Category: Energy

MIL-OSI Economics: Healthcare companies may be neglecting environmental responsibilities in AI push, says GlobalData

Source: GlobalData

Healthcare companies may be neglecting environmental responsibilities in AI push, says GlobalData

Posted in Medical Devices

Since US President Trump’s first day in office, he has been rolling back environmental responsibilities, marked by withdrawing the US from the Paris Climate Agreement, which set out guidelines for developed countries to support efforts of developing countries to build clean, climate-resilient futures through financial and technological support. The recent developments in the US may result in the lack of pressure in implementing environmental initiatives, and many healthcare companies may be neglecting them at a time when there is an increased focus on usage of artificial intelligence (AI) in the sector, says GlobalData, a leading data and analytics company.

According to GlobalData’s “Strategic Intelligence: ESG Sentiment Polls Q4 2024,” 45% of respondents indicated that the primary reason a company would set up an environmental, social, and governance (ESG) performance plan would be because of legislation and pressure from the government. In the absence of any pressure from the governments, positive environmental initiatives, especially ESG, will be lost.

Selena Yu, Senior Medical Analyst at GlobalData, comments: “With most ESG survey respondents in Q4 2024 indicating that not only is ESG performative in their companies but also that ESG initiatives are typically placed due to government pressures, it’s vital that healthcare companies mitigate negative environmental impacts. The basis of it is to provide healthcare companies exceptional, innovative care to patients. This overlaps greatly with the impacts of a warming global climate like limiting access to clean water, increased air pollution, and decline in agricultural diversity. Healthcare extends outside of the hospital, as preventative and follow-up care is essential for patients.”

The developments in the US also come during a time of increased AI initiatives and growth in healthcare with an estimated $1 trillion market worth by 2030, according to GlobalData’s thematic report “Artificial Intelligence in Healthcare (2024)”.

According to the International Energy Agency (IEA) 2024 report, global AI energy demand is expected to increase to at least 10 times the current level by 2026. Additionally, clean water is required to cool down the processors used for AI. Combined with the rising global temperature, scarcity of clean water, and decreased environmental sentiments in the US government, it’s vital that companies take initiatives to balance AI usage to future healthcare advancements with environmental impact.

AI has many advantages in healthcare, from choosing the best treatment for patients and optimizing patient triage in emergency care to improving manufacturing capabilities to limit waste and optimizing storage. But it’s vital to balance AI-led innovation with environmental impact, as current methods to mitigate carbon emissions, for example, have not been successful.

Yu continues: “Tech leaders like Google, Meta, and Microsoft have promised to replenish the clean water they used for their AI usage, but how feasible is that with clean water being a limited resource. This ties us back to how most global survey respondents in Q4 2024 believe company ESG plans are performative. The decision to prioritize environmental initiatives is a difficult battle to fight. I believe most stakeholders are putting increased company revenue over ESG because they don’t see the innate benefit to it. This is a dated way of strategizing, as overall company success should go hand in hand with environmental protection.”

Healthcare companies need to position themselves as the spearheads of balancing environmental responsibilities and AI-led innovation. With the health of the overall ecosystem directly correlated to patient health, it is in their best interest to be contributing to patient health outside of the clinic.

Yu concludes: “There are many options for patient-facing bodies and healthcare companies to balance the needs of patients using AI for personalized care and spearheading the importance of incorporating strong environmental policies into manufacturing practice. It’s really a cycle, the decline in healthy foods due to changes in climate impacting farming and decreased air and water quality will directly be seen in the overall population being less healthy, which goes back into our healthcare systems.”

MIL OSI Economics –

February 4, 2025
MIL-OSI Economics: Applications now open for the 2025 Samsung Solve for Tomorrow STEM Competition

Source: Samsung

Applications for the 2025 Samsung Solve for Tomorrow STEM Competition are now open. The competition is aimed at empowering young people through education and skill enhancement, particularly focusing on Science, Technology, Engineering, and Math (STEM). Applications opened on Monday, January 27 and close on February 28, 2025.

The competition seeks to foster innovation among high school learners from underprivileged backgrounds throughout South Africa. Grade 10 and 11 learners attending public schools are encouraged to apply. Participants will be tasked with addressing genuine community problems using STEM principles, thus improving their analytical abilities and gaining professional guidance from Samsung employees.

Teams stand a chance to win exciting prizes and the recognition as South Africa’s next generation of innovators and problem-solvers.

This year’s theme, “Infrastructure and Safety,” challenges learners to tackle pressing issues in their schools and communities. They have an opportunity to explore creative solutions in one of the following topics:

Energy-Efficient Schools – Develop practical and sustainable ways to reduce energy consumption in schools.

Innovative Transport Solutions for Learners in Rural/Township schools – Design efficient and accessible transport systems for learners in remote areas.

Affordable Safety Devices for Learners Traveling Long Distances – Create low-cost, effective tools to enhance the safety of learners during their daily commutes.

Qualifying criteria
Entries should be made by a team of 2 to 5 learners
Must choose one topic to address
The school must be a quintile 1 – 4 public school
Applicants must be South African Citizens
Entries should be made on the Samsung Solve for tomorrow website

How to Apply:
Application forms are accessible online. Visit our website https://www.samsung.com/za/solvefortomorrow/ to register your school and submit your team’s proposal.

Do not miss this opportunity to empower your learners to think big, collaborate, and shape the future of South Africa. Together, we can inspire change, one idea at a time. Join us and be part of the movement to change our communities’ problems using STEM.

For more information, visit https://www.samsung.com/za/solvefortomorrow/ or contact us at ssasft@samsung.com.

MIL OSI Economics –

February 4, 2025
MIL-OSI China: China to impose additional tariffs on certain US products

Source: China State Council Information Office

China will impose additional tariffs on certain U.S. products starting from Feb. 10, said the Customs Tariff Commission of the State Council on Tuesday.

An additional 15-percent tariff will be imposed on imported coal and liquefied natural gas originating from the United States, according to a statement from the commission.

Crude oil, agricultural machinery, automobiles with large displacement, and pickup trucks will be subject to an additional tariff of 10 percent, said the statement.

MIL OSI China News –

February 4, 2025
MIL-Evening Report: Resistance to mining grows in El Salvador as environmentalists’ face persecution

Source: Council on Hemispheric Affairs – Analysis-Reportage

Update on El Salvador

by CISPES

First published January 31, 2025

Despite a unanimous October ruling in their favor, five anti-mining activists from the community of Santa Marta will be back on trial on February 3. The retrial sets a dangerous precedent, allowing the Attorney General to move a case to a different jurisdiction through an appeal in search of a guilty verdict. It also comes amidst growing resistance to a December law opening the country to metals mining which reverses a historic national ban on mining passed in 2017.

At a January 8 press conference, supporters of the Santa Marta 5, as well as leaders of the anti-mining struggle throughout the country, denounced increased harassment and suspicious activity related to mining in the districts of Santa Marta and nearby San Isidro. Since the January 2023 arrests, the organizations have maintained that the trial against the Santa Marta 5 is related to the reactivation of mining. “We have been saying that this case is intended to weaken or eliminate opposition to mining in Cabañas, which has proven to be true with the approval of the new law,” said the University of Central America’s Andrés McKinley.

“The mask is off,” said Vidalina Morales, president of the Santa Marta Social and Economic Development Association (ADES), who have been warning about the government’s intent to overturn the mining ban for years.

Morales warned that unknown vehicles have begun entering the community, which is close to a former mining operation. “Our peace of mind as residents of Santa Marta is constantly being threatened by the presence of people from outside our community interrupting our privacy.

At night there is a lot of activity in our community and we want to denounce this publicly because we [also] experienced this situation prior to the capture of our comrades.”

The increased activity in the community, according to Morales, has stoked fears that there could be additional criminalization of activists, which could take the shape of additional members of the community being added to the February trial. Other Santa Marta residents report that the Attorney General’s office is building a case against up to 40 additional Santa Marta community members, including Vidalina Morales.

According to ADES spokesperson Alfredo Leiva, members of the San Isidro community have reported an increased military presence in the areas previously identified by mining interests. “They are sending us the message that it is no longer the companies that are going to protect these areas, but the state, through the army… So the message to the communities is that there may be more repression– not only through judicial processes but also through direct [violent] acts.”

The new mining law requires the Salvadoran state to operate any new mines (likely through public-private partnerships, which are permitted under the law), opening the door to further direct confrontation between communities defending their lands and a law enforcement apparatus that has seen its budget and personnel balloon under Nayib Bukele’s government. A State of Exception that eliminates civil liberties and further empowers the police and military has also been in place since March 2022. The State of Exception has been repeatedly used to militarize organized communities, including Santa Marta, and led to the detention of Morales’s son in 2023.

Speaking at a January 15 press conference, ADES member Peter Nataren denounced the role of the United States in supplying equipment to the Salvadoran Armed Forces. “We, as a community, have privately asked U.S. authorities on multiple occasions to please stop equipping the Salvadoran military, for example, with helicopters and drones. At this point, our only option is to make that public because we know this has now become an issue of communities defending their land on one side and the military on the other.”

“People are not going to let their land be taken away or their water polluted. So that is going to lead to violence and the current U.S. ambassador has been equipping the Salvadoran army, which he has been doing since he arrived,” Nataren continued.

Nataren explained that U.S. mining companies Titan Resources Limited and Thorium Energy Alliance signed an agreement with the Salvadoran government. He called on U.S. organizations to pursue the details of the agreement under U.S. law, as it has been classified as confidential for five years in El Salvador.

Resistance to the Mining Law Grows

Following the initial wave of protests against the mining law in December, Salvadorans have taken to the streets in greater numbers to show their opposition to the measure. A January 12 march, convened by the Popular Rebellion and Resistance Bloc (BRP) in commemoration of the 1992 Peace Accords, highlighted the member-organizations’ opposition to the mining law. The march drew thousands of participants and ended with an impromptu rally at the steps of the National Library.

On January 19, thousands more attended a rally, also held at the National Library, convened by a new group of young Salvadorans called the Voice of the Future Movement. While the crowd was largely made up of young people, including students from the University of El Salvador, a January 22 survey by the Francisco Gavidia University revealed that only 23.5% of all Salvadorans support the new mining law.

Rally organizers, along with the Catholic Church and student organizations have been circulating a petition of Salvadorans who oppose the mining law, which has already gathered tens of thousands of signatures. The Catholic Church, as well as leaders in the Episcopal, Lutheran, and Baptist Churches, have been outspoken against mining, with San Salvador Archbishop José Luis Escobar Alas calling it “a life or death situation.”

According to Alfredo Leiva, in the absence of a law prohibiting metals mining, the only option left is for communities to band together. “In such a small, densely populated, and deforested country, mining is akin to suicide. Therefore, if we want to continue living in this country, we need to organize ourselves creatively because the legal instrument that we had to prohibit mining no longer exists.”

Original article: https://cispes.org/article/resistance-mining-grows-environmentalists%E2%80%99-trial-approaches

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI Banking: Samsung Showcases Color E-Paper and AI Signage Solutions at ISE 2025

Source: Samsung

Samsung Electronics Co., Ltd. today announced its next generation of commercial displays that feature AI-powered solutions at Integrated Systems Europe (ISE) 2025.
The Samsung Color E-Paper delivers new levels of energy efficiency, while the AI features in SmartThings Pro and the Interactive Display increase the intelligence, control and usability of business-focused screens. In addition, the supersized 115” Smart Signage screen brings a new level of immersive visuals to life. All of these innovative solutions are being displayed at ISE, in booth 3F500
“For commercial displays, it is crucial to address the market’s demand for energy efficiency and simple device management, while at the same time meeting the public’s desire for immersive experiences,” said Hoon Chung, Executive Vice President of Visual Display Business at Samsung Electronics. “Our latest innovations, including the near-zero power Samsung Color E-Paper and advanced AI capabilities brought by all the models, showcase our commitment to pioneering new markets and providing transformative business solutions worldwide.”

Samsung Color E-Paper Brings Greater Energy Efficiency and Flexibility
Samsung Color E-Paper (EMDX model) redefines energy-efficient digital signage by combining digital ink with innovative full-color e-paper technology. This ultra-low power, lightweight and slim display serves as an eco-conscious alternative to traditional analog and paper-based promotional materials while delivering the high visibility and functionality that businesses demand.

Leveraging advanced digital ink technology, the EMDX operates at 0.00W power when displaying static images, while consuming significantly less energy during image transitions compared to traditional digital signage, resulting in substantial cost savings.1 The ultra-slim and lightweight design ensures effortless installation, while the range of sizes — 13″ (1,600 x 1,200); 25″ (3,200 x 1,800); 32″ QHD (2,560 x 1,440); and an outdoor version that is 75″ 5K (5,120 x 2,880) — are optimized to cater to diverse business needs. The Color E-Paper also includes a rechargeable 5000mAh battery, two USB-C ports for charging and data transfer, 8GB of memory, and Wi-Fi and Bluetooth support for enhanced connectivity.
For seamless device management, a dedicated mobile app2 allows users to remotely operate displays, schedule wake-up and sleep times, and even set playlists with predefined intervals. Samsung VXT (Visual eXperience Transformation) further simplifies content operation with a feature exclusive to the Samsung Color E-Paper. A specialized algorithm optimizes content visibility for the display and includes a preview function to ensure content and color are accurate before deployment.
Content management is made simple through the mobile app and Samsung VXT, with businesses also able to use their own solutions through Tizen Enterprise APIs, which enable easy integration with existing management systems.

Moreover, as part of Samsung’s ongoing commitment to a sustainable future, the cover of the Color E-Paper is made from over 50% recycled plastics, while its packaging is made entirely from paper.
“Building a sustainable future means embedding environmentally conscious innovation into every Samsung product and solution,” said David Phelps, Head of Display Division, Samsung Electronics America. “With Color E-Paper, businesses can enhance customer engagement while reducing their energy footprint. As we unveil our latest display technologies at ISE, we are demonstrating new possibilities for managing, controlling and delivering dynamic digital experiences across a range of industry environments.”
AI Features Bring New Intelligence and Control to SmartThings Pro and Interactive Display
In 2025, SmartThings Pro, Samsung’s hyper-connected business-to-business (B2B) management platform, brings enhanced AI and automation capabilities to improve operational efficiency.3

The platform offers Interactive View, which uses AI to convert 2D floor plans into 3D images of business premises. This 3D visualization makes it easier to understand and navigate spaces intuitively, enabling business operators to manage connected devices with ease.
SmartThings Pro also features advanced automation controls, allowing businesses to adjust settings — such as power, volume and brightness — based on pre-set conditions like ambient lighting, room occupancy and store operating hours. These automated adjustments save time while ensuring devices are optimized for their environments. When using SmartThings Pro on displays, switching between content streams is equally seamless. This is because users are able to effortlessly change channels or input sources for a streamlined experience.4

Additionally, Samsung Smart Signage features CryptoCore, a FIPS 140-3-certified encryption module that safeguards sensitive authentication data for IoT connections and ensures that these connections between devices remain secure.5
At ISE, Samsung is also showcasing the 2025 Interactive Display (WAFX-P model), powered by Android OS 15 and featuring new AI capabilities that enhance education and collaboration opportunities.
The WAFX-P model provides AI capabilities, featuring Circle to Search, which enables users to easily search for images or translate text directly on-screen, and AI Summary, which automatically generates concise recaps of lectures or meetings.

MIL OSI Global Banks –

February 4, 2025
MIL-OSI: Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development
Source: GlobeNewswire (MIL-OSI)

Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development
- Dassault Systèmes’ 3DEXPERIENCE platform on the cloud becomes a foundational technology solution at Volkswagen Group to advance vehicle development
  - Virtual twin experiences reduce engineering and manufacturing cycles of complex automotive systems, streamline workflows, optimize resources and accelerate time-to-market
VELIZY-VILLACOUBLAY, France — February 4, 2025 — Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Volkswagen Group today announced a long-term partnership to advance Volkswagen Group’s digital infrastructure for state-of-the-art vehicle development by implementing Dassault Systèmes’ 3DEXPERIENCE platform.

