NewzIntel.com

Category: Renewable Hydrogen

  • MIL-OSI Australia: RDAs focus on big challenges, big opportunities in Busselton

    Source: Australian Ministers for Regional Development

    This week, collaboration, networking and celebrations were in order as members from Regional Development Australia (RDA) committees nationwide met in Busselton for the 2024 RDA National Forum and inaugural Awards Dinner.

    The inaugural awards celebrated strategies to drive economic growth and resilence in our regions, and acknowledged the significant contribution RDAs make to supporting local economies, places, people, and services. 

    As representatives for their local communities, RDAs collaborate with regional stakeholders to forge new opportunities and to help build a better future.

    In a competitive field, four winners were crowned for initiatives and projects undertaken by their respective committees in the past 12 months: 

    • RDA Pilbara was the winner in the Investing in Industries and Local Economies category for the Pilbara Hydrogen Hub – delivering significant benefits by driving economic growth and diversification through large-scale renewable hydrogen production and export. 
    • RDA Tropical North was the winner in the Investing in Places category for their Tropical North Economic Development Strategy – this strategy will lead to sustainable growth, enhance economic diversity, and improve infrastructure through targeted investments.
    • RDA Townsville and North West Queensland was the winner in the Investing in People category for their Coordinated Approach to Strategic Workforce Planning – a framework to build a resilient workforce for regional growth.
    • RDA Loddon Mallee was the winner in the Investing in Services category for their Digital Summit – enhancing connectivity, fostering digital job creation and building capacity, ultimately driving economic growth and resilience in the region.

    More than 150 members reconvened for the National Forum, collaborating on regional solutions and innovative ideas specific to this year’s theme of Big Challenges, Big Opportunities. 

    The forum hosted three panels focussing on areas critical to regional development: Innovation and Connectivity, Housing and Skills, and Net Zero and the Energy Transition. 

    Expert speakers provided insights and strategies to not only tackle issues, but turn them into opportunities for economic and skills growth in local comunities.

    To view the full list of 2024 RDA Awards winners, runners-up and special commendations, visit: https://www.rda.gov.au/awards. 

    Quotes attributable to Minister for Regional Development and Local Government, Kristy McBain MP:

    “Our regions are home to innovative and talented individuals that are committed to harnessing opportunities in their own backyard – with this year’s inaugural RDA Awards a real testament to this.

    “From diversifying economies, to supporting industries with their transition to net zero – the expertise of RDAs is ensuring we continue to build a better future in our regions.

    “They’re not doing this work for a pat on the back, but it’s important we take the time to celebrate their positive and proactive contribution to regional Australia – congratulations to this year’s award winners.” 

    MIL OSI News –

  • MIL-OSI Asia-Pac: SEE exchanges views on ecological conservation and various environmental issues with young people (with photos)

    Source: Hong Kong Government special administrative region

    SEE exchanges views on ecological conservation and various environmental issues with young people (with photos)
    SEE exchanges views on ecological conservation and various environmental issues with young people (with photos)
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         The Secretary for Environment and Ecology, Mr Tse Chin-wan, today (November 2) attended the Dialogue with the Secretary for Environment and Ecology session on the public day of the 19th Eco Expo Asia to exchange views on the beauty of Hong Kong’s ecology and various environmental matters with some 400 young people from various schools and uniformed groups.      The event began with the screening of an extract of the documentary series “Enchanting China”, produced by the Environment and Ecology Bureau (EEB) and the Environmental Protection Department (EPD), in collaboration with the Center for Environmental Education and Communications of the Ministry of Ecology and Environment, as well as “Picturesque Bays of Hong Kong”, which is the first episode of the documentary series “Beautiful Hong Kong” produced by the EEB. The documentaries showcase the contributions and achievements made by the country and the Hong Kong Special Administrative Region Government in environmental protection and nature conservation.      Through the “Picturesque Bays of Hong Kong” documentary, Mr Tse highlighted that Hong Kong is not only a highly developed city, but is also committed to conserving the natural environment. He said that Hong Kong has a total of 25 country parks, the latest of which is Robin’s Nest Country Park established this year. These country parks cover over 40 per cent of Hong Kong’s land area together with 22 special areas. Hong Kong also possesses a designated internationally important wetland under the Ramsar Convention and the Hong Kong UNESCO World Geopark, etc. This proportion surpasses many cities with economic developments similar to Hong Kong, making it an important asset.      In terms of sea area, Hong Kong has a coastline of about 1 200 kilometres and a total sea area of more than 1 600 square kilometres. Although it only accounts for less than 1 per cent of the total sea area of the country, it has numerous beautiful bays and a quarter of the country’s marine species. Hong Kong is home to over 80 species of marine stony corals, more than the total sum in the entire Caribbean Sea. The bird species here exceed 580, accounting for about one-third of the country’s total.      Mr Tse said, “I hope that through the ‘Picturesque Bays of Hong Kong’ documentary, we can learn about the beauty of the place where we live, explore and, more importantly, cherish the beauty of Hong Kong’s ecosystems and work together to help conserve nature.”      Young people attending the event were very interested in various environmental topics, and many of them noted the increasing frequency of extreme weather and Hong Kong’s endeavours to achieve carbon neutrality by 2050 to combat climate change. Mr Tse said that carbon emissions in Hong Kong already peaked in 2014, and the current carbon emissions have been reduced by about a quarter from the peak. The per capita greenhouse gas emissions in Hong Kong are one-fourth of those in the United States and six-tenths of those in the European Union, showing that Hong Kong compares well with other regions in carbon reduction. Nevertheless, achieving carbon neutrality by 2050 is still a great challenge. The Government is leading Hong Kong towards carbon neutrality through a range of measures, such as accelerating green and low-carbon transformation, promoting green transport and cultivating the local practice of waste reduction and recycling, as well as developing new energy sources and green scientific research industries.      Mr Tse said he hopes that through Eco Expo Asia, students can learn more about different environmental issues and integrate environmental concepts into their daily lives to practise low-carbon living, and lead Hong Kong towards a low-carbon future together.      Apart from the Dialogue with the Secretary for Environment and Ecology session, speakers from the Hong Kong Observatory, the Electrical and Mechanical Services Department, the Civil Engineering and Development Department, the Agriculture, Fisheries and Conservation Department, the EPD, etc shared their environmental information and knowledge during the green seminars to raise public awareness of environmental protection.      The last day of Eco Expo Asia is a public day, which is open to all free of charge. This year’s public day programme also includes guided tours, green workshops, a green market, green seminars and a free ride experience on a hydrogen fuel cell double-decker.

