to represent with the ability to travel freely throughout our great city.”

    Representative Adriano Espaillat said, “Public transportation is the lifeline of my district and New York City and ensuring accessibly to the 190th street station’s A line platform and Fordham Road station’s B/D line platform are welcomed news for the residents of Upper Manhattan and the Northwest Bronx. I commend Governor Hochul, Janno Lieber, community advocates, and the entire MTA team for advancing these much-needed improvements as a part of the broader effort to make New York City’s subway the most accessible system in the world.”

    Representative Jerrold Nadler said, “Thanks to congestion pricing, MTA stations will become more accessible. It is great to see that Cathedral Parkway–110th Street station is in the first batch of stations to be making accessibility improvements. Congestion pricing is delivering for all New Yorkers — from improving traffic conditions to providing the funding needed to ensure that everyone has the ability to ride mass transit.”

    Representative Dan Goldman said, “I’m thrilled to hear that the MTA has expanded the number of stations included in their Accessibility Plan. New York City has the most comprehensive public transit system in the nation, and it’s imperative that we ensure accessibility and equitable access for all. As we celebrate Disability Pride Month, I’m excited to see the MTA’s commitment to strengthening New York’s infrastructure to guarantee affordable, accessible, and reliable public transportation for everyone.”

    Representative George Latimer said, “I applaud the MTA for making these much-needed ADA upgrades that will make subway stations more accessible. People with disabilities, parents with strollers, people who are elderly, and people hauling large bags to train stations and airports will benefit from these upgrades, and I hope it will incentivize even more people to take public transportation”

    State Senator Liz Kreuger said, “I am happy to see the MTA making continued progress on ADA accessibility for our subway system. Every station that becomes ADA accessible means life got made significantly easier for the many New Yorkers who rely on that stop to get to work, to do their grocery shopping, and to spend hard-earned free time with friends and family. This improvement will help disabled and older New Yorkers and families with young children in strollers to use our vital subway system. Accessibility at these stops is another step toward system-wide ADA compliance for public transit, which is an essential part of keeping our city a thriving, just, and affordable place to live for all New Yorkers.”

    State Senator Joseph P. Addabbo, Jr. said, “I commend the MTA for its continued  efforts to enhance  subway accessibility for all  New Yorkers, especially my constituents. The  installation of elevators and  accessibility improvements at  these stations represents  a fundamental advancement towards enabling people with  mobility issues to travel more easily throughout  the city. I am especially grateful to the MTA for proceeding with the elevator project at the station within my district, located in my hometown of Ozone Park. I’m pleased to see the use of public input in prioritizing projects and the progress made in increasing ADA-accessibility across the system. These collective  efforts advance us toward establishing a  transit network which  provides equal access to  all residents.”

    State Senate Deputy Leader Michael Gianaris said, “Expanding the accessibility of our subway system is one of the most important investments we can make in transit. I look forward to the installation of elevators at these 12 stations, and to all of the benefits they will bring to riders who live and work nearby.”

    State Senator Leroy Comrie said, “As Chair of the Senate Committee on Corporations, Authorities, and Commissions, I commend the MTA for its continued commitment to expanding accessibility across our transit system. The inclusion of the Grand Avenue, Newtown and 63rd Drive Rego Park stations in Queens reflects the power of advocacy and public input in shaping a more equitable transit network. For too long, far too many New Yorkers, particularly seniors, people with disabilities, and families have faced unnecessary barriers just getting to where they need to go. This investment is another step toward a transit system that works for all New Yorkers.”

    State Senator Robert Jackson said, “Accessibility isn’t just about infrastructure — it’s a powerful affirmation of our shared commitment to equity, inclusion, and dignity for every New Yorker. I commend the MTA for taking this critical step to expand access across our transit system. I’m proud that communities in my district will directly benefit from these upgrades, which help ensure that no rider is left behind. This investment brings us closer to a system that reflects the full dignity and diversity of its riders. I look forward to continuing to work with the MTA to ensure these promises become reality — and to building a city where accessibility is the standard, not the exception.”

    State Senator Andrew Gounardes said, “The subway belongs to every New Yorker, and every New Yorker should be able to access it. These new elevators bring us one step closer to a truly accessible transit system, and I was proud to vote for them in this year’s state budget. Whether you use a wheelchair, push your child in a stroller, travel with luggage or simply struggle climbing the stairs, these elevators are for you. Thanks to the MTA for their work to expand subway access — I look forward to continuing to work together as we create a transit system that works for every New Yorker.”

    State Senator Zellnor Myrie said, “Even as we recognize there is more work to do, I’m pleased the MTA’s Capital Plan includes ADA upgrades at stations in Central Brooklyn. These upgrades are made possible by congestion pricing, which allows us to invest in mass transit improvements while reducing traffic and improving air quality. I’m grateful to the MTA for prioritizing these improvements for Brooklyn commuters.”

    State Senator Gustavo Rivera said, “I am incredibly excited that the MTA is prioritizing the Bronx by planning accessibility upgrades at the Woodlawn 4 station and the Fordham Road B/D station in my district. These stations will receive significant infrastructure upgrades including elevators to make them accessible to seniors and disabled folks in our community. I look forward to continued progress to make our public transportation system more inclusive and accessible for all New Yorkers.”

    Assemblymember Ed Braunstein said, “Today’s announcement that 12 additional stations will be included in the MTA’s accessibility expansion will significantly improve the quality of life for numerous transit-dependent New Yorkers. I thank MTA Chair and CEO Janno Lieber for working to ensure that our city has an accessible and reliable public transit system.”

    Assemblymember Jeffrey Dinowitz said, “I am thrilled that we are continuing to add to the list of ADA compliant stations throughout New York City. The addition of ADA compliance at the Woodlawn station will help hundreds of residents, most notably my constituents, daily in their attempts to commute via public transit. I have been a longstanding advocate for ADA compliance in my district, and I applaud the MTA in their efforts to make public transportation more accessible to all New Yorkers.”

    Assemblymember Jo Anne Simon said, “New Yorkers deserve a transit system that works for everyone, including riders with disabilities, older adults, and parents with strollers. These upgrades bring us one step closer to creating a subway system that truly serves us all. I applaud the MTA for accelerating its commitment to accessibility and pushing for a more equitable future in public transit.”

    Assemblymember Micah Lasher said, “Every New Yorker deserves a transit system that works for them. I’m proud to see the MTA prioritizing accessibility, especially with the inclusion of the 110 St 1 line in this next round of ADA upgrades. This investment will make a real difference in the lives of riders in our community and bring us closer to a more equitable and inclusive city.”

    Assemblymember Phara Souffrant Forrest said, “Residents of Central Brooklyn need and deserve access to a more accessible transit system, particularly along busy corridors like Nostrand Avenue and Franklin Avenue. I’m so happy that they will soon have accessible stations at these locations. This clearly demonstrates the importance of adequately funding ADA upgrades to our public transportation system. I look forward to collaborating with the MTA and all other stakeholders to ensure these upgrades are delivered smoothly and quickly.”

    Assemblymember Yudelka Tapia said, “I’m thrilled that Fordham Road is included in the MTA’s latest round of accessibility upgrades. This is a major win for our community, especially for seniors, families with strollers, and New Yorkers with disabilities who rely on public transit every day. I commend the MTA for listening to riders and prioritizing the needs of our neighborhoods in the Bronx.”

    Assembly Member Rev. Dr. Al Taylor said, “I commend the MTA for prioritizing accessibility with this latest round of ADA station upgrades, including the 190 St A train station in my district. For far too long, residents living in the surrounding hills of Washington Heights and visitors to Fort Tryon Park and the Cloisters have faced steep barriers, literally and figuratively, when using public transit. These upgrades are not just about elevators; they are about equity, dignity, and ensuring all New Yorkers, including our seniors and neighbors with disabilities, can move through the city with ease. I’m proud to support this step forward.”

    New York City Council Majority Whip Selvena N. Brooks-Powers said, “Every New Yorker deserves a transit system that is safe, reliable, and accessible — regardless of ability. These investments are essential for creating an equitable system that works for everyone, and I applaud the MTA for including community voices in the process. As Chair of the Committee on Transportation and Infrastructure, I look forward to working with the MTA to ensure these improvements are delivered on time and with real impact for riders.”

    New York City Council Member Eric Dinowitz said, “I’m thrilled that the MTA’s ’25-29 Capital Plan includes much-needed accessibility upgrades to the Woodlawn 4 station. For too long, seniors, parents with strollers, and New Yorkers with disabilities have faced unnecessary barriers in our transit system. I fought for accessibility at the Mosholu train stop and I’m happy to hear these upgrades are coming to Woodlawn as well. The city is finally working to ensure our subway stations comply with ADA accessibility standards, and I thank the MTA for their commitment to ensure residents can move through our city with dignity and ease.”

    New York City Council Member Crystal Hudson said, “The New York City subway sees over a billion rides each year and remains the backbone of our city’s public transit system. With the largest underground rail system in the country, it is essential that we make it safe and accessible for all New Yorkers. I am thrilled that the MTA will bring long-overdue ADA upgrades to twelve stations , including three in my district. These improvements are a critical step toward making our transit system truly equitable, and I will continue to push for even more MTA accessibility upgrades across New York City.”

    New York City Council Member Carmen De La Rosa said, “We are elated that another one of our train stations Uptown will receive ADA improvements under the new capital plan. We have a largely aging community with varying disabilities and families who need better access to the largest transit system in the world. The 190th A train station deserves all of the love it can get, and we are excited to offer new accessible options for District 10 strap-hangers.”

    New York City Council Member Alexa Avilés said, “I am extremely pleased to know that the Metropolitan Transportation Authority is centering the needs of Sunset Park residents in their 2025-29 Capital Plan. The allocated elevator upgrades will be meaningful in our community, enabling all residents to access reliable transportation. Every step towards an accessible New York is a step towards a New York that works for everyone. These upgrades are making inclusivity a reality. I look forward to working with the MTA to engage our community around these projects over the coming years.”

    New York City Council Member Kevin C. Riley said, “Accessibility is a cornerstone of equity. Many families, seniors, and people with disabilities in our communities have long encountered barriers to fully accessing our transit system. This commitment by the MTA is a powerful step toward ensuring that all New Yorkers can move through our city with dignity and independence. I also commend the MTA for continuing to prioritize accessibility improvements in neighborhoods across the city as we work toward a more inclusive and equitable transit future. I’m proud to see the Eastchester–Dyre Avenue station—right here in our Northeast Bronx community—included in this initiative, receiving the critical investment our residents deserve and rely on.”

    Brooklyn Borough President Antonio Reynoso said, “New Yorkers deserve to move through our boroughs with ease and comfort. This investment will continue to break down long-standing barriers for Brooklynites. I am thankful to the MTA for making equity a priority in this project and moving us a step closer to building the accessible, world-class transit system our city needs.”

    Queens Borough President Donovan Richards Jr. said, “It’s great to see an additional 12 stations across the city to receive elevators and other accessibility upgrades, especially Grand Avenue-Newtown in Elmhurst and 63 Drive-Rego Park Station in Rego Park in Queens. Now, more people will be able to use our subway system. We must continue to work together to ensure all New Yorkers, regardless of ability, can access the subway system and the rest of the city with these important upgrades.”

    Riders Alliance Executive Director Betsy Plum said, “Transit riders organized and won historic subway upgrades that will make it possible for all New Yorkers to get around safely and affordably underground. Congestion pricing is working and thanks to bold leadership in Albany, New York is funding long awaited station accessibility improvements across the city. Accessibility is the law and elevators are for everyone.”

    New Yorkers Regional Plan Association Executive Vice President Kate Slevin said, “Whether at Medgar Evers College in Brooklyn or at MTA stations across the city, each new elevator brings the transit system one step closer to being fully accessible to all. These are the types of projects that the MTA can deliver thanks to a fully funded capital program.”

    Tri-State Transportation Campaign Director of Climate and Equity Policy Jaqi Cohen said, “Every New Yorker deserves equal access to our subway system. These new accessible stations are long overdue, and we’re proud to see real progress made toward greater transit equity. When we invest in greater transportation accessibility, we invest in a more livable, vibrant, and inclusive New York.”

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI Analysis: Hosepipe ban survival guide: which garden plants to save and which to sacrifice

    Source: The Conversation – UK – By Alastair Culham, Associate Professor of Botany, University of Reading

    Studio 37/Shutterstock

    With hosepipe bans in force across several English regions and more restrictions likely to follow, gardeners face some tough choices. When every drop counts, which plants deserve your precious water from the water butt, and which should you leave to fend for themselves?

    As someone who has researched how British gardeners need to adapt to respond to our changing climate, I can tell you that not all garden plants are created equal when it comes to water needs. Some plants will bounce back from a summer scorching, while others may never recover.

    Top plants to prioritise for watering

    1. New woody plants

    Any woody plant installed in the last 12-18 months should be your absolute priority. These haven’t yet developed the deep root systems needed to find moisture reserves and going without enough water the first year or so after planting could kill them.

    Water thoroughly and add a deep mulch of wood chips to help the soil hold water. For young trees you can install a watering bag around the trunk but you still need to top it up.

    2. Hydrangeas

    Hydrangeas adopt a conservative strategy when it comes to drought. They shut their stomata (leaf pores) rapidly when they sense dry soil, and keep them closed until consistent moisture returns. They often drop their leaves too.

    This can mean many weeks without growth, after even a relatively short drought period. So if you want to keep them looking at their best, they need consistent watering. You can cut growth back to reduce water loss, and save the the plant at the cost of flowers.

    Hydrangeas need help during a drought.
    savitskaya iryna/Shutterstock

    3. Moisture loving trees

    Japanese maples (Acer palmatum), along with other moisture-loving trees like birch and beech, are prone to serious die-back during summer droughts. Their shallow root systems and large leaves make them particularly vulnerable to water stress. Water and mulch them.

    4. Soft herbaceous plants

    Astilbe, dicentra, filipendula, heuchera, primula, trollius and many other soft herbaceous plants require good moisture levels and may not survive prolonged drought.

    5. Shallow-rooted shrubs

    Rhododendrons and azaleas are shallow-rooted shrubs particularly susceptible to drought stress, especially the large-leaved evergreen species which are also prone to wind damage when stressed.

    6. Clematis

    Many clematis varieties struggle with drought. Since they’re often grown for their spectacular flowering displays, maintaining adequate moisture around the roots is crucial, especially for autumn-flowering varieties, or spring-flowering varieties which flower on the previous year’s growth.

    A gravel mulch can help keep the roots cool and damp. However, clematis orientalis, terniflora, and evergreens such as C. cirrhosa can be surprisingly tolerant of a hot dry period.

    7. Ripening vegetables

    If you’re growing vegetables, prioritise crops approaching harvest and those that split when moisture returns after drought, such as carrots. Runner beans and courgettes need moist soil to keep cropping and potato yields are heavily influenced by water levels.

    8. All the pots

    Anything in pots has limited access to soil moisture reserves and will need regular attention. Move containers to shadier spots if possible. Always use a pot saucer to hold water and prevent it draining away.

    Plants that can survive without extra water

    Research into plant water-stress shows that many common garden plants are surprisingly resilient.

    Forsythia adopts a risk-taking strategy. It keeps growing and photosynthesising even when soil moisture becomes limited, gambling that it can regrow after damage. This makes it remarkably drought-tolerant. It is also tolerant of heavy pruning which can save it in severe conditions.

    Mediterranean shrubs like lavender, rosemary, sage and thyme are naturally adapted to dry conditions. Their grey, hairy or waxy leaves are evolved to conserve moisture. Soil conditions are crucial though. If the plants are deep rooted they will draw water up, but if your soil is shallow or compacted they might well be less drought tolerant.

    Sedums, sempervivums and other succulents store water in their fleshy leaves and can survive extended dry periods. RHS research identifies Sedum spectabile as particularly reliable under stress.

    Buddleja can cope better than you might think in dry spells.
    Steidi/Shutterstock

    Ornamental grasses generally have efficient root systems and many species actually prefer drier conditions once established.

    Established shrubs including cistus, phlomis, buddleja, cotoneaster, berberis and viburnum have deep roots and proven track records for drought survival. The RHS report identifies these as garden stalwarts, with high stress resilience.

    Some trees, including eucalyptus, bay (Laurus nobilis) and holm oak are remarkably drought tolerant.

    Those to sacrifice

    Grass lawns are thirsty and can be left to go dormant. If you have a newly seeded or turfed lawn from this year, some limited watering may be justified. But in general, embrace the golden colour of water-stressed lawns. As long as you don’t create too many bare patches from over-use, the green colour and growth will come back when it rains.

    Annual bedding plants like busy lizzies and begonias have shallow root systems and high water demands. However, they are only there for one season and are easily replaceable, so prioritise them for watering only if they’re particularly important to your garden’s summer display and you can spare the water. You could save some by potting them up and enjoying a display that needs less water.

    When you do water, research shows that technique is crucial. Water thoroughly but less frequently to encourage deep root growth. Focus water at the base of plants rather than on leaves, and water in early morning or evening to reduce evaporation.

    Consider “split-root” watering for established shrubs – water one side of the plant thoroughly, then switch to the other side two to three weeks later. This keeps plants hydrated while chemical signals from the dry side’s roots prevent excessive new growth that would increase water demands.

    This drought is a taste of Britain’s gardening future. The plants struggling most in this year’s drought are likely to become increasingly unsuitable for British gardens without intensive irrigation.

    Be willing to swap out plants that suffer in drought for new plants that are more tolerant. Refresh plantings to adapt to the new climate.


    This article features references to books that have been included for editorial reasons, and may contain links to bookshop.org. If you click on one of the links and go on to buy something from bookshop.org The Conversation UK may earn a commission.

    Alastair Culham is affiliated with the Royal Horticultural Society through the RHS Science & Collections Group as a voluntary member. Opinions expressed here are his and do not represent the RHS.

    – ref. Hosepipe ban survival guide: which garden plants to save and which to sacrifice – https://theconversation.com/hosepipe-ban-survival-guide-which-garden-plants-to-save-and-which-to-sacrifice-261603

    MIL OSI Analysis –

    July 23, 2025
  • MIL-OSI Analysis: Farewell to summer? ‘Haze’ and ‘trash’ among Earth’s new seasons as climate change and pollution play havoc

    Source: The Conversation – UK – By Felicia Liu, Lecturer (Assistant Professor) in Sustainability, University of York

    Throughout history, people have viewed seasons as relatively stable, recurrent blocks of time that neatly align farming, cultural celebrations and routines with nature’s cycles. But the seasons as we know them are changing. Human activity is rapidly transforming the Earth, and once reliable seasonal patterns are becoming unfamiliar.

    In our recent study, we argue that new seasons are surfacing. These emergent seasons are entirely novel and anthropogenic (in other words, made by humans).

    Examples include “haze seasons” in the northern and equatorial nations of south-east Asia, when the sky is filled with smoke for several weeks. This is caused by widespread burning of vegetation to clear forests and make way for agriculture during particularly dry times of year.

    Or there is the annual “trash season”, during which tidal patterns bring plastic to the shores of Bali, Indonesia, between November and March.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.


    At the same time, some seasons are disappearing altogether, with profound consequences for ecosystems and cultures. These extinct seasons can encompass drastically altered or terminated migratory animal behaviour, such as the decline of seabird breeding seasons in northern England.