Volkswagen Group has chosen the 3DEXPERIENCE platform on the cloud as a main engineering and manufacturing platform. Engineers, designers and other professionals across the Volkswagen, Audi and Porsche brands will use virtual twins to streamline the development of vehicles. This will enable teams to simulate, test and refine every aspect of vehicle development in a collaborative virtual environment before physical production begins, while ensuring compliance with global regulations and sustainability standards.

“We are advancing the development of our next-generation IT system landscape, and the decision to partner with Dassault Systèmes marks an important milestone,” said Hauke Stars, Board Member at Volkswagen Group for IT. “With consistent data streams and AI solutions built on them, we are creating a true technological leap for our teams in development and factory planning. At the same time, we are sustainably reducing IT costs and accelerating processes by streamlining our system complexity and utilizing virtual twins.”

“Industry evolutions in the context of the Generative Economy are compelling automotive companies to make transformative decisions that will propel the vehicle experience to new heights,” said Pascal Daloz, CEO, Dassault Systèmes. “After four decades of partnership rooted in innovation and trust, we’re now embarking on the next chapter with Volkswagen Group with the 3DEXPERIENCE platform at its core. Our AI-powered virtual twins and the strength and resilience of the cloud will unify Volkswagen Group’s hardware and software innovation and unleash the knowledge and know-how to accelerate its software-driven transformation.”

Volkswagen Group will rely on four Dassault Systèmes industry solution experiences based on the 3DEXPERIENCE platform: “Global Modular Architecture,” “Smart, Safe and Connected,” “Efficient Multi-Energy Platform,” and “On-Target Vehicle Launch.”

Social media:

Connect with Dassault Systèmes on Facebook LinkedIn YouTube

For more information:

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

###

About Dassault Systèmes
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit: www.3ds.com

About Volkswagen Group
The Volkswagen Group is one of the world’s leading car makers, headquartered in Wolfsburg, Germany. It operates globally, with 114 production facilities in 17 European countries and 10 countries in the Americas, Asia and Africa. With around 684,000 employees worldwide. The Group’s vehicles are sold in over 150 countries.
With an unrivalled portfolio of strong global brands, leading technologies at scale, innovative ideas to tap into future profit pools and an entrepreneurial leadership team, the Volkswagen Group is committed to shaping the future of mobility through investments in electric and autonomous driving vehicles, digitalization and sustainability.
In 2023, the total number of vehicles delivered to customers by the Group globally was 9.2 million (2022: 8.3 million). Group sales revenue in 2023 totaled EUR 322.3 billion (2022: EUR 279.1 billion). The operating result before special items in 2023 amounted to EUR 22.6 billion (2022: EUR 22.5 billion).

Dassault Systèmes Press Contacts
Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

Volkswagen Group Press Contact
Global        Jonas KULAWIK        jonas.alexander.kulawik@volkswagen.de

Attachment
- Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development
The MIL Network –
February 4, 2025

MIL-OSI: Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — February 4, 2025

Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the fourth quarter 2024 and full year ended December 31, 2024. The Group’s Board of Directors approved these estimated results on February 3, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

(unaudited, non-IFRS unless otherwise noted,
all growth rates in constant currencies)

4Q24: Software revenue accelerated to 9% growth;
4Q24: Top line acceleration driven by new business growth of 13% and 3DEXPERIENCE software revenue up 22%;
4Q24: Operating margin stood at 36.3%, an increase of 70 basis points, with diluted EPS of €0.40, up 11%;
FY24: Total revenue grew to €6.21 billion with software revenue up 6%, operating margin of 31.9% and diluted EPS of €1.28, up 9%;
Initiating guidance for FY25: total revenue growth expected between 6% and 8%, operating margin between 32.6% and 32.9%, up 70-100 basis points, and diluted EPS of €1.36-€1.39;
Revealing 3D UNIV+RSES and their AI-based services.

Dassault Systèmes’ Chief Executive Officer Commentary

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“2024 has been a year of competitive success, driven by the expansion of 3DEXPERIENCE across industries, domains and geographies, and redefining our strategic partnerships with industry leaders such as Volkswagen, Lockheed Martin, Mahindra & Mahindra, Airbus, and Bristol-Myers Squibb.

Key to this success is the relevance of 3DEXPERIENCE combining deep industry knowledge and know-how to help customers enhance their value propositions and empower their teams. This will nurture our future growth and build the foundation for broad cloud adoption.

Building on this strong foundation, we are excited to announce a new era for Dassault Systèmes. We are fully committed to creating UNIV+RSES, a combination of multiple virtual twins, integrating artificial intelligence to connect virtual and real, across all industry solutions. This will unlock new opportunities for our clients and position us as the trusted Global IP Generation and Management Company.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
data on a non-IFRS basis)

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

“We delivered a strong Q4 in the context of a challenging year, with total revenue up 7%, driven by new business growth of 13% in the quarter. From a product line perspective, this performance was led by Industrial Innovation, up 8%, as a result of the wider adoption of 3DEXPERIENCE, with a focus on manufacturing. At the same time, we saw continued excellent performance in Mainstream Innovation while in Life Sciences, MEDIDATA returned to growth.

Turning to the bottom line, profitability improved in the quarter with an operating margin of 36.3%, up 70 basis points driven by productivity gains, and EPS increased by a strong 11%.

For 2024, software revenue growth was 6% and EPS grew by 9%. Operating cash flow came in at €1.66 billion resulting in a net cash position of €1.46 billion, highlighting our capacity for future investments.

Looking ahead, we are confident in our growth outlook and competitive positioning.

As such, for 2025 we anticipate total revenue growth between 6% and 8%, operating margin expansion of 70-100 basis points and EPS up 7% to 10%.

Lastly, we are delighted to hold our Capital Markets Day this coming June, at our headquarters in Paris where it will be the opportunity to discuss our vision for the next horizon.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q4 2024	Q4 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,754.2	1,643.4	7%	7%	6,213.6	5,951.4	4%	5%
Software Revenue	1,601.5	1,476.1	8%	9%	5,613.3	5,360.0	5%	6%
Operating Margin	27.6%	23.2%	+4.3pts		21.9%	20.9%	+1.0pt
Diluted EPS	0.30	0.25	20%		0.90	0.79	14%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q4 2024	Q4 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,754.2	1,643.4	7%	7%	6,213.6	5,951.4	4%	5%
Software Revenue	1,601.5	1,476.1	8%	9%	5,613.3	5,360.0	5%	6%
Operating Margin	36.3%	35.9%	+0.4pt		31.9%	32.4%	(0.4)pt
Diluted EPS	0.40	0.36	9%	11%	1.28	1.20	7%	9%

Fourth Quarter 2024 Versus 2023 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue in the fourth quarter grew by 7% to €1.75 billion, and software revenue increased by 9% to €1.60 billion. Subscription & support revenue rose 7%; recurring revenue represented 75% of software revenue. Licenses and other software revenue increased by 15% to €405 million. Services revenue was down 9% to €153 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 5% to represent 37% of software revenue, led by Aerospace & Defense. Europe (43% of software revenue) grew by 14%, thanks to large deals closed in Aerospace & Defense and Home & Lifestyle. In Asia, revenue increased by 7%, led by Japan and India, while China remained volatile. Asia represented 20% of software revenue at the end of the fourth quarter.
Software Revenue by Product Line:
- Industrial Innovation software revenue increased by 8% to €902 million, driven by strong momentum with 3DEXPERIENCE wins and many strategic competitive displacements, led by DELMIA in manufacturing. Industrial Innovation software represented 56% of software revenue.
- Life Sciences software revenue was flat, at €298 million, accounting for 19% of software revenue. MEDIDATA returned to growth, up 1% in the quarter, highlighting progressive improvement.
- Mainstream Innovation software revenue increased by 17% to €402 million, with SOLIDWORKS achieving its best quarter since 2022 and CENTRIC PLM maintaining strong momentum. Mainstream Innovation represented 25% of software revenue, during the period.

Software Revenue by Industry: Aerospace & Defense, Home & Lifestyle and Industrial Equipment were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 22% thanks to major deals signings in Aerospace & Defense and Transport & Mobility. 3DEXPERIENCE software revenue represented 46% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 6% and represented 22% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by 19%.
Operating Income and Margin: IFRS operating income rose by 27% at €483 million, as reported. Non-IFRS operating income increased by 9% in constant currencies at €637 million (up 8% as reported). The IFRS operating margin stood at 27.6% compared to 23.2% in the fourth quarter of 2023. The non-IFRS operating margin totaled 36.3% versus 35.9% during the same period last year, up 70 basis points in constant currencies.
Earnings per Share: IFRS diluted EPS was €0.30, up 20% as reported. Non-IFRS diluted EPS grew to €0.40, up 9% as reported, or 11% in constant currencies.

Fiscal 2024 Versus 2023 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue grew by 5% to €6.21 billion. Software revenue increased by 6% to €5.61 billion. Subscription and support revenue rose to €4.49 billion up 6%; recurring revenue represented 80% of total software revenue. Licenses and other software revenue grew by 4% to €1.13 billion. Services revenue came at €600 million, up 2%.
Software Revenue by Geography: The Americas increased by 4% and represented 39% of software revenue. Europe rose by 6% and represented 38% of software revenue. Asia grew by 9%, representing 22% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue was up 5% to €3.02 billion and represented 54% of software revenue. DELMIA, ENOVIA and SIMULIA exhibited the strongest performance.

Life Sciences software revenue decreased by 1% to €1.14 billion, representing 20% of software revenue.
Mainstream Innovation software revenue increased by 13% to €1.45 billion. Mainstream Innovation represented 26% of software revenue.

Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Industrial equipment displayed some of the strongest performance.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 14%, representing 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 24% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 40% versus last year.
Operating Income and Margin: IFRS operating income increased by 9% to €1.36 billion, as reported. Non-IFRS operating income increased by 3% as reported, up 4% in constant currencies, to €1.98 billion. IFRS operating margin totaled 21.9% compared to 20.9% in 2023. The non-IFRS operating margin stood at 31.9% in 2024 compared to 32.4% last year.
Earnings per Share: IFRS diluted EPS was up 14% as reported, to €0.90. Non-IFRS diluted EPS grew by 7% to €1.28, as reported, up 9% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.66 billion, up 6% year over year at reported rate with strong cash conversion and good cash collection, offset by receivables up on higher business activity in the fourth quarter.
Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.46 billion as of December 31, 2024, an increase of €0.88 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.95 billion at the end of December 2024. The movements of the year on cash and cash equivalents include the reimbursement for €700 million of the second tranche of the bond issued by the company in 2019.

Financial Objectives for 2025

Dassault Systèmes’ first quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q1 2025	FY 2025
Total Revenue (billion)		€1.535 – €1.601	€6.550 – €6.650
Growth		2 – 7%	5 – 7%
Growth ex FX		3 – 8%	6 – 8%

Software revenue growth *		3 – 8%	6 – 8%
	Of which licenses and other software revenue growth *	0 – 9%	3 – 5%
	Of which recurring revenue growth *	4 – 8%	7 – 9%
Services revenue growth *		0 – 4%	3 – 6%

Operating Margin		31.0% – 31.1%	32.6% – 32.9%

EPS Diluted		€0.30 – €0.32	€1.36 – €1.39
Growth		2 – 6%	6 – 8%
Growth ex FX		3 – 7%	7 – 10%

US dollar		$1.10 per Euro	$1.10 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 155.0 per Euro
* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €161 million (these estimates do not include any new stock option or share grants issued after December 31, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after December 31, 2024.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Tuesday, February 4, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

Investor Relations Events

First Quarter 2025 Earnings Release: April 24, 2025
Second Quarter 2025 Earnings Release: July 24, 2025
Third Quarter 2025 Earnings Release: October 23, 2025

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the first quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2024.

In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team FTI Consulting

Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

APPENDIX TABLE OF CONTENTS

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)

In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

Information on Product Lines

The Group’s product lines financial reporting include the following financial information:

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEOs

Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

These GEOs are structured into three groups:

the “Americas” group, made of two GEO’s;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
the “Asia” group, comprising Asia and Oceania and made of five GEO’s.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

Cloud revenue

Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

New business

New business is the combination of subscription revenue and licenses & other software revenue.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended				Twelve months ended
	December 31, 2024	December 31, 2023	Change	Change in constant currencies	December 31, 2024	December 31, 2023	Change	Change in constant currencies
Total Revenue	€ 1,754.2	€ 1,643.4	7%	7%	€ 6,213.6	€ 5,951.4	4%	5%

Revenue breakdown by activity
Software revenue	1,601.5	1,476.1	8%	9%	5,613.3	5,360.0	5%	6%
Of which licenses and other software revenue	405.4	351.9	15%	15%	1,125.2	1,087.6	3%	4%
Of which subscription and support revenue	1,196.1	1,124.3	6%	7%	4,488.1	4,272.4	5%	6%
Services revenue	152.8	167.3	(9)%	(9)%	600.3	591.4	2%	2%

Software revenue breakdown by product line
Industrial Innovation	901.8	837.3	8%	8%	3,019.6	2,908.0	4%	5%
Life Sciences	297.7	295.1	1%	0%	1,144.2	1,158.9	(1)%	(1)%
Mainstream Innovation	402.0	343.7	17%	17%	1,449.4	1,293.2	12%	13%

Software Revenue breakdown by geography
Americas	595.0	566.7	5%	5%	2,214.7	2,141.9	3%	4%
Europe	685.0	601.1	14%	14%	2,150.4	2,027.3	6%	6%
Asia	321.4	308.4	4%	7%	1,248.1	1,190.8	5%	9%

Operating income	€ 636.8	€ 589.8	8%		€ 1,983.7	€ 1,925.6	3%
Operating margin	36.3%	35.9%			31.9%	32.4%

Net income attributable to shareholders	€ 530.7	€ 487.2	9%		€ 1,705.1	€ 1,597.9	7%
Diluted earnings per share	€ 0.40	€ 0.36	9%	11%	€ 1.28	€ 1.20	7%	9%

Closing headcount	26,026	25,573	2%		26,026	25,573	2%

Average Rate USD per Euro	1.07	1.08	(1)%		1.08	1.08	0%
Average Rate JPY per Euro	162.55	159.12	2%		163.85	151.99	8%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros	Non-IFRS reported			o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
In millions of Euros	December 31, 2024	December 31, 2023	Change	o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
Revenue QTD	1,754.2	1,643.4	110.9	111.8	0.6	(1.6)
Revenue YTD	6,213.6	5,951.4	262.2	302.0	2.2	(42.0)

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended		Twelve months ended
	December 31,	December 31,	December 31,	December 31,
	2024	2023	2024	2023
Licenses and other software revenue	405.4	351.9	1,125.2	1,087.6
Subscription and Support revenue	1,196.1	1,124.3	4,488.1	4,272.4
Software revenue	1,601.5	1,476.1	5,613.3	5,360.0
Services revenue	152.8	167.3	600.3	591.4
Total Revenue	€ 1,754.2	€ 1,643.4	€ 6,213.6	€ 5,951.4
Cost of software revenue ⁽¹⁾	(134.1)	(124.9)	(498.5)	(453.9)
Cost of services revenue	(132.7)	(131.0)	(517.8)	(517.1)
Research and development expenses	(327.7)	(317.5)	(1,286.2)	(1,228.3)
Marketing and sales expenses	(456.6)	(429.3)	(1,704.3)	(1,624.5)
General and administrative expenses	(136.4)	(124.8)	(470.5)	(450.6)
Amortization of acquired intangible assets and of tangible assets revaluation	(87.5)	(94.9)	(361.6)	(378.9)
Other operating income and expense, net	4.2	(39.5)	(15.0)	(56.2)
Total Operating Expenses	(1,270.9)	(1,261.8)	(4,854.0)	(4,709.5)
Operating Income	€ 483.4	€ 381.6	€ 1,359.6	€ 1,241.9
Financial income (loss), net	22.9	27.8	118.4	59.0
Income before income taxes	€ 506.3	€ 409.4	€ 1,478.0	€ 1,300.9
Income tax expense	(95.4)	(79.1)	(279.9)	(250.7)
Net Income	€ 410.9	€ 330.3	€ 1,198.1	€ 1,050.2
Non-controlling interest	1.1	(0.3)	2.1	0.7
Net Income attributable to equity holders of the parent	€ 412.0	€ 330.0	€ 1,200.2	€ 1,050.9
Basic earnings per share	0.31	0.25	0.91	0.80
Diluted earnings per share	€ 0.30	€ 0.25	€ 0.90	€ 0.79
Basic weighted average shares outstanding (in millions)	1,312.7	1,314.1	1,313.3	1,315.1
Diluted weighted average shares outstanding (in millions)	1,330.0	1,336.6	1,333.4	1,336.8

⁽¹⁾ Excluding amortization of acquired intangible assets and of tangible assets revaluation.