     
    Ends/Saturday, November 2, 2024Issued at HKT 19:27

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    MIL OSI Asia Pacific News –

  • MIL-OSI: Crown LNG Announces Execution of Final Agreements to Acquire Kakinada and Grangemouth LNG Import Terminal Assets

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Nov. 01, 2024 (GLOBE NEWSWIRE) — Crown LNG Holdings Limited (Nasdaq: CGBS) (“Crown” or “Crown LNG”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, today announced the conclusion of two strategic acquisition agreements forming the basis of Crown LNG’s entry into the global LNG infrastructure network: KGLNG and Grangemouth. The KGLNG agreement finalizes the acquisition of all shares of KGLNG, which owns the operating license for the Company’s planned LNG import terminal in Kakinada, India. The Grangemouth agreement finalizes the acquisition of LNG import terminal assets in Grangemouth, Scotland from GBTron Lands Limited.

    The Kakinada project, located on the East coast of India, is licensed to operate 365 days a year, a first for the harsh weather prone area. Imported gas from the planned terminal would reach demand centers via the East-West Pipeline, helping to support the Indian government’s drive to more than double the share of natural gas in the country’s energy mix to 15% by 2030.

    Total consideration for the KGLNG acquisition will be made in shares of Crown LNG equal to $60 million.

    The Grangemouth project, located on the East coast of Scotland, seeks to support the UK’s increasing drive for energy security post-Brexit and in the context of geopolitical impacts on energy markets. Currently, the UK relies on just three facilities for all of the country’s LNG imports, which increased 74% from 2021 to 2022.

    Total consideration for the GBTron acquisition will be made in shares of Crown LNG equal to $25 million.

    “We are excited and proud to announce the execution of these two transactions and move these two projects down the path,” said Swapan Kataria, Chief Executive Officer of Crown LNG. “With Crown LNG and our subsidiaries now firmly in control of the Kakinada and Grangemouth projects, we look forward to driving the success of these two transformative projects for both India and the UK.”

    Crown remains dedicated to delivering exceptional LNG liquefaction and regasification terminal infrastructure solutions services that cater to the evolving needs of the under-served markets across the globe. As we focus on expanding our operations in Europe and South Asia, we continue to forge strategic partnerships and explore new opportunities to provide efficient and reliable solutions.

    About Crown LNG Holdings Limited
    Crown LNG is a leading provider of offshore LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations, which represent a significant addressable market for bottom-fixed, gravity based (“GBS”) liquefaction and floating storage regasification units, as well as associated green and blue hydrogen, ammonia and power projects. Through this approach, Crown aims to provide lower carbon sources of energy securely to under-served markets across the globe. Visit www.crownlng.com/investors for more information.