    Climate change is also calling time on traditional winter sport seasons by making snow scarcer in alpine regions.

    Nature’s new rhythms

    Perhaps more common are “syncopated seasons”. The changes are akin to new emphases on beats or off-beats in familiar music that capture the listener’s attention.

    Syncopated seasons include hotter summers and milder winters in temperate climates, with increasingly frequent and severe extreme weather that exposes more people and ecosystems to stress.

    The timings of key seasonal events, like when leaves fall or certain migratory species arrive, are becoming more unpredictable. We coined the term “arrhythmic seasons”, a concept borrowed from cardiology, to refer to abnormal rhythms which include earlier springs or breeding seasons, longer summers or growing seasons, and shorter winters or hibernating seasons.

    Changing seasonal patterns throw the interdependent life cycles of plants and animals out of sync with each other, and disrupt the communities that are economically, socially and culturally dependent on them.

    In northern Thailand, human activity has reshaped nature’s rhythms and affected the supply of water and food in turn. Communities along the Mekong river’s tributaries have relied on the seasonal flow of rivers to fish and farm for generations.

    At first, upstream dams disrupted these cycles by blocking fish migration and preventing the accumulation of sediment that farms need for soil. More recently, climate change has shifted rainfall patterns and made dry seasons longer and rainy seasons shorter but more intense, bringing fires and further uncertainty to farmers.

    Let’s rethink time

    How we react to changing seasonal patterns can either worsen or improve environmental conditions. In south-east Asia, public awareness of the “haze season” has led to better forecasting, the installation of air filters in homes and the establishment of public health initiatives.

    These efforts help communities adapt. But if society only uses adaptive fixes like these, it can make the haze worse over time by failing to tackle its root causes. By recognising this new season, societies might normalise the recurrence of haze and isolate anyone who demands the government and businesses deal with deforestation and burning.

    Powerful institutions like these shape narratives about seasonal crises to minimise their responsibility and shift blame elsewhere. Understanding these dynamics is crucial to fostering accountability and ensuring fair responses.

    The shifting seasons require us to rethink our relationship with time and the environment. Today, most of us think about time in terms of days, hours and minutes, which is a globalised standard used everywhere from smartphones to train timetables. But this way of keeping time forgets older and more local ways of understanding time – those that are shaped by natural rhythms, such as the arrival of the rainy season, or solar and lunar cycles, rooted in the lives and cultures of different communities.

    Diverse perspectives, especially those from Indigenous knowledge systems, can enhance our ability to respond to environmental changes. Integrating alternative time-keeping methods into mainstream practices could foster fairer and more effective solutions to environmental problems.

    Seasons are more than just divisions of time – they connect us with nature. Finding synchrony with changing seasonal rhythms is essential for building a sustainable future.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.


    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Farewell to summer? ‘Haze’ and ‘trash’ among Earth’s new seasons as climate change and pollution play havoc – https://theconversation.com/farewell-to-summer-haze-and-trash-among-earths-new-seasons-as-climate-change-and-pollution-play-havoc-260765

    MIL OSI Analysis –

    July 23, 2025
  • MIL-OSI Analysis: Popular Tunisian island’s cultural heritage at risk due to tourism, neglect and climate change

    Source: The Conversation – UK – By Majdi Faleh, Academic Fellow & Lecturer in Architecture and Cultural Heritage, Nottingham Trent University

    The Sidi Yati mosque in Djerba, which dates back to the 10th century, has been damaged by coastal erosion. Mehdi Elouati, CC BY-NC-ND

    Nestled in the southern Mediterranean, off the south-east coast of Tunisia, lies the island of Djerba. With a rich cultural and religious history, it has been a crossroad of many civilisations, including the Phoenicians, Romans, Byzantines and Arabs, and is home to many unique architectural sites. These include the Sedouikech underground mosque, St Joseph’s Church and the El Ghriba Synagogue.

    But, for many years, Djerba’s cultural heritage has been in danger. This is due to a combination of over-tourism, environmental change and human neglect.

    An underground mosque on the island of Djerba.
    Mariana Delca / Shutterstock

    By the 1990s to early 2000s, when Djerba was at the height of its popularity, the island was attracting between 1 million and 1.5 million visitors each year. It is one of Tunisia’s most popular tourist areas, with more hotels than any other destination in the country.

    Tourism has resulted in excessive tourist traffic in Djerba, particularly during the summer. It has also contributed to other problems such as water stress and waste generation. According to figures from 2020, hotels alone generate between 35% and 40% of all the waste on the island.

    But the development of tourism has, above all, altered Djerba’s cultural landscape. In some areas of the island, Djerba’s traditional housing – houmas, menzels and houchs – have given way to more modern tourist infrastructure.

    This has accelerated since Tunisia’s 2011 revolution, when long-time dictator Zine El Abidine Ben Ali was ousted. Weak institutional oversight has led to vandalism, illegal construction on archaeological sites and unauthorised demolitions.

    The development of tourism on Djerba has also eroded traditional ways of life. The island has experienced significant changes due to tourism, with the development of roads, ferries, an airport and the internet leading to a decline in traditional activity. Livelihoods like agriculture, fishing and artisanal crafts have declined and are often now showcased only in tourist areas.

    Life on Djerba has changed since it was opened up for tourism.
    BTWImages / Shutterstock

    Climate change has worsened Djerba’s problems. Rainfall patterns have changed across the island over recent decades, with models suggesting that annual precipitation rates could drop 20% by the end of the century. More frequent and prolonged droughts are expected.

    At the same time, rising sea levels and increasingly common storm surges are affecting the island. Research from 2022 found that 14% of Djerba’s beaches are now highly vulnerable to submersion and coastal erosion.

    Several historical monuments on Djerba have already experienced periodic flooding and saltwater intrusion. The ruins of Sidi Garous and the shrine of Sidi Bakour are now entirely underwater and have been replaced by memorials.

    Other archaeological sites located near the coast like Haribus, Meninx, Ghizene and Edzira, some of which date back to the Roman era (eighth century BC to fifth century AD), are now partially or fully submerged. Studies by Tunisia’s National Institute of Heritage suggest that many of these sites have been lost permanently to the encroaching sea.

    World heritage site

    Significant portions of Djerba’s cultural heritage have already been erased by sea-level rise and coastal erosion. Future losses could be even more severe. The island’s cultural heritage will only grow more precarious without meaningful preservation and climate adaptation efforts.

    However, many of Djerba’s monuments, historical buildings and traditional dwellings have suffered from years of neglect. A chronic lack of local and international funding, as well as weak institutional frameworks for heritage management, mean some of the island’s historic structures have been abandoned. Many other buildings have deteriorated due to a lack of protective measures and maintenance.

    Community organisations such as the Association for the Safeguarding of the Island of Djerba have tried to step in to fill the void left by weak institutional frameworks. Their work ranges from delivering public awareness campaigns to local young people to efforts like re-purposing ancient rainwater tanks to manage periods of drought.

    But these grassroots efforts alone are not enough to stop Djerba’s cultural heritage from deteriorating at its current pace.

    The ruins of a Housh, a traditional dwelling, on the island of Djerba.
    Ahmed Bedoui, CC BY-NC-ND

    In September 2023, the UN Educational, Scientific and Cultural Organization (Unesco) announced that it was adding Djerba to its list of world heritage sites. Tunisia’s culture ministry welcomed the decision. It followed years of efforts by local groups and government officials to add Djerba to the list.

    Djerba’s inclusion offers hope for the long-term preservation of the island’s heritage. A world heritage site designation increases global recognition and enables improved access to sources of funding.

    And since Djerba’s classification, there has been some progress. The culture ministry has established a task force to monitor the construction of buildings and other infrastructure, collect data on designated protected areas, and prepare projects to preserve heritage sites.

    But Djerba’s cultural heritage remains in danger. Improved preservation of these sites will require continuous funding and stringent regulation of tourism and construction activities.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Popular Tunisian island’s cultural heritage at risk due to tourism, neglect and climate change – https://theconversation.com/popular-tunisian-islands-cultural-heritage-at-risk-due-to-tourism-neglect-and-climate-change-223612

    MIL OSI Analysis –

    July 23, 2025
  • MIL-OSI United Nations: Supercharging Clean Energy Will Repair Humankind’s Relationship with Climate, Fuel Economic Growth, Secretary-General Says, Noting $2 Trillion Invested in 2024

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ address on climate action “A Moment of Opportunity:  Supercharging the Clean Energy Age”, in New York today:

    The headlines are dominated by a world in trouble.  By conflict and climate chaos.  By rising human suffering.  By growing geopolitical divides.  But amidst the turmoil, another story is being written.  And its implications will be profound.

    Throughout history, energy has shaped the destiny of humankind — from mastering fire to harnessing steam to splitting the atom.  Now, we are on the cusp of a new era.  Fossil fuels are running out of road.  The sun is rising on a clean energy age.

    Just follow the money.  Two trillion dollars went into clean energy last year — that’s $800 billion more than fossil fuels and up almost 70 per cent in 10 years.  And new data released today from the International Renewable Energy Agency shows that solar — not so long ago four times the cost of fossil fuels — is now 41 per cent cheaper.  Offshore wind — 53 per cent. And over 90 per cent of new renewables worldwide produced electricity for less than the cheapest new fossil fuel alternative.

    This is not just a shift in power.  This is a shift in possibility.  Yes, in repairing our relationship with the climate.  Already, the carbon emissions saved by solar and wind globally are almost equivalent to what the whole European Union produces in a year.

    But this transformation is fundamentally about energy security and people’s security.  It’s about smart economics.  Decent jobs, public health, advancing the Sustainable Development Goals.  And delivering clean and affordable energy to everyone, everywhere.

    Today, we are releasing a special report with the support of UN agencies and partners — the International Energy Agency, the International Monetary Fund (IMF), International Renewable Energy Agency, the Organisation for Economic Cooperation and Development (OECD) and the World Bank.

    The report shows how far we have come in the decade since the Paris Agreement sparked a clean energy revolution.  And it highlights the vast benefits — and actions needed — to accelerate a just transition globally.

    Renewables already nearly match fossil fuels in global installed power capacity.  And that’s just the beginning.  Last year, almost all the new power capacity built came from renewables.  And every continent on Earth added more renewables capacity than fossil fuels.  The clean energy future is no longer a promise.  It’s a fact.  No government.  No industry. No special interest can stop it.

    Of course, the fossil fuel lobby of some fossil fuel companies will try — and we know the lengths to which they will go. But I have never been more confident that they will fail — because we have passed the point of no return.

    For three powerful reasons.  First, market economics.  For decades, emissions and economic growth rose together.  No more.  In many advanced economies, emissions have peaked, but growth continues.

    In 2023 alone, clean energy sectors drove 10 per cent of global gross domestic product (GDP) growth.  In India, 5 per cent.  The United States, 6 per cent.  China — a leader in the energy transition — 20 per cent.  And in the European Union, nearly 33 per cent.  And clean energy sector jobs now outnumber fossil fuel jobs — employing almost 35 million people worldwide.

    Even Texas — the heart of the American fossil fuel industry — now leads the United States in renewables.  Why?  Because it makes economic sense.

    And yet fossil fuels still enjoy a 9-to-1 advantage in consumption subsidies globally — a clear market distortion.  Add to that the unaccounted costs of climate damages on people and planet — and the distortion is even greater.

    Countries that cling to fossil fuels are not protecting their economies — they are sabotaging them.  Driving up costs.  Undermining competitiveness.  Locking in stranded assets.  And missing the greatest economic opportunity of the twenty-first century.

    Second — renewables are here to stay because they are the foundation of energy security and sovereignty. Let’s be clear:  The greatest threat to energy security today is in fossil fuels.  They leave economies and people at the mercy of price shocks, supply disruptions and geopolitical turmoil.  Just look at Russia’s invasion of Ukraine.  A war in Europe led to a global energy crisis.  Oil and gas prices soared.  Electricity and food bills followed.  In 2022 average households around the world saw energy costs jump 20 per cent.

    Modern and competitive economies need stable, affordable energy. Renewables offer both.  There are no price spikes for sunlight.  No embargoes on wind.  Renewables can put power — literally and figuratively — in the hands of people and governments.  And almost every nation has enough sun, wind, or water to become energy self-sufficient.  Renewables mean real energy security.  Real energy sovereignty.  And real freedom from fossil-fuel volatility.

    The third and final reason why there is no going back on renewables: Easy access.  You can’t build a coal plant in someone’s backyard.  But you can deliver solar panels to the most remote village on Earth.  Solar and wind can be deployed faster, cheaper and more flexibly than fossil fuels ever could.  And while nuclear will be part of the global energy mix, it can never fill the access gaps.

    All of this is a game changer for the hundreds of millions of people still living without electricity — most of them in Africa, a continent bursting with renewable potential. By 2040, Africa could generate 10 times more electricity than it needs — entirely from renewables.

    We are already seeing small-scale and off-grid renewable technologies lighting homes, and powering schools and businesses in remote areas.  And in places like Pakistan for example, people power is fuelling a solar surge — consumers are driving the clean energy boom.

    The energy transition is unstoppable.  But the transition is not yet fast enough or fair enough.  OECD countries and China account for 80 per cent of renewable power capacity installed worldwide.  Brazil and India make up nearly 10 per cent.  Africa — just 1.5 per cent.

    Meanwhile, the climate crisis is laying waste to lives and livelihoods.  Climate disasters in small island States have wiped out over 100 per cent of GDP.  In the United States, they are pushing insurance premiums through the roof.

    And the 1.5-degree limit is in unprecedented peril.  To keep it within reach, we must drastically speed up the reduction of emissions — and the reach of the clean energy transition.  With manufacturing capacity racing, prices plummeting, and COP30 [Thirtieth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change] fast approaching…  This is our moment of opportunity.  We must seize it.  We can do so by taking action in six opportunity areas.

    First — by using new national climate plans to go all-out on the energy transition.  Too often, governments send mixed messages:  Bold renewable targets on one day.  New fossil fuel subsidies and expansions the next.

    The next national climate plans, or NDCs, are due in a matter of months.  They must bring clarity and certainty.  Group of Twenty (G20) countries must lead. They produce 80 per cent of global emissions.  The principle of common but differentiated responsibilities must apply but every country must do more.  Ahead of COP30 in Brazil this November, they must submit new plans.

    I invite leaders to present their new NDCs at an event I will host in September, during General Assembly High-level week.   These must: cover all emissions, across the entire economy; align with the 1.5-degree limit; integrate energy, climate and sustainable development priorities into one coherent vision; and deliver on global promises to double energy efficiency and triple renewables capacity by 2030, and to accelerate the transition away from fossil fuels.  These plans must be backed by long-term road maps for a just transition to net-zero energy systems — in line with global net-zero by 2050.

    And they must be underpinned by policies that show that the clean energy future is not just inevitable — but investable.  Policies that create clear regulations and a pipeline of projects.  That enhance public-private partnerships — unlocking capital and innovation.  That put a meaningful price on carbon.  And that end subsidies and international public finance for fossil fuels — as promised.

    Second, this is our moment of opportunity to build the energy systems of the twenty-first century.  The technology is moving ahead.  In just 15 years, the cost of battery storage systems for electricity grids has dropped over 90 per cent.

    But here’s the problem.  Investments in the right infrastructure are not keeping up.  For every dollar invested in renewable power, just 60 cents go to grids and storage.  That ratio should be one-to-one.

    We are building renewable power — but not connecting it fast enough.  There’s three times more renewable energy waiting to be plugged into grids than was added last year.  And fossil fuels still dominate the global total energy mix.

    We must act now and invest in the backbone of a clean energy future:  In modern, flexible and digital grids — including regional integration.  In a massive scale-up of energy storage.  In charging networks — to power the electric vehicle revolution.

    On the other hand, we need energy efficiency but also electrification — across buildings, transport and industry. This is how we unlock the full promise of renewables — and build energy systems that are clean, secure and fit for the future.

    Third, this is our moment of opportunity to meet the world’s surging energy demand sustainably.  More people are plugging in.  More cities are heating up — with soaring demand for cooling.  And more technologies — from AI to digital finance — are devouring electricity.  Governments must aim to meet all new electricity demand with renewables.

    AI can boost efficiency, innovation and resilience in energy systems.  And we must take profit in it.  But it is also energy hungry.  A typical AI data centre eats up as much electricity as 100,000 homes.  The largest ones will soon use 20 times that.  By 2030, data centres could consume as much electricity as all of Japan does today.

    This is not sustainable — unless we make it so.  And the technology sector must be out front.  Today I call on every major tech firm to power all data centres with 100 per cent renewables by 2030.

    And — along with other industries — they must use water sustainably in cooling systems.  The future is being built in the cloud.  It must be powered by the sun, the wind and the promise of a better world.

    Fourth, this is the moment of opportunity for a just energy transition. The clean energy that we must deliver must also deliver equity, dignity and opportunity for all.

    That means governments leading a just transition.  With support, education and training — for fossil fuel workers, young people, women, Indigenous Peoples and others — so that they can thrive in the new energy economy.  With stronger social protection — so no one is left behind.  And with international cooperation to help low-income countries that are highly-dependent on fossil fuels and struggling to make the shift.

    But justice doesn’t stop here.  The critical minerals that power the clean energy revolution are often found in countries that have long been exploited.  And today, we see history repeating.  Communities mistreated.  Rights trampled.  Environments trashed.  Nations stuck at the bottom of value chains — while others reap rewards.  And extractive models digging deeper holes of inequality and harm.  This must end.

    Developing countries can play a major role in diversifying sources of supply. The UN Panel on Critical Energy Transition Minerals has shown the way forward — with a path grounded in human rights, justice and equity.

    Today, I call on governments, businesses and civil society to work with us to deliver its recommendations.  Let’s build a future that is not only green — but just.  Not only fast — but fair.  Not only transformative — but inclusive.

    Fifth, we have a moment of opportunity to use trade and investment to supercharge the energy transition.  Clean energy needs more than ambition.  It needs access — to technologies, materials and manufacturing.

    But these are concentrated in just a few countries.  And global trade is fragmenting.

    Trade policy must support climate policy.  Countries committed to the new energy era must come together to ensure that trade and investment drive it forward.  By building diverse, secure and resilient supply chains.  By cutting tariffs on clean energy goods.  By unlocking investment and trade — including through South-South cooperation. And by modernizing outdated investment treaties — starting with Investor-State Dispute Settlement provisions.

    Today, fossil fuel interests are weaponizing these provisions to delay the transition, particularly in several developing countries.  Reform is urgent.  The race for the new must not be a race for the few.  It must be a relay — shared, inclusive and resilient.  Let’s make trade a tool for transformation.

    Sixth and finally, this is our moment of opportunity to unleash the full force of finance — driving investment to markets with massive potential.  Despite soaring demand and vast renewables potential — developing countries are being locked out of the energy transition.

    Africa is home to 60 per cent of the world’s best solar resources.  But it received just 2 per cent of global clean energy investment last year.  Zoom out, and the picture is just as stark.

    In the last decade, only 1 in every 5 clean energy dollars went to emerging and developing countries outside China.  To keep the 1.5-degree limit alive — and deliver universal energy access – annual clean energy investment in those countries must rise more than fivefold by 2030.