IFRS reported	Three months ended December 31, 2024		Twelve months ended December 31, 2024
IFRS reported	Change ⁽²⁾	Change in constant currencies	Change ⁽²⁾	Change in constant currencies
Total Revenue	7%	7%	4%	5%
Revenue by activity
Software revenue	8%	9%	5%	6%
Services revenue	(9)%	(9)%	2%	2%
Software Revenue by product line
Industrial Innovation	8%	8%	4%	5%
Life Sciences	1%	0%	(1)%	(1)%
Mainstream Innovation	17%	17%	12%	13%
Software Revenue by geography
Americas	5%	5%	3%	4%
Europe	14%	14%	6%	6%
Asia	4%	7%	5%	9%

⁽²⁾ Variation compared to the same period in the prior year.

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	December 31,	December 31,
	2024	2023
ASSETS
Cash and cash equivalents	3,952.6	3,568.3
Trade accounts receivable, net	2,120.9	1,707.9
Contract assets	30.1	26.8
Other current assets	464.0	477.1
Total current assets	6,567.6	5,780.1
Property and equipment, net	945.8	882.8
Goodwill and Intangible assets, net	7,687.1	7,647.0
Other non-current assets	345.5	312.5
Total non-current assets	8,978.3	8,842.3
Total Assets	€ 15,545.9	€ 14,622.5
LIABILITIES
Trade accounts payable	259.9	230.5
Contract liabilities	1,663.4	1,479.3
Borrowings, current	450.8	950.1
Other current liabilities	1,147.4	901.0
Total current liabilities	3,521.5	3,561.0
Borrowings, non-current	2,042.8	2,040.6
Other non-current liabilities	900.9	1,174.8
Total non-current liabilities	2,943.7	3,215.4
Non-controlling interests	14.1	11.9
Parent shareholders’ equity	9,066.6	7,834.1
Total Liabilities	€ 15,545.9	€ 14,622.5

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Twelve months ended
	December 31,	December 31,	Change	December 31,	December 31,	Change
	2024	2023	Change	2024	2023	Change
Net income attributable to equity holders of the parent	412.0	330.0	82.0	1,200.2	1,050.9	149.3
Non-controlling interest	(1.1)	0.3	(1.4)	(2.1)	(0.7)	(1.4)
Net income	410.9	330.3	80.6	1,198.1	1,050.2	147.9
Depreciation of property and equipment	49.7	44.0	5.7	191.9	182.4	9.4
Amortization of intangible assets	89.4	96.8	(7.4)	369.1	387.1	(18.0)
Adjustments for other non-cash items	(75.9)	(48.8)	(27.0)	37.7	74.7	(37.0)
Changes in working capital	(162.1)	(128.8)	(33.3)	(137.0)	(129.2)	(7.7)
Net Cash From Operating Activities	€ 312.0	€ 293.4	€ 18.6	€ 1,659.8	€ 1,565.2	€ 94.6

Additions to property, equipment and intangibles assets	(49.1)	(42.5)	(6.6)	(193.4)	(145.3)	(48.1)
Payment for acquisition of businesses, net of cash acquired	(4.2)	(0.5)	(3.8)	(22.5)	(16.1)	(6.4)
Other	0.3	0.1	0.1	24.1	(0.3)	24.4
Net Cash Provided by (Used in) Investing Activities	€ (53.1)	€ (42.9)	€ (10.2)	€ (191.7)	€ (161.6)	€ (30.1)

Proceeds from exercise of stock options	4.4	28.5	(24.1)	48.4	67.0	(18.6)
Cash dividends paid	–	0.0	(0.0)	(302.7)	(276.2)	(26.4)
Repurchase and sale of treasury stock	(0.5)	10.6	(11.1)	(374.0)	(375.4)	1.4
Capital increase	–	(0.0)	0.0	–	146.1	(146.1)
Acquisition of non-controlling interests	(0.0)	(0.1)	0.1	(3.3)	(0.9)	(2.4)
Proceeds from borrowings	–	0.0	(0.0)	200.2	20.3	179.9
Repayment of borrowings	(100.0)	0.1	(100.0)	(700.9)	(28.1)	(672.7)
Repayment of lease liabilities	(18.7)	(26.3)	7.7	(79.7)	(89.4)	9.7
Net Cash Provided by (Used in) Financing Activities	€ (114.8)	€ 12.7	€ (127.5)	€ (1,211.9)	€ (536.7)	€ (675.2)

Effect of exchange rate changes on cash and cash equivalents	150.8	(63.2)	213.9	128.2	(67.5)	195.7

Increase (decrease) in cash and cash equivalents	€ 294.9	€ 200.1	€ 94.8	€ 384.3	€ 799.3	€ (415.0)

Cash and cash equivalents at beginning of period	€ 3,657.7	€ 3,368.1		€ 3,568.3	€ 2,769.0
Cash and cash equivalents at end of period	€ 3,952.6	€ 3,568.3		€ 3,952.6	€ 3,568.3

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended December 31,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,754.2	–	€ 1,754.2	€ 1,643.4	–	€ 1,643.4	7%	7%
Revenue breakdown by activity
Software revenue	1,601.5	–	1,601.5	1,476.1	–	1,476.1	8%	8%
Licenses and other software revenue	405.4	–	405.4	351.9	–	351.9	15%	15%
Subscription and Support revenue	1,196.1	–	1,196.1	1,124.3	–	1,124.3	6%	6%
Recurring portion of Software revenue	75%		75%	76%		76%
Services revenue	152.8	–	152.8	167.3	–	167.3	(9)%	(9)%
Software Revenue breakdown by product line
Industrial Innovation	901.8	–	901.8	837.3	–	837.3	8%	8%
Life Sciences	297.7	–	297.7	295.1	–	295.1	1%	1%
Mainstream Innovation	402.0	–	402.0	343.7	–	343.7	17%	17%
Software Revenue breakdown by geography
Americas	595.0	–	595.0	566.7	–	566.7	5%	5%
Europe	685.0	–	685.0	601.1	–	601.1	14%	14%
Asia	321.4	–	321.4	308.4	–	308.4	4%	4%
Total Operating Expenses	€ (1,270.9)	€ 153.4	€ (1,117.5)	€ (1,261.8)	€ 208.2	€ (1,053.6)	1%	6%
Share-based compensation expense and related social charges	(69.7)	69.7	–	(73.2)	73.2	–
Amortization of acquired intangible assets and of tangible assets revaluation	(87.5)	87.5	–	(94.9)	94.9	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	4.2	(4.2)	–	(39.5)	39.5	–
Operating Income	€ 483.4	€ 153.4	€ 636.8	€ 381.6	€ 208.2	€ 589.8	27%	8%
Operating Margin	27.6%		36.3%	23.2%		35.9%
Financial income (loss), net	22.9	1.1	24.0	27.8	1.0	28.8	(18)%	(17)%
Income tax expense	(95.4)	(33.2)	(128.6)	(79.1)	(51.3)	(130.4)	21%	(1)%
Non-controlling interest	1.1	(2.6)	(1.5)	(0.3)	(0.7)	(1.0)	N/A	53%
Net Income attributable to shareholders	€ 412.0	€ 118.7	€ 530.7	€ 330.0	€ 157.2	€ 487.2	25%	9%
Diluted Earnings Per Share ⁽³⁾	€ 0.30	€ 0.10	€ 0.40	€ 0.25	€ 0.12	€ 0.36	20%	9%

⁽¹⁾ In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

In millions of Euros, except percentages	Three months ended December 31,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(266.9)	5.0	0.1	(261.8)	(255.9)	3.6	0.2	(252.1)	4%	4%
Research and development expenses	(327.7)	18.2	0.2	(309.3)	(317.5)	28.5	0.3	(288.7)	3%	7%
Marketing and sales expenses	(456.6)	25.1	0.1	(431.4)	(429.3)	20.9	0.1	(408.3)	6%	6%
General and administrative expenses	(136.4)	21.4	0.0	(115.0)	(124.8)	20.2	0.0	(104.5)	9%	10%
Total		€ 69.7	€ 0.4			€ 73.2	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,330.0 million diluted shares for Q4 2024 and 1,336.6 million diluted shares for Q4 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 394.7 million for Q4 2024 (€ 330.0 million for Q4 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	Twelve months ended December 31,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 6,213.6		€ 6,213.6	€ 5,951.4	–	€ 5,951.4	4%	4%
Revenue breakdown by activity
Software revenue	5,613.3		5,613.3	5,360.0	–	5,360.0	5%	5%
Licenses and other software revenue	1,125.2	–	1,125.2	1,087.6	–	1,087.6	3%	3%
Subscription and Support revenue	4,488.1		4,488.1	4,272.4	–	4,272.4	5%	5%
Recurring portion of Software revenue	80%		80%	80%		80%
Services revenue	600.3	–	600.3	591.4	–	591.4	2%	2%
Software Revenue breakdown by product line
Industrial Innovation	3,019.6	–	3,019.6	2,908.0	–	2,908.0	4%	4%
Life Sciences	1,144.2	–	1,144.2	1,158.9	–	1,158.9	(1)%	(1)%
Mainstream Innovation	1,449.4	–	1,449.4	1,293.2	–	1,293.2	12%	12%
Software Revenue breakdown by geography
Americas	2,214.7		2,214.7	2,141.9	–	2,141.9	3%	3%
Europe	2,150.4	–	2,150.4	2,027.3	–	2,027.3	6%	6%
Asia	1,248.1	–	1,248.1	1,190.8	–	1,190.8	5%	5%
Total Operating Expenses	€ (4,854.0)	€ 624.2	€ (4,229.8)	€ (4,709.5)	€ 683.7	€ (4,025.8)	3%	5%
Share-based compensation expense and related social charges	(245.6)	245.6	–	(245.8)	245.8	–
Amortization of acquired intangible assets and of tangible assets revaluation	(361.6)	361.6	–	(378.9)	378.9	–
Lease incentives of acquired companies	(1.9)	1.9	–	(2.8)	2.8	–
Other operating income and expense, net	(15.0)	15.0	–	(56.2)	56.2	–
Operating Income	€ 1,359.6	€ 624.2	€ 1,983.7	€ 1,241.9	€ 683.7	€ 1,925.6	9%	3%
Operating Margin	21.9%		31.9%	20.9%		32.4%
Financial income (loss), net	118.4	3.2	121.6	59.0	29.3	88.2	101%	38%
Income tax expense	(279.9)	(117.0)	(396.8)	(250.7)	(164.1)	(414.8)	12%	(4)%
Non-controlling interest	2.1	(5.5)	(3.4)	0.7	(1.9)	(1.2)	190%	187%
Net Income attributable to shareholders	€ 1,200.2	€ 504.9	€ 1,705.1	€ 1,050.9	€ 546.9	€ 1,597.9	14%	7%
Diluted Earnings Per Share ⁽³⁾	€ 0.90	€ 0.38	€ 1.28	€ 0.79	€ 0.41	€ 1.20	14%	7%

In millions of Euros, except percentages	Twelve months ended December 31,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(1,016.3)	16.2	0.5	(999.5)	(971.0)	15.7	0.8	(954.4)	5%	5%
Research and development expenses	(1,286.2)	76.9	0.9	(1,208.4)	(1,228.3)	94.4	1.3	(1,132.6)	5%	7%
Marketing and sales expenses	(1,704.3)	80.8	0.3	(1,623.3)	(1,624.5)	73.6	0.5	(1,550.4)	5%	5%
General and administrative expenses	(470.5)	71.7	0.2	(398.7)	(450.6)	62.2	0.2	(388.3)	4%	3%
Total		€ 245.6	€ 1.9			€ 245.8	€ 2.8

1 IFRS figures for 4Q24: total revenue at €1.75 billion, operating margin of 27.6% and diluted EPS at €0.30; IFRS figures for FY24: total revenue at €6.21 billion, operating margin of 21.9% and diluted EPS at €0.90.

Attachment

Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

The MIL Network –

February 4, 2025

MIL-Evening Report: Yes, energy prices are hurting the food sector. But burning more fossil fuels is not the answer

Source: The Conversation (Au and NZ) – By Vivienne Reiner, PhD Candidate, Integrated Sustainability Analysis group, University of Sydney

Months out from a federal election, the industry lobby is gearing up in opposition to the Albanese government’s renewable energy targets. In a salvo on Monday, food distributors urged the government to increase fossil fuel production, as a way to purportedly tackle high energy prices.

It was followed by comments on Tuesday by the Australian Chamber of Commerce and Industry, which also called for fast-tracking of gas expansion to avoid price spikes and blackouts.

Unfortunately, however, these approaches miss the point. They are a short-sighted response to what is, in large part, a climate-induced problem.

In fact, evidence suggests burning more coal and gas will only make things worse for many industries, including the food sector.

More fossil fuels = more industry disruption

The industry group Independent Food Distributors Australia claims Labor’s energy policies are driving up costs for businesses and, in turn, consumers.

In comments published in The Australian, the group’s chief executive Richard Forbes said the phase-out of coal-fired energy was too fast and the government’s renewable energy target was too ambitious. The newspaper claimed business owners instead want Labor to support new gas plants and support upgrades to existing coal plants.

The group represents food manufacturers, suppliers and distributors supporting the food service industry. Its members largely comprise food distribution warehouses operating large refrigerators and freezers.

First, it’s important to ask whether a focus on renewable energy can be blamed for Australia’s high energy prices. The answer is largely no.

That aside, would expanding fossil fuel production ultimately be a boon to food distributors? Evidence suggests it would not.

A study published in 2022, led by my colleagues at the University of Sydney, found that almost one-fifth of total emissions from global food systems were produced by transport and supporting services, such as distribution warehouses. This was equivalent to about 6% of the world’s greenhouse gas emissions.

Of course, greenhouse gas emissions are warming the climate and leading to worse and more frequent natural disasters. And, as another University of Sydney study showed, these disasters have extensive repercussions for the food industry.

It found the disruptions would be hardest felt by the fruit, vegetable and livestock sectors, however effects flowed to other sectors such as transport services. Overall, people in rural areas and those from a low-socioeconomic background were most vulnerable, both to food and nutrition impacts, as well as losses in employment and income.

What’s more, research I led into the economic impact of Australia’s 2019–20 bushfires also reveals the vulnerability of the food ecosystem. The 2024 study, which focused on tourism, found employment and income losses were greatest in the hospitality and transport sectors respectively. Restaurants, cafes and accommodation providers were disproportionately hit by job losses resulting from reduced consumption, including less food being consumed out of home.

So what does all this mean? Clearly, expanding polluting energy generation to reduce food distribution costs in the short term will not, ultimately, secure the sector’s future.

Making food distribution more sustainable

Having said all this, Australia’s high energy prices are undoubtedly a stress point for many Australian businesses. So how can the food sector tackle the problem?

Energy requirements (and therefore costs and emissions) differ according to the type of food. Fruits and vegetables, for example, are likely to require a temperature-controlled environment. This generates about double the emissions produced by growing the crops themselves.

Growing and distributing crops that can be transported at ambient temperatures would reduce energy use. This is particularly important given refrigeration needs are likely to increase as the planet warms.

In terms of broader food movements, 94% of domestic transport happens by road. So, there is a strong case for investing in electric trucks to help guard against energy price hikes.

The weight of food freight has also been correlated with energy use. Cereals – along with fruit and vegetables, flour and sugar beet/cane – are among the food types transported at high tonnages.

As my colleagues have noted, there are huge energy savings to be gained if the global population ate more locally produced food, and if food businesses used cleaner production and distribution methods, such as natural refrigerants.