    Forward-Looking Information and Statements

    Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of Crown’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Crown. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Crown LNG Holdings Limited Contacts

    Investors
    Caldwell Bailey
    ICR, Inc.
    CrownLNGIR@icrinc.com

    Media
    Zach Gorin
    ICR, Inc.
    CrownLNGPR@icrinc.com

    The MIL Network –

  • MIL-OSI Asia-Pac: Novel experiment to explore the limits of quantum theory for arbitrarily massive objects

    Source: Government of India

    Posted On: 01 NOV 2024 3:43PM by PIB Delhi

    Scientists have devised an experiment for testing the domain of validity of quantum theory for objects much more massive than the usual microphysical objects (atoms, molecules etc), beyond which the classical theory has to be necessarily used. This study can also help in developing high precision quantum sensors which are important tools in the cutting- edge quantum technologies.

    The principles of Quantum Mechanics replacing that of Newtonian classical mechanics were developed nearly 100 years back. Yet, a number of quantum foundational issues remain problematic. For example, the boundary between the quantum mechanical microworld and the large scale macroscopic classical world of everyday objects obeying Newtonian Laws remains unspecified. The question–up to what level the quantum mechanical principles be valid for macroscopic objects– continues to be one of the most fundamental open questions in contemporary physics.

    This question is also intimately related to another hotly pursued fundamental issue– testing whether gravity is quantum mechanical or not.

    All the proposed laboratory-based schemes seeking to demonstrate the quantum mechanical nature of gravity crucially rest on assuming applicability of fundamental quantum principles for sufficiently massive objects.

    However, the state –of- the- art demonstrations of quantum features have so far reached only up to macromolecules of masses ten thousand times the hydrogen atom. Hence, breakthrough ideas, feasible to be implemented experimentally in the near future, are the need of the hour in order to scale up the tests of macroscopic quantumness to ever more massive objects.

    Prof. Dipankar Home from Bose Institute, Kolkata, an autonomous institute of the Department of Science and Technology (DST), in collaboration with D. Das, S. Bose (University College London) and H. Ulbricht (University of Southampton, UK) have addressed this challenge by formulating a novel procedure for demonstrating an observable signature of quantum behaviour for an oscillating object like pendulum having any large mass.

    These scientists have found a novel way for detecting measurement induced disturbance for an arbitrarily massive quantum mechanical pendulum. They have formulated an implementable scheme based on using lasers to suspend a single nanocrystal of silica (a microscopic glass bead) as it oscillates around the focal point of a small parabolic mirror carved out of a block of aluminum housed in a vacuum chamber.

    In a typical classical pendulum, the bead would move regularly from point A to point B and back again, unaffected by any observation. However, a quantum pendulum should behave very differently. Its position will change depending on whether or not someone is watching. If we were to detect at any instant where the pendulum bob was, there would be an immediate change of its future behavior. Such a disturbance is an unavoidable consequence of any measurement process involving quantum mechanical system. The scheme proposed by these scientists would enable detecting such measurement induced quantum disturbance for objects much more massive than usual microphysical objects.

    Given the present state- of- the -art technology, this envisaged experiment could be realizable in the coming years for systems ranging from oscillating nano-objects (like that of a grain of dust, about trillion times heavier than hydrogen atom) to oscillating mirrors having effective mass of about 10 kg used for gravitational wave detection.

    An experimental study has already been launched by one of the co-authors of this paper, Prof. H.Ulbricht and his group at University of Southampton, UK using optically levitated nano-diamonds about billion times heavier than hydrogen atom.

    Thus, this work would pave the way for experiments providing the most emphatic demonstration of large scale quantumness and would open up the possibility for leveraging such macroscopic quantumness for practical applications, such as by developing high precision quantum sensors which are key ingredients in the emerging quantum technologies.

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    NKR/KS/AG

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

    Source: Government of India (2)

    Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

    Shri Piyush Goyal  co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud

    Posted On: 01 NOV 2024 11:07AM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal, successfully concluded his visit to the Kingdom of Saudi Arabia. During the visit, Shri Piyush Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global Governments and the industry. He highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment. He urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.

    Shri Piyush Goyal also co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud on 30th October 2024 in Riyadh. The Strategic Partnership Council was established in 2019, following the visit of the Hon’ble Prime Minister Shri Narendra Modi to the Kingdom of Saudi Arabia in October 2019.

    The Committee reviewed the progress achieved by the four Joint Working Groups: Agriculture and Food Security; Energy; Technology and Information Technology; and Industry and Infrastructure. They noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment.

    The Minister held fruitful ministerial engagements in Riyadh, including with the Minister of Energy, Minister of Industry and Mineral Resources and Minister of Investment. These engagements focused on collaborative initiatives in trade, energy, and technology. These discussions culminated in a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between the two countries. The agreements emphasise cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth.

    Shri Piyush Goyal also met with Mr. Peter Herweck, CEO of Schneider Electric and Mr. William E. Ford, Chairman and CEO of General Atlantic, to discuss India’s economic landscape and investment opportunities across sectors.