    That demands bold national policies.  And concrete international action to:  Reform the global financial architecture.  Drastically increase the lending capacity of multilateral development banks — making them bigger, bolder and better able to leverage massive amounts of private finance at reasonable costs.  And take effective action on debt relief — and scale up proven tools like debt for climate swaps.

    Today, developing countries pay outlandish sums for both debt and equity financing — in part because of outdated risk models, bias and broken assumptions that boost the cost of capital.  Credit ratings agencies and investors must modernize.

    We need a new approach to risk that reflects:  the promise of clean energy; the rising cost of climate chaos; and the danger of stranded fossil fuel assets.  I urge parties to unite to solve the complex challenges facing some developing countries in the energy transition — such as early retirement of coal plants.

    The fossil fuel age is flailing and failing.  We are in the dawn of a new energy era.  An era where cheap, clean, abundant energy powers a world rich in economic opportunity.  Where nations have the security of energy autonomy.  And the gift of power is a gift for all.

    That world is within reach.  But it won’t happen on its own.  Not fast enough.  Not fair enough.  It is up to us.  We have the tools to power the future for humanity.  Let’s make the most of them.  This is our moment of opportunity.

    MIL OSI United Nations News –

    July 23, 2025
  • MIL-OSI USA: Additional Funding Available for Zero-Emission School Buses

    Source: US State of New York

    overnor Kathy Hochul today announced that an additional $200 million is now available for zero-emission school buses through the third installment of funding from the historic $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022. The funding, distributed through the New York School Bus Incentive Program (NYSBIP), supports the purchase of electric buses, charging infrastructure, and fleet electrification planning as public schools transition to zero-emission technologies that improve air quality and reduce pollution in communities. This investment helps ensure that schoolchildren, drivers, and the communities where they live across New York benefit from clean, quiet, and healthy buses.

    “New York State is leaning into our Environmental Bond Act commitment to provide public schools with the funding and resources to make electric school buses more affordable,” Governor Hochul said. “We are leaving no school behind as we reduce pollution from vehicles so every student can benefit from clean air while building healthier, more sustainable communities for New Yorkers across the state.”

    Administered by the New York State Energy Research and Development Authority (NYSERDA), NYSBIP provides incentives to eligible school bus fleet operators, including school districts and school bus operators, that purchase zero-emission buses. It also offers charging infrastructure vouchers to help support the installation of Level 2 or DC fast chargers and provides funding to develop fleet electrification plans. This support helps ensure safer, more reliable transportation for students while giving schools the tools they need to make smart, cost-effective upgrades.

    The funding is available on a first-come, first-served basis with incentive amounts covering up to 100 percent of the incremental cost of a new or repowered electric school bus. This helps offset some or all of the difference in purchase price between zero-emission buses and comparable diesel or gasoline buses. All school bus fleet operators in New York State can also qualify for funding for fleet electrification plans, which provide a customized roadmap for electric bus adoption.

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Today is the latest in a series of support that NYSERDA has offered to help make it easier for fleet operators to plan, navigate incentives for bus purchases and install vehicle charging infrastructure. We are excited to help more adopt zero-emission school buses through this additional Environmental Bond Act funding.”

    Program eligibility and rules for charging infrastructure funding are available online through the NYSBIP Implementation Manual. School bus fleet operators do not apply directly for school bus funding. Vehicle dealers apply the funding to the price of buses on their behalf after fleet operators have issued purchase orders. Fleet operators apply directly to NYSERDA for charging vouchers, which support adding charging infrastructure to their depots.

    Larger funding amounts are available for high-need school districts and school districts with significant portions of their population living in disadvantaged communities, as determined by the New York State Climate Justice Working Group criteria. While these districts are defined as priority districts through this program, all school districts can earn increased incentives by removing a gas or diesel bus from operation, purchasing wheelchair accessible buses, or purchasing buses with vehicle to grid capability. All school districts that complete fleet electrification plans also become eligible for higher funding amounts.

    New York State Department of Environmental Conservation Commissioner Amanda Lefton said, “The continued rollout of zero-emission school buses is critical to improving air quality and protecting the health of students and drivers in communities across the State. Investments through the Bond Act are making the transition to these greener vehicles more affordable for school districts. Under the leadership of Governor Hochul and in coordination with our state agency partners, DEC remains focused on administering Bond Act funding to support this important program and continue momentum to help address climate impacts, reduce harmful emissions, and improve quality of life for New York families.”

    New York State Department of Public Service CEO Rory M. Christian said, “Kudos to Governor Hochul and her team for encouraging further adoption and deployment of zero-emission school buses. This program will help continue our move toward a cleaner environment, which benefits all of us.”

    New York State Health Commissioner Dr. James McDonald said, “I thank Governor Hochul for her continued investment in the health of our children and commitment to building healthier communities across the state. Cleaner air means healthier kids, and reducing pollution around schools helps protect them from asthma and other respiratory problems.”

    Modernizing public school transportation with zero-emission buses is a priority for Governor Hochul to ensure the health of New York students. The FY25-26 New York State Budget continued to build momentum for school districts to put electric school buses on the road this year while providing districts with additional flexibility and time to complete their electrification plans and get hands-on experience with this new technology. The new independent range estimate requirement for bus manufacturers will also give school districts greater confidence that the buses will meet specific mileage and route conditions.

    Since NYSBIP’s launch, 88 school districts have applied for funds to purchase 529 buses, which includes 50 priority school districts accounting for 406 buses, and 400 districts are now working with NYSERDA to create Fleet Electrification Plans.

    The Bond Act requires that disadvantaged communities receive no less than 35 percent, with a goal of 40 percent, of the benefit of total Bond Act funds. In line with this goal, NYSERDA aims to ensure that at least 40 percent of the New York School Bus Incentive Program benefits disadvantaged communities. Buses domiciled in priority districts are eligible for higher incentive amounts in support of new zero-emission buses and charging infrastructure.

    New York State provides many resources for school bus fleet operators to transition their fleets to zero-emission buses, including an Electric School Bus Guidebook, a collection of practical user guides that highlight the benefits of electric school buses to make each part of transitioning a bus fleet easy to understand. This is a resource that can inform discussions with schools, New York State agencies, legislators, communities, manufacturers, bus dealers, and utilities to raise awareness on the Bond Act funding available to school districts and to help more communities understand the health and climate benefits that electric buses provide. Fleet operators seeking assistance should contact NYSERDA at [email protected].

    State Senator Kevin Parker said, “The additional $200 million in funding for zero-emission school buses is a bold investment in our children’s health, our environment, and the future of clean energy in New York. By accelerating the transition to electric school buses, we’re not only reducing harmful emissions but also improving air quality and public health in our communities, especially in neighborhoods that have long suffered from high pollution levels. This is a win for clean energy, for equity, and for every New Yorker.”

    State Senator Shelley B. Mayer said, “I am pleased that an additional $200 million is now available to school districts to support the transition to zero-emission school buses. New York has been a leader in the fight against climate change, and this funding, provided through the historic Clean Water, Clean Air, and Green Jobs Environmental Bond Act approved by New Yorkers, will further our efforts to reduce carbon emissions while alleviating financial burdens for New York schools. I would like to thank Governor Hochul and NYSERDA for their dedication to making New York a cleaner place, and I also extend my gratitude to the voters who approved this Bond Act.”

    State Senator Jeremy Cooney said, New York must remain committed to our environmental goals for a brighter future for New Yorkers, but we also realize that the state has a role to play in making this clean energy transition a reality. Today’s announcement is an important step in the right direction, and proof that we’ll continue to help our public schools, bolster charging infrastructure, and create a cleaner, healthier New York.”

    Assemblymember William Magnarelli said, “The Governor’s investment in zero-emission school buses shows the state’s continued commitment to climate leadership and advancing equitable access to clean transportation. The investment allows for a smooth transition to clean transportation and alleviates the anxiety of how districts will pay for the buses.”

    Assemblymember Michael R. Benedetto said, “I applaud Governor Hochul for making this a priority. This $200 million will help many school districts as they work to make the transition to electric buses. It’s a meaningful step toward cleaner air and healthier communities for our children.”

    Assemblymember Didi Barrett said, “The upfront cost of zero emission school buses has been a significant concern for all of the schools in my Assembly District, and the vast majority of districts across the State. This newly released funding from the 2022 Environmental Bond Act offers welcome financial support for our schools to electrify their bus fleets, bringing us closer to creating cleaner, safer and quieter commutes for our school children while helping us get closer to our ambitious climate goals.”

    Association of School Business Officials Executive Director Brian Cechnicki said, “Continued investments, including this funding, are critical for school districts to meet the state’s zero-emission bus mandate, and we are appreciative of NYSERDA for partnering with districts in this work.”

    New York School Bus Contractors Association President Tommy Smith said, “The New York School Bus Contractors Association is grateful that New York State continues to lead in financing the transition to electric school buses. We are excited about the advancements in battery technology that will further accelerate this initiative and help deliver cleaner, quieter, and more sustainable transportation for our students.”

    Mothers Out Front Distributed Senior Organizer Sarah Smiley said, “It is great news for students, parents, and school districts that more funding is now available for electric school buses, charging infrastructure, and fleet transition planning. We hope more districts leverage the New York School Bus Incentive Program funding so that our children have clean rides to school and we can reduce emissions for a healthier planet.”

    For more than fifty years, NYSERDA has been a trusted and objective resource for New Yorkers, taking on the critical role of energy planning and policy analysis, along with making investments that drive New York toward a more sustainable future. New York State is investing nearly $3 billion in electrifying its transportation sector and rapidly advancing measures that all new passenger cars and trucks sold be zero-emission. There are a range of initiatives to grow access to EVs and improve clean transit for all New Yorkers including EV Make Ready, EVolve NY, Charge Ready NY 2.0, the Drive Clean Rebate, the New York Truck Voucher Incentive Program, and the New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI Canada: The Government of Canada invests over $14.4 million to empower young Canadians to address climate change and support a healthy environment

    Source: Government of Canada News (2)

    July 22, 2025 – Vancouver, British Columbia

    From protecting our wildlife to conserving our forested areas, young Canadians play a big part in tackling climate change. Still, they can be better equipped to do so through enhanced access to resources and environmental education. We are committed to providing young people with the knowledge and skills to create sustainable solutions to environmental challenges as we work toward a clean, net-zero emissions economy by 2050.

    Today, the Honourable Julie Dabrusin, Minister of Environment and Climate Change, announced that the Government of Canada is investing over $14.4 million from the Environmental Damages Fund’s Climate Action and Awareness Fund to support 17 environmental literacy projects across Canada. These projects will develop the tools and skills young Canadians need as they work toward solutions to fight climate change.

    The Minister announced the funding in Vancouver while visiting one of the funding recipients, BC Parks Foundation. They are receiving $1.8 million to develop the environmental literacy and leadership of young Canadians in British Columbia. This project will provide opportunities for students across the province to learn about and take positive steps to mitigate climate change and improve biodiversity in parks and protected areas, as well as in their school grounds and classrooms. In addition to the funding from the Climate Action and Awareness Fund, BC Parks Foundation is receiving $1.5 million from the Government of British Columbia’s Ministry of Environment and Parks for this project. This funding complements the investment made by BC Parks Foundation. The project is a promising example of provincial-federal-private collaboration on environmental learning.

    Indigenous communities and organizations, academia, community organizations, and environmental organizations are leading the projects receiving funding today. The projects include creating learning opportunities in parks, holding community outreach events, and developing learning materials for young Canadians and their educators. This will help increase awareness of the local environment and demonstrate how residents can make an impactful difference in their communities. Of the funding announced today, $3.2 million is dedicated to Indigenous-led projects, aiming to provide Indigenous youth with environmental education that intertwines both Traditional Knowledge and western climate science.

    MIL OSI Canada News –

    July 23, 2025
  • MIL-OSI USA: NREL and Google Host Artificial Intelligence Hackathon To Tackle Data Center Energy Challenges

    Source: US National Renewable Energy Laboratory

    Experts Explore Potential of Google AI Tools To Mitigate Potential Energy Limits for Quick Growth of US Data Centers


    NREL and Google teamed up to host a hackathon, bringing together leading researchers from nine U.S. Department of Energy (DOE) national laboratories to explore and leverage Google’s generative artificial intelligence (AI) and large language model tools to address an array of critical challenges related to energy limitations for U.S. data centers.

    Overcoming these challenges is critical to enable scaling for future technologies while ensuring energy reliability and affordability.

    According to Google’s AI definition, fittingly, a hackathon is a collaborative event where people with diverse skills, often programmers and designers, come together to work intensively on a specific project, typically within a short time frame.

    The original idea for the hackathon emerged out of discussions with Google’s public sector team and NREL’s computational science team.

    “Both groups were interested in exposing scientists to some of the latest and greatest AI models to test out what they’re really capable of, but both groups also wanted a targeted application,” said Ray Grout, director of the computational science center at NREL. “Exploring data center energy challenges was a natural fit given the growing demand of energy for AI, and the interest in the topic for the labs and Google.”

    Roughly 50 top minds, including six NREL computational and data scientists, participated in the two-day event, which took place June 17–18 in Washington, D.C. Participants engaged in hands-on experimentation, applying cutting-edge AI capabilities to real-world problems in geospatial analytics, energy systems, data center optimization, and digital-twin development. The hackathon provided a unique platform for participants to directly engage with Google’s AI tools, particularly Gemini, and explore their applicability to a diverse range of scientific and engineering problems.

    The hackathon brought together leading researchers from across DOE’s national laboratories to explore and leverage Google’s generative AI tools. Photo from Beth Hartman, Google

    Google’s AI platform includes several tools that enable researchers to accelerate and expand their work overall. Among the tools are Agentspace and its included agents like Idea Generation and Deep Research. Idea Generation, an agent premade by Google, has the goal of helping with innovation and problem-solving for enterprise users by combining advanced AI with a unique tournament-style competition framework to generate and rank ideas. Deep Research enables researchers to gather, analyze, and understand internal and external information.

    Other tools help improve operational efficiency, allowing researchers to inform their work by more quickly finding resources across labs and agencies. Finally, many tools address specific use cases like geospatial reasoning, population dynamics, and weather forecasting. For example, one demonstration that the Google geospatial team showed at the hackathon used geospatial reasoning and weather forecasting for predicting grid outages. Google teams represented at the hackathon included Google Public Sector, DeepMind, Google Research, and Climate Ops.

    Google’s geospatial reasoning team developed a demo for the hackathon showing outage predictions based on weather forecasting models. Image from Beth Hartman, Google

    “Google was honored to partner with NREL and work with so many DOE labs at this collaborative event,” said Regiuel Days, account executive for federal science and research at Google. “These critical research institutions provide our country with essential insights into key issues such as grid resilience, energy security, and data center optimization. Combined with Google’s data and cutting-edge AI models, we can work together to more quickly find solutions to the big challenges we face.”

    Hackathon Experience and Outcomes

    The hackathon successfully demonstrated the potential of generative AI in accelerating research, automating complex tasks, and generating novel insights.

    During the two-day event, experts teamed up to collaborate and explore the various identified challenges. Some participants focused on geospatial analytics, leveraging Gemini to process and interpret spatial data. Other researchers utilized Gemini’s code-generation and debugging capabilities, while others found Gemini valuable for in-depth research and brainstorming.

    Hackathon participants engaged in collaborative, hands-on experimentation, applying cutting-edge AI capabilities to real-world problems. Photo from Beth Hartman, Google

    NREL’s Gabriel Steenberg was one of several researchers to explore specialized problems. Steenberg explored the Population Dynamics Foundation model to predict power grid behavior, feeding it county-level data to see if it could predict interconnections in other counties. Other laboratories with staff in person at the event included Argonne National Laboratory, Idaho National Laboratory, Jefferson Laboratory, Lawrence Berkeley National Laboratory, National Energy Technology Laboratory, Oakridge National Laboratory, Pacific Northwest National Laboratory, and Sandia National Laboratories.

    The labs explored solutions such as using Vertex AI and Google Earth Engine to better understand data-center load balancing, real-time water data, and cybersecurity. Through these topic explorations, Google gained insights into how national laboratories envision using their AI tools, especially concerning specialized applications like geospatial reasoning, digital twins, and autonomous engineering.

    The hackathon served as a valuable collaborative step, fostering innovation and providing crucial insights into the evolving landscape of generative AI for scientific research. The event generated robust discussion, shared learning, and discoveries and identified opportunities for future follow-on events.

    “We have so many experts across the national labs working on energy challenges, and Google has so many experts developing and deploying AI solutions. This was a great way to get everyone in the same room to figure out what we can do already and where there is more work to be done,” Grout said.

    “Throughout this interactive, guided exploration of Google’s AI models and tools, we learned a tremendous amount about what types of challenges the labs are focused on solving,” said Beth Hartman, Google’s industry executive for federal science and research. “This helps us to better understand how we can help more specifically. Going forward, we are focused on providing the labs with increased access to the models that best support their work. We are also planning to host more hackathons in partnership with the labs and will continue to invite all 17 DOE labs to participate. Stay tuned!”

    Learn more about NREL’s computational science and AI research.

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI Canada: New Fund to Support Growth in Agriculture, Seafood Sectors

    Source: Government of Canada regional news

    The Province is launching a new fund to support big, bold projects in the agriculture and seafood sectors.

    “This fund is about supporting the people who bring new ideas to grow our economy and help businesses,” said Greg Morrow, Minister of Agriculture. “Agriculture and seafood are important traditional industries in our province. But we can’t keep doing things the same old way – we need to support fresh thinking and innovation.”

    The Nova Scotia Seafood and Agriculture Strategic Investment Fund will support companies proposing large-scale projects that boost productivity and help their business expand. It could involve adopting new technology, changing how they do business, or finding new markets for their products.

    “We are looking for creative ideas that can take businesses to the next level,” said Kent Smith, Minister of Fisheries and Aquaculture. “This isn’t just about helping individual companies, this is an all-hands-on-deck effort to build stronger industries and a stronger province.”


    Quotes:

    “Innovation truly thrives when industry and government actively join forces, combining expertise to drive meaningful progress and accelerate impactful change. Oberland welcomes opportunities to partner with the Government of Nova Scotia to advance sustainable solutions that turn local challenges into global leadership.”
    — Greg Wanger, founder and CEO, Oberland Agriscience Inc.

    “We’re pleased to see this investment as a positive step forward for Nova Scotia’s agriculture industry. Strategic support like this helps strengthen our competitiveness, drives innovation and creates opportunities for sustainable growth in the sector.”
    — Alicia King, President, Nova Scotia Federation of Agriculture

    “The members of the Nova Scotia Seafood Alliance are experiencing first-hand the challenges of tariffs and the changing expectations of our global seafood customers. We need an industry that is innovative, resilient and adaptive to meet the needs of more diverse markets and customers so that we can maximize the economic value of the seafood sector for Nova Scotia’s seafood producers and for Nova Scotians. The alliance is pleased that with the launch of the new Nova Scotia Seafood and Agriculture Strategic Investment Fund, the Province is showing its continued commitment to supporting the innovation and diversification efforts of the seafood sector as we continue to evolve to provide the highest quality seafood to the world.”
    — Allan MacLean, President, Nova Scotia Seafood Alliance


    Quick Facts:

    • the Province is providing $4.71 million for the fund
    • funded projects must be completed by January 2027
    • the fund will be managed by Perennia, a provincial development agency with a mission to support growth, transformation and economic development in Nova Scotia’s agriculture, seafood and food and beverage sectors

    Additional Resources:

    Nova Scotia Seafood and Agriculture Strategic Investment Fund: https://www.perennia.ca/sasi/

    News release – New Mapping Tool Supports Aquaculture Growth: https://news.novascotia.ca/en/2025/07/03/new-mapping-tool-supports-aquaculture-growth

    News release – Seafood Companies Receive Climate Change Funding: https://news.novascotia.ca/en/2025/06/27/seafood-companies-receive-climate-change-funding

    News release – Province Partners with Horticulture Nova Scotia to Extend Growing Season: https://news.novascotia.ca/en/2025/06/04/province-partners-horticulture-nova-scotia-extend-growing-season

    News release – New Food Safety Pilot Program to Help Local Producers Expand: https://news.novascotia.ca/en/2025/04/25/new-food-safety-pilot-program-help-local-producers-expand


    Other than cropping, Province of Nova Scotia photos are not to be altered in any way.