Energy requirements differ according to the type of food.
BK Awangga/Shutterstock

Looking ahead

Global food systems are crucial to human wellbeing. It’s in everyone’s interests to keep them functioning well and protected from climate-fuelled hazards.

The choices now facing the food-distribution sector represent one of many tradeoffs Australia must make during its transition to a low-carbon future.

Will we continue the polluting, business-as-usual approach or will we embrace Australia’s natural advantages in renewable energy, and protect the planet that supports us?

When it comes to food distribution, will Australia expand gas and coal production as a purported answer to lower energy costs in the short term – or will we move swiftly to decarbonise the sector and buy more local, sustainable food?

Vivienne Reiner does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Yes, energy prices are hurting the food sector. But burning more fossil fuels is not the answer – https://theconversation.com/yes-energy-prices-are-hurting-the-food-sector-but-burning-more-fossil-fuels-is-not-the-answer-248996

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI Australia: (WIP) Growing ESG complexity in the year ahead: what companies can expect
Source: Allens Insights

ESG continues to evolve 10 min read

As stakeholder expectations on Environment, Social and Governance (ESG) issues continue to evolve, we are seeing a movement build from voluntary standards to domestic regulation. Concurrently, the opposition to ESG-related action is adding to uncertainty and complexity when it comes to legal compliance and alignment with global high watermarks.

In this Insight, we take stock of the ESG journey and reflect on the trends to look out for in 2025 and beyond.

Key takeaways
- Growing uncertainty around upcoming ESG legislation is expected to raise complexity and costs for companies in achieving regulatory compliance. The shift from a more global consensus on climate and environmental commitments, ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions, presenting new challenges for companies navigating competing pro- and anti-ESG regulatory trends.
- Companies that are revisiting their sustainability and ESG-related claims and commitments amid heightened reputational and legal exposures over ‘greenwashing’ risk will need to continue to balance accuracy and appropriateness of public commitments with the risk of being perceived as laggards by their stakeholders, including scrutiny of perceived ‘greenhushing’ or ‘greywashing’.
- Litigation risk remains a key challenge for businesses navigating ESG obligations and evolving stakeholder expectations. Potential claims are expanding to include directors’ duties and emerging intersectional ESG issues, including nature and biodiversity, human rights and plastics. Non-judicial forums such as complaints to OECD National Contact Points are likely to remain attractive for stakeholders seeking behavioural change.
- Regardless of whether companies and their directors elect to recalibrate their ESG policies, companies should ensure they are satisfied that their chosen course of action is in the best interests of the company, and retain evidence to support that view and regarding the reasonable grounds for key decisions.
Who in your organisation needs to know about this?

Boards; general counsel and legal; sustainability; regulatory and compliance; cultural heritage and communities teams; external affairs.

A recap of 2024

New ESG legislation, an uptick in regulatory enforcement and the rising expectations of investors and other stakeholders are elevating ESG issues to the top of boardroom agendas.

In 2024, we saw the multi-jurisdictional trend of new ESG due diligence and reporting laws continue in places like the EU and California, adding to recent regulatory developments in Australia, the US, the UK, Canada and elsewhere. Australian companies have been responding, even if not directly in scope, as these new legal requirements flow through from customers and clients.

Combating alleged ‘greenwashing’ and ‘bluewashing’—being claims that environmental and social disclosures are false, misleading or have no reasonable basis—has become an enforcement priority for Australia’s corporate regulators. In November 2024, the Australian Securities and Investments Commission (ASIC) confirmed greenwashing and misleading conduct involving ESG claims would remain an enforcement priority in 2025.

Activists and strategic litigants have deployed strategies in and out of the courtroom seeking to influence corporate behaviour. While the majority of cases have commenced in the US, Australia consistently comes a close second, with cases increasingly focusing on the intersection between the environment and human rights, including the rights of First Nations peoples.

Alongside these developments, the backlash against ESG action increased in 2024 and was a key issue during elections in the US and across the EU. In the US, laws have been passed restricting ESG-related investment decisions, which have impacted investment flows, while legal challenges have delayed the implementation of the US Securities and Exchange Commission’s climate-related financial disclosure rules. Some financial institutions and asset managers are moving away from membership of voluntary ESG commitments, such as the Net Zero Asset Managers and Net Zero Banking Alliance initiatives.¹

Looking ahead to 2025
Deregulation may increase uncertainty and complexity for companies

The conversation around deregulation is already becoming more pronounced in 2025, in light of recent political developments and as ESG regulatory changes take effect.

Upon commencing his second term in office on 20 January 2025, President Trump’s executive orders have so far included:
- withdrawing the US from the Paris Agreement (for a second time); and
- revoking the country’s financial commitments under the United Nations Framework Convention on Climate Change and the US International Climate Finance Plan.
His nominations to environmental protection and corporate regulatory agencies may foreshadow a further rollback of measures on:
- anti-pollution;
- emissions reduction; and
- climate-related financial disclosures.
The wave of new executive orders has already sought to wind back the Biden Administration’s ESG policies (including those encouraging the uptake of electric vehicles).

In the EU, the outcome of a new omnibus proposal aiming to streamline various Green Deal sustainability regulations is due to be released by 26 February 2025. It is possible the proposal will include delays in implementation, while a recently leaked European Commission strategy paper for streamlining the Commission’s regulatory processes suggests there may be a greater focus on reducing the regulatory burden for small and medium-sized companies.

This uncertainty around upcoming ESG legislation is likely to mean increased complexity and costs for companies associated with achieving regulatory compliance. A move away from a more global consensus on ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions. Companies will continue to face challenges in navigating these pro- and anti-ESG regulations across different jurisdictions.

At the same time, disasters such as the Los Angeles fires will keep ESG issues in the public consciousness, and deregulation is unlikely to be aligned with the evolving high watermark to which stakeholders are holding companies to account. We anticipate an increase in ESG litigation as activists continue to pursue behavioural change by governments and companies in the courts.

ESG as a ‘dirty word’: greenhushing and greywashing

While many companies continue to take voluntary action on ESG issues, some are revisiting their ESG commitments in light of the increasingly contested and politicised environment, as well as the heightened reputational and legal exposures associated with sustainability and ESG-related public claims and commitments.

The paring back of existing commitments will continue to be scrutinised by regulators and civil society, and we anticipate that allegations of ‘greenhushing’ or ‘greywashing’ may develop.

‘Greenhushing’ refers to deliberately withholding information about sustainability goals and achievements.

‘Greywashing’ refers to setting strategies and policies that are too watered down, unambitious, qualified or ambiguous to result in meaningful change.

ASIC Chair Joe Longo has described greenhushing as ‘just another form of greenwashing’, which ‘risks misleading by omission’, referring to the annual Net Zero Report issued by South Pole which highlighted a substantial decrease in climate communications across a number of sectors.

Companies will need to continue to balance accuracy and appropriateness of commitments while maintaining flexibility in the changing political environment, with the risk of being perceived as laggards by their stakeholders.

The ESG litigation field expands

Despite the mixed successes of recent ESG claims, we expect activists will continue to pursue strategic litigation to extract concessions from governments and companies and effect behavioural change.
ESG claims have expanded beyond the traditional higher-emitting sectors. Stakeholders are looking more widely at targets and potential claims with the objective of disrupting capital flows, including scrutinising companies’ exposure through their financing activities and broader value chains. We expect that financial institutions will remain a target of stakeholder scrutiny, and that claims and complaints will continue to explore the intersection between climate change and issues such as nature and biodiversity, human rights and plastics. The use of new technologies such as AI and carbon capture and storage (or CCS) is also attracting activist scrutiny.

In 2025, decisions from the International Court of Justice and Australian courts may clarify legal obligations related to climate change, particularly in tort law, potentially impacting future corporate liability for alleged climate change impacts.

Non-curial avenues such as the OECD National Contact Points and UN Special Procedures are already a well-tested forum on ESG issues. Complainants are likely to be interested in exploring the recent updates to the OECD Guidelines on matters such as climate change and biodiversity. The Australian National Contact point may also be utilised by stakeholders in response to the three-year modified liability regime under the new mandatory climate-related financial reporting regime introduced from 1 January 2025, which prevents private litigation in respect of certain ‘protected statements’ for a period of time.

International discussions will continue to influence private actors

Despite failures by state parties to reach agreement at 2024’s UN biodiversity and plastic forums, discourse surrounding the negotiations appears to be sharpening corporate and civil society focus, including through an uptick in plastics-related litigation and campaigns. The next UN biodiversity COP taking place in Rome in February this year, and international negotiations will continue on a treaty to address the full lifecycle of plastic—from production to design and disposal.

Another emerging focus area for companies is Indigenous Cultural and Intellectual Property (ICIP), particularly in the life sciences and mining sectors. A new treaty on genetic resources and traditional knowledge was concluded at the international level in 2024 under the auspices of the World Intellectual Property Organization (WIPO), which will require inventors to disclose the source of genetic resources and associated traditional knowledge in patent applications. After many years of diplomatic efforts by countries including Australia, this is the first multilateral treaty specifically relating to traditional knowledge, and efforts continue to protect traditional cultural expressions at the international level. It remains to be seen how this significant step at the international level will affect the discourse concerning the need for sui generis ICIP legislation in Australia.

Subject matter trends
Implications of US exit from international climate change commitments and shift in domestic energy policy

The United States’ withdrawal from the Paris Agreement introduces a new element of uncertainty for global efforts to address climate change. It remains to be seen whether the Trump Administration’s decision will leave the US as an outlier in international climate and energy policy, or if it may have a broader chilling effect on global cooperation on climate change and other emerging environmental issues.

President of the European Commission, Ursula Von der Leyen, has already reaffirmed that ‘Europe will stay the course’ and reaffirmed the EU’s commitments to the Paris Agreement. A net zero-focused bipartisan alliance of 24 State Governors has also vowed to sustain and advance climate action in the US.

The new US administration has also embarked on a significant gear change in US domestic energy policy.

Executive orders have been effected to declare a ‘national energy emergency’.

This expedites the permitting of oil and gas projects (specifically in Alaska) and temporarily suspends new federal offshore wind leasing pending an environmental and economic review.

The US Federal Reserve has also withdrawn from the Network for Greening the Financial System—an international group of central banks, including the Reserve Bank of Australia, that analyses the economic fallout from climate change.

The Office of Management and Budget also ordered a temporary pause on grant funding by federal agencies for activities implicated by the new executive orders, including renewable energy and climate and atmospheric research programs. The order was subsequently rescinded after an urgent legal challenge by non-profits successfully sought an injunction.

These changes are likely to lead to legal challenges, further adding to the uncertainties faced by businesses navigating the new energy policy environment. As the Trump Administration seeks to encourage investment in the oil and gas sectors, we also expect stakeholders to intensify their scrutiny of companies’ exposure to higher-emitting projects.

Methane emissions

International initiatives to reduce methane emissions have been gaining industry and national support:

the World Bank’s Global Flaring and Methane Reduction (GFMR) Partnership is now active in over a dozen countries and has been endorsed by 57 companies.

the Global Methane Pledge launched at COP26 in 2021 by the EU and US has received 159 country endorsements as of 2024, including Australia’s.

Several countries have moved to impose stricter regulations on methane emissions. In May 2024, the EU introduced its Methane Regulation requiring increased monitoring, detection and reduction of methane emissions. Additional import restrictions will extend to gas imported into the Eurozone from 2027. In November 2024, the United States Environmental Protection Agency announced new regulations on the emission of methane from crude-oil and natural gas facilities.

New and expanded gas projects (and related infrastructure and supply chains) remain a focus of campaigning and shareholder activism on fugitive methane emissions by organisations such as Market Forces.

Biodiversity and nature

Countries are moving to implement their national commitments under the Kunming-Montreal Global Biodiversity Framework.

Australia’s Nature Repair Market is set to open for business in 2025, operating in a similar fashion to the existing carbon market, to incentivise projects to protect and restore the environment through biodiversity credits.

The EU’s Regulation on Nature Restoration entered into force in August 2024, and the Canadian Government has moved to legislate a Nature Accountability Bill as part of its 2030 Nature Strategy released in June 2024.

However, the future of the Canadian bill is now uncertain due to the suspension of all parliamentary business after Parliament was prorogued on 6 January 2025 following the resignation of Prime Minister Justin Trudeau. While Canada’s next general election is scheduled for 20 October 2025, opposition parties have foreshadowed a no-confidence motion when the next parliamentary session resumes on 24 March which, if successful, may trigger an early vote.

Several jurisdictions are also moving to address deforestation in supply chains, with measures including import restrictions and due diligence requirements.

The EU’s Regulation on Deforestation-free Products will enter into effect from 30 December 2025 and require certain commodities and derived products to be ‘deforestation-free’ if placed, made available on or exported through the EU common market.

The UK is also developing its own Forest Risk Commodity Regulation,² which would also impose commodity-based restrictions and due diligence requirements.

Plastics pollution and the circular economy

A growing number of jurisdictions are introducing restrictions on plastic products, including single-use and microplastics.

The EU’s Single Use Plastic Directive came into force in 2024, and the European Commission has proposed additional measures to prevent the unintentional release of plastic pellets.

In the US, the State of California has commenced proceedings against Exxon Mobil and PepsiCo Inc in relation to allegedly misleading the public regarding plastics pollution.

In Australia, the ACCC commenced enforcement proceedings against Clorox Australia Pty Ltd in April 2024 for alleged greenwashing over claims relating to its ‘GLAD’ plastic bag products.

The right to water

From the Murray-Darling Basin to the Great Barrier Reef and beyond, we expect to see preservation of, and access to, water resources increase in priority for stakeholders as an issue that crosses geographical and jurisdictional boundaries.

Access to water and sanitation is recognised as a fundamental human right by the UN General Assembly, and stakeholders are raising issues around water security, water quality, contamination by microplastics and Per- and Polyfluoroalkyl Substances (PFAS) chemicals, access to water resources for agriculture, and ensuring First Nations peoples’ interests and connection to water are taken into account.

Modern slavery reporting reforms

In December 2024, the federal Attorney-General’s Department (AGD) published the Government’s response to the 2023 statutory review of the Modern Slavery Act 2018 (Cth) (MSA). The response follows the appointment of Australia’s first national Anti-Slavery Commissioner, who is expected to lead in the implementation of modern slavery reporting reforms.

The Government has agreed (in full, in part, or in principle) to 25 of the 30 recommendations from the review, including the need to strengthen the compliance and enforcement framework under the MSA. The Government agreed in principle to the introduction of a penalty regime—details are not yet available, but the Government is expected to consult with stakeholders in 2025.

One issue that remains unresolved is the status of proposals for mandatory human rights due diligence (HRDD) by reporting entities under the MSA. The Government has ‘noted’ the recommendation to introduce HRDD; however, it has indicated that the AGD will engage with stakeholders on HRDD as part of the next stage of implementation.

The introduction of mandatory HRDD would align Australia with a number of jurisdictions that have introduced supply chain due diligence requirements, most notably the EU’s Corporate Sustainability Due Diligence Directive adopted by the European Parliament in 2024. The Canadian Government has proposed new supply chain due diligence legislation, while a parliamentary review of the UK’s modern slavery legislation has recommended the introduction of due diligence obligations.

The timeline for legislative amendments to the MSA may be complicated by the federal election, which is due to occur before 17 May 2025.

Navigating AI in the employment context

As AI technologies advance, companies will need to navigate the social issues raised due to the use of AI in the workplace.

Already, we are seeing increasing use of AI in hiring practices such as the screening of job applications. Based on how the algorithm was trained, AI can perpetuate biases, potentially leading to harmful or discriminatory outputs for individuals, groups or communities and arguably resulting in adverse human rights impacts.

In the US, we are seeing court cases alleging unlawful discrimination where AI tools have been used for hiring, insurance claims and rental applications.³ We anticipate Australian businesses may face similar claims if AI is used without accounting for the risk of inherent bias.