    In recent years, many bilateral agreements have been formalised between India and Saudi Arabia, covering sectors such as food exports, pharmaceuticals, electrical interconnectivity, energy, small and medium enterprises, digitization and electronic manufacturing. Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.

    Later in the day, Minister Shri Piyush Goyal interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasized the role of chartered accountants in supporting India’s expanding global trade network. Discussions highlighted ICAI’s efforts to promote Indian standards globally, including initiatives to upskill professionals and bolster India’s position in global financial services.

    The Minister launched the Lulu Wali Diwali Festival at the Lulu Hypermarket by lighting a Big Diya made with LED, furthering India-Saudi cultural and economic ties. The Diwali Utsav, organised in partnership with Lulu Hypermarket, brings the festive spirit of India’s Festival of Lights to Saudi Arabia, showcasing an array of Indian products, from festive decor and traditional foods to handicrafts. The launch was followed by unveiling of a giant product wall comprising 10,000+ Indian products including Ghee from Uttarakhand, Ladakh Apple, Indian Cavendish banana, Dragon Fruit from Maharashtra, new range of Millets based breakfast cereals, and Qaadu Organic beauty products.

    At the Indian Embassy in Riyadh, the Minister unveiled the One District, One Product (ODOP) Wall, featuring unique products from various districts across India. The ODOP initiative, part of the Government of India’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products.

    This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia. It underscores both nations’ commitment to deepening economic ties and addressing global challenges through collaborative efforts. The outcomes of the discussions are expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries.

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    AD/CNAN

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    MIL OSI Asia Pacific News –

  • MIL-OSI Video: Clean Energy in Action: Touchdown for Clean Hydrogen

    Source: United States of America – Federal Government Departments (video statements)

    An installment in EERE’s Clean Energy in Action series, this video highlights how the Philadelphia Eagles became the first professional sports team in North America to make use of clean hydrogen that is produced on site. https://www.energy.gov/eere/articles/fuel-eagles-fuel

    https://www.youtube.com/watch?v=VcZ_uj7F1xo

    MIL OSI Video –

  • MIL-OSI USA: Hickenlooper, Bennet, Neguse, Pettersen, Polis Announce $129 Million for Colorado Rail Projects 