    MIL OSI Canada News –

    July 23, 2025
  • MIL-OSI Russia: US announces withdrawal from UNESCO again

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    WASHINGTON, July 22 (Xinhua) — The United States on Tuesday announced its decision to withdraw from the United Nations Educational, Scientific and Cultural Organization (UNESCO), two years after rejoining it.

    According to a statement from the US State Department, the decision was made in connection with UNESCO’s policy, which Washington believes “promotes divisive social and cultural initiatives” against the backdrop of the Israeli-Palestinian conflict.

    “UNESCO’s decision to admit the ‘State of Palestine’ as a member state is highly problematic, runs counter to US policy and contributes to the spread of anti-Israeli rhetoric within the organization,” the statement said.

    The US withdrawal from UNESCO will take effect at the end of December 2026.

    This is the third time the United States has withdrawn from the organization, and the second time during the Donald Trump administration. Since the start of Trump’s second term this year, his administration has already announced withdrawals from the Paris Climate Agreement, the World Health Organization, and the UN Human Rights Council. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 23, 2025
  • MIL-OSI United Kingdom: Community efforts lead to Green Flags for Perth park’s gardens

    Source: Scotland – City of Perth

    In the run up to the national Love Parks Week (26 July to 3 August 2025) which highlights the vital role green spaces play in boosting the health and wellbeing of residents and communities, local ‘in bloom’ charity Beautiful Perth and Perth and Kinross Council will be marking the achievement of two Green Flag Community Awards* from Keep Scotland Beautiful (KSB) for the Heather Garden and Compassionate Friends Garden, both in Bellwood Riverside Park on the banks of the River Tay in Perth.  

    The Heather Garden has been a real partnership project between Beautiful Perth and the Council, with discussions beginning in 2011 and work getting underway on site in 2012 to transform and refresh a previously overgrown and less appealing area of the park. The garden now comprises 15 beds containing 600 varieties and over 16,000 heather plants, all maintained and managed by Beautiful Perth, providing year-round colour for visitors and a haven for insect pollinators. The charity was also in 2022 awarded the National Collection of Erica carnea heathers by Plant Heritage.  This follows on from the unique achievement of Riverside Park winning Best Park in the UK in the RHS Britain in Bloom Awards in both 2018 and 2019.  

    The Compassionate Friends Garden was developed to create a picturesque, peaceful garden for reflection and contemplation following a request from the Compassionate Friends UK, a charity that supports bereaved parents, siblings and grandparents. In 2012 remedial work done by the Council and Beautiful Perth uncovered a small round turreted stone building dating back to the 1800’s on site. The building forms the focal point of the garden, with further work uncovering a waterway and wells. The space was then transformed with sustainable pollinator plants for all year colour and interest by Beautiful Perth volunteers as well as the planting of rowan and snakeskin maple trees with marker stones and a sculpture of a robin. In 2018, Compassionate Friends held their annual gathering in Perth and unveiled a new bench for visitors and at the entrance to the garden, a beautiful carved commemorative stone.  

    Vice-Convener of Climate Change and Sustainability, Councillor Liz Barrett said: “As we head towards Love Parks Week, the fantastic achievement of Green Flag Awards for these two very different but equally beautiful gardens reflects how vital parks and open spaces are for our health and wellbeing as places to relax, exercise, appreciate the outdoors and nature and much more. 

    “I’d like to thank Beautiful Perth, and volunteer groups in other parts of Perth and Kinross, for their key role in maintaining and developing green spaces that benefit us all and contribute to improving our environment and biodiversity. Everyone can help, whether by volunteering locally or simply taking a few minutes to feedback to our Community Greenspace team about biodiversity in your local park.” 

    Chair of Beautiful Perth, Gordon Lindsay commented: “Our volunteers over many years have taken a genuine pride in cultivating and maintaining the Compassionate Friends and Heather Gardens to a high standard.  

    “Both gardens exhibit a unique horticultural skill level appreciated by the many visitors and tourists to Riverside Park and importantly provide an ideal haven for bees, butterflies and other wildlife. 

    “The Green Flag Awards are the “icing on the cake” for the ‘Beautiful Perth’ volunteers acknowledging their tireless work and efforts in a special corner of Perth.  We would also like to acknowledge and thank our supporters, Perth and Kinross Council, The Gannochy Trust, the Heather Society and Kilmac.” 

    Jamie Ormiston, Training and Accreditation Coordinator at Keep Scotland Beautiful, said: “Parks across Scotland are vital spaces for people of all ages to reconnect with nature and I’m delighted we once again have Green Flag Award winners all over the country – including plenty of new areas – for people to enjoy during the summer months. 

    “The Heather Garden and Compassionate Friends Garden are two of our new Community Award winners and their awards show the dedication, care and commitment of all involved in maintaining and improving Riverside Park. 

    “Our stalwart winners have a brilliant history of commitment to environmental excellence and a desire to offer visitors a safe and enjoyable place to visit.  

    “Our new winners have shown a similar desire and their journey is only just beginning but I look forward to many more wins in the future.” 

    *The Green Flag Awards are awarded to parks and green spaces that can demonstrate excellent management and environmental standards. Further information on the Awards can be found at Keep Scotland Beautiful’s website.

    MIL OSI United Kingdom –

    July 23, 2025
  • MIL-OSI United Nations: UN’s Guterres declares fossil fuel era fading; presses nations for new climate plans before COP30 summit

    Source: United Nations 2

    In a special address at UN Headquarters in New York, Mr. Guterres cited surging clean energy investment and plunging solar and wind costs that now outcompete fossil fuels.

    “The energy transition is unstoppable, but the transition is not yet fast enough or fair enough,” he said.

    The speech, A Moment of Opportunity: Supercharging the Clean Energy Age – a follow‑up to last year’s Moment of Truth – was delivered alongside a new UN technical report drawing on global energy and finance bodies.

    “Just follow the money,” Mr. Guterres said, noting that $2 trillion flowed into clean energy last year, $800 billion more than fossil fuels and up almost 70 per cent in a decade.

    Key points from the address

    • Point of no return – The world has irreversibly shifted towards renewables, with fossil fuels entering their decline
    • Clean energy surge – $2 trillion invested in clean energy last year, $800 billion more than fossil fuels
    • Cost revolution – Solar now 41 per cent cheaper and offshore wind 53 per cent cheaper than fossil fuel alternatives.
    • Global challenge – Calls on G20 nations to align new national climate plans with the 1.5°C target of the Paris Agreement
    • Energy security – Renewables ensure “real energy sovereignty”
    • Six opportunity areas – Climate plan ambition, modern grids, sustainable demand, just transition, trade reform, and finance for emerging markets.

    A shift in possibility

    He noted new data from the International Renewable Energy Agency (IRENA) showing solar, once four times costlier, is now 41 per cent cheaper than fossil fuels.

    Similarly, offshore wind is 53 per cent cheaper, with more than 90 per cent of new renewables worldwide beating the cheapest new fossil alternative.

    “This is not just a shift in power. It is a shift in possibility,” he said.

    Renewables nearly match fossil fuels in global installed power capacity, and “almost all the new power capacity built” last year came from renewables, he said, noting that every continent added more clean power than fossil fuels.

    Clean energy is unstoppable

    Mr. Guterres underscored that a clean energy future “is no longer a promise, it is a fact”. No government, no industry and no special interest can stop it.

    “Of course, the fossil fuel lobby will try, and we know the lengths to which they will go. But, I have never been more confident that they will fail because we have passed the point of no return.”

    He urged countries to lock ambition into the next round of national climate plans, or NDCs, due within months. Mr. Guterres called on the G20 countries, which are responsible for 80 per cent of emissions, to submit new plans aligned with the 1.5°C limit and present them at a high‑level event in September.

    Targets, he added, must “double energy efficiency and triple renewables capacity by 2030” while accelerating “the transition away from fossil fuels”.

    Real energy sovereignty

    The Secretary-General also highlighted the geopolitical risks of fossil fuel dependence.

    “The greatest threat to energy security today is fossil fuels,” he said, citing price shocks after Russia’s invasion of Ukraine.

    “There are no price spikes for sunlight, no embargoes on wind. Renewables mean real energy security, real energy sovereignty and real freedom from fossil-fuel volatility.”

    Six opportunity areas

    Mr. Guterres mapped six “opportunity areas” to speed the transition: ambitious NDCs, modern grids and storage, meeting soaring demand sustainably, a just transition for workers and communities, trade reforms to broaden clean‑tech supply chains, and mobilising finance to emerging markets.

    Financing, however, is the choke point. Africa, home to 60 per cent of the world’s best solar resources, received just 2 per cent of global clean energy investment last year, he said.

    Only one in five clean energy dollars over the past decade went to emerging and developing economies outside China. Flows must rise more than five-fold by 2030 to keep the 1.5-degree limit alive and deliver universal access.

    Mr. Guterres urged reform of global finance, stronger multilateral development banks and debt relief, including debt‑for‑climate swaps.

    “The fossil fuel age is flailing and failing. We are in the dawn of a new energy era,” he said in closing.

    “That world is within reach, but it won’t happen on its own. Not fast enough. Not fair enough. It is up to us. This is our moment of opportunity.”

    MIL OSI United Nations News –

    July 23, 2025
  • MIL-OSI USA: Cammack Applauds $675.9 Million in Disaster Relief for Florida Farmers

    Source: United States House of Representatives – Congresswoman Kat Cammack (R-FL-03)

    Washington, DC — Today, Congresswoman Kat Cammack (FL-03) released the following statement following U.S. Secretary of Agriculture Brooke Rollins’ announcement of $675.9 million in federal disaster assistance for Florida farmers impacted by Hurricanes Idalia, Debby, Helene, and Milton:

    “Florida’s agriculture industry isn’t just the backbone of our state’s economy—it’s a cornerstone of our national food security. From citrus growers and cattle ranchers to timber operations and family farms, the devastation from back-to-back storms has been overwhelming. This $675.9 million investment will go a long way in helping our producers rebuild infrastructure, recover lost income, and stay in business,” said Congresswoman Cammack. “I want to thank President Trump, Secretary Rollins, and our state partner, Agriculture Commissioner Wilton Simpson, for recognizing the urgent needs on the ground and delivering the targeted, meaningful relief our ag community needs and deserves.”
     
    Background:

    As the lone voice for Florida Agriculture at the federal level, Congresswoman Cammack has championed policies and relief for Florida’s agricultural community—from securing disaster assistance and pushing back against unfair trade practices to advancing pro-farmer policies through her work on the House Agriculture and Energy and Commerce Committees.

    The disaster funding, made possible through the American Relief Act of 2025, is part of a broader $30 billion USDA initiative to assist producers across 14 states recovering from extreme weather events. Florida’s share of the block grant will be used to cover losses in infrastructure, citrus, timber, and direct-to-market sales not addressed by other USDA programs.

    ###

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI United Nations: Secretary-General’s remarks on Climate Action “A Moment of Opportunity: Supercharging the Clean Energy Age” [as delivered; scroll down for All-French]

    Source: United Nations secretary general

    Excellencies,

    Ladies and gentlemen,

    Friends joining us from around the world,  

    The headlines are dominated by a world in trouble. 

    By conflict and climate chaos.

    By rising human suffering.

    By growing geo-political divides.

    But amidst the turmoil, another story is being written.

    And its implications will be profound.

    Throughout history, energy has shaped the destiny of humankind – from mastering
    fire, to harnessing steam, to splitting the atom.

    Now, we are on the cusp of a new era. 

    Fossil fuels are running out of road.

    The sun is rising on a clean energy age.

    Just follow the money.

    $2 trillion went into clean energy last year – that’s $800 billion more than fossil fuels, and up almost 70% in ten years.

    And new data released today from the International Renewable Energy Agency shows that solar – not so long ago four times the cost of fossil fuels – is now 41% cheaper.

    Offshore wind – 53%.

    And over 90% of new renewables worldwide produced electricity for less than the cheapest new fossil fuel alternative.

    This is not just a shift in power.  This is a shift in possibility.

    Yes, in repairing our relationship with the climate.

    Already, the carbon emissions saved by solar and wind globally are almost equivalent to what the whole European Union produces in a year.

    But this transformation is fundamentally about energy security and people’s security.

    It’s about smart economics.

    Decent jobs, public health, advancing the Sustainable Development Goals. 

    And delivering clean and affordable energy to everyone, everywhere.

    Today, we are releasing a special report with the support of UN agencies and partners — the International Energy Agency, the IMF, IRENA, the OECD and the World Bank.

    The report shows how far we have come in the decade since the Paris Agreement sparked a clean energy revolution.  And it highlights the vast benefits – and actions needed – to accelerate a just transition globally.

    Renewables already nearly match fossil fuels in global installed power capacity.

    And that’s just the beginning. 

    Last year, almost all the new power capacity built came from renewables. 

    And every continent on Earth added more renewables capacity than fossil fuels.

    The clean energy future is no longer a promise.  It’s a fact. 

    No government.  No industry.  No special interest can stop it. 

    Of course, the fossil fuel lobby of some fossil fuel companies will try – and we know the lengths to which they will go.

    But I have never been more confident that they will fail – because we have passed the point of no return.  

    For three powerful reasons. 

    First, market economics.

    For decades, emissions and economic growth rose together.

    No more.

    In many advanced economies, emissions have peaked, but growth continues.

    In 2023 alone, clean energy sectors drove 10% of global GDP growth.

    In India, 5%.  The United States, 6%. China – a leader in the energy transition – 20%.

    And in the European Union, nearly 33%.

    And clean energy sector jobs now outnumber fossil fuel jobs – employing almost 35 million people worldwide.

    Even Texas – the heart of the American fossil fuel industry – now leads the US in renewables.

    Why?  Because it makes economic sense.

    And yet fossil fuels still enjoy a 9 to 1 advantage in consumption subsidies globally – a clear market distortion. 

    Add to that the unaccounted costs of climate damages on people and planet – and the distortion is even greater.

    Countries that cling to fossil fuels are not protecting their economies – they are sabotaging them.

    Driving up costs.

    Undermining competitiveness.

    Locking-in stranded assets.

    And missing the greatest economic opportunity of the 21st century.

    Excellencies,
    Dear friends,

    Second — renewables are here to stay because they are the foundation of energy security and sovereignty.

    Let’s be clear:  The greatest threat to energy security today is in fossil fuels.

    They leave economies and people at the mercy of price shocks, supply disruptions, and geopolitical turmoil. 

    Just look at Russia’s invasion of Ukraine.  

    A war in Europe led to a global energy crisis.

    Oil and gas prices soared.

    Electricity and food bills followed.
     
    In 2022 average households around the world saw energy costs jump 20%. 

    Modern and competitive economies need stable, affordable energy.  Renewables offer both.

    There are no price spikes for sunlight.

    No embargoes on wind.

    Renewables can put power – literally and figuratively – in the hands of people and governments.

    And almost every nation has enough sun, wind, or water to become energy self-sufficient.

    Renewables mean real energy security.  Real energy sovereignty. And real freedom from fossil-fuel volatility.

    Dear friends,

    The third and final reason why there is no going back on renewables:  Easy access.

    You can’t build a coal plant in someone’s backyard.

    But you can deliver solar panels to the most remote village on earth.

    Solar and wind can be deployed faster, cheaper and more flexibly than fossil fuels ever could.

    And while nuclear will be part of the global energy mix, it can never fill the access gaps.

    All of this is a game-changer for the hundreds of millions of people still living without electricity – most of them in Africa, a continent bursting with renewable potential.

    By 2040, Africa could generate 10 times more electricity than it needs – entirely from renewables.   

    We are already seeing small-scale and off-grid renewable technologies lighting homes, and powering schools and businesses in remote areas.

    And in places like Pakistan for example, people-power is fueling a solar surge – consumers are driving the clean energy boom. 

    Excellencies,
    Dear friends,

    The energy transition is unstoppable.

    But the transition is not yet fast enough or fair enough. 

    OECD countries and China account for 80% of renewable power capacity installed worldwide.

    Brazil and India make up nearly 10%.

    Africa — just 1.5%.

    Meanwhile, the climate crisis is laying waste to lives and livelihoods.

    Climate disasters in small island states have wiped out over 100% of GDP. 

    In the United States, they are pushing insurance premiums through the roof. 

    And the 1.5 degree limit is in unprecedented peril.

    To keep it within reach, we must drastically speed up the reduction of emissions – and the reach of the clean energy transition.

    With manufacturing capacity racing, prices plummeting, and COP30 fast approaching…

    This is our moment of opportunity.

    We must seize it.

    We can do so by taking action in six opportunity areas.  

    First – by using new national climate plans to go all-out on the energy transition. 

    Too often, governments send mixed messages:

    Bold renewable targets on one day.  New fossil fuel subsidies and expansions the next. 

    The next national climate plans, or NDCs, are due in a matter of months.

    They must bring clarity and certainty.

    G20 countries must lead.  They produce 80% of global emissions. 

    The principle of common but differentiated responsibilities must apply but every country must do more.

    Ahead of COP30 in Brazil this November, they must submit new plans.

    I invite leaders to present their new NDCs at an event I will host in September, during General Assembly High-level week. These must:

    Cover all emissions, across the entire economy.

    Align with the 1.5 degree limit.

    Integrate energy, climate and sustainable development priorities into one coherent vision.

    And deliver on global promises:

    To double energy efficiency and triple renewables capacity by 2030.

    And to accelerate the transition away from fossil fuels.

    These plans must be backed by long-term roadmaps for a just transition to net-zero energy systems – in line with global net-zero by 2050.

    And they must be underpinned by policies that show that the clean energy future is not just inevitable – but investable. 

    Policies that create clear regulations and a pipeline of projects.

    That enhance public-private partnerships – unlocking capital and innovation.

    That put a meaningful price on carbon.

    And that end subsidies and international public finance for fossil fuels – as promised. 

    Second, this is our moment of opportunity to build the energy systems of the 21st century. 

    The technology is moving ahead.   

    In just fifteen years, the cost of battery storage systems for electricity grids has dropped over 90%. 

    But here’s the problem. 

    Investments in the right infrastructure are not keeping up. 

    For every dollar invested in renewable power, just 60 cents go to grids and storage. 

    That ratio should be one-to-one. 

    We are building renewable power – but not connecting it fast enough.

    There’s three times more renewable energy waiting to be plugged into grids than was added last year.

    And fossil fuels still dominate the global total energy mix.