The rate of change brought by advancements in AI technology is not only front of mind for employers, but also for employees concerned about its implications. In October 2024, it was reported that Cbus and its employees had agreed to a first-of-its-kind enterprise agreement dealing with protections for employees if or when the super fund introduces AI technologies. The agreement contains an agreed definition of AI, and provides that Cbus must consult with staff on any changes that impact them in relation to AI.

Rights of First Nations peoples

In 2025, the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs is set to continue its inquiry into the Truth and Justice Commission Bill 2024. The Bill seeks to establish a Commission to make recommendations to Parliament on historic and ongoing injustices against First Nations Australians. The Australian Law Reform Commission is also taking submissions as part of its review of the ‘future acts’ regime in the Native Title Act 1993 (Cth), with a final report to be delivered by December 2025. For more, see our Insight.

There are increasing demands on industry to consult First Nations stakeholders in their decision-making and operations, and to engage in benefit-sharing with Traditional Owners, with an emerging focus on the clean energy sector. The First Nations Clean Energy Network has published Best Practices Principles to help First Nations communities in Australia to share in the benefits of renewable energy projects, including calling for Free, Prior, and Informed Consent (FPIC) standards to apply throughout the lifecycle of projects.

We expect that international, ‘soft law’ standards will continue to evolve. For example, the International Council of Mining and Metals (ICMM) recently updated its Indigenous Peoples and Mining Position Statement to emphasise the responsibility of mining companies to achieve FPIC through meaningful engagement and good faith negotiation with Traditional Owners. Although the new standard goes beyond the current position in the Native Title Act and many cultural heritage laws in Australia, it is possible it will become a benchmark for mining companies in Australia—see our Insight.

Addressing misconduct impacting First Nations peoples also remains an enforcement priority for ASIC.

Diversity and inclusion

Diversity, equity and inclusion policies and initiatives have also become the subject of backlash in the United States through three executive orders signed by President Trump, with one executive order foreshadowing regulatory action to ‘encourage’ private sector employers to dismantle diversity programs that have been based on federal anti-discrimination law.

This backlash has already placed diversity on the political agenda in Australia, and the discussion around diversity policies and initiatives is likely to increase in the lead-up to the federal election this year.
Company culture and governance issues in the spotlight

Corporate culture is an ongoing boardroom issue and recent examples underscore the importance of accountability, transparency and strong and ethical corporate governance.

Cultural concerns: in the wake of federal Respect@Work reforms, a number of prominent Australian brands have been in the spotlight regarding whistleblower complaints on cultural issues. Widespread media reporting has led some companies to launch internal investigations to respond to shareholder concern and address reputational damage in the community.

Regulatory scrutiny: in addition to reputational damage, there is also now a real prospect of scrutiny from regulators in relation to corporate cultural issues. In its updated enforcement priorities announced on 14 November 2024, ASIC reaffirmed its commitment to addressing governance and directors’ duties failures as an enduring enforcement priority for 2025. As an example, ASIC commenced proceedings against Regional Express Holdings Limited and several of its directors for engaging in misleading and deceptive conduct and for contraventions of continuous disclosure obligations in relation to ASX announcements about the company’s financial position prior to entering into voluntary administration in July 2024.

Navigating complexities in AI and ESG reporting

As ESG reporting obligations expand in Australia and overseas, AI will become an increasingly attractive tool for companies seeking to reduce the time needed for data gathering and drafting.

However, the use of AI may also present legal, regulatory and reputational risk:

Environmental impacts associated with the training and use of AI models. This includes increased demand for electricity consumption; the water footprint associated with training and maintaining AI models; and electronic waste generation.

Susceptibility to bias, which may result in errors that could lead to misleading statements or discriminatory outputs.

Privacy concerns from the use of sensitive or personal information without consent. Privacy law reforms introduced in late 2024 require companies to disclose when they will be using AI automated decision-making (see our Insight).

Human rights implications such as discrimination or potential harm to vulnerable groups such as children or workers in the AI supply chain.

Regulatory scrutiny on the use of AI, as indicated by the increased regulatory guidance available to companies, including Australia’s new Voluntary AI Safety Standard, the European Parliament’s AI regulations, and ASIC’s report on ‘Governance arrangements in the face of AI innovation’.
Actions you can take now
- Regardless of whether ESG policies are recalibrated in light of growing uncertainty around legislative frameworks and the anti-ESG backlash, companies and directors should ensure they are satisfied that their chosen course of action is in the best interests of the company, and gather evidence to support that view.
- The influence of new legislation is being felt on companies even where not directly in scope. Consider adopting a higher water mark approach appropriate to the company’s risk profile and appetite to future proof against evolving stakeholder expectations and regulatory requirements.
- Understand the scope of the company’s voluntary commitments and what these entail, including in international law.
- When refreshing policies and procedures, look at these through the lens of emerging areas of focus. Consider if your policies fit for purpose and reflect emerging risk areas.
- Consider the role of legal—privilege can be a useful tool where appropriate, given the regulatory and risk environment.
MIL OSI News –
February 4, 2025
MIL-OSI USA: McConnell Proud to Confirm Wright as Energy Secretary

US Senate News:

Source: United States Senator for Kentucky Mitch McConnell

Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today regarding the confirmation of Chris Wright as U.S. Secretary of Energy:

“From day one, President Biden worked relentlessly to kneecap American energy production, both onshore and offshore. Secretary Wright’s singular focus on restoring affordable domestic energy is a welcome change after four years of policies that put ideology and politics ahead of American workers. I look forward to working with Secretary Wright to move our country toward greater energy dominance and to support the agency’s job-creating policies, like their work at the Department of Energy site in Paducah, Kentucky.”

MIL OSI USA News –

February 4, 2025
MIL-OSI China: Eurozone inflation rises to 2.5% in January: Eurostat

Source: China State Council Information Office 3

The Eurozone’s annual inflation rate climbed to 2.5 percent in January, up from 2.4 percent in December 2024, according to a flash estimate released by Eurostat on Monday.

Services are expected to record the highest annual inflation rate of 3.9 percent, down from 4 percent in the previous month. Inflation for food, alcohol, and tobacco stood at 2.3 percent, lower than 2.6 percent in December.

Energy prices registered a sharp rise in annual inflation, increasing from 0.1 percent in December to 1.8 percent in January, while non-energy industrial goods inflation remained stable at 0.5 percent.

Among eurozone members, Croatia recorded the highest inflation rates at 5 percent, followed by Belgium at 4.4 percent and Slovakia at 4.1 percent.

The main EU economies registered the following inflation rates in January: Germany at 2.8 percent, France at 1.8 percent, Italy at 1.7 percent, and Spain at 2.9 percent.

“Inflation rose from 2.4 percent to 2.5 percent in January, marking the fourth consecutive increase for the Eurozone,” said Bert Colijn, ING’s chief economist of the Netherlands.

While inflation is expected to moderate over the year, Colijn cautioned that risks remain, including rising energy costs and the potential for a tariff dispute between the United States and the European Union.

Last week, the European Central Bank (ECB) announced a 25-basis-point interest rate cut in response to sluggish economic data in the eurozone. The decision was based on “an updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission,” the ECB said in a press release.

MIL OSI China News –

February 4, 2025
MIL-OSI USA: Crapo, Wyden Announce Senate Finance Subcommittee Assignments

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today announced subcommittee assignments, Joint Committee on Taxation membership and the designation of members to serve as Congressional Trade Advisors for the 119^th Congress.

Subcommittee on Social Security, Pensions and Family Policy

Republicans

Chuck Grassley, IA, Chairman

Todd Young, IN

Marsha Blackburn, TN

Democrats

Bernard Sanders, VT

Catherine Cortez Masto, NV

Subcommittee on International Trade, Customs and Global Competitiveness

Republicans

John Cornyn, TX, Chairman

Chuck Grassley, IA

John Thune, SD

Tim Scott, SC

Steve Daines, MT

Todd Young, IN

Thom Tillis, NC

Roger Marshall, KS

Democrats

Raphael Warnock, GA

Michael Bennet, CO

Mark Warner, VA

Sheldon Whitehouse, RI

Catherine Cortez Masto, NV

Elizabeth Warren, MA

Tina Smith, MN

Subcommittee on Energy, Natural Resources and Infrastructure

Republicans

James Lankford, OK, Chairman

John Cornyn, TX

Tim Scott, SC

Steve Daines, MT

John Barrasso, WY

Roger Marshall, KS

Democrats

Maria Cantwell, WA

Michael Bennet, CO

Maggie Hassan, NH

Ben Ray Luján, NM

Peter Welch, VT

Subcommittee on Health Care

Republicans

Todd Young, IN, Chairman

John Thune, SD

Tim Scott, SC

Bill Cassidy, LA

James Lankford, OK

Steve Daines, MT

John Barrasso, WY

Ron Johnson, WI

Thom Tillis, NC

Marsha Blackburn, TN

Roger Marshall, KS

Democrats

Maggie Hassan, NH

Mark Warner, VA

Sheldon Whitehouse, RI

Catherine Cortez Masto, NV

Elizabeth Warren, MA

Bernard Sanders, VT

Tina Smith, MN

Ben Ray Luján, NM

Raphael Warnock, GA

Peter Welch, VT

Subcommittee on Taxation and IRS Oversight

Republicans

John Barrasso, WY, Chairman

Chuck Grassley, IA

John Cornyn, TX

John Thune, SD

Bill Cassidy, LA

James Lankford, OK

Ron Johnson, WI

Thom Tillis, NC

Marsha Blackburn, TN

Democrats

Michael Bennet, CO

Mark Warner, VA

Sheldon Whitehouse, RI

Maggie Hassan, NH

Elizabeth Warren, MA

Bernard Sanders, VT

Ben Ray Luján, NM

Raphael Warnock, GA

Subcommittee on Fiscal Responsibility and Economic Growth

Republicans

Ron Johnson, WI, Chairman

Bill Cassidy, LA

Democrats

Tina Smith, MN

Designation of Members to Serve on the Joint Committee on Taxation

Mike Crapo, ID

Chuck Grassley, IA

John Cornyn, TX

Ron Wyden, OR

Maria Cantwell, WA

Designation of Members to Serve as Congressional Trade Advisors on Trade Policy and Negotiations

Mike Crapo, ID

Chuck Grassley, IA

John Cornyn, TX

Ron Wyden, OR

Maria Cantwell, WA

The chairman and ranking member are ex officio members of all subcommittees.

The Rules of Procedure for the Senate Finance Committee are here.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Crapo: Christopher Wright will Advance and Promote American Energy Independence

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) issued the following statement after the Senate confirmed, by a vote of 59-38, Christopher Wright to be Secretary of the U.S. Department of Energy (DOE):

“Christopher Wright has committed to an all-of-the-above domestic energy strategy that will advance and promote innovative solutions to achieve greater American energy excellence, leadership and independence. He has an extensive background spanning many energy sources. Wright’s commitment to ensuring America is the leader in nuclear energy holds particular value for Idaho, which is home to one of the nation’s leading nuclear laboratories. Under his leadership at DOE, our nation will prioritize affordable, reliable and secure energy sources that support American innovation and growth and improve the lives of Americans.”

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senator Markey Joins Colleagues in Calling for Reinstatement of Inspectors General Fired by Trump

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (January 31, 2025) – Senator Edward J. Markey (D-Mass.) joined Senator Gary Peters (D-MI), Ranking Member of the Homeland Security and Governmental Affairs Committee, and a group of 36 colleagues in a letter to President Trump, strongly condemning the President’s recent decision to remove Inspectors General (IGs) from at least 18 government agencies, and demanding their immediate reinstatement. The IGs who were removed included those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, as well as the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, and the Special Inspector General for Afghanistan Reconstruction. In the letter, the senators assert that President Trump’s actions violated the law and threaten the independence of these non-partisan watchdogs. Senator Peters helped lead the Inspector General Independence and Empowerment Act, which was signed into law in 2022 as part of the FY 2023 national defense bill, to require a President to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed.

“Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need,” the senators wrote. “The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power. Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked.”

“While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized,” wrote the senators. “With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal. Because your actions violated the law, these IGs should be reinstated immediately, until such time as you have provided in writing ‘the substantive rationale, including detailed and case-specific reasons’ for each of the affected Inspectors General and the 30-day notice period has expired.”

The letter was signed by U.S. Senators Chuck Schumer (D-NY), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Ruben Gallego (D-AZ), Bernie Sanders (I-VT), Brian Schatz (D-HI), Maggie Hassan (D-NH), Jack Reed (D-RI), Dick Durbin (D-IL), Andy Kim (D-NJ), Alex Padilla (D-CA), Mazie Hirono (D-HI), Elissa Slotkin (D-MI), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Raphael Warnock (D-GA), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Mark Warner (D-VA), Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Maria Cantwell (D-WA), Patty Murray (D-WA), Mark Kelly (D-AZ), Tim Kaine (D-VA), Angela Alsobrooks (D-MD), and John Fetterman (D-PA).

The full text of the letter can be found here

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senator Markey Decries Confirmation of Unrestricted Fracking Booster Chris Wright to Lead Energy Department

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Washington (February 3, 2025) – Senator Edward J. Markey, a member of the Environment and Public Works Committee, today released the following statement after the U.S. Senate confirmed Chris Wright, most recently the CEO of fossil fuel company Liberty Energy, to head the Department of Energy.

“Chris Wright is a bought-and-paid-for fossil fuel industry executive and hasn’t met a tract of land or aquifer of water he wouldn’t despoil through fracking,” said Senator Markey. “We need federal agencies helmed by responsible, qualified executives without blatant conflicts of interest, not individuals who force their employees to drink fracking fluid for fun. Chris Wright at Energy, alongside Zeldin at EPA and Burgum at Interior, will use his position to push expensive and polluting fossil fuels on the American people for the benefit of his Big Oil and Big Gas allies. Our federal agencies are already being forced by Trump and Elon Musk to illegally ignore laws passed by Congress, and Chris Wright will be nothing more than another henchman for the billionaire class at the expense of the health and pocketbooks of working families.”

On January 16, Senators Markey and Jeff Merkley (D-Ore.) reintroduced the Banning In Government Oil Industry Lobbyists (BIG OIL) from the Cabinet Act, which would prohibit the appointment of executive officers and lobbyists of fossil fuel entities or trade associations as the heads or political appointees of certain government departments that work on issues related to American energy policy for a ten-year period.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Capito Votes to Confirm Chris Wright for Energy Secretary

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, issued the following statement after voting to confirm Chris Wright to serve as the next Secretary of the U.S. Department of Energy (DOE):

“Chris Wright understands the need to unleash American energy and bring down costs. He also recognizes the critical role that West Virginia will have in restoring our nation’s energy dominance – something we discussed during our recent meeting. I was proud to vote to confirm Mr. Wright to lead the Department of Energy, and I look forward to working with him and the Trump administration to cut red tape and advance solutions that will strengthen our energy sector and provide vital jobs,” Senator Capito said.

Senator Capito previously met with Wright in January to discuss his nomination and learn more about his vision to lead the department.

MIL OSI USA News –

February 4, 2025
MIL-OSI Economics: ACP Statement on Confirmation of Chris Wright as U.S. Secretary of Energy

Source: American Clean Power Association (ACP)

Headline: ACP Statement on Confirmation of Chris Wright as U.S. Secretary of Energy

WASHINGTON, February 3, 2025 –The American Clean Power Association (ACP) released the following statement from Jason Grumet, ACP CEO following the U.S. Senate confirmation of Chris Wright as Secretary of Energy:
“The American Clean Power Association congratulates Chris Wright on taking the helm at the U.S. Department of Energy (DOE). We look forward to partnering to advance DOE’s essential role in driving innovation, ensuring energy security, and advancing clean energy solutions. ACP is committed to working with Secretary Wright to address and meet our nation’s rapidly growing electricity demand.”
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MIL OSI Economics –

February 4, 2025
MIL-OSI USA: Hoeven Votes to Confirm Chris Wright as Secretary of Energy
US Senate News:
Source: United States Senator for North Dakota John Hoeven
02.03.25

Senator Worked to Advance Wright through ENR Committee, Secure Support for Confirmation

WASHINGTON – Senator John Hoeven today issued the following statement after the U.S. Senate voted to confirm Chris Wright as Secretary of Energy. As a member of the Senate Energy and Natural Resources (ENR) Committee, Hoeven helped introduce Wright during his nomination hearing and worked to advance his nomination through the committee and full Senate. The senator secured commitments from Wright during his confirmation process to advance key priorities for North Dakota. Among other efforts, Hoeven stressed the need to support the development of new technologies like carbon capture, utilization and storage (CCUS), including Project Tundra. Such innovations will empower the U.S. to produce more energy from all of its abundant resources, including its vast coal, oil and gas reserves, while improving environmental stewardship.