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    Four Colorado projects awarded funding under the Consolidated Rail Infrastructure & Safety Improvements (CRISI) Grant Program
    WASHINGTON – Today, U.S. Senators John Hickenlooper and Michael Bennet, U.S. Representatives Joe Neguse and Brittany Pettersen and Governor Jared Polis announced four Colorado rail projects will receive a total of $129.5 million in federal funds. The Colorado Department of Transportation (CDOT), Colorado State University Pueblo, San Luis Central Railroad Co., and OmniTRAX will all receive funding as part of the Consolidated Rail Infrastructure & Safety Improvements (CRISI) Grant Program. Earlier this year Hickenlooper, Bennet, Neguse and Pettersen urged the U.S. Department of Transportation to fund CDOT’s project along the Front Range. Hickenlooper also urged the department to fund the CSU Pueblo and OmniTRAX projects.
    “From freight in the San Luis Valley to passengers on the Front Range and beyond with CSU Pueblo’s research, rail isn’t just a part of our past, it’s a big part of our future, too,” said Hickenlooper. “That’s the case we made to Secretary Buttigieg for this funding and this is just the start.”
    “Colorado’s railways are vital to connect our communities and get resources to markets across the country. That’s why I ensured the U.S. Department of Transportation understood how critical this funding is for our state’s transportation infrastructure,” said Senator Michael Bennet. “I’m glad to have helped secure these investments in our railways’ safety, efficiency, and reliability across the state. ”
    “After years of working to secure federal support for the Front Range Passenger Rail Project, I am excited to see the Department of Transportation heed our calls and commit to modernizing Colorado’s passenger rail system—not just for communities along the Front Range but for residents throughout the entire state. This is a once-in-a-generation investment in our passenger rail infrastructure, creating countless new opportunities for communities to connect, grow, and thrive—and we will continue to work together to ensure this momentum leads to lasting benefits for all Coloradans,” said U.S. House Assistant Minority Leader Joe Neguse.
    “Today, I am incredibly grateful to see this federal funding coming to Colorado to strengthen our railway systems, enhance safety, and modernize our infrastructure,” said Representative Brittany Pettersen. “After a train derailment in Boulder injured workers and put our communities at risk, I supported funding to reinforce public safety and restore trust in Colorado’s rail infrastructure. I’m pleased to see these federal dollars coming to our state to help ensure we have safe, reliable infrastructure for generations to come.”
    “Today’s grant will make freight rail traffic in some of our busiest growing communities safer quickly while providing critical building blocks for Passenger Rail.  This major funding will help achieve important priorities like complying with longstanding federal standards and improving the safety of rail crossings, which can be the sites of dangerous incidents. With more than $66 million in federal support from the Biden-Harris administration, the future of Colorado’s rail network is a clear priority for the federal government, as it should be. We thank Senators Hickenlooper and Bennet, Congressman Neguse and Congresswoman Pettersen, and our communities for their support of this important project,” said Governor Jared Polis.
    “Thanks to a unified effort with Governor Polis’ leadership, Colorado can speed ahead with important safety and operational upgrades that will make passenger rail possible along the Front Range. Our partners in the Congressional delegation and in communities across the state have been constantly supportive of this work, and I want to especially thank the technical team at CDOT that has made so much progress behind the scenes to get Colorado ready for this opportunity. The Biden Administration has recognized Colorado’s seriousness and the quality of our work to develop passenger rail, and I want to add my appreciation to their support with this grant and the resources it brings to our work,” said CDOT Executive Director Shoshana Lew.
    CRISI invests in railroad infrastructure projects that improve safety, support economic vitality, including through small businesses, create good-paying jobs with the free and fair choice to join a union, increase capacity and supply chain resilience, apply innovative technology, and explicitly address climate change, gender equity, and racial equity. For more information on CRISI, click HERE.
    Full details on the projects receiving funding are below:
    Recipient
    Project Title
    Project Description
    Amount Awarded
    Colorado Department of Transportation
    Modernizing Rail on the Front Range: PTC Installation, Siding, & Grade Crossing Safety and Operational Improvements
    This project will design, install, and test positive train control with a complementary siding on a portion of the Front Range Subdivision, along with several railroad crossings that could benefit from operational and safety improvements.
    $66,400,000
    OmniTRAX Holdings Combined, Inc.
    Transportation Investments for Employment and Safety, Phase 2
    The proposed project involves final design and construction activities to replace railroad ties on four OmniTRAX-owned short lines across four states – Alabama, Colorado, Georgia, and Washington.
    $50,570,400
    Colorado State University Pueblo
    Safety Assessment, Testing and Workforce Development for Hydrogen/Natural Gas Motive Power
    The proposed project involves research and development for studying green hydrogen and renewable natural gas-powered rail vehicles. The project aims to conduct safety experiments on the use of CH2/CNG-powered rail cars at the TTC facility.
    $11,671,781
    The San Luis Central Railroad Co.
    The San Luis Central Railroad Reconstruction Project: Ansel North
    The SLC corridor was built in 1913 with untreated wooden ties. The project will replace 6,000 deteriorated cross and 126 switch ties between mile posts 10.1 and 15.2.
    $1,077,000
    “Southern Colorado often represents a hard-working spirit leveraging the opportunity of innovation. This Department of Transportation CRISI grant emboldens that spirit, enabling CSU Pueblo, in partnership with the Southern Colorado Transportation Technology Center (SCITT), to contribute to the future of rail transportation through critical safety research in hydrogen and natural gas technologies. I am particularly proud of how this project will partner with our Engineering program at CSU Pueblo, utilizing the expertise here to create new pathways for our students and local workforce. This grant is more than research – it’s a valuable investment into Southern Colorado,” said CSU Pueblo President Armando Valdez.
    “TIES2 will be transformative for the communities served by Great Western Railway of Colorado and the regions served by OmniTRAX railroads in Georgia, Alabama, and Washington state,” said David Arganbright, OmniTRAX Senior Vice President. “OmniTRAX is proud to call Colorado home, and we are tremendously appreciative of all the work that Sen. Hickenlooper has done in Congress to champion Colorado’s railways and deliver the critical infrastructure investments that make strengthen our nation’s supply chains.”
    “The team at CXSL is very excited for this great news and look forward to getting to work on the improvements as soon as possible. The grant will assist in providing the much needed improvements to improve rail service to our customers and greatly reduce our risk for incidents due to track conditions,” said Timothy Bivens, General Manager of Colorado Pacific San Luis Railroad.
     

    MIL OSI USA News –

  • MIL-OSI USA: Witch Nebula Casts Starry Spell

    Source: NASA

    This 2013 image taken by NASA’s Wide-Field Infrared Survey Explorer, or WISE, captures a nebula that looks like a witch screaming. Perhaps that imagined scream is a creation spell, for the Witch Hat nebula’s billowy clouds are a star nursery. We can see these clouds thanks to massive stars lighting them up; dust in the cloud is being hit with starlight, causing it to glow with infrared light, which was picked up by WISE’s detectors.
    WISE launched to near-Earth orbit on Dec. 14, 2009, and surveyed the full sky in four infrared wavelength bands until the frozen hydrogen cooling the telescope was depleted in September 2010. The spacecraft was placed into hibernation in February 2011, having completed its primary astrophysics mission.
    In late 2013, the spacecraft was resurrected – no incantation needed – when NASA’s Planetary Science Division gave it a new mission and a new name: NEOWISE. The spacecraft began helping NASA identify and describe near-Earth objects (NEOs). NEOs are comets and asteroids that have been nudged into orbits that allow them to enter Earth’s neighborhood. NEOWISE was decommissioned Aug. 8, 2024, and placed into hibernation for the last time, ending its career as an active asteroid hunter.
    Image credit: NASA/JPL-Caltech

    MIL OSI USA News –

  • MIL-OSI Economics: Per Jacobsson Lecture 2024 — Ngozi Okonjo-Iweala: “Delivering on new global challenges: How can we keep multilateral coherence whilst re-imagining the multilateral trading system?”