    We must act now and invest in the backbone of a clean energy future:

    In modern, flexible and digital grids – including regional integration.

    In a massive scale-up of energy storage.

    In charging networks – to power the electric vehicle revolution.

    On the other hand we need energy efficiency but also  electrification — across buildings, transport and industry.

    This is how we unlock the full promise of renewables – and build energy systems that are clean, secure and fit for the future.

    Third, this is our moment of opportunity to meet the world’s surging energy demand sustainably.

    More people are plugging in.

    More cities are heating up – with soaring demand for cooling.

    And more technologies – from AI to digital finance – are devouring electricity.

    Governments must aim to meet all new electricity demand with renewables.

    AI can boost efficiency, innovation, and resilience in energy systems. And we must take profit in it.

    But it is also energy-hungry.

    A typical AI data-center eats-up as much electricity as 100,000 homes.

    The largest ones will soon use twenty times that. 

    By 2030, data centres could consume as much electricity as all of Japan does today.

    This is not sustainable – unless we make it so.

    And the technology sector must be out front.

    Today I call on every major tech firm to power all data centres with 100% renewables by 2030.

    And – along with other industries – they must use water sustainably in cooling systems.

    The future is being built in the cloud.

    It must be powered by the sun, the wind, and the promise of a better world.  

    Excellencies
    Dear friends,

    Fourth, this is the moment of opportunity for a just energy transition.

    The clean energy that we must deliver  must also deliver equity, dignity and opportunity for all.

    That means governments leading a just transition.

    With support, education and training – for fossil fuel workers, young people, women, Indigenous Peoples and others – so that they can thrive in the new energy economy.

    With stronger social protection – so no one is left behind. 

    And with international cooperation to help low-income countries that are highly-dependent on fossil fuels and struggling to make the shift.

    But justice doesn’t stop here.

    The critical minerals that power the clean energy revolution are often found in countries that have long been exploited.

    And today, we see history repeating. 

    Communities mistreated.

    Rights trampled.

    Environments trashed.

    Nations stuck at the bottom of value chains – while others reap rewards.

    And extractive models digging deeper holes of inequality and harm.

    This must end.

    Developing countries can play a major role in diversifying sources of supply. 

    The UN Panel on Critical Energy Transition Minerals has shown the way forward – with a path grounded in human rights, justice and equity.

    Today, I call on governments, businesses and civil society to work with us to deliver its recommendations.

    Let’s build a future that is not only green – but just.

    Not only fast – but fair. 

    Not only transformative – but inclusive.

    Fifth, we have a moment of opportunity to use trade and investment to supercharge the energy transition.

    Clean energy needs more than ambition.

    It needs access – to technologies, materials, and manufacturing.

    But these are concentrated in just a few countries.

    And global trade is fragmenting.

    Trade policy must support climate policy.

    Countries committed to the new energy era must come together to ensure that trade and investment drive it forward.

    By building diverse, secure, and resilient supply chains.

    By cutting tariffs on clean energy goods.

    By unlocking investment and trade – including through South-South cooperation.

    And by modernizing outdated investment treaties – starting with Investor-State Dispute Settlement provisions.

    Today, fossil fuel interests are weaponizing these provisions to delay the transition, particularly in several developing countries.

    Reform is urgent.

    The race for the new must not be a race for the few.

    It must be a relay – shared, inclusive and resilient.

    Let’s make trade a tool for transformation. 

    Sixth and finally, this is our moment of opportunity to unleash the full force of finance – driving investment to markets with massive potential.

    Despite soaring demand and vast renewables potential — developing countries are being locked out of the energy transition.

    Africa is home to 60% of the world’s best solar resources.  But it received just 2% of global clean energy investment last year.

    Zoom out, and the picture is just as stark. 

    In the last decade, only one in every five clean energy dollars went to emerging and developing countries outside China.

    To keep the 1.5 degree limit alive — and deliver universal energy access – annual clean energy investment in those countries must rise more than fivefold by 2030. 

    That demands bold national policies.  And concrete international action to: 

    Reform the global financial architecture.

    Drastically increase the lending capacity of multilateral development banks — making them bigger, bolder, and better able to leverage massive amounts of private finance at reasonable costs;

    And take effective action on debt relief – and scale up proven tools like debt for climate swaps. 

    Today, developing countries pay outlandish sums for both debt and equity financing – in part because of outdated risk models, bias and broken assumptions that boost the cost of capital.

    Credit ratings agencies and investors must modernize.
     
    We need a new approach to risk that reflects:

    The promise of clean energy.

    The rising cost of climate chaos.

    And the danger of stranded fossil fuel assets.

    I urge parties to unite to solve the complex challenges facing some developing countries in the energy transition – such as early retirement of coal plants. 

    Excellencies,
    Dear friends,

    The fossil fuel age is flailing and failing.

    We are in the dawn of a new energy era.

    An era where cheap, clean, abundant energy powers a world rich in economic opportunity.

    Where nations have the security of energy autonomy.

    And the gift of power is a gift for all.

    That world is within reach.

    But it won’t happen on its own.

    Not fast enough.

    Not fair enough.

    It is up to us. 

    We have the tools to power the future for humanity.   

    Let’s make the most of them. 

    This is our moment of opportunity. 

    And I Thank you.

                                                                                                                                                                                                  ****
    [All-French]

    Excellences,

    Mesdames et Messieurs,

    Chers amis présents avec nous depuis le monde entier,

    L’actualité est dominée par les maux de la planète.

    Par les conflits et le chaos climatique.

    Par la multiplication des souffrances humaines.

    Par des dissensions géopolitiques croissantes.

    Mais au milieu de cette tourmente, autre chose est en train de se jouer.

    Quelque chose qui aura de profondes répercussions.

    Tout au long de l’histoire, l’énergie a présidé aux destinées de l’humanité
    – du feu à l’atome, en passant par la vapeur.

    Aujourd’hui, nous entrons dans une ère nouvelle.

    Les énergies fossiles sont en bout de course.

    Nous sommes à l’aube d’une ère des énergies propres.

    Il suffit d’observer les flux financiers.

    L’année dernière, 2 000 milliards de dollars ont été investis dans les énergies propres : c’est 800 milliards de dollars de plus que pour les énergies fossiles et cela représente une hausse de près de 70 % en 10 ans.

    Et de nouvelles données publiées aujourd’hui par l’Agence internationale pour les énergies renouvelables montrent que l’énergie solaire, qui était quatre fois plus chère que les énergies fossiles il y a peu de temps encore, est aujourd’hui 41 % moins chère.

    L’éolien en mer – 53 % moins cher.

    Et le coût de l’électricité produite par plus de 90 % des nouvelles énergies renouvelables dans le monde est inférieur au coût du nouveau combustible fossile le moins cher.

    C’est un tournant. Non seulement sur le plan énergétique, mais aussi du point de vue des possibilités qui s’offrent à nous.

    Car oui, nous pouvons assainir notre rapport au climat.

    Les énergies solaire et éolienne permettent d’ores et déjà d’économiser au niveau mondial une quantité d’émissions de carbone presque équivalente à l’ensemble des émissions annuelles de l’Union européenne.

    Mais plus fondamentalement, il y va de la sécurité énergétique et de la sécurité des personnes.

    De la gestion avisée de l’économie.

    Des emplois décents, de la santé publique et de la réalisation des objectifs de développement durable.

    Et de la capacité de mettre à la disposition des populations du monde entier une énergie propre et abordable.

    Aujourd’hui, nous publions un rapport spécial avec le soutien d’organismes des Nations Unies et d’organisations partenaires – l’Agence internationale de l’énergie, le Fonds monétaire international, l’Agence internationale pour les énergies renouvelables, l’Organisation de coopération et de développement économiques et la Banque mondiale.

    Ce rapport illustre le chemin parcouru au cours de la décennie écoulée, depuis que l’Accord de Paris a ouvert la voie à une révolution de l’énergie propre. Il montre que nous avons beaucoup à gagner d’une transition rapide et juste à l’échelle mondiale, pour peu que nous prenions les mesures voulues.

    Au niveau mondial, la puissance installée des énergies renouvelables est déjà presque comparable à celle des énergies fossiles.

    Et ce n’est qu’un début.

    L’année dernière, la quasi-totalité de l’énergie fournie par les nouvelles capacités de production était renouvelable.

    Sur tous les continents, on a créé plus de capacités de production d’énergie provenant de sources renouvelables que provenant de combustibles fossiles.

    Les sources d’énergie renouvelable ont généré près d’un tiers de l’électricité mondiale.

    L’énergie propre n’est plus une promesse d’avenir. C’est une réalité.

    Aucun gouvernement, aucune industrie, aucun intérêt particulier ne saurait l’arrêter.

    Bien entendu, le lobby des combustibles fossiles de certaines entreprises s’y emploiera, et nous savons jusqu’où il peut aller.

    Mais – j’en ai désormais la certitude – tous ses efforts sont voués à l’échec, car il est trop tard pour revenir en arrière.

    Il y a trois raisons de poids à cela.

    Premièrement, les marchés.

    Pendant des décennies, l’augmentation des émissions est allée de pair avec celle de la croissance économique.

    Ce n’est plus le cas.

    Dans de nombreuses économies avancées, les émissions plafonnent, mais l’économie continue de croître.

    Rien qu’en 2023, le secteur de l’énergie propre a contribué à hauteur de 10 % à la croissance du PIB mondial.

    En Inde, 5 %. Aux États-Unis, 6 %. En Chine – l’un des leaders de la transition énergétique –, 20 %.

    Et dans l’Union européenne, près de 33 %.

    Et le secteur des énergies propres emploie désormais 35 millions de personnes dans le monde, soit plus que le secteur des énergies fossiles.

    Même le Texas, cœur de l’industrie fossile américaine, est aujourd’hui le premier producteur d’énergies renouvelables aux États-Unis.

    Pourquoi ? Parce que c’est une question de bon sens économique.

    Et ce, en dépit d’une distorsion manifeste du marché au profit des énergies fossiles, qui bénéficient de subventions à la consommation neuf fois plus importantes que les renouvelables au niveau mondial.

    Si l’on ajoute à cela le coût non comptabilisé des dommages subis par les populations et la planète à cause des changements climatiques, la distorsion est encore plus marquée.

    Les pays qui s’accrochent aux énergies fossiles ne protègent pas leur économie, ils la sabotent.

    Ils poussent les coûts à la hausse.

    Ils freinent leur compétitivité.

    Ils se condamnent à avoir des actifs bloqués.

    Et ils passent à côté de la plus grande promesse économique du XXIe siècle.

    Excellences, Chers amis,

    En deuxième lieu, les énergies renouvelables sont promises à un bel avenir, car elles sont au cœur de la sécurité et de la souveraineté énergétiques.

    Disons-le clairement : les combustibles fossiles constituent aujourd’hui la plus grande menace pour la sécurité énergétique.

    Ils laissent les économies et les populations à la merci des variations de prix, des ruptures d’approvisionnement et des turbulences géopolitiques.

    C’est ce que l’on a vu lors de l’invasion de l’Ukraine par la Russie.

    Une guerre en Europe a entraîné une crise énergétique mondiale.

    Les cours du pétrole et du gaz ont grimpé en flèche.

    Et les factures d’électricité et les dépenses alimentaires leur ont emboîté le pas.
     
    En 2022, les ménages ont vu leurs dépenses énergétiques augmenter de 20 % en moyenne dans le monde.

    Les économies modernes et compétitives ont besoin d’un approvisionnement énergétique stable, à un prix abordable. Les énergies renouvelables permettent d’avoir les deux.

    La lumière du soleil n’est pas sujette aux flambées de prix.

    Le vent ne peut être soumis à aucun embargo.

    En leur fournissant de l’électricité, les énergies renouvelables peuvent mettre le pouvoir entre les mains des citoyens et des États.

    Or, presque tous les pays ont suffisamment de soleil, de vent ou d’eau pour devenir autosuffisants sur le plan énergétique.

    Les énergies renouvelables sont la solution pour une véritable sécurité énergétique. Une véritable souveraineté énergétique. Et une véritable protection contre la volatilité associée aux combustibles fossiles.

    Chers amis,

    Troisième et dernière raison pour laquelle les énergies renouvelables sont désormais incontournables : la facilité d’accès.

    On ne peut pas construire une centrale à charbon au fond d’un jardin.

    Mais on peut installer des panneaux solaires dans le village le plus isolé de la planète.

    Le solaire et l’éolien peuvent être déployés plus rapidement, plus facilement, et pour moins cher que les énergies fossiles ne pourront jamais l’être.

    Et bien que le nucléaire soit amené à faire partie du bouquet énergétique mondial, il ne pourra jamais résorber les inégalités d’accès.

    Tout cela change la donne pour les centaines de millions de personnes qui vivent encore sans électricité, pour la plupart en Afrique, continent qui regorge de sources d’énergies renouvelables inexploitées.

    À l’horizon 2040, l’Afrique pourrait avoir une production d’électricité 10 fois supérieure à ses besoins, uniquement grâce au renouvelable.

    Déjà, des dispositifs autonomes de production d’énergie renouvelable à petite échelle servent à éclairer des maisons et à alimenter des écoles et des entreprises dans les zones reculées.

    Et dans des pays comme le Pakistan, le solaire s’impose grâce à l’impulsion des citoyens : ce sont les consommateurs qui sont à l’origine du boom des énergies propres.

    Excellences, Chers amis,

    Rien ne peut arrêter la transition énergétique.

    Mais cette transition n’est encore ni assez rapide ni assez équitable.

    Les pays de l’OCDE et la Chine représentent 80 % de la capacité de production d’énergie renouvelable installée dans le monde.

    Le Brésil et l’Inde, près de 10 %.

    L’Afrique, seulement 1,5 %.

    Pendant ce temps, des vies et des moyens de subsistance sont anéantis par la crise climatique.

    Dans certains petits États insulaires, les catastrophes climatiques ont coûté plus de 100 % du PIB.

    Aux États-Unis, elles font exploser les primes d’assurance.

    Et la limite de 1,5 degré devient plus que jamais un vœu pieux.

    Pour que cet objectif reste à notre portée, nous devons au plus vite réduire les émissions et étendre l’envergure de la transition vers les énergies propres.

    Les capacités de production se multiplient, les prix chutent et la COP30 approche à grands pas.

    Nous nous trouvons donc à un moment décisif.

    Ne le laissons pas passer.

    Le moment est venu d’agir dans six domaines porteurs.

    Premièrement, nous devons saisir l’occasion de faire des nouveaux plans climatiques nationaux le moteur d’une transition énergétique irréversible.

    Trop souvent, les gouvernements envoient des messages contradictoires :

    Un jour, des objectifs ambitieux en matière d’énergies renouvelables. Le lendemain, de nouvelles subventions aux combustibles fossiles et des mesures qui favorisent leur expansion.

    Les prochains plans d’action nationaux sur le climat – également connus sous le nom de contributions déterminées au niveau national – doivent être présentés dans quelques mois.

    Ils devront être source de clarté et de certitude.

    Les pays du G20 doivent être à la manœuvre. Ils sont responsables de 80 % des émissions mondiales.

    Le principe des responsabilités communes mais différenciées doit être appliqué, mais tous les pays doivent redoubler d’effort.

    En prévision de la COP30, qui se tiendra au Brésil en novembre, ils doivent présenter de nouveaux plans.

    J’invite les dirigeants à présenter leurs nouvelles contributions déterminées au niveau national lors d’une manifestation que j’organiserai en septembre, durant la semaine de haut niveau de l’Assemblée générale. Ces contributions devront :

    Couvrir toutes les émissions, dans tous les secteurs de l’économie.

    Ne pas dépasser la limite de 1,5 degré.

    Se fonder sur une approche cohérente intégrant les priorités liées à l’énergie, au climat et au développement durable.

    Et tenir les promesses qui ont été faites au niveau mondial, à savoir :

    Multiplier par deux l’efficacité énergétique et par trois les capacités en énergies renouvelables d’ici à 2030.

    Et accélérer l’abandon progressif des combustibles fossiles.

    Ces plans devront être assortis de feuilles de route à long terme permettant d’assurer une transition équitable vers des systèmes énergétiques à zéro émission nette, conformément à l’objectif fixé pour 2050.

    Et ils doivent s’accompagner de politiques qui montrent qu’un avenir alimenté par des énergies propres est inéluctable et mérite d’être soutenu par des investissements.

    Des politiques qui instaurent un cadre réglementaire clair et favorisent l’émergence d’un vivier de projets.

    Qui renforcent les partenariats public-privé en mobilisant des capitaux et en stimulant l’innovation.

    Qui assurent la tarification effective du carbone.

    Et qui marquent la fin des subventions et des financements publics internationaux destinés aux combustibles fossiles – comme promis.

    Deuxièmement, nous devons saisir l’occasion de bâtir les systèmes énergétiques du XXIe siècle.

    La technologie progresse.

    En l’espace de quinze ans seulement, le coût des systèmes de stockage par batterie pour réseaux électriques a chuté de plus de 90 %.

    Mais il y a un problème.

    Les investissements dans les infrastructures nécessaires ne suivent pas.

    Pour chaque dollar investi dans les énergies renouvelables, 0,6 dollar seulement est consacré aux réseaux et au stockage.

    Le rapport devrait être d’un pour un.

    Nous produisons de l’énergie renouvelable, mais nous ne l’intégrons pas assez vite aux réseaux.

    La quantité d’énergie renouvelable en attente de raccordement est trois fois supérieure à celle effectivement mise en service l’an dernier.

    Et le bouquet énergétique mondial reste dominé par les combustibles fossiles.

    Nous devons agir dès maintenant et investir dans l’architecture d’un avenir placé sous le signe des énergies propres.

    Dans des réseaux modernes, souples et informatisés – ainsi que dans l’intégration régionale.

    Dans une augmentation massive de la capacité de stockage d’énergie.

    Dans les réseaux de recharge – pour alimenter la révolution des véhicules électriques.

    D’un autre côté, nous avons besoin l’efficacité énergétique et l’électrification dans les secteurs du bâtiment, des transports et de l’industrie.

    C’est ainsi que nous tirerons pleinement parti des possibilités offertes par les énergies renouvelables et que nous bâtirons des systèmes propres, sûrs et adaptés au monde de demain.

    Troisièmement, nous devons saisir l’occasion de répondre durablement à l’augmentation de la demande énergétique mondiale.

    De plus en plus de personnes sont raccordées aux réseaux.

    De plus en plus de villes se réchauffent, ce qui entraîne une hausse de la demande de climatisation.

    Et de plus en plus de technologies – de l’intelligence artificielle à la finance numérique – consomment une quantité d’électricité colossale.

    Pour répondre à l’augmentation de la demande d’électricité, les gouvernements doivent privilégier le renouvelable.

    L’intelligence artificielle peut rendre les systèmes énergétiques plus efficaces, plus innovants et plus résilients.

    Mais elle est aussi extrêmement énergivore.

    Un centre de données IA typique engloutit autant d’électricité que 100 000 foyers.

    Bientôt, les plus grands centres consommeront 20 fois plus.

    D’ici à 2030, ils pourraient utiliser autant d’électricité que l’ensemble de la population japonaise actuelle.

    Cette situation n’est pas viable – et c’est à nous d’y remédier.

    Le secteur de la technologie doit montrer la voie.