“Chris Wright is another great addition to the Trump administration, bringing a wealth of knowledge and real-world experience to the job of Energy Secretary,” said Hoeven. “He knows what it takes to develop new technologies and make them commercially-viable. In North Dakota, we’ve seen firsthand his success in the private sector with the growth in the Bakken. We look forward to working with him in his new role to build upon that record of innovation and unleash America’s energy potential, including through North Dakota’s leadership in CCUS technologies.”

Securing North Dakota’s Leadership in CCUS

Hoeven has worked over the past 15 years to advance North Dakota’s leadership in cracking the code on CCUS technologies to enable the next generation of clean, coal-fired electric power and ensure continued access to this reliable, affordable and abundant energy source. Among other priorities, his efforts have included:

Putting in place the legal, tax and regulatory requirements to advance CCUS.

Making North Dakota the first state to be granted regulatory primacy for Class VI wells, to ensure CO2 is safely and securely stored below the surface.

Securing a demonstration grant from the Department of Energy to advance Project Tundra, enabling the coal-fired Milton R. Young power plant to capture and store 4 million metric tons of CO2 per year.

Advancing Basin’s Dakota Gasification synfuels plant, the largest coal-based carbon capture project in the world, which is currently in operation and captures up to 2.25 million metric tons of CO2 per year.
MIL OSI USA News –
February 4, 2025
MIL-OSI USA: Barrasso Votes to Confirm Chris Wright as Secretary of Energy

US Senate News:

Source: United States Senator for Wyoming John Barrasso

WASHINGTON D.C. – Today, U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, released the following statement after voting to confirm Chris Wright, President Donald J. Trump’s nominee to be the Secretary of Energy.

The Senate confirmed Chris Wright’s nomination by a vote of 59 to 38.

“Secretary Chris Wright will help usher in the golden age of American energy dominance. He understands that affordable, abundant energy is the source of American strength. Under his leadership, we will use all of our nation’s vast energy resources to lower prices for families and grow our economy. I look forward to working with Secretary Wright and Secretary Doug Burgum to promote energy projects in Wyoming and across the country.”

Senator Barrasso recently spoke on the Senate floor about Secretary Wright’s nomination.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Combustor Facilities

Source: NASA

Combustion studies are conducted in this two-test position facility specifically in support of the NOx-reduction research for the High Speed Research program and the Advanced Subsonic Technology program. CE-5B-1 is large enough to test sector arrangements of injector elements to include interactions of the elements and single larger elements. The facility receives filtered combustion air from the 450-psig system. The air is heated in a 1,100°F non-vitiated heater at flows up to 20 lb/s, which can be valved to either test stand. The airflow passes through the test section, is water spray quenched, and is then discharged to the altitude exhaust system or the atmospheric exhaust system. The facility preheater consists of a heat exchanger fired by four J-47 burner cans using natural gas for a fuel and the 40-psig combustion air. The research hardware uses ASTM Jet-A, JP-5, or JP-8 as a fuel.
CE-5B-1 Special Features
In addition to inlet and exit rakes and standard instrumentation, water-cooled gas sampling rakes are in the downstream section. Particulate measurements are taken at the exit of the combustion section. Optical accessibility of the combustor section allows never-before-possible nonintrusive laser-based diagnostics of the reacting and non-reacting flowfield. These include such techniques as planar laser-induced fluorescence (PLIF) imaging, Planar Mie scattering, Phase/Doppler particle analysis (PDPA), focused Schlieren imaging, and light sheet photography. Both rigs share the gas analysis, particulate analysis, and diagnostics equipment.
CE-5B Facility Capabilities (typical of both rigs)

Parameter
Operating Value

Inlet Air Supply Pressure
450 psig

Inlet Air Temperature
100°F, preheated to 350-1,350°F

Inlet Airflow Stand 1 Stand 2
20 lb/s (available) 0.5 to 12.0 pps 0.5 to 5.0 pps

Exhaust
Atm or 20-26 in. Hg

Rig Pressure Without Windows Stand 1 Stand 2
275 psig 400 psig

Rig Pressure With Windows Stand 1 Stand 2
250 psig 275 psig

Rig Fuel (JP-8) Flow
7 gpm @ 400-900 psig (three legs per stand)

Window Cooling GN2 (4 legs)
0.125 to 0.5 pps (each leg)

Cooling Water
150 gpm @ 460 psig 250 gpm @ 395 psig 50 gpm @ 350 psig 15 gpm @ 55 psig

CE-5B-1 System Instrumentation

System
Number and Type

ESP
96 Ports of + 500 PSID Barometric Ref

Escort
240 Channels 154 Available to the Customer

Thermocouples
156 Type K 24 Type B 12 Type W 524 Type R

Gas Analyzers
HC – 1,000 ppm 1% & 5% CO – 2,000 ppm 5% CO2 – 5%, 10%, 20% O2 – 25% NO – 100 ppm, 1,000 ppm 1% NOx –

Laser
PLIF, Raman

CE-5B-2 is one of the two test stands in the CE-5B facility. It can be configured to study lean-premixed-prevaporized (LPP) and lean-direct-injection (LDI) concepts for developing a low-NOx combustor for high-speed research and advanced subsonic applications. The non-windowed combustion flame tube can use a 3-inch square cross section or a 3-inch-diameter round section and has six ports available for gas sampling probes. The windowed combustion flame tube takes advantage of the flat walls on a 3-inch square cross section to install optical windows for non-intrusive measurements. Tests are conducted with combustion air inlet pressure ranging from 10 to 15 atmospheres with preheater and exhaust conditions described for CE-5B-1.
CE-5B-2 Special Features
The same laser-based non-intrusive diagnostics of reacting and non-reacting flowfields described for test position CE-5B-1 are available to this test section. A typical data acquisition system is used for both test positions in CE-5B. In addition, most of the optical diagnostic instruments have their own data acquisition systems.
CE-5B Facility Capabilities (typical of both rigs)

Parameter
Operating Value

Inlet Air Supply Pressure
450 psig

Inlet Air Temperature
100°F, preheated to 350-1,350°F

Inlet Airflow Stand 1 Stand 2
20 lb/s (available) 0.5 to 12.0 pps 0.5 to 5.0 pps

Exhaust
Atm or 20-26 in. Hg

Rig Pressure Without Windows Stand 1 Stand 2
275 psig 400 psig

Rig Pressure With Windows Stand 1 Stand 2
250 psig 275 psig

Rig Fuel (JP-8) Flow
7 gpm @ 400-900 psig (three legs per stand)

Window Cooling GN2 (4 legs)
0.125 to 0.5 pps (each leg)

Cooling Water
150 gpm @ 460 psig 250 gpm @ 395 psig 50 gpm @ 350 psig 15 gpm @ 55 psig

CE-5B-2 System Instrumentation

System
Number and Type

ESP
96 Ports of + 500 PSID Barometric Ref

Escort
240 Channels 154 Available to the Customer

Thermocouples
148 Type K 24 Type B 48 Type R

Gas Analyzers
HC – 1,000 ppm 1% & 5% CO – 2,000 ppm 5% CO2 – 5%, 10%, 20% O2 – 25% NO – 100 ppm, 1,000 ppm 1% NOx –

Laser
PLIF, Raman

Test Cell CE-13 Combustion and Dynamics Facility (CDF) is used to investigate ways to reduce NOx and particulate emissions from air-breathing aircraft engines. This low-pressure (1-5 atm) facility is used to study fuel-air injection schemes and how they affect fluid mixing, emissions, dynamics, and flame stability. Jet-A fuel is the primary fuel, but candidate alternate jet fuels and their effects are also studied. Standard measurements consist of major species and dynamic pressures. Some optical measurements available are high-speed video, standard and time-resolved 2D PIV, planar laser induced fluorescence (PLIF), and chemiluminescence imaging.

CE-13C Special Features
Research hardware is designed to flow vertically downwards. Preheated air is fed to the inlet air stream conditioner and then to the fuel injector. Fuel at room temperature is fed separately to the injector. The mixed hot air and fuel mixture moves to the combustor where combustion can be observed via customized windows. The products of combustion flow through an emission sampling ring and choke nozzle/straight outlet pipe. The fuel system consists of a 25-gallon fuel tank, a pump, and a GN2 purge. A separate laser room operates various class 3B and 4 lasers (UV, Vis, NIR) to characterize fuel injection, combustor flow, and measure combustion species.
CE-13C Facility Capabilities

Parameter
Operating Value

Inlet Air Pressure
Ambient to 75-psia

Inlet Air Temperature
Ambient to 1,000°F

Inlet Airflow
0.0 – 1.0 pps

Jet Fuel Supply
CKT 1 6.9-140 pph @ 1,000-psig CKT 2 1 – 13.1 pph @ 1,000-psig

Exhaust
Atmospheric

Peripheral H2O Cooling
54-gpm @ 100-pisg

Quench Cooling
11-gpm @ 500-psig

CE-13C System Instrumentation

System
Number and Type

Labview
64 voltage/current channels 32 temperature channels 10 voltage/current channels available to the customer 30 temperature channels available to customer

Optical and Laser
PLIF, Raman, PIV, droplet sizing, chemiluminescence, temperature, time-resolved imaging

Gas Analyzers
CO – 1,000 ppm, 5,000 ppm CO2 – 5%, 15% O2 – 25% NO – 100 ppm, 1,000 ppm NOx – 100 ppm, 1,000 ppm HC –  100 ppm, 1,000 ppm

The SE-5 High-Pressure Combustion Diagnostics (HPCD) laboratory is a gas- and liquid-fueled high-pressure flame tube facility with single-element fuel injection burners and emission sampling ports for advanced diagnostics development and national standard calibrations. The facility provides large-aperture optical access to the primary reaction zone (flame holding) through four UV-grade fused silica optical windows (44-mm-thick by 85-mm clear apertures located around the periphery) enabling non-intrusive optical diagnostics such as laser Raman spectroscopy or high-speed imaging to measure chemical species and temperature. The HPCD rig can operate at sustained pressures up to 30 atm (or 60 atm with limited flow rate) with a variety of gaseous fuels, liquid jet fuels, and oxidizers, including hydrogen, methane, oxygen-argon, and pure oxygen. The innovative microtube array burner or micro-radial-entry counter-swirl (MRX) burner is mounted inside the air-cooled high-temperature liner casing within the rig. The burner was designed to provide a uniform combustion product zone downstream of the flame for calibrating the laser diagnostic system. The facility is also used for bench-mark tests of emission gas and particulate matters (PM) sampling. The data from the HPCD rig enables the validation of numerical codes such as powered by advanced CFD that simulate gas turbine combustors. All aspects of the facility operation, including startup, shutdown, and automatic safety shutdowns, are controlled and monitored via an icon-based touch-screen software system and a most-updated programmable logic controller (PLC) in conjunction with a precision DEWETRON data acquisition system. The HPCD rig can also provide a pressure vessel for prototype thermal or combustion hardware of a customer’s choice.
SE-5 Special Features
The facility is unique because it is the only continuous-flow, hydrogen-capable 60-atm rig in the world with optical access. It will provide researchers with new insights into flame conditions that simulate the environment inside the ultra-high pressure-ratio combustion chambers of tomorrow’s advanced aircraft engines.
SE-5 Facility Capabilities

Parameter
Operating Value

Cooling Capacity
4,000,000 BTU/hr

Equivalence Ratio Variance
0.2 (fuel very lean) – 4 (fuel rich)

Fuel Flow Rate
Limited by cooling capacity, e.g., 2 GPH of n-heptane

Operating Pressure
30 atm nominal, 60 atm max

Cooling Airflow
0.25 lbm/s max

Quenching Airflow
0.20 lbm/s max

SE-5 System Instrumentation and Diagnostics

System
Number and Type

Pressure Transducers and Thermocouples
Custom

DEWETRON DAQ
Custom

Emission Gas Sampling (Exhaust)
NO, NOx, SOx, O2, CO, CO2

Particulates Sampling (Exhaust)
Mass (TSI), counter (TSI), In-line sensor (GRC in-house)

Laser Raman Spectroscopy (In Flame)
Custom

In-situ Soot Detection
Extinction measurements

The Particulate Aerosol Laboratory (PAL) studies aerosols at simulated upper atmospheric conditions with altitudes up to 55,000 feet at -135°F. Altitude chamber environment and burner settings are individually controlled, creating a multitude of test parameters and a dynamic testing environment. The PAL facility is designed around a small-scale jet exhaust nozzle and altitude chamber and takes full advantage of its reduced size for screening of various alternative fuels, additives, and other combustion concepts. This makes PAL the ideal facility for validating the advancement of such research to the next phase.
Combustion fuel operation capabilities include alternative fuel additive mixing in real-time mode with switching between a baseline fuel and an alternative fuel while maintaining a continuous combustion flame. Heated bypass air is available with optional external burner and associated piping heating up to 1,000°F. Additionally, PAL is enhancing its cloud simulation capability with real-time atmospheric water vapor content readings and on-demand direct liquid injector vaporizers for high purity 100% fluid vaporization.

SE-11 Special Features
Particulate emission sample extraction taking at burner rear section. Chamber equipped with windows and fused silica lenses providing optical access for non-intrusive optical diagnostic Mie scattering and color video imaging. Particulate size and number density measurements are accomplished with absorption measurements and forward, back, and side scattering. Video capability of both burner flame and altitude chamber contrails. Optical measurement plane location relative to the chamber nozzle exit is adjustable.
SE-11 Facility Capabilities

Parameter
Operating Value

Burner Fuel Flow Rate
.2 – 9.9 ml/min various liquid fuels

Burner Air
-Filtered and dried -Downstream heated or non-heated bypass air available to ≤1,000°F

Burner EGT
≤1,000° F

Particle Sizing Range
2.5-1,000 nm

Particle Size Distribution Concentration Range
10-107 particles/cm³

Aerosol Particle Size Range
.75-10 nm

Gas Composition Analyzer
CO – CO₂ – O₂

Optic Light Source
300W Xenon Lamp

Optic Video
-32-bit Color -16-bit Monochrome, -Frame rate: 15fps

Optic Detectors
Selection of Various Spectrometers and Photodiodes

NASA’s Glenn Research Center in Cleveland provides ground test facilities to industry, government, and academia. If you are considering testing in one of our facilities or would like further information about a specific facility or capability, please let us know.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

Source: US Federal Emergency Management Agency

Headline: FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

HICKORY, N.C. – At the request of the state of North Carolina, Tropical Storm Helene survivors now have until March 8, 2025, to apply for assistance with FEMA.With the extended deadline, FEMA still strongly urges survivors to apply as soon as possible. After the deadline of March 8, you may still submit documents, update your contact information and stay in contact with FEMA regarding your application, but you must apply before the deadline.FEMA assistance may include funds for temporary housing such as rental assistance or reimbursement for hotel costs; funds to support the repair or replacement of a primary home, including privately-owned access routes, such as driveways, roads, or bridges; and funds for disaster-caused expenses, such as repair or replacement of personal property and vehicles, funds for moving and storage, medical, dental, child care and other miscellaneous items.Homeowners and renters in Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin and Yancey counties and the Eastern Band of Cherokee Indians with uninsured losses from Tropical Storm Helene may apply for FEMA assistance.There are several ways to apply: Visit a Disaster Recovery Center (DRC) to find the center location nearest you go to fema.gov/drc. Go online to DisasterAssistance.gov.Download the FEMA App for mobile devices.Call the FEMA helpline at 800-621-3362 between 7 a.m. and midnight. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.
joseph.arbid
Mon, 02/03/2025 – 20:49

MIL OSI USA News –

February 4, 2025

MIL-OSI: Kayne Anderson Energy Infrastructure Fund Provides Unaudited Balance Sheet Information and Announces Its Net Asset Value and Asset Coverage Ratios as of January 31, 2025

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 03, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of January 31, 2025.