    Source: WTO

    Headline: Per Jacobsson Lecture 2024 — Ngozi Okonjo-Iweala: “Delivering on new global challenges: How can we keep multilateral coherence whilst re-imagining the multilateral trading system?”

    Excellencies, Dear Raghu, Minouche, Maury, ladies and gentlemen, friends,
    Thank you. What an honor to follow in the footsteps of previous Per Jacobsson lecturers – all the more so in this 80th anniversary year of the Bretton Woods Conference.
    We are living in troubled times – something Per Jacobsson knew well. So far as trade is concerned, the times are not only troubled, they are tense. Trade is sometimes blamed and scapegoated for poor outcomes that really derive from macroeconomic, technology, or social policy, for which trade is not responsible.
    Trade policies and tools are being deployed not just to solve trade-related problems, but also to try to address security and geopolitical concerns.
    As unilateral measures or threats thereof become increasingly widespread, trade policy has been getting more restrictive. In recent months, the US, the EU, Turkey, and Canada have introduced new tariffs and countervailing duties on Chinese electric vehicles and other products, including steel. China has countered with WTO disputes and measures against EU products such as dairy, pork, and brandy. 
    These are among the over 130 new trade-restricting measures recorded by the WTO Secretariat since the start of this year. This number represents an 8% increase to the stockpile of over 1600 restrictive measures introduced between 2009 and 2023, which as of last year were already affecting over 10% of world goods trade. In addition, WTO members initiated 210 trade remedy investigations in the first half of 2024 – nearly as many as in all of 2023. While not all will culminate in the imposition of duties, investigations have a well-documented chilling effect on trade. And I haven’t even mentioned subsidies yet. 
    Frictions are manifesting as trade disputes. Six of the eight WTO disputes initiated this year deal with green technologies, particularly electric vehicles.
    I hope we are not on a path that leads back to the sort of economic disorder that came before Bretton Woods – disorder that was followed by political extremism and war.
    It was precisely to avoid a repeat of such circumstances that the multilateral economic institutions were created. My concern today is that we have forgotten this lesson – that we have forgotten the good these institutions have done.
    Walking away from the legacy of Bretton Woods, including the trading system, would diminish the world’s ability – collectively and at the national level – to respond to problems affecting people’s lives and opportunities.
    I will argue that there is a better path forward: re-imagining the global trading system and the rest of the multilateral economic architecture to help us meet the technological, environmental, social and geopolitical challenges of our time. To succeed, its various components must work in concert – an idea we have come to call ‘coherence’.
    In the 1940s, the overall thrust of coherence was that trade, reconstruction financing, and monetary policymaking need to be in harmony with each other, and anchored in institutions and rules across countries, to promote growth, prosperity, and peace.
    Today, delivering lasting improvements to people’s lives and livelihoods requires us to solve problems of the global commons.
    The notion of coherence across different policy areas would have made sense to Per Jacobsson. His convictions about sound money, and its importance for durable growth and recovery, were shaped by his own experiences. As a young man he saw the collapse of global economic integration amid the First World War. From his position at the League of Nations in the 1920s, he witnessed the failed attempts by leading economies to establish effective international coordination on global finance and trade – a memory that echoes uncomfortably today.
    We know what happened when the downturn came at the end of the decade. Vicious circles emerged: of falling output, deflation, banking and financial crises, trade protectionism and retaliation, and exchange rate chaos. Countries retreated into increasingly isolated economic blocs.
    The experience of those years was seared into the consciousness of the officials who gathered in Bretton Woods in July 1944. US Treasury Secretary Henry Morgenthau opened the conference by looking back at what he called “the great economic tragedy of our time.” I quote “We saw currency disorders develop and spread from land to land, destroying the basis for international trade and international investment and even international faith. In their wake, we saw unemployment and wretchedness — idle tools, wasted wealth. We saw their victims fall prey, in places, to demagogues and dictators. We saw bewilderment and bitterness become the breeders of fascism and, finally, of war.”
    What Bretton Woods delivered
    The genius of Bretton Woods was that it turned the vicious circles of the 1930s into virtuous ones, by recognizing that macro-financial stability, reconstruction and development, and trade went hand-in-hand.
    Instead of beggar-thy-neighbor policies, countries would treat trade, monetary issues, and even domestic macro-economic policies as matters of common interest.
    Instead of excessively rigid or chaotically fluctuating currencies, there would be orderly, rules-based management of exchange rates and balance of payments problems.
    Instead of underinvestment, there would be long-term financing for reconstruction and expanding productive capacity.
    Instead of quantitative restrictions, prohibitive tariffs, and bilateral clearing, there would be a coordinated lowering of trade barriers, and freedom to undertake international payments and current account transactions.