    Aujourd’hui, je demande à toutes les grandes entreprises technologiques de faire en sorte que tous leurs centres de données fonctionnent aux énergies renouvelables d’ici à 2030.

    Elles doivent également veiller – tout comme d’autres secteurs – à utiliser durablement l’eau nécessaire aux systèmes de refroidissement.

    L’avenir se construit dans le nuage.

    Il doit être alimenté par le soleil, le vent et la promesse d’un monde meilleur.

    Excellences, Chers amis,

    Quatrièmement, nous devons saisir l’occasion d’assurer une transition énergétique juste.

    L’ère de l’énergie propre doit garantir l’équité et la dignité et ouvrir de nouvelles perspectives pour l’humanité tout entière.

    Cela signifie que les gouvernements doivent prendre les rênes d’une transition juste.

    En assurant l’accompagnement, l’éducation et la formation des personnes qui travaillent pour l’industrie fossile, des jeunes, des femmes, des peuples autochtones et d’autres, afin qu’ils puissent prospérer dans une économie reposant sur les énergies nouvelles.

    En assurant une meilleure protection sociale pour que personne ne soit laissé pour compte.

    Et en renforçant la coopération internationale en vue d’aider les pays à faible revenu qui sont largement tributaires des combustibles fossiles et pour lesquels la transition est difficile.

    Mais la justice ne se limite pas à cela.

    Les minéraux critiques qui alimentent la révolution des énergies propres se trouvent souvent dans des pays qui ont longtemps été exploités.

    Aujourd’hui, nous voyons l’histoire se répéter.

    Des populations malmenées.

    Leurs droits bafoués.

    Leur environnement saccagé.

    Des nations reléguées aux échelons inférieurs des chaînes de valeur, tandis que d’autres en accaparent le produit.

    Et des modèles d’extraction qui creusent encore les inégalités et amplifient les dégradations.

    Il faut que cela cesse.

    Les pays en développement peuvent jouer un rôle majeur dans la diversification des sources d’approvisionnement.

    Le Groupe chargé de la question des minéraux critiques pour la transition énergétique a défini une trajectoire ancrée dans le respect des droits humains, de la justice et de l’équité.

    Aujourd’hui, je demande aux gouvernements, aux entreprises et à la société civile de se joindre à nous pour mettre en œuvre ses recommandations.

    Bâtissons un avenir qui soit respectueux de l’environnement et fondé sur l’équité.

    Qui advienne rapidement et soit guidé par le principe de justice.

    Qui soit porteur de transformation et favorise l’inclusion.

    Cinquièmement, nous devons saisir l’occasion de mettre le commerce et l’investissement au service de l’accélération de la transition énergétique.

    L’ambition seule ne suffira pas à assurer le passage à une énergie propre.

    Il faut aussi des technologies, des matériaux et des minéraux critiques.

    Mais ces éléments sont concentrés dans quelques pays seulement.

    Et le commerce mondial se fragmente.

    La politique commerciale doit soutenir l’action climatique.

    Les pays mobilisés en faveur d’une nouvelle ère énergétique doivent unir leurs forces pour lui donner corps grâce au commerce et à l’investissement.

    En diversifiant les chaînes d’approvisionnement et en les rendant plus sûres et plus résilientes.

    En abaissant les droits de douane sur les biens nécessaires à la production d’énergie propre.

    En débloquant les investissements et en renforçant les échanges, notamment dans le cadre de la coopération Sud-Sud.

    Et en actualisant des traités d’investissement dépassés, à commencer par les dispositions relatives au règlement des différends entre investisseurs et États.

    À l’heure actuelle, le secteur des combustibles fossiles instrumentalise ces dispositions pour retarder la transition, en particulier dans plusieurs des pays en développement.

    Une réforme s’impose d’urgence.

    La course à l’innovation ne doit pas être réservée à une minorité privilégiée.

    Il doit s’agir d’une course de relais – collective, inclusive et source de résilience.

    Faisons du commerce un outil de transformation.

    Sixièmement, nous devons saisir l’occasion d’exploiter toute la puissance de la finance en dirigeant les investissements vers des marchés à très fort potentiel.

    Malgré une demande en forte hausse et un potentiel indéniable en matière d’énergies renouvelables, les pays en développement sont exclus de la transition énergétique.

    L’Afrique abrite 60 % des meilleures ressources solaires au monde. Mais elle n’a comptabilisé que 2 % des investissements mondiaux dans les énergies propres au cours de l’année écoulée.

    En élargissant le cadre, on obtient un tableau tout aussi alarmant.

    Au cours des dix dernières années, seul un dollar sur cinq consacré à l’énergie propre est allé à des pays émergents ou en développement autres que la Chine.

    Si nous voulons contenir le réchauffement à 1,5 degré et assurer un accès universel à l’énergie, les investissements annuels dans les énergies propres doivent être multipliés par plus de cinq dans ces pays d’ici à 2030.

    Cela exige de prendre des mesures audacieuses à l’échelon national, mais aussi de mener une action concrète au niveau mondial pour :

    Réformer l’architecture financière internationale.

    Renforcer considérablement la capacité de prêt des banques multilatérales de développement, afin qu’elles gagnent en envergure et en audace et soient plus à même de canaliser des flux massifs de capitaux privés à un coût raisonnable.

    Et prendre des mesures efficaces en matière d’allégement de la dette, notamment en intensifiant le recours à des outils éprouvés tels que la conversion de dettes en mesures en faveur du climat.

    À l’heure actuelle, les pays en développement paient des sommes exorbitantes pour accéder à des financements par emprunt et par prise de participation, en partie à cause de modèles de risque obsolètes, de préjugés et d’hypothèses erronées qui accroissent considérablement le coût du capital.

    Les agences de notation et les investisseurs doivent moderniser leurs pratiques.
     
    Il nous faut une nouvelle approche du risque qui tienne compte :

    Du potentiel des énergies propres.

    Du coût croissant du chaos climatique.

    Et du danger associé aux actifs fossiles échoués.

    Je demande instamment aux parties de s’atteler ensemble à régler les problèmes complexes auxquels se heurtent certains pays en développement dans le cadre de la transition énergétique, notamment la mise hors service anticipée des centrales à charbon.

    Excellences, chers amis,

    L’ère des combustibles fossiles est à bout de souffle et en bout de course.

    Nous sommes à l’aube d’une nouvelle ère énergétique.

    Une ère dans laquelle une énergie abondante, propre et peu coûteuse viendra alimenter un monde riche en perspectives économiques.

    Où la sécurité énergétique des nations sera assurée.

    Et où l’énergie sera un bien universel.

    Ce monde est à notre portée.

    Mais cela ne se fera pas tout seul.

    Pas assez rapidement.

    Pas assez équitablement.

    C’est à nous de prendre les choses en main.

    Nous disposons des outils nécessaires pour doter l’humanité de l’énergie de demain.

    Utilisons-les à bon escient.

    Nous ne devons pas laisser passer ce moment.

    Je vous remercie.
     

    MIL OSI United Nations News –

    July 23, 2025
  • MIL-OSI USA: IAM Union Member Steps Up to Assist Texas Flood Emergency Workers

    Source: US GOIAM Union

    Retired Southwest Airlines employee and current IAM Employee Assistance Program (EAP) instructor with District 142, Mack “Big Mack” McKinney, recounts how his union training in EAP and the Critical Incident Response Team (CIRT) equipped him to assist recent flood victims and first responders in Kerrville, Texas.

    Watch the video here.

    McKinney emphasized the union’s broader role in his community support, extending beyond just its members. His account highlights the practical application of the IAM Union EAP training, providing stress management support to those impacted by the horrific disaster. 

    McKinney’s 30 years of IAM service and his long-standing commitment to the IAM Union show as he continues helping members in the community wherever possible.

    The IAM has a 24/7 EAP National helpline at 301-335-0735. All inquiries and services are confidential

    The post IAM Union Member Steps Up to Assist Texas Flood Emergency Workers appeared first on IAM Union.

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI Canada: Stronger pipeline pact spans three provinces

    [. The MOU also calls for new rail lines to connect critical mineral deposits located in Ontario’s Ring of Fire region to ports in Western Canada.

    The agreement reinforces joint efforts to push back against federal policies that block nation-building projects in order to collectively advance pipelines, rail, transmission infrastructure and other major projects across Canada’s energy, mining and manufacturing sectors.

    This includes significantly amending or repealing the Impact Assessment Act, as well as repealing the Oil Tanker Moratorium Act, Clean Electricity Regulations, the Oil and Gas Sector Greenhouse Gas Emissions Cap, and all other federal initiatives that discriminately impact the energy sector and sectors such as mining and manufacturing. Taking action will ensure Alberta, Ontario and Saskatchewan can attract the investment and project partners needed to get shovels in the ground, grow industries and create jobs.

    “We’re taking action to grow our economy, build real infrastructure and get major projects moving. Alberta is proud to lead the way in uniting with provinces that share a vision for responsible development, economic freedom and common sense. We’re standing up for our oil and gas sector and making sure our world-class resources reach the markets that need them. Together, Alberta, Ontario and Saskatchewan are showing what’s possible when provinces step up. This agreement is about building a stronger, more connected Canada, one project at a time.”

    Danielle Smith, Premier of Alberta

    “As the world grapples with President Trump’s unfair tariffs, it’s more important than ever to build a resilient and self-reliant economy here at home. This agreement sends a clear message: Ontario, Alberta and Saskatchewan are ready to get shovels in the ground and move forward on projects that will secure our long-term prosperity.”

    Doug Ford, Premier of Ontario

    “We are sending a clear signal that Canada’s energy future will be built by Canadians, for Canadians. This agreement commits our provinces to work together to unlock new markets, shore up our supply chains from mine to port, and advocate for the federal reforms our industry needs. By advancing pipelines, rail connections and critical-mineral processing capacity, we are safeguarding thousands of jobs, strengthening our energy security, and fostering sustainable growth.”

    Scott Moe, Premier of Saskatchewan

    This agreement builds on the foundations of the MOU recently signed by Alberta Premier Danielle Smith and Ontario Premier Doug Ford at the Calgary Stampede to strengthen interprovincial trade, drive major infrastructure development, and grow Canada’s global competitiveness through energy and trade infrastructure.

    By signing this new agreement Alberta, Saskatchewan and Ontario are demonstrating what it takes to keep Canada competitive in a changing world.

    Quick facts

    • Premiers Danielle Smith and Doug Ford signed two MOUs on July 7, 2025, to prioritize building pipelines, rail and infrastructure between the two provinces, as well as to bolster interprovincial trade of alcohol and vehicles between the provinces.
    • On June 1, 2025, Premiers Smith and Ford signed an MOU to improve the free flow of goods and services between the two provinces.

    Related information

    • Leading the way on interprovincial trade

    Related news

    • Alberta-Ontario MOUs fuel more pipelines and trade (July 7, 2025)
    • Next stop for free trade: Ontario! (June 1, 2025)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

    July 23, 2025
  • MIL-OSI China: Passenger, freight ferry service resumed in Qiongzhou Strait, S China’s Hainan

    Source: People’s Republic of China – State Council News

    Passenger, freight ferry service resumed in Qiongzhou Strait, S China’s Hainan

    Updated: July 22, 2025 21:28 Xinhua
    An aerial drone photo taken on July 22, 2025 shows trucks driving into ferry ships at Xiuying Port in Haikou, south China’s Hainan Province. The passenger and freight ferry service in the Qiongzhou Strait has been resumed in an orderly manner as the impact of Typhoon Wipha weakens. [Photo/Xinhua]
    An aerial drone photo taken on July 22, 2025 shows a view of Xiuying Port in Haikou, south China’s Hainan Province. [Photo/Xinhua]
    An aerial drone photo taken on July 22, 2025 shows a ferry ship departing from Xiuying Port in Haikou, south China’s Hainan Province. [Photo/Xinhua]

    MIL OSI China News –

    July 23, 2025
  • MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the Second Quarter of the Year Ending December 31, 2025 and Declaration of a Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., July 22, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NYSE: HTB) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the second quarter of the year ending December 31, 2025 and approval of its quarterly cash dividend.

    For the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025:

    • net income was $17.2 million compared to $14.5 million;
    • diluted earnings per share (“EPS”) were $1.00 compared to $0.84;
    • annualized return on assets (“ROA”) was 1.58% compared to 1.33%;
    • annualized return on equity (“ROE”) was 11.97% compared to 10.52%;
    • net interest margin was 4.32% compared to 4.18%;
    • provision for credit losses was $1.3 million compared to $1.5 million;
    • gain on the sale of our two Knoxville, Tennessee branches was $1.4 million compared to $0;
    • quarterly cash dividends continued at $0.12 per share totaling $2.1 million for both periods; and
    • 78,412 shares of Company common stock were repurchased during the current quarter at an average price of $35.74 compared to 14,800 shares repurchased at an average price of $33.64 in the prior quarter.

    For the six months ended June 30, 2025 compared to the six months ended June 30, 2024:

    • net income was $31.7 million compared to $27.5 million;
    • diluted EPS were $1.84 compared to $1.61;
    • annualized ROA was 1.46% compared to 1.25%;
    • annualized ROE was 11.26% compared to 10.73%;
    • net interest margin was 4.25% compared to 4.08%;
    • provision for credit losses was $2.8 million compared to $5.4 million;
    • tax-free death benefit proceeds from life insurance were $0 compared to $1.1 million;
    • cash dividends of $0.24 per share totaling $4.1 million compared to $0.22 per share totaling $3.7 million; and
    • 93,212 shares of Company common stock were repurchased during the six months at an average price of $35.41 compared to 23,483 shares repurchased at an average price of $27.48 in the same period last year.

    The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share payable on August 28, 2025 to shareholders of record as of the close of business on August 14, 2025.

    “Given the current economic uncertainty, we are pleased to report another quarter of strong financial results,” said C. Hunter Westbrook, President and Chief Executive Officer. “These results reflect HTB’s commitment to remain nimble and be prudent balance sheet managers. Our earnings story over recent quarters has primarily been driven by our top quartile net interest margin, which expanded to 4.32% this quarter, and our ability to limit growth in our expense base.

    “HTB previously set a goal to be a consistently high-performing regional community bank that is a regionally and nationally recognized ‘Best Place to Work.’ As a result of this strong financial performance, for the second year in a row, the Company was named one of Forbes’ America’s Best Banks for 2025 and recognized as a Top 50 Community Bank in the 2024 S&P Global Market Intelligence annual rankings, awards based on the overall financial performance and strength of financial institutions. The Company was also recently included in the coveted 2025 KBW Bank Honor Roll, a distinction granted to only 5% of eligible banks based on their best-in-class earnings growth over the past ten years. Over the last year, HTB has been recognized as a best place to work in all five states we serve as well as nationally by Newsweek and American Banker.

    “Lastly, during the quarter we completed the previously announced sale of our two Knoxville, Tennessee branches. This transaction reflects our efforts to tighten our geographic footprint, improve our branch efficiencies, and allow us to better allocate capital to support long-term growth in other core markets.”

    WEBSITE: WWW.HTB.COM

    Comparison of Results of Operations for the Three Months Ended June 30, 2025 and March 31, 2025
    Net Income.  Net income totaled $17.2 million, or $1.00 per diluted share, for the three months ended June 30, 2025 compared to $14.5 million, or $0.84 per diluted share, for the three months ended March 31, 2025, an increase of $2.7 million, or 18.4%. Results for the three months ended June 30, 2025 benefited from a $1.3 million increase in net interest income and a $2.1 million increase in noninterest income due to a $1.4 million gain on the sale of two branch locations. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Three Months Ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
      Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,804,502     $ 60,440   6.37 %   $ 3,802,003     $ 58,613   6.25 %
    Debt securities available for sale   149,611       1,658   4.45       152,659       1,787   4.75  
    Other interest-earning assets(2)   149,175       1,543   4.15       206,242       3,235   6.36  
    Total interest-earning assets   4,103,288       63,641   6.22       4,160,904       63,635   6.20  
    Other assets   263,603               266,141          
    Total assets $ 4,366,891             $ 4,427,045          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 563,817     $ 1,251   0.89 %   $ 573,316     $ 1,324   0.94 %
    Money market accounts   1,329,973       9,004   2.72       1,345,575       9,177   2.77  
    Savings accounts   182,340       37   0.08       183,354       38   0.08  
    Certificate accounts   868,321       8,564   3.96       951,715       9,824   4.19  
    Total interest-bearing deposits   2,944,451       18,856   2.57       3,053,960       20,363   2.70  
    Junior subordinated debt   10,154       206   8.14       10,129       205   8.21  
    Borrowings   31,154       350   4.51       12,301       160   5.28  
    Total interest-bearing liabilities   2,985,759       19,412   2.61       3,076,390       20,728   2.73  
    Noninterest-bearing deposits   744,585               719,522          
    Other liabilities   59,973               70,821          
    Total liabilities   3,790,317               3,866,733          
    Stockholders’ equity   576,574               560,312          
    Total liabilities and stockholders’ equity $ 4,366,891             $ 4,427,045          
    Net earning assets $ 1,117,529             $ 1,084,514          
    Average interest-earning assets to average interest-bearing liabilities   137.43 %             135.25 %        
    Non-tax-equivalent                      
    Net interest income     $ 44,229           $ 42,907    
    Interest rate spread         3.61 %           3.47 %
    Net interest margin(3)         4.32 %           4.18 %
    Tax-equivalent(4)                      
    Net interest income     $ 44,660           $ 43,325    
    Interest rate spread         3.65 %           3.51 %
    Net interest margin(3)         4.37 %           4.22 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $431 and $418 for the three months ended June 30, 2025 and March 31, 2025, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the three months ended June 30, 2025 did not vary significantly when compared to the three months ended March 31, 2025. Regarding the components of this income, loan interest income increased $1.8 million, or 3.1%, primarily due to an increase in yield on loans and an additional day in the current quarter, which was offset by a $1.7 million, or 52.3%, decrease in other investments and interest-bearing deposits income, mainly due to a $1.0 million, or 78.9%, decrease in SBIC investment income where significant investment appreciation was recognized in the prior quarter. Accretion income on acquired loans of $1.0 million and $322,000 was recognized during the same periods, respectively, and was included in interest income on loans.

    Total interest expense for the three months ended June 30, 2025 decreased $1.3 million, or 6.3%, compared to the three months ended March 31, 2025. The decrease was primarily the result of a decline in the average balance of certificate accounts, specifically brokered deposits, and a decline in the average cost of funds across funding categories.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to
      Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 703     $ 1,124     $ 1,827  
    Debt securities available for sale   (17 )     (112 )     (129 )
    Other interest-earning assets   (878 )     (814 )     (1,692 )
    Total interest-earning assets   (192 )     198       6  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (8 )     (65 )     (73 )
    Money market accounts   (7 )     (166 )     (173 )
    Savings accounts   —       (1 )     (1 )
    Certificate accounts   (767 )     (493 )     (1,260 )
    Junior subordinated debt   3       (2 )     1  
    Borrowings   249       (59 )     190  
    Total interest-bearing liabilities   (530 )     (786 )     (1,316 )
    Increase in net interest income         $ 1,322  


    Provision for Credit Losses.
      The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

    The following table presents a breakdown of the components of the provision for credit losses:

      Three Months Ended    
    (Dollars in thousands) June 30, 2025   March 31, 2025   $ Change   % Change
    Provision for credit losses              
    Loans $ 1,385     $ 800     $ 585     73 %
    Off-balance-sheet credit exposure   (82 )     740       (822 )   (111 )
    Total provision for credit losses $ 1,303     $ 1,540     $ (237 )   (15 )%

    For the quarter ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.0 million during the quarter:

    • $0.3 million benefit driven by changes in the loan mix.
    • $1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
    • $1.3 million increase in specific reserves on individually evaluated loans.