As of January 31, 2025, the Company’s net assets were $2.4 billion, and its net asset value per share was $14.46. As of January 31, 2025, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 623% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 476%.

STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 2025 // (UNAUDITED)

	(in millions)
Investments	$	3,450.6
Cash and cash equivalents		1.8
Accrued income		9.9
Current tax asset, net		6.4
Other assets		0.4
Total assets		3,469.1

Credit facility		87.0
Notes		409.7
Unamortized notes issuance costs		(2.7	)
Preferred stock		153.6
Unamortized preferred stock issuance costs		(1.3	)
Total leverage		646.3

Payable for securities purchased		18.8
Other liabilities		16.3
Deferred tax liability, net		342.8
Total liabilities		377.9

Net assets	$	2,444.9

The Company had 169,126,038 common shares outstanding as of January 31, 2025.

Long-term investments were comprised of Midstream Energy Companies (94%), Utility Companies (4%) and Other (2%).

The Company’s ten largest holdings by issuer at January 31, 2025 were:

		Amount (in millions)*		% Long Term Investments
1.	Energy Transfer LP (Midstream Energy Company)	$390.7		11.3	%
2.	Enterprise Products Partners L.P. (Midstream Energy Company)		338.2	9.8	%
3.	The Williams Companies, Inc. (Midstream Energy Company)		327.6	9.5	%
4.	MPLX LP (Midstream Energy Company)		320.4	9.3	%
5.	Cheniere Energy, Inc. (Midstream Energy Company)		256.3	7.4	%
6.	Targa Resources Corp. (Midstream Energy Company)		208.8	6.1	%
7.	Kinder Morgan, Inc. (Midstream Energy Company)		207.3	6.0	%
8.	ONEOK, Inc. (Midstream Energy Company)		183.1	5.3	%
9.	TC Energy Corporation (Midstream Energy Company)		155.6	4.5	%
10.	Western Midstream Partners, LP (Midstream Energy Company)		151.2	4.4	%

*	Includes ownership of common and preferred units.

Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Company’s most recent quarterly or annual report.

Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

The MIL Network –

February 4, 2025

MIL-OSI Global: U.S. tariff threat: How it will impact different products and industries

Source: The Conversation – Canada – By Sylvanus Kwaku Afesorgbor, Associate Professor of Agri-Food Trade and Policy, University of Guelph

U.S. President Donald Trump has agreed to pause his planned tariffs on Canada and Mexico for at least 30 days following talks with the leaders of both countries. Previously, a senior Canadian governmental official had said Trump’s 25 per cent tariff on most Canadian goods was expected to come into effect on Feb. 4.

If implemented, this tariff will have significant economic consequences on both sides of the border, as the U.S. and Canada share one of the largest bilateral trade relationships in the world.

A key concern is the highly integrated supply chains between the two countries. Many goods cross the border multiple times as intermediate inputs before becoming final products. Imposing tariffs at any point in this supply chain will raise production costs and increase prices for a wide range of goods traded between the U.S. and Canada.

For Canada, the tariffs on Canadian products will significantly affect Canada’s competitiveness in the U.S. market by driving up prices. Such tariffs could pose serious challenges for various sectors in Canada, given the country’s heavy reliance on the U.S. economy.

Effects on different sectors

The impact of U.S. tariffs on Canadian prices is likely to differ across sectors and products, depending on their reliance on the U.S. market.

Sectors with a higher dependence on U.S. trade are likely to experience more severe disruptions. If the tariffs make certain products uncompetitive, Canadian producers may struggle to secure alternative markets in the short term.

Industries such as agriculture, manufacturing and energy will experience varying degrees of impact. Energy products and motor vehicles, which represent Canada’s largest exports to the U.S., are expected to be among the most adversely affected.

In the agricultural and forestry sector, wood and paper products, along with cereals, are among Canada’s largest exports to the U.S., with the U.S. accounting for 86 to 96 per cent of these exports, according to data from the World Integrated Trade Solution.

In the energy and mineral sector, crude oil is Canada’s top export, reaching US$143 billion in 2023, with 90 per cent destined for the U.S. Given its critical role as Canada’s largest export across all sectors, it is not surprising that Trump has noted crude oil would be subject to a lower tariff of 10 per cent.

Canada’s dependence on U.S. trade

When examining the impact on different products, it’s not only the value of trade that matters, but also the share of trade. The share of trade indicates how reliant Canada is on the U.S. compared to other markets.

A high trade share with the U.S. suggests a product is particularly vulnerable to trade disruptions, as Canada depends heavily on the U.S. market for that product. Conversely, a lower share indicates that Canada has diversified suppliers, which reduces its dependence on the U.S.

Read more:
Trump’s tariff threat could shake North American trade relations and upend agri-food trade

For instance, in 2023, Canada’s top exports to the U.S. included vehicles and parts, nuclear machinery and plastics, according to data from the World Integrated Trade Solution. The U.S. accounted for 93 per cent of vehicle and parts exports, 82 per cent of nuclear machinery exports, and 91 per cent of plastics exports.

This data highlights Canada’s extreme dependence on the U.S. market, making these industries within the manufacturing sector highly susceptible to the tariff. This could harm jobs in the manufacturing sector, which is vital to employment in Canada, providing jobs for over 1.8 million people.

Canada’s reliance on the U.S. is also evident in imports. In 2023, vehicle imports totalled US$92 billion, with the U.S. accounting for 58 per cent of that amount.

The dependence is also evident in the agri-food and forestry sector, where Canada heavily relies on U.S. imports. This suggests that retaliatory tariffs on agricultural goods from the U.S. could have a substantial impact on food prices in Canada.

Retaliatory tariffs and inflationary pressures

Canada has announced it’s imposing $155 billion of retaliatory tariffs on U.S. imports in response. This could contribute to inflationary pressures within Canada.

Prime Minister Justin Trudeau says this includes immediate tariffs on $30 billion worth of goods as of Tuesday, followed by further tariffs on $125 billion worth of American products in 21 days’ time to “allow Canadian companies and supply chains to seek to find alternatives.”

This will include tariffs on “everyday items such as American beer, wine and bourbon, fruits and fruit juices, including orange juice, along with vegetables, perfume, clothing and shoes,” and also on major consumer products like household appliances, furniture and sports equipment, and materials like lumber and plastics.

Given Canada’s significant dependence on U.S. imports, the retaliatory tariffs will raise the cost of American goods entering the country, further driving up consumer prices and exacerbating inflation.

In its latest policy rate announcement, the Bank of Canada warned of the severe economic consequences of Trump’s tariffs, highlighting their potential to reverse the current downward trend in inflation.

What should Canada do now?

Canada must extend its economic diplomacy efforts beyond the Trump administration, engaging with the U.S. Congress and Senate to advocate for the reconsideration of tariffs on Canadian goods. The Canadian government should persist in leveraging this channel to push for a reversal of the tariffs. This kind of broader negotiation remains the most effective approach to mitigating trade tensions and ensuring stable economic relations with the U.S.

At the same time, Canada must reduce dependence on the U.S. market by adopting a comprehensive export diversification strategy. While the U.S. remains a convenient and accessible trade partner, expanding into emerging and developing markets would help mitigate risks and create more stable long-term trade opportunities.

Read more:
Trump’s tariff threat is a sign that Canada should be diversifying beyond the U.S.

One effective way to achieve export diversification is by expanding free trade agreements (FTAs) with emerging and developing economies. Currently, Canada has 15 FTAs covering about 51 countries, but there is room for expansion. However, signing FTAs alone is insufficient; Canada must ensure these agreements translate into tangible trade growth with partner countries.

International politics is increasingly shaping global trade, making it imperative for Canada to proactively manage diplomatic and trade relations. In recent years, tensions have emerged with key partners such as China, India and Saudi Arabia. These countries could all become potential markets for Canadian products. Given that China is Canada’s second-largest export destination, there is significant potential to expand trade ties.

Additionally, countries like the United Arab Emirates present promising markets, particularly for agricultural products, as the UAE imports about 90 per cent of its food.

Boosting innovation and productivity

Canada stands at a critical juncture in its trade relationship with the U.S. While diplomatic efforts remain essential to averting harmful tariffs, they cannot be the country’s only line of defence.

Boosting productivity is one of the most effective ways for Canada to improve its competitiveness in global markets. Canadian producers should prioritize innovation and the adoption of advanced technologies to enhance efficiency and maintain a competitive edge, particularly as they seek to expand beyond the U.S.

In response to potential U.S. tariffs, the Canadian government should implement a bailout strategy to provide short-term relief and mitigate revenue losses to firms that will be mostly affected. Additionally, Canada should leverage its embassies and consulates worldwide to promote exports and help affected firms identify and access new market opportunities.

By doing this, Canada can position itself as a more self-reliant and competitive player in the global economy — one less vulnerable to shifting U.S. policies.

Sylvanus Kwaku Afesorgbor receives funding from the OMAFRA and the USDA. He is affiliated with the Centre for Trade Analysis and Development (CeTAD Africa).

Naduni Uduwe Welage and Promesse Essolema 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. U.S. tariff threat: How it will impact different products and industries – https://theconversation.com/u-s-tariff-threat-how-it-will-impact-different-products-and-industries-248824

MIL OSI – Global Reports –

February 4, 2025
MIL-OSI: Diamondback Energy, Inc. Announces Appointment to the Board of Directors

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, Feb. 03, 2025 (GLOBE NEWSWIRE) — Travis Stice, Chief Executive Officer and Chairman of the Board of Directors (the “Board”) of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”), is pleased to announce that effective February 3, 2025, the Company added Darin G. Holderness to the Board of Directors.

Mr. Holderness has over 30 years of experience in various roles of increasing responsibility in the energy sector, including, among others, founder and Chief Financial Officer of P&A Exchange LLC, an oilfield services company, Chief Financial Officer of ProPetro Holding Corp., an oilfield services company, Senior Vice President, Chief Financial Officer and Treasurer of Concho Resources, an oil and gas exploration and production company, and over nine years with KPMG LLP, where his practice focused on the energy sector. Mr. Holderness has served on the board of directors of JMR Services LLC, an oilfield services company focused on the plug and abandonment of oil and gas wells, since May 2024. Mr. Holderness also served on the board of directors of Ranger Oil Corporation from September 2016 to October 2021, including as its chairman from February 2018 to January 2021, and served on the board of directors of Rock Solid Lifestyles, Inc. from September 2016 to April 2024. Mr. Holderness graduated from Boise State University with a Bachelor of Business Administration in Accounting in 1986 and is a Certified Public Accountant.

“Diamondback is excited to announce the addition of Darin to the Board of Directors as the fourth Board member from the Endeavor merger completed late last year. Darin knows the Permian Basin and knows the Diamondback story well from his time spent in various roles throughout the Permian. I am confident his skillset, particularly as a member of the audit committee, will complement the Board well,” stated Mr. Stice.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com

The MIL Network –

February 4, 2025
MIL-OSI USA: Peters Leads Colleagues in Calling for Reinstatement of Inspectors General Fired by President Trump

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senator Gary Peters (D-MI), Ranking Member of the Homeland Security and Governmental Affairs Committee, led a group of 38 colleagues in a letter to President Trump, strongly condemning the President’s recent decision to remove Inspectors General (IGs) from at least 18 government agencies, and demanding their immediate reinstatement. The IGs who were removed included those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, as well as the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, and the Special Inspector General for Afghanistan Reconstruction. In the letter, the senators assert that President Trump’s actions violated the law and threaten the independence of these non-partisan watchdogs. Peters helped lead the Inspector General Independence and Empowerment Act, which was signed into law in 2022 as part of the FY 2023 national defense bill, to require a President to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed.
“Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need,” the senators wrote. “The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power. Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked.”
“While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized,” wrote the senators. “With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal. Because your actions violated the law, these IGs should be reinstated immediately, until such time as you have provided in writing ‘the substantive rationale, including detailed and case-specific reasons’ for each of the affected Inspectors General and the 30-day notice period has expired.”
In addition to Peters, the letter was signed by U.S. Senators Chuck Schumer (D-NY), Ed Markey (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Ruben Gallego (D-AZ), Bernie Sanders (I-VT), Brian Schatz (D-HI), Maggie Hassan (D-NH), Jack Reed (D-RI), Dick Durbin (D-IL), Andy Kim (D-NJ), Alex Padilla (D-CA), Mazie Hirono (D-HI), Elissa Slotkin (D-MI), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Raphael Warnock (D-GA), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Mark Warner (D-VA), Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Maria Cantwell (D-WA), Patty Murray (D-WA), Mark Kelly (D-AZ), Tim Kaine (D-VA), Angela Alsobrooks (D-MD), and John Fetterman (D-PA).
The full text of the letter can be found here and below.
Dear Mr. President,
Your decision Friday evening to remove Inspectors General (IGs) from at least 18 offices across government—including those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, and the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, as well as the Special Inspector General for Afghanistan Reconstruction—does not comply with current law and could do lasting harm to IG independence. These officials, which include those appointed by Presidents of both parties, including many during your first Administration, collectively conduct oversight of trillions of dollars of federal spending and the conduct of millions of federal employees. Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful, and undermines their independence, jeopardizing their critical mission to identify and root out waste, fraud, and abuse within federal programs.
Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need. They play a key role in improving government efficiency and effectiveness and have helped identify and recover billions of taxpayer dollars. IG independence is the foundation of this work, and IGs must be free of political influence so that they can carry out their important mission with integrity and credibility. The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power. Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked. For example, just this week the Office of Management and Budget (OMB) issued an unlawful memo directing agencies to pause nearly all federal grants and loans, which significantly disrupts the administration of over a trillion dollars of critical assistance to communities, businesses, and organizations across the country. It is especially vital to have independent watchdogs at each of these agencies to conduct oversight of the impacts of this unconstitutional and unprecedented directive.
While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized. The law requires that the President provide a written 30-day notice to both Houses of Congress and include “the substantive rationale, including detailed and case-specific reasons for any such removal or transfer.” With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal. Because your actions violated the law, these Inspectors General should be reinstated immediately, until such time as you have provided in writing “the substantive rationale, including detailed and case-specific reasons” for each of the affected Inspectors General and the 30-day notice period has expired.
Lastly, if you believe it is necessary to place any of the affected IGs on administrative leave before the 30-day notice period has ended, the law requires that you submit a separate notification to Congress explaining how the IG presents a threat as defined in the Administrative Leave Act.
###

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Kaine & Heinrich Unveil Legislation to Terminate President Trump’s Sham Energy Emergency

US Senate News:

Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – Today, U.S. Senators Tim Kaine (D-VA) and Martin Heinrich (D-NM), the Ranking Member of the Senate Energy and Natural Resources Committee, unveiled legislation to terminate the national energy emergency President Donald Trump declared to benefit Big Oil. The legislation is privileged, meaning that the Republican Senate will be required to vote on this proposal in the next two to three weeks.

“The United States is producing more energy than at any other point in history. So why would Donald Trump spend his first day in office declaring a national energy emergency, and then halt crucial investments from the Inflation Reduction Act that are creating jobs, lowering energy costs, and supporting American leadership in the clean energy industries of tomorrow?” said Kaine. “Because Trump will do anything for Big Oil. I’m proud to introduce legislation to terminate this sham emergency, which is nothing more than a shameless power grab to suspend environmental regulations and make it easier for massive fossil fuel corporations to take Americans’ private property for their own gain.”

“While Donald Trump focuses on repaying the corporate polluter executives who donated to his campaign, it is the American people who will pay the price of his sham ‘energy emergency.’ His autocratic and unlawful attacks on clean energy investments will kill American jobs, raise costs on families, weaken our economic competitiveness, and erode American global energy dominance. Trump should end his destructive crusade on clean energy and start putting the interests of working people first,” said Heinrich.