    The idea of coherence across policy fields, with trade as a unifying theme, was baked into the system from day one. Promoting the “balanced growth of international trade” is written into the founding mandates of both the IMF and the World Bank – not as an end in itself, but as a means to higher employment, productivity, and incomes.
    The trade leg of the stool, alongside the Bank and the IMF, was supposed to be the International Trade Organization, but it ran aground in the US Congress. A parallel negotiating process in 1947 produced the General Agreement on Tariffs and Trade, which was nominally temporary and did not require Congressional ratification. Successive rounds of GATT negotiations substantially reduced barriers to trade. The growing number of “contracting parties” used the GATT to resolve and avoid trade disputes. By the 1960s, global trade was growing faster than output.
    The decades that followed Bretton Woods and the Marshall Plan delivered a breathtaking recovery from the devastation of the Second World War.
    Strong growth in the 1950s and 1960s saw per capita incomes in Western Europe and Japan begin to converge with those in the United States.
    Major European currencies achieved full convertibility in 1958, when Per Jacobsson was leading the IMF.
    These gains, however, were largely confined to industrialized countries.
    Most newly independent developing countries continued to lose ground in relative terms, as they struggled with declining terms of trade for their commodities.
    But a handful of poor economies in East Asia started trying to use increasingly open external markets to pursue export-led development.
    Discordance and reinvention: the 1970s and 1980s
    Coherence gave way to discordance in the 1970s, with the oil shocks, stagflation, the advent of floating exchange rates, and a wave of emerging market debt crises.
    By the mid-1980s, the success of the so-called Asian tigers had become a compelling example, inspiring many developing country governments to pivot from inward-oriented to export-oriented development strategies.
    At the international level, growing frustration with ad hoc protectionism and “à la carte” approaches to GATT strictures created demand for more rules-based trade cooperation.
    The Uruguay Round negotiations from 1986 to 1994 broadened the reach of multilateral trade rules to cover services and intellectual property, filled longstanding gaps with respect to agriculture and textiles, and unwound much of the protectionism that had emerged in the preceding years.
    The nominally provisional GATT was transformed into the World Trade Organization, with a binding dispute resolution mechanism that enhanced the predictability offered by its expanded rulebook.
    The preamble to the Marrakesh Agreement establishing the WTO opened up new vistas for the organization, defining its purpose as using trade not just to raise living standards and create jobs but to advance sustainable development – thus introducing environmental concerns that were absent in the 1940s.
    1990 to 2020: A “golden period of economic development”, but clouds on the horizon
    The Uruguay Round and the end of the Cold War would mark a second era of coherence and virtuous circles across the trading system, the World Bank, and the IMF. And this time, the benefits were spread much more widely across countries and people.
    The WTO became an anchor for outward-oriented economic reforms in many emerging markets and developing economies.
    Increasingly open and predictable trade became a stronger driver of development, productivity, specialization and scale.
    Better macro-financial policies bolstered growth – and trade performance – in many emerging markets and developing countries. So did improved human capital and physical infrastructure.
    Trade and modern supply chains became powerful sources of disinflationary pressures.
    Market-oriented reforms in China, Eastern Europe, India and other developing economies brought them into the increasingly global division of labor. Trade boomed, incomes rose, and poverty plummeted.
    Between 1995 and 2022, as low- and middle-income economies nearly doubled their share in global exports from 16 to 32%, the share of their populations subsisting on less than US$2.15 per day fell from 40% to under 11%. Over 1.5 billion people were lifted out of extreme poverty.
    Since 1995, per capita incomes in low- and middle-income countries have nearly tripled, and global per capita income increased by approximately 65 percent.
    For the first time since the industrial revolution two centuries earlier, per capita incomes in rich and poor countries began to converge.
    Gains for poor countries did not come at the expense of rich ones. Examining the United States since 1950, researchers at the Peterson Institute for International Economics (PIIE) have shown that international trade boosted the economy by the equivalent of $2.6 trillion in 2022, or about 10% of GDP. The gains from trade would be even larger for small, open advanced economies.
    In a Foreign Affairs piece this year, Dev Patel, Justin Sandefur, and Arvind Subramanian called the years between 1990 and the start of COVID-19 pandemic in 2020, I quote, “history’s most golden period of economic development”.   They argue that the rapid increase in trading opportunities was “perhaps the most important enabler” of convergence.
    Research from our new World Trade Report backs them up: the pace of income convergence of low- and middle-income economies is strikingly correlated with their participation in global trade, as measured by a size-adjusted ratio of trade to GDP. Our simulations suggest falling trade costs account for as much as one-third of the convergence.