    For the quarter ended March 31, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $1.3 million during the quarter:

    • $0.6 million benefit driven by changes in the loan mix.
    • A slight improvement in the projected economic forecast, specifically the national unemployment rate, was offset by changes in qualitative adjustments.
    • $0.1 million increase in specific reserves on individually evaluated loans.

    For the quarter ended June 30, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments offset by changes in the projected economic forecast and qualitative allocation as outlined above. For the quarter ended March 31, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments and changes in the loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the three months ended June 30, 2025 increased $2.1 million, or 26.5%, when compared to the quarter ended March 31, 2025. Changes in the components of noninterest income are discussed below:

      Three Months Ended    
    (Dollars in thousands) June 30, 2025   March 31, 2025   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 2,502     $ 2,244     $ 258     11 %
    Loan income and fees   548       721       (173 )   (24 )
    Gain on sale of loans held for sale   2,109       1,908       201     11  
    Bank owned life insurance (“BOLI”) income   852       842       10     1  
    Operating lease income   1,876       1,379       497     36  
    Gain on sale of branches   1,448       —       1,448     100  
    Gain on sale of premises and equipment   28       —       28     100  
    Other   794       933       (139 )   (15 )
    Total noninterest income $ 10,157     $ 8,027     $ 2,130     27 %
    • Gain on sale of loans held for sale: The increase was primarily driven by sales of the guaranteed portion of SBA commercial loans during the period. There were $7.3 million in sales of the guaranteed portion of SBA commercial loans with gains of $570,000 for the current quarter compared to $4.6 million sold and gains of $366,000 for the prior quarter. There were $108.8 million of HELOCs originated for sale which were sold during the current quarter with gains of $954,000 compared to $89.4 million sold with gains of $1.1 million in the prior quarter. There were $30.3 million of residential mortgage loans sold for gains of $558,000 during the current quarter compared to $18.8 million sold with gains of $473,000 in the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $27,000 for the current quarter compared to a net gain of $13,000 for the prior quarter.
    • Operating lease income: The increase was primarily the result of a reduction in losses recognized on the sale of previously leased equipment. We recognized net losses of $358,000 and $745,000 during the three months ended June 30, 2025 and March 31, 2025, respectively.
    • Gain on sale of branches: On May 23, 2025, we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million. The gain was primarily the result of a premium received on the deposits assumed by the purchasing institution, partially offset by expenses associated with the transaction.

    Noninterest Expense.  Noninterest expense for the three months ended June 30, 2025 increased $294,000, or 0.9%, when compared to the three months ended March 31, 2025. Changes in the components of noninterest expense are discussed below:

      Three Months Ended    
    (Dollars in thousands) June 30, 2025   March 31, 2025   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 18,208     $ 17,699     $ 509     3 %
    Occupancy expense, net   2,375       2,511       (136 )   (5 )
    Computer services   2,488       2,805       (317 )   (11 )
    Operating lease depreciation expense   1,789       1,868       (79 )   (4 )
    Telephone, postage and supplies   561       546       15     3  
    Marketing and advertising   442       452       (10 )   (2 )
    Deposit insurance premiums   473       511       (38 )   (7 )
    Core deposit intangible amortization   411       515       (104 )   (20 )
    Other   4,508       4,054       454     11  
    Total noninterest expense $ 31,255     $ 30,961     $ 294     1 %
    • Computer services: At the end of the prior calendar year, we finalized the multiyear renewal of our largest core processing contract. The decrease in expense quarter-over-quarter is a reflection of the improved vendor pricing negotiated through this effort.
    • Other: The change was driven by an increase in loan workout expenses in addition to smaller increases across several other expense categories.

    Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended June 30, 2025 and March 31, 2025 were 21.2% and 21.1%, respectively.

    Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024
    Net Income.  Net income totaled $31.7 million, or $1.84 per diluted share, for the six months ended June 30, 2025 compared to $27.5 million, or $1.61 per diluted share, for the six months ended June 30, 2024, an increase of $4.3 million, or 15.5%. The results for the six months ended June 30, 2025 were positively impacted by a $3.2 million increase in net interest income, a decrease of $2.6 million in the provision for credit losses, a $1.3 million increase in noninterest income, partially offset by a $1.6 million increase in noninterest expense. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Six Months Ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
      Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,803,259     $ 119,053   6.31 %   $ 3,874,740     $ 122,113   6.34 %
    Debt securities available for sale   151,127       3,445   4.60       130,510       2,808   4.33  
    Other interest-earning assets(2)   177,551       4,778   5.43       135,936       3,848   5.69  
    Total interest-earning assets   4,131,937       127,276   6.21       4,141,186       128,769   6.25  
    Other assets   264,865               282,550          
    Total assets $ 4,396,802             $ 4,423,736          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 568,540     $ 2,575   0.91 %   $ 588,567     $ 2,870   0.98 %
    Money market accounts   1,337,731       18,180   2.74       1,289,758       19,340   3.02  
    Savings accounts   182,844       75   0.08       189,887       84   0.09  
    Certificate accounts   909,787       18,389   4.08       895,242       19,162   4.30  
    Total interest-bearing deposits   2,998,902       39,219   2.64       2,963,454       41,456   2.81  
    Junior subordinated debt   10,142       411   8.17       10,042       470   9.41  
    Borrowings   21,780       510   4.72       95,235       2,902   6.13  
    Total interest-bearing liabilities   3,030,824       40,140   2.67       3,068,731       44,828   2.94  
    Noninterest-bearing deposits   732,123               789,565          
    Other liabilities   65,367               50,224          
    Total liabilities   3,828,314               3,908,520          
    Stockholders’ equity   568,488               515,216          
    Total liabilities and stockholders’ equity $ 4,396,802             $ 4,423,736          
    Net earning assets $ 1,101,113             $ 1,072,455          
    Average interest-earning assets to average interest-bearing liabilities   136.33 %             134.95 %        
    Non-tax-equivalent                      
    Net interest income     $ 87,136           $ 83,941    
    Interest rate spread         3.54 %           3.31 %
    Net interest margin(3)         4.25 %           4.08 %
    Tax-equivalent(4)                      
    Net interest income     $ 87,985           $ 84,645    
    Interest rate spread         3.58 %           3.35 %
    Net interest margin(3)         4.29 %           4.11 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $849 and $704 for the six months ended June 30, 2025 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the six months ended June 30, 2025 decreased $1.5 million, or 1.2%, compared to the six months ended June 30, 2024, which was driven by a $3.1 million, or 2.5%, decrease in interest income on loans, partially offset by a combined $1.6 million, or 23.5%, increase in interest income on debt securities available for sale and other interest-bearing assets. Accretion income on acquired loans of $1.3 million and $1.4 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall decrease in average yield on interest-earning assets was mainly the result of a decline in average balances, specifically for the loan portfolio where we continue to be focused on prudent loan growth.

    Total interest expense for the six months ended June 30, 2025 decreased $4.7 million, or 10.5%, compared to the six months ended June 30, 2024. The change was primarily the result of a decrease in the average balance of borrowings in addition to the cost of funds across all funding sources.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to
      Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ (2,583 )   $ (477 )   $ (3,060 )
    Debt securities available for sale   434       203       637  
    Other interest-earning assets   1,165       (235 )     930  
    Total interest-earning assets   (984 )     (509 )     (1,493 )
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (105 )     (190 )     (295 )
    Money market accounts   669       (1,829 )     (1,160 )
    Savings accounts   (3 )     (6 )     (9 )
    Certificate accounts   260       (1,033 )     (773 )
    Junior subordinated debt   4       (63 )     (59 )
    Borrowings   (2,240 )     (152 )     (2,392 )
    Total interest-bearing liabilities   (1,415 )     (3,273 )     (4,688 )
    Increase in net interest income         $ 3,195  


    Provision for Credit Losses.
      The following table presents a breakdown of the components of the provision for credit losses:

      Six Months Ended      
    (Dollars in thousands) June 30, 2025   June 30, 2024   $ Change   % Change  
    Provision for credit losses                
    Loans $ 2,185     $ 5,445     $ (3,260 )   (60 )%
    Off-balance-sheet credit exposure   658       (20 )     678     3,390  
    Total provision for credit losses $ 2,843     $ 5,425     $ (2,582 )   (48 )%

    For the six months ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $3.3 million during the period.

    • $0.9 million benefit driven by changes in the loan mix.
    • $1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
    • $1.4 million increase in specific reserves on individually evaluated loans.

    For the six months ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $4.9 million during the period:

    • $1.3 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
    • $1.8 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.1 million to $16.3 million during the six month period, concentrated in the equipment finance and SBA portfolios.

    For the six months ended June 30, 2025 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the six months ended June 30, 2025 increased $1.3 million, or 7.4%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

      Six Months Ended    
    (Dollars in thousands) June 30, 2025   June 30, 2024   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 4,746     $ 4,503     $ 243     5 %
    Loan income and fees   1,269       1,325       (56 )   (4 )
    Gain on sale of loans held for sale   4,017       3,285       732     22  
    BOLI income   1,694       2,642       (948 )   (36 )
    Operating lease income   3,255       3,450       (195 )   (6 )
    Gain on sale of branches   1,448       —       1,448     100  
    Gain (loss) on sale of premises and equipment   28       (9 )     37     411  
    Other   1,727       1,728       (1 )   —  
    Total noninterest income $ 18,184     $ 16,924     $ 1,260     7 %
                                 
    • Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by HELOCs and residential mortgage loans sold during the period. During the six months ended June 30, 2025, there were $198.2 million of HELOCs sold during the current period for gains of $2.0 million compared to $40.7 million sold and gains of $473,000 for the corresponding period in the prior year. There were $49.1 million of residential mortgage loans originated for sale which were sold with gains of $1.0 million compared to $36.6 million sold with gains of $667,000 for the corresponding period in the prior year. There were $11.9 million of sales of the guaranteed portion of SBA commercial loans with gains of $936,000 compared to $25.6 million sold and gains of $2.1 million for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $40,000 for the six months ended June 30, 2025 versus a net loss of $3,000 for the six months ended June 30, 2024.
    • BOLI income: The decrease was due to $1.1 million in tax-free gains on death benefit proceeds in excess of the cash surrender value of the policies recognized in the prior period, partially offset by higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
    • Gain on sale of branches: As discussed earlier, during the current period we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million in the current period.

    Noninterest Expense.  Noninterest expense for the six months ended June 30, 2025 increased $2.1 million, or 3.6%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

      Six Months Ended    
    (Dollars in thousands) June 30, 2025   June 30, 2024   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 35,907     $ 33,584     $ 2,323     7 %
    Occupancy expense, net   4,886       4,856       30     1  
    Computer services   5,293       6,204       (911 )   (15 )
    Operating lease depreciation expense   3,657       3,565       92     3  
    Telephone, postage and supplies   1,107       1,165       (58 )   (5 )
    Marketing and advertising   894       1,251       (357 )   (29 )
    Deposit insurance premiums   984       1,085       (101 )   (9 )
    Core deposit intangible amortization   926       1,329       (403 )   (30 )
    Other   8,562       7,580       982     13  
    Total noninterest expense $ 62,216     $ 60,619     $ 1,597     3 %
                                 
    • Salaries and employee benefits: The increase was primarily the result of increases in both pay and incentive compensation.
    • Computer services: As discussed earlier, the decrease in expense year-over-year is a reflection of the improved vendor pricing associated with the multiyear renewal of our largest core processing contract.
    • Marketing and advertising: The decrease was the result of a reduction in spending in the six months ended June 30, 2025 when compared to the same period of the prior year, as we re-evaluated our marketing strategy for future periods.
    • Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
    • Other: The increase period-over-period was driven by increases of $274,000 in losses on the sale repossessed equipment, $234,000 in community association banking deposit line of business referral fees, and $224,000 in consulting fees.

    Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rate was 21.1% for both the six months ended June 30, 2025 and June 30, 2024.

    Balance Sheet Review
    Total assets decreased by $17.4 million to $4.6 billion and total liabilities decreased by $44.9 million to $4.0 billion, respectively, at June 30, 2025 as compared to December 31, 2024. These changes can be traced to the use of the proceeds of both loan sales and the maturities of debt securities and certificates of deposit to fund loan growth. Total deposits declined by $113.0 million over the same period. The decrease was mainly the result of a reduction in brokered deposits of $96.5 million and $34.3 million of deposits which were assumed by the purchaser of our two Knoxville, Tennessee branches. Borrowings increased by $77.0 million to provide additional liquidity.

    Stockholders’ equity increased $27.5 million to $579.3 million at June 30, 2025 as compared to December 31, 2024. Activity within stockholders’ equity included $31.8 million in net income and $2.2 million in stock-based compensation and stock option exercises, partially offset by $4.1 million in cash dividends declared and $3.3 million in stock repurchases. In addition, accumulated other comprehensive income improved by $1.4 million due to a reduction in the unrealized loss on available for sale securities due to changes in market interest rates.

    As of June 30, 2025, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

    Asset Quality
    The ACL on loans was $44.1 million, or 1.20% of total loans, at June 30, 2025 compared to $45.3 million, or 1.24% of total loans, at December 31, 2024. The drivers of this change are discussed in the “Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024 – Provision for Credit Losses” section above.

    Net loan charge-offs totaled $3.3 million for the six months ended June 30, 2025 compared to $4.9 million for the same period last year. Annualized net charge-offs as a percentage of average loans were 0.18% for the six months ended June 30, 2025 as compared to 0.25% for the six months ended June 30, 2024.

    Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $2.5 million, or 8.9%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.0 million, or 0.61% of total assets, at March 31, 2025. Owner occupied commercial real estate (“CRE”) made up the largest portion of nonperforming assets at $8.9 million and $8.6 million, respectively, at these same dates. One relationship made up $5.0 million of the totals at both dates but no loss is anticipated. In addition, equipment finance loans made up $6.0 million and $5.1 million, respectively, at these same dates, concentrated in the transportation sector. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.74% at March 31, 2025.

    Nonperforming assets increased by $1.7 million, or 6.1%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.8 million, or 0.63% of total assets, at December 31, 2024, with the composition of nonperforming assets remaining consistent between periods. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.76% at December 31, 2024.

    Classified assets increased by $8.2 million, or 20.0%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $40.7 million, or 0.89% of total assets, at March 31, 2025. The drivers of the change were increases of $3.2 million in Equipment Finance loans, $2.3 million in commercial and industrial loans, and $1.6 million in owner-occupied CRE loans. Classified assets increased by $69,000, or 0.14%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $48.8 million, or 1.06% of total assets, at December 31, 2024. The largest portfolios of classified assets at June 30, 2025 included $14.5 million of owner-occupied CRE loans, $8.6 million of equipment finance loans, $6.5 million of both 1-4 family residential real estate and commercial and industrial loans, $5.4 million of HELOCs, and $4.7 million of non-owner occupied CRE loans.

    Lastly, in an effort to assist customers in their post-Hurricane Helene recovery and clean-up efforts, at the end of the prior calendar year we granted payment deferrals of up to six months to provide short-term relief to impacted customers. The outstanding balance of these deferrals declined from $136.0 million at December 31, 2024 to $18.9 million at June 30, 2025. As stated earlier, after reassessing the remaining exposure and the sufficiency of the ACL in place, in the current quarter we released the $2.2 million qualitative allocation previously established for the storm upon our loan portfolio which had been established in the quarter ended September 30, 2024. To date, $27,000 in charge-offs have been recognized which were directly related to Hurricane Helene.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. (NYSE: HTB), headquartered in Asheville, North Carolina, is the holding company for HomeTrust Bank, a state-chartered community bank operating over 30 locations across North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia. With total assets of $4.6 billion as of June 30, 2025, the Company’s goal is to continue to be recognized as a high-performing, regional community bank, while our strategy to reach that goal is to be a best place to work. As a reflection of these efforts, the Company has been named one of Bank Director’s “Best U.S. Banks,” one of Forbes’ “America’s Best Banks”, one of S&P Global’s “Top 50 Community Banks”, and named to the 2025 KBW Honor Roll. In addition, the Company has been recognized as one of American Banker’s “Best Banks to Work For”, received a “Most Loved Workplace” certification by Best Practices Institute, named as one of Best Companies Group’s “America’s Best Workplaces”, as well as being named a “Best Place to Work” in all five states in which the Company operates.

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, natural disasters, including the lingering effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Consolidated Balance Sheets (Unaudited)

    (Dollars in thousands) June 30,
    2025
      March 31,
    2025
      December 31,
    2024
    (1)
      September 30,
    2024
      June 30,
    2024
    Assets                  
    Cash $ 16,662     $ 14,303     $ 18,778     $ 18,980     $ 18,382  
    Interest-bearing deposits   280,547       285,522       260,441       274,497       275,808  
    Cash and cash equivalents   297,209       299,825       279,219       293,477       294,190  
    Certificates of deposit in other banks   23,319       25,806       28,538       29,290       32,131  
    Debt securities available for sale, at fair value   143,942       150,577       152,011       140,552       134,135  
    FHLB and FRB stock   15,263       13,602       13,630       18,384       19,637  
    SBIC investments, at cost   17,720       17,746       15,117       15,489       15,462  
    Loans held for sale, at fair value   1,106       2,175       4,144       2,968       1,614  
    Loans held for sale, at the lower of cost or fair value   169,835       151,164       202,018       189,722       224,976  
    Total loans, net of deferred loan fees and costs   3,671,951       3,648,609       3,648,299       3,698,892       3,701,454  
    Allowance for credit losses – loans   (44,139 )     (44,742 )     (45,285 )     (48,131 )     (49,223 )
    Loans, net   3,627,812       3,603,867       3,603,014       3,650,761       3,652,231  
    Premises and equipment held for sale, at the lower of cost or fair value   616       8,240       616       616       616  
    Premises and equipment, net   62,706       62,347       69,872       69,603       69,880  
    Accrued interest receivable   16,554       18,269       18,336       17,523       18,412  
    Deferred income taxes, net   9,968       9,288       10,735       10,100       10,512  
    BOLI   92,576       91,715       90,868       90,021       89,176  
    Goodwill   34,111       34,111       34,111       34,111       34,111  
    Core deposit intangibles, net   5,670       6,080       6,595       7,162       7,730  
    Other assets   59,646       63,248       66,606       67,514       66,051  
    Total assets $ 4,578,053     $ 4,558,060     $ 4,595,430     $ 4,637,293     $ 4,670,864  
    Liabilities and stockholders’ equity                  
    Liabilities                  
    Deposits $ 3,666,178     $ 3,736,360     $ 3,779,203     $ 3,761,588     $ 3,707,779  
    Junior subordinated debt   10,170       10,145       10,120       10,096       10,070  
    Borrowings   265,000       177,000       188,000       260,013       364,513  
    Other liabilities   57,431       69,106       66,349       65,592       64,874  
    Total liabilities   3,998,779       3,992,611       4,043,672       4,097,289       4,147,236  
    Stockholders’ equity                  
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding   —       —       —       —       —  
    Common stock, $0.01 par value, 60,000,000 shares authorized(2)   175       176       175       175       175  
    Additional paid in capital   174,900       176,682       176,693       175,495       172,907  
    Retained earnings   408,178       393,026       380,541       368,383       357,147  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (3,703 )     (3,835 )     (3,966 )     (4,099 )     (4,232 )
    Accumulated other comprehensive income (loss)   (276 )     (600 )     (1,685 )     50       (2,369 )
    Total stockholders’ equity   579,274       565,449       551,758       540,004       523,628  
    Total liabilities and stockholders’ equity $ 4,578,053     $ 4,558,060     $ 4,595,430     $ 4,637,293     $ 4,670,864  

    (1)  Derived from audited financial statements.
    (2)  Shares of common stock issued and outstanding were 17,492,143 at June 30, 2025; 17,552,626 at March 31, 2025; 17,527,709 at December 31, 2024; 17,514,922 at September 30, 2024; and 17,437,326 at June 30, 2024.