In the hours following his inauguration on January 20, 2025, President Trump signed a slew of executive orders, including the national energy emergency order, to withdraw support for renewable energy—despite its benefits to America’s economy and environment—and grant his administration new powers to promote fossil fuels at the cost of bedrock environmental laws. Specifically, the emergency will benefit Big Oil by giving his unelected cabinet officials the power to oversee the accelerated approval of fossil fuel projects, including oil drilling rigs and pipelines, and explore the use of eminent domain to take Americans’ land for the “siting, production, transportation, refining, and generation” of non-solar and non-wind-related energy production.

Full text of the legislation is available here.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Padilla Introduces Bipartisan Bills to Improve Fire Mitigation and Resiliency Efforts
US Senate News:
Source: United States Senator Alex Padilla (D-Calif.)

Padilla Introduces Bipartisan Bills to Improve Fire Mitigation and Resiliency Efforts
WASHINGTON, D.C. — As Southern California recovers from devastating fires, U.S. Senator Alex Padilla (D-Calif.) introduced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts. The package includes the Wildfire Emergency Act, to support forest restoration, wildfire mitigation, and energy resilience; the Fire-Safe Electrical Corridors Act, to authorize the removal of trees or other vegetation within existing electrical utility corridors; and the Disaster Mitigation and Tax Parity Act, to further incentivize homeowners to proactively protect their homes from disasters.

The package of bipartisan bills comes as Southern California begins the recovery from one of the worst natural disasters in state history. The Palisades and Eaton fires have burned over 57,000 acres and destroyed over 16,200 structures, claiming the lives of at least 29 victims.

“The devastating fires in Southern California are a harsh reminder of the importance of proactive fire mitigation efforts to keep families and homes safe,” said Senator Padilla. “As these disasters become more frequent and more extreme, we need to find smarter solutions to strengthen fire resilience across the country. From expediting the removal of hazardous fuels near power lines, to supporting our wildland firefighting forces, to hardening homes and energy facilities, these commonsense bills would help reduce the threats of catastrophic fires to California communities.”

“Montanans see firsthand the effects that catastrophic wildfires have on our communities. These bipartisan bills will streamline forest management processes to mitigate the root causes of wildfires, improve community and home hardening efforts, and support our brave firefighters. I’ll work every day for more solutions to keep our state safe,” said Senator Steve Daines (R-Mont.), co-lead of the Wildfire Emergency Act and the Fire-Safe Electrical Corridors Act.

“This commonsense legislation takes a critical step toward empowering individuals and communities to better protect themselves from the devastating effects of natural disasters like Hurricane Helene,” said Senator Thom Tillis (R-N.C.), co-lead of the Disaster Mitigation and Tax Parity Act. “By excluding qualified catastrophe mitigation payments from income tax, we are incentivizing property owners to make the necessary improvements that reduce damage and save lives. This proactive approach to disaster preparedness not only helps families rebuild faster but strengthens our resilience in the face of future disasters.”

“We have seen how natural disasters have devastated communities around the country, and we must ensure we have the resources and programs in place to respond. Homeowners should not face additional taxes for wanting to protect their homes and our bipartisan legislation will provide the needed tax relief to help affected Americans recover from these disasters,” said Senator Adam Schiff (D-Calif.), co-lead of the Disaster Mitigation and Tax Parity Act.

“Louisianans understand the impact of devastating storms, but with the help of state and local programs, we have tools to rebuild and return to wholeness,” said Dr. Bill Cassidy (R-La.), co-lead of the Disaster Mitigation and Tax Parity Act. “If communities need tax relief, let’s give it to them!”

Wildfire Emergency Act

This sweeping legislation, co-led by Senator Daines, would reduce the threat of destructive wildfires through forest restoration, firefighter training, energy resilience retrofits, and wildfire-hardening home modifications in low-income communities. This bipartisan bill would take numerous steps to ensure that the Department of Agriculture (USDA), the Department of Energy (DOE), and the Department of the Interior (DOI) are better able to mitigate the risk and impact of wildfires.

Specifically, the legislation would:

Provide the U.S. Forest Service (USFS) with a pilot authority to leverage private financing to increase the pace and scale of forest restoration projects. The USFS would be able to expand up to 20 existing collaborative forest restoration projects using this pilot authority.

Authorize funding for programs to expand the forest conservation and wildland firefighting workforce.

Establish an energy resilience program at DOE to ensure that critical facilities remain active during wildfire disruptions, authorizing up to $100 million for necessary retrofits.

Expand an existing DOE weatherization grant program to provide up to $13,000 to low-income households to make wildfire-hardening retrofits, such as ember-resistant roofs or gutters.

Expedite the placement of wildfire detection equipment on the ground, such as sensors or cameras, as well as the use of space-based observation.

Establish a prescribed fire-training center in the West and authorize grants to support training the next generation of foresters and firefighters.

Authorize up to $50 million to support community grants of up to $50,000 for locally focused land stewardship and conservation.

A one-pager on the bill is available here.

Full text of the bill is available here.

Fire-Safe Electrical Corridors Act

This bill, co-led by Senator Daines, would allow the U.S. Forest Service to approve the removal of hazardous trees and other vegetation near power lines on federal forest lands without requiring a timber sale, reducing the risk of catastrophic wildfires through easier material removal. The legislation advanced last year through the Senate Committee on Energy and Natural Resources as part of the Promoting Effective Forest Management Act of 2023.

Three of the largest and most destructive wildfires in California history — the 2017 Thomas Fire, the 2018 Camp Fire and the 2021 Dixie Fire — were started by electrical equipment. Together, these wildfires burned more than 1.2 million acres, destroyed more than 15,000 homes, and killed 87 people.

Currently, the USFS allows utility companies to cut down trees and branches in existing utility corridors, but some forest managers interpret the law to forbid removal of the material off the land. This creates uncertainty and can lead to an unnecessary buildup of dead, dry fuels directly under utility lines. This bill would help reduce the risk of wildfires on forest lands by ensuring the clearing of existing corridors and give certainty to utilities.

The legislation would also require any utility that sells marketable forest products from hazardous trees removed near power lines to return any proceeds to the USFS.

A one-pager on the bill is available here.

Full text of the bill is available here.

Disaster Mitigation and Tax Parity Act

This bipartisan legislation, co-led by Senators Tillis, Cassidy, and Schiff would provide a tax exemption on payments from state-based programs for homeowners to proactively harden their homes against natural disasters.

Specifically, the bill excludes from gross income calculations any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program. Qualifying payments are defined as any amount received and used for improvements to an individual’s property for the sole purpose of reducing the damage that would be done by a windstorm, earthquake, flood, or wildfire.

California, North Carolina, and Louisiana are among the states that provide funding to homeowners who take steps to protect their homes from natural disasters. These improvements can include removing trees, bushes, and other fire-prone vegetation close to homes that contribute to wildfires, strengthening foundations to protect against earthquakes, and installing fortified roofs to withstand hurricanes.

However, homeowners are currently required to pay federal taxes on these payments, unnecessarily limiting money available for critical disaster-related upgrades. This fix will bring parity to the tax treatment of disaster mitigation efforts and ensure taxpayers are able to put the full amount of these payments toward securing their homes.

Senators Michael Bennet (D-Colo.), Ted Budd (R-N.C.), John Hickenlooper (D-Colo.), John Kennedy (R-La.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), and Roger Wicker (R-Miss.) are cosponsoring the legislation.

Full text of the bill is available here.

Senator Padilla has long been a leader in strengthening the federal and state response to wildfires. Last month, Padilla introduced another package of three bipartisan bills to strengthen wildfire resilience and rebuilding efforts through legislation including the Wildland Firefighter Paycheck Protection Act, the Fire Suppression and Response Funding Assurance Act, and the Disaster Housing Reform for American Families Act. His legislation to strengthen FEMA’s wildfire preparedness and response efforts, the FIRE Act, became law in 2022.
MIL OSI USA News –
February 4, 2025
MIL-OSI USA: State Accounting Department transitions to renewable energy equipment

Source: US State of Hawaii

State Accounting Department transitions to renewable energy equipment

Posted on Feb 3, 2025 in Main

HONOLULU – The state is investing in more green-energy lawnmowers to maintain its greens. The Department of Accounting and General Services (DAGS) is concluding a trial period using an electric lawnmower and has decided to move forward with obtaining more electric lawnmowers as the need arises, to replace an aging fleet.

“This is in line with Hawai‘i’s commitment to achieve the nation’s first-ever 100 percent renewable portfolio standards (RPS), as stated in The Hawai‘i Clean Energy Initiative,” said Governor Josh Green, M.D. On Tuesday, Governor Green outlined new policy objectives and directives for the state of Hawaiʻi, including accelerating renewable development for neighbor island communities to hit 100% renewable portfolio standards from 2045 to 2035, setting a statewide goal of 50,000 distributed renewable energy installations (such as rooftop solar and battery systems) by 2030, and directing state departments to streamline and accelerate the permitting of renewable developments to reduce energy costs and project development timelines.

In March 2024, DAGS’ Central Services Division (CSD) leased-to-own its first battery-powered mower. DAGS Director and Comptroller Keith Regan said, “It’s faster, quieter and more economical. By leasing the vehicle, we are given a free loaner if it breaks. Therefore, we don’t lose productivity waiting for a mower to be fixed.”

CSD’s Grounds Maintenance Program services 115 sites across 98 acres statewide, including public office buildings, libraries, health centers and civic centers. CSD owns three diesel-powered mowers and two gas-powered mowers.

It costs about $800 a month to power a gas mower compared to $260 for an electric one. Administrator James Kurata estimates this saves the state about $6,500 a year. He added, “We’re pleased to be part of the solution to reduce our dependency on oil.”

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: DAGS VNR: STATE ACCOUNTING DEPARTMENT TRANSITIONS TO RENEWABLE ENERGY EQUIPMENT

Source: US State of Hawaii

DAGS VNR: STATE ACCOUNTING DEPARTMENT TRANSITIONS TO RENEWABLE ENERGY EQUIPMENT

Posted on Feb 3, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF ACCOUNTING AND GENERAL SERVICES

KA ʻOIHANA LOIHELU A LAWELAWE LAULĀ

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

KEITH A. REGAN

COMPTROLLER

KA LUNA HOʻOMALU HANA LAULĀ

MEOH-LENG SILLIMAN

DEPUTY COMPTROLLER

KA HOPE LUNA HOʻOMALU HANA LAULĀ

STATE ACCOUNTING DEPARTMENT TRANSITIONS TO RENEWABLE ENERGY EQUIPMENT

The Move Aligns with the Governor’s Goal to Achieve 100% Clean Energy

FOR IMMEDIATE RELEASE

Feb. 1, 2025

HONOLULU — The state is investing in more green-energy lawnmowers to maintain its greens. The Department of Accounting and General Services (DAGS) is concluding a trial period using an electric lawnmower and has decided to move forward with obtaining more electric lawnmowers as the need arises, to replace an aging fleet.

“This is in line with Hawai‘i’s commitment to achieve the nation’s first-ever 100 percent renewable portfolio standards (RPS), as stated in The Hawai‘i Clean Energy Initiative ,” said Governor Josh Green, M.D. On Tuesday, Governor Green outlined new policy objectives and directives for the state of Hawaiʻi, including accelerating renewable development for neighbor island communities to hit 100% renewable portfolio standards from 2045 to 2035, setting a statewide goal of 50,000 distributed renewable energy installations (such as rooftop solar and battery systems) by 2030, and directing state departments to streamline and accelerate the permitting of renewable developments to reduce energy costs and project development timelines.

In March 2024, DAGS’ Central Services Division (CSD) leased-to-own its first battery-powered mower. DAGS Director and Comptroller Keith Regan said, “It’s faster, quieter and more economical. By leasing the vehicle, we are given a free loaner if it breaks. Therefore, we don’t lose productivity waiting for a mower to be fixed.”

CSD’s Grounds Maintenance Program services 115 sites across 98 acres statewide, including public office buildings, libraries, health centers and civic centers. CSD owns three diesel-powered mowers and two gas-powered mowers.

It costs about $800 a month to power a gas mower compared to $260 for an electric one. Administrator James Kurata estimates this saves the state about $6,500 a year. He added, “We’re pleased to be part of the solution to reduce our dependency on oil.”

RESOURCES

(Image courtesy: DAGS)

https://www.dropbox.com/scl/fo/j4kg2i77h8u9cuylnrod8/ACPFQWK2a73-rTj5sS3DQ1o?rlkey=gvqhg1uj01uvgc5y773lddba5&st=10j9j0fs&dl=0

(3 soundbites, b roll, stills for web, script)

# # #

DAGS’s electric lawnmowers

Script and tease

VO SOT:

CG: More electric lawnmowers for State/ Honolulu

The State is investing in more green-energy lawnmowers to maintain its greens. The Department of Accounting and General Services or “Dags” (said like one word) is ending a nearly one-year trial period using an electric lawnmower. It has decided to move forward with leasing more battery-powered mowers, to replace its aging fleet.

This supports the Governor’s renewable energy policy. On Tuesday, Governor Green set new objectives for the state, including accelerating 100% renewable energy goals for neighbor islands– TEN years earlier, by 2035.

DAGS cuts the grass at 115 sites across 98 acres statewide.

“SOT Keith Regan” KEITH REGAN/ DAGS DIRECTOR AND COMPTROLLER

0:15 We’re investing in electric mowers because we are trying to go green with the way we’re operating our equipment, and this is a good opportunity for us to leverage existing or new technology. 25

“SOT James Kurata” JAMES KURATA/ DAGS CENTRAL SERVICES ADMINISTRATOR

0:41We like it because it’s one, it’s quieter. It, it, it’s in line with the state’s initiative for greening or green initiatives to reduce our dependency on fossil fuels, it reduces our maintenance costs with less moving or less moving parts. 0:59

TRAILING VO

It costs about $800 a month to power a gas mower- compared to $260 for an electric one. Kurata (koo-ROT-ah) estimates this saves the State about $6,500 a year.

TEASE:

“SOT Keith Regan” KEITH REGAN/ DAGS DIRECTOR AND COMPTROLLER

1:06 these mowers are clean, quiet, and effective.

IT’S ELECTRIC! THE STATE’S MAKING THE SWITCH TO BATTERY-POWERED LAWNMOWERS. WHY IT’S GOOD FOR YOUR TAXPAYER DOLLARS. THAT’S NEXT.

Diane Ako | Communications Officer

Office of the Comptroller

State Department of Accounting and General Services (DAGS)

Kalanimoku Building – 1151 Punchbowl Street #412

Honolulu, HI 96813

[email protected]

Cell: 808-764-7256

Desk: 808-586-0404

Fax: 808-586-0775

MIL OSI USA News –

February 4, 2025
MIL-OSI Asia-Pac: Union Minister Shri G. Kishan Reddy to Meet Saudi Minister Tomorrow for Strengthening Cooperation in Critical Minerals Sector

Source: Government of India

Posted On: 03 FEB 2025 8:28PM by PIB Delhi

Union Minister of Coal & Mines, Shri G. Kishan Reddy, will hold a strategic meeting tomorrow with Saudi Arabia’s Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Alkhorayef, in New Delhi. The high-level discussion will focus on enhancing cooperation in the critical minerals sector and exploring new investment opportunities between the two nations.

The meeting comes after the Union Minister’s recent participation in the Ministerial Round Table at the Future Minerals Forum 2025 in Riyadh, where he highlighted India’s commitment to securing critical minerals essential for Energy Transition & clean energy systems. He also invited global investors to explore India’s growing mining sector and held extensive discussions with ministers from Brazil, Italy, and Morocco to foster economic and technical cooperation.

This engagement gains added significance following the Cabinet’s recent approval of the National Critical Minerals Mission (NCMM). Key discussions will center on fostering resilient mineral supply chains, investment in value-added processing, and technological collaborations to strengthen India-Saudi ties in the mineral resources sector.

This strategic meeting underscores India’s proactive approach to developing international partnerships in the minerals domain, reaffirming its growing role as a global player in sustainable mineral development.

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Shuhaib T

(Release ID: 2099317) Visitor Counter : 62

MIL OSI Asia Pacific News –

February 4, 2025

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DAGS VNR: STATE ACCOUNTING DEPARTMENT TRANSITIONS TO RENEWABLE ENERGY EQUIPMENT