    Consolidated Statements of Income (Unaudited)

      Three Months Ended   Six Months Ended
    (Dollars in thousands) June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Interest and dividend income              
    Loans $ 60,440     $ 58,613     $ 119,053     $ 122,113  
    Debt securities available for sale   1,658       1,787       3,445       2,808  
    Other investments and interest-bearing deposits   1,543       3,235       4,778       3,848  
    Total interest and dividend income   63,641       63,635       127,276       128,769  
    Interest expense              
    Deposits   18,856       20,363       39,219       41,456  
    Junior subordinated debt   206       205       411       470  
    Borrowings   350       160       510       2,902  
    Total interest expense   19,412       20,728       40,140       44,828  
    Net interest income   44,229       42,907       87,136       83,941  
    Provision for credit losses   1,303       1,540       2,843       5,425  
    Net interest income after provision for credit losses   42,926       41,367       84,293       78,516  
    Noninterest income              
    Service charges and fees on deposit accounts   2,502       2,244       4,746       4,503  
    Loan income and fees   548       721       1,269       1,325  
    Gain on sale of loans held for sale   2,109       1,908       4,017       3,285  
    BOLI income   852       842       1,694       2,642  
    Operating lease income   1,876       1,379       3,255       3,450  
    Gain on sale of branches   1,448       —       1,448       —  
    Gain (loss) on sale of premises and equipment   28       —       28       (9 )
    Other   794       933       1,727       1,728  
    Total noninterest income   10,157       8,027       18,184       16,924  
    Noninterest expense              
    Salaries and employee benefits   18,208       17,699       35,907       33,584  
    Occupancy expense, net   2,375       2,511       4,886       4,856  
    Computer services   2,488       2,805       5,293       6,204  
    Operating lease depreciation expense   1,789       1,868       3,657       3,565  
    Telephone, postage and supplies   561       546       1,107       1,165  
    Marketing and advertising   442       452       894       1,251  
    Deposit insurance premiums   473       511       984       1,085  
    Core deposit intangible amortization   411       515       926       1,329  
    Other   4,508       4,054       8,562       7,580  
    Total noninterest expense   31,255       30,961       62,216       60,619  
    Income before income taxes   21,828       18,433       40,261       34,821  
    Income tax expense   4,618       3,894       8,512       7,336  
    Net income $ 17,210     $ 14,539     $ 31,749     $ 27,485  

    Per Share Data

        Three Months Ended    Six Months Ended
        June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Net income per common share(1)                
    Basic   $ 1.01     $ 0.84     $ 1.85     $ 1.61  
    Diluted   $ 1.00     $ 0.84     $ 1.84     $ 1.61  
    Average shares outstanding                
    Basic     17,006,141       17,011,359       17,008,699       16,871,383  
    Diluted     17,106,448       17,113,424       17,109,842       16,888,550  
    Book value per share at end of period   $ 33.12     $ 32.21     $ 33.12     $ 30.03  
    Tangible book value per share at end of period(2)   $ 30.92     $ 30.00     $ 30.92     $ 27.73  
    Cash dividends declared per common share   $ 0.12     $ 0.12     $ 0.24     $ 0.22  
    Total shares outstanding at end of period     17,492,143       17,552,626       17,492,143       17,437,326  

    (1)  Basic and diluted net income per common share have been prepared in accordance with the two-class method.
    (2)  See Non-GAAP reconciliations below for adjustments.


    Selected Financial Ratios and Other Data

      Three Months Ended   Six Months Ended
      June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Performance ratios(1)          
    Return on assets (ratio of net income to average total assets) 1.58 %   1.33 %   1.46 %   1.25 %
    Return on equity (ratio of net income to average equity) 11.97     10.52     11.26     10.73  
    Yield on earning assets 6.22     6.20     6.21     6.25  
    Rate paid on interest-bearing liabilities 2.61     2.73     2.67     2.94  
    Average interest rate spread 3.61     3.47     3.54     3.31  
    Net interest margin(2) 4.32     4.18     4.25     4.08  
    Average interest-earning assets to average interest-bearing liabilities 137.43     135.25     136.33     134.95  
    Noninterest expense to average total assets 2.87     2.84     2.85     2.76  
    Efficiency ratio 57.47     60.79     59.07     60.10  
    Efficiency ratio – adjusted(3) 58.59     60.29     59.43     60.36  

    (1)  Ratios are annualized where appropriate.
    (2)  Net interest income divided by average interest-earning assets.
    (3)  See Non-GAAP reconciliations below for adjustments.

      At or For the Three Months Ended
      June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
    Asset quality ratios                  
    Nonperforming assets to total assets(1) 0.67 %   0.61 %   0.63 %   0.64 %   0.54 %
    Nonperforming loans to total loans(1) 0.81     0.74     0.76     0.78     0.68  
    Total classified assets to total assets 1.07     0.85     1.06     0.99     0.91  
    Allowance for credit losses to nonperforming loans(1) 147.98     165.96     163.68     166.51     194.80  
    Allowance for credit losses to total loans 1.20     1.23     1.24     1.30     1.33  
    Net charge-offs to average loans (annualized) 0.21     0.14     0.19     0.42     0.27  
    Capital ratios                  
    Equity to total assets at end of period 12.65 %   12.41 %   12.01 %   11.64 %   11.21 %
    Tangible equity to total tangible assets(2) 11.91     11.65     11.25     10.88     10.44  
    Average equity to average assets 13.20     12.66     12.28     12.02     11.78  

    (1)  Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At June 30, 2025, $6.1 million, or 20.4%, of nonaccruing loans were current on their loan payments as of that date.
    (2)  See Non-GAAP reconciliations below for adjustments.


    Loans

    (Dollars in thousands) June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
    Commercial real estate                  
    Construction and land development $ 267,494     $ 247,539     $ 274,356     $ 300,905     $ 316,050  
    Commercial real estate – owner occupied   561,623       570,150       545,490       544,689       545,631  
    Commercial real estate – non-owner occupied   877,440       867,711       866,094       881,340       892,653  
    Multifamily   113,416       118,094       120,425       114,155       92,292  
    Total commercial real estate   1,819,973       1,803,494       1,806,365       1,841,089       1,846,626  
    Commercial                  
    Commercial and industrial   367,359       349,085       316,159       286,809       266,136  
    Equipment finance   360,499       380,166       406,400       443,033       461,010  
    Municipal leases   168,623       163,554       165,984       158,560       152,509  
    Total commercial   896,481       892,805       888,543       888,402       879,655  
    Residential real estate                  
    Construction and land development   53,020       56,858       53,683       63,016       70,679  
    One-to-four family   640,287       631,537       630,391       627,845       621,196  
    HELOCs   205,918       199,747       195,288       194,909       188,465  
    Total residential real estate   899,225       888,142       879,362       885,770       880,340  
    Consumer   56,272       64,168       74,029       83,631       94,833  
    Total loans, net of deferred loan fees and costs   3,671,951       3,648,609       3,648,299       3,698,892       3,701,454  
    Allowance for credit losses – loans   (44,139 )     (44,742 )     (45,285 )     (48,131 )     (49,223 )
    Loans, net $ 3,627,812     $ 3,603,867     $ 3,603,014     $ 3,650,761     $ 3,652,231  


    Deposits

    (Dollars in thousands) June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
    Core deposits                  
    Noninterest-bearing accounts $ 698,843     $ 721,814     $ 680,926     $ 684,501     $ 683,346  
    NOW accounts   561,524       573,745       575,238       534,517       561,789  
    Money market accounts   1,323,762       1,357,961       1,341,995       1,345,289       1,311,940  
    Savings accounts   179,980       184,396       181,317       179,762       185,499  
    Total core deposits   2,764,109       2,837,916       2,779,476       2,744,069       2,742,574  
    Certificates of deposit   902,069       898,444       999,727       1,017,519       965,205  
    Total $ 3,666,178     $ 3,736,360     $ 3,779,203     $ 3,761,588     $ 3,707,779  

    Non-GAAP Reconciliations
    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

        Three Months Ended   Six Months Ended
    (Dollars in thousands)   June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Noninterest expense   $ 31,255     $ 30,961     $ 62,216     $ 60,619  
                     
    Net interest income   $ 44,229     $ 42,907     $ 87,136     $ 83,941  
    Plus: tax-equivalent adjustment     431       418       849       704  
    Plus: noninterest income     10,157       8,027       18,184       16,924  
    Less: BOLI death benefit proceeds in excess of cash surrender value     —       —       —       1,143  
    Less: gain on sale of branches     1,448       —       1,448       —  
    Less: gain (loss) on sale of premises and equipment     28       —       28       (9 )
    Net interest income plus noninterest income – adjusted   $ 53,341     $ 51,352     $ 104,693     $ 100,435  
    Efficiency ratio   57.47 %   60.79 %   59.07 %   60.10 %
    Efficiency ratio – adjusted   58.59 %   60.29 %   59.43 %   60.36 %

    Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

        As of
    (Dollars in thousands, except per share data)   June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
    Total stockholders’ equity   $ 579,274     $ 565,449     $ 551,758     $ 540,004     $ 523,628  
    Less: goodwill, core deposit intangibles, net of taxes     38,477       38,793       39,189       39,626       40,063  
    Tangible book value   $ 540,797     $ 526,656     $ 512,569     $ 500,378     $ 483,565  
    Common shares outstanding     17,492,143       17,552,626       17,527,709       17,514,922       17,437,326  
    Book value per share   $ 33.12     $ 32.21     $ 31.48     $ 30.83     $ 30.03  
    Tangible book value per share   $ 30.92     $ 30.00     $ 29.24     $ 28.57     $ 27.73  

    Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

        As of
    (Dollars in thousands)   June 30,
    2025
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
    Tangible equity(1)   $ 540,797     $ 526,656     $ 512,569     $ 500,378     $ 483,565  
    Total assets     4,578,053       4,558,060       4,595,430       4,637,293       4,670,864  
    Less: goodwill, core deposit intangibles, net of taxes     38,477       38,793       39,189       39,626       40,063  
    Total tangible assets   $ 4,539,576     $ 4,519,267     $ 4,556,241     $ 4,597,667     $ 4,630,801  
    Tangible equity to tangible assets   11.91 %   11.65 %   11.25 %   10.88 %   10.44 %

    (1)  Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.

    The MIL Network –

    July 23, 2025
  • MIL-OSI United Kingdom: Nigel Topping CMG appointed Chair of the Climate Change Committee

    Source: United Kingdom – Government Statements

    News story

    Nigel Topping CMG appointed Chair of the Climate Change Committee

    Nigel Topping CMG has been appointed as Chair of the Climate Change Committee.

    Nigel Topping CMG has been appointed as Chair of the Climate Change Committee (CCC) by the UK and devolved governments today (22 July). 

    This follows the Secretary of State, Ed Miliband, and the Northern Irish, Welsh and Scottish devolved government Ministers selecting Nigel Topping as the preferred candidate for the role, as well as a successful pre-appointment hearing in front of the Energy Security and Net Zero and Environmental Audit Committees on Wednesday 16 July.   

    The Energy Secretary has written to Nigel Topping to confirm his appointment, welcoming him to the role and confirming his confidence in him to lead the Climate Change Committee. He has also written to Professor Piers Forster, to thank him for his leadership as interim Chair of the CCC following Lord Deben’s departure in 2023. 

    The Chair will play a key role in the committee’s work of advising government on the delivery of its carbon budgets, with a critical few years ahead as the government accelerates to net zero as part of its clean energy superpower mission. 

    Energy Secretary, Ed Miliband, said: 

    I want to congratulate Nigel Topping on his appointment as Chair of the Climate Change Committee.  

    We highly value the Climate Change Committee’s independent advice on how we can achieve net zero, so I am thrilled to have Nigel in this important role – as he brings extensive experience, including from his time serving as the UN High Level Climate Action Champion for COP26.  

    Net zero is the economic opportunity of the 21st century and Nigel’s business expertise will help us to maximise on this opportunity as we deliver our clean energy superpower mission – boosting energy security, creating good jobs, bringing down bills and tackling the climate crisis.

    Nigel Topping, Chair of the Climate Change Committee, said: 

    It is an honour to be appointed Chair of the Climate Change Committee at this pivotal moment. The UK has an opportunity to deliver on its climate commitments in a way that reduces costs for households, powers our industries forward, and makes our economy more successful. It’s also important to ensure resilience against growing climate impacts and I look forward to working with Baroness Brown who leads our adaptation work.    

    I’d like to offer my sincere thanks to Professor Piers Forster, who has been our interim Chair since Lord Deben stepped down. He has led the Committee through an incredibly busy period overseeing advice on the UK’s Seventh Carbon Budget, three devolved carbon budgets, and a number of key progress reports to government.   

    I am committed to upholding the rigour and independent nature of the Committee’s advice, while harnessing our country’s wealth of scientific, financial and business talent.

    Nigel Topping’s selection follows a competitive recruitment process in line with the Governance Code for Public Appointments. 

    Notes to Editors

    The UK government, Scottish Government, Welsh Government, and Northern Ireland Executive agreed to appoint Nigel Topping. The decision-making Ministers were: 

    • Ed Miliband MP, Secretary of State for Energy Security and Net Zero 

    • Andrew Muir MLA, Minister of Agriculture, Environment, and Rural Affairs, Northern Ireland Executive 

    • Gillian Martin MSP, Cabinet Secretary for Climate Action and Energy, Scottish Government 

    • Huw Irranca-Davies MS, Deputy First Minister of Wales and Cabinet Secretary for Climate Change and Rural Affairs, Welsh Government 

    Nigel Topping’s term as Chair will begin on Wednesday 23 July.

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    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

    July 22, 2025
  • MIL-OSI United Kingdom: £1m investment to turn Portsmouth into a nature positive city

    Source: City of Portsmouth

    Nearly £1m of extra investment will help reinforce Portsmouth as a nature positive city.

    Portsmouth City Council has been awarded Nature Towns and Cities funding after a successful bid to the National Lottery Heritage Fund.

    The £895,818 will be spent on transforming the city’s green infrastructure over three years for the benefit of residents and nature, paving the way for Portsmouth to become an officially recognised Nature City. It will also be used to leverage in external funding for the city.

    Cllr Kimberly Barrett, Portsmouth City Council Cabinet Member for Climate Change and Greening the City, said:

    “As we approach 2026, Portsmouth’s Centenary Year, this funding will help us understand how we can work with residents and communities to achieve our  bold ambition to make Portsmouth a nature positive city, where the benefits of nature can be enjoyed and support the health and wellbeing of residents.

    “We can only achieve this by working in partnership, and the council is delighted to be working with Southern Water, Hampshire and Isle of Wight Wildlife Trust, Historic England and Shaping Portsmouth. We know facing the environmental challenges of the future requires strong collaboration.”

    Because Portsmouth is a densely populated city, it means its vital green spaces are fragmented by roads and buildings. The funding will help connect these spaces by identifying opportunities for new green infrastructure such as rain gardens and trees, creating corridors for wildlife to travel between.

    The funding will build on recommendations from a developing Urban Forest Master Plan and enable the council to work with residents, landowners and others across the city to develop a resilient treescape with diverse species resistant to a changing climate and pests and disease. This will help in the fight against climate change, by creating shade and cooling because trees release water vapour, and absorb rain water.

    By working with local environmental groups, charities, communities and businesses the council will develop a shared understanding of how to become a well-adapted Portsmouth, resilient to the increasing climate hazards already being faced, whether heatwaves or intense rainfall bringing surface water flooding. Working in key areas of the city will drive investment for green infrastructure into places where it is needed most, therefore addressing inequalities.

    Community groups will be supported through small grants, training and mentoring. Businesses will also be encouraged to participate in the project accessing support and advice.

    The ambitious and transformative project will start in October 2025 when further details will be available.

    Residents are also encouraged to help young trees thrive in the current heatwaves by watering those close to where they live or work.

    MIL OSI United Kingdom –

    July 22, 2025
  • MIL-OSI United Kingdom: Derby praised for work to keep children safe outside the school gates

    Source: City of Derby

    Children are enjoying safer journeys to and from school thanks to a pioneering Council scheme, which has now won a nationally recognised award for helping to keep children safe by the school gates.

    School Safe Haven Zones operate outside of schools, using temporary road closures or restrictions to limit the use of cars for school drop-offs and pick-ups. Enforced by ANPR cameras, the zones restrict vehicles during peak hours to improve air quality and safety for students.

    The zones, which have been trialled in multiple locations across the city, have brought tangible benefits to both school children and local residents. Not only are there fewer hazards caused by moving and dangerously parked vehicles, but air quality has improved, and active travel – such as walking and cycling – has increased. Residents living close to the zones have also seen reductions in traffic ‘rat-runs’ and felt that their communities were safer, more pleasant places to be.

    Data collected through the scheme is used to identify high-risk locations, monitor compliance and enhance the technology, making sure that any enforcement is fair and accurate. Data collected in Derby has shown significant reductions of Nitrogen Dioxide (NO2) concentrations, with reductions of up to 48.8% in some locations.

    The pioneering zones been formally recognised with Derby’s parking and transport teams winning Best Service Team of the Year at this year’s MJ Awards, which recognise and celebrate the vital, but often unseen, work that happens across local government. The first local authority to implement this type of scheme outside of London and Wales, the award highlighted the Derby City Council’s innovative and strategic approach, such as the positive impact on child safety, use of active travel methods and the improvements in air quality around schools across the city.

    Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability said:

    “We’re incredibly proud of the positive impact that our School Safe Havens have brought to Derby, and I’m so pleased that this work has been recognised on a national level.

    “This isn’t just about reducing traffic; it’s about making sure that our children are safe outside the school gates and enabling healthy habits from a young age by promoting active travel and contributing to a healthier generation.

    “By partnering with other local authorities to share our expertise, we’re not just making Derby safer, we’re also helping other councils do the same.”

    Following overwhelming success in trials, the Council has teamed up with councils in Walsall, Coventry and Hull to roll out the project and improve safety elsewhere in the UK. Income of around £500,000 has been generated through this roll-out that is being reinvested into the project and other local services, such as providing cycle training and bicycles for school children as well as supporting other highways projects and the work of the school crossing patrol team.

    More information about School Safe Haven Zones can be found on the Council’s website.

    MIL OSI United Kingdom –

    July 22, 2025
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