    To be clear, the period was not golden for everyone. Developing countries with lower trade participation or greater commodity-dependence – mostly in Africa, Latin America and the Caribbean, and the Middle East – lagged on convergence. And in some rich countries, many people felt left behind, and their frustration started to fuel a political backlash against trade.
    Multilateral rule-making on trade began to falter, with the failure of the Doha Round of WTO negotiations.
    Nevertheless, in 2008 and 2009, when the world economy faced its worst financial crisis since the 1930s, the system worked.
    International markets stayed broadly open. The rules and norms of the multilateral trading system helped governments contain protectionist pressures.
    Alongside fiscal and monetary support, trade was a powerful shock absorber. Crisis-hit countries could rely on predictable market access elsewhere to absorb their excess supply, preventing growth and development from getting derailed.
    The WTO, the World Bank, and the IMF also worked together productively on the macro-micro policy nexus.
    For instance, when trade finance dried up during the credit crunch, despite being extremely low-risk, the three institutions joined hands to encourage G20 members and international financial institutions to step in with a $250 billion support package.
    Since the financial crisis, the multilateral trading system, with the WTO at its core, has continued to deliver economic benefits, despite rising geopolitical tensions and tariffs between the US and China, the disabling of the Appellate Body, and the failure to reach agreements in long-running negotiations such as those on agriculture. Global trade kept reaching new highs through the 2010s, and over 75% of global goods trade continued – and continues today – to operate on core WTO tariff terms.
    When COVID-19 hit in 2020, the norms and rules of the multilateral trading system mostly did their job again. Trust in trade was damaged by initial missteps, as governments enacted export restrictions on medical supplies and vaccines. But governments generally refrained from widespread protectionism, allowing food and other essentials to flow across borders to where they were needed. Goods trade rebounded strongly from the lockdowns and was soon setting new records. Cross-border supply chains churned out products needed to fight the pandemic, from face masks to vaccines. Trade in digitally-delivered services boomed, propelled by the same technologies that allowed so many of us to work from home.
    Goods and especially services trade are now well above pre-COVID levels.  Last year, global trade was worth a near-record $30.5 trillion, in a $105-trillion world economy.
    Re-imagining the Multilateral Trading System with coherence
    As we saw at the outset, however, these successes did not forestall the challenges we now face in global trade. While trade has been largely resilient, signs of fragmentation are now visible.
    So it’s not difficult to imagine a return of vicious circles – trade restrictions, efficiency losses, slower growth, higher prices, costs imposed by extreme weather and food insecurity, and public frustration and anger.
    Allowing the vicious circles to take hold and the world to fragment into isolated trading blocs would be costly. The WTO has estimated longer term global GDP losses in the order of 5% were the world to fragment into two like-minded trading blocs. IMF estimates are in the order 7%. We cannot afford this!
    And that is why we need to re-imagine the multilateral trading system to solve modern challenges and address modern vulnerabilities.
    This means re-imagining coherence as well. Trade alone was insufficient in 1944, and trade alone is insufficient to build the more secure, sustainable, and inclusive world we want today.  The way forward for trade will increasingly be about “WTO and” – trade in tandem with other issues, and policies that support the original vision of coherence and do not misuse trade tools, for coercion, as a weapon, or to undermine competition.
    Our unfinished business from 1944 was elegantly illustrated by a recent blog post from IMF chief economist Pierre-Olivier Gourinchas and his team.
    They showed that China’s growing and contentious trade surplus, and the US’s widening trade deficit, are the result of domestic macro-economic forces, rather than the product of trade and industrial policies.
    “Homegrown surpluses and deficits call for homegrown solutions,” they argued, suggesting demand-boosting measures in China and fiscal consolidation in the US.
    As for concerns over industrial policy, they said the right response was to strengthen WTO rules, not to restrict trade.
    They cited the WTO’s recent China Trade Policy Review which showed new data of billions of dollars in subsidies going to manufacturing. Urging China to be more transparent about its subsidies.
    The blog shows the coherence mandate in action but it also illustrates how even today, the global trading system is paying a price for shortcomings of macro-economic policy.
    As Sylvia Ostry, one of my predecessors at this podium, said in 1987, “Trade policy is no substitute for macro policy.”
    Let’s now turn to the new trade agenda, and look at three areas where future prospects for people and the planet require trade to be re-imagined, and complemented by other policy levers pulling in the same direction.
    First, the environmental agenda, above all climate change and getting to net zero by mid-century.
    Trade is indispensable to deploy low-carbon technologies globally. Trade lets countries share the burden of developing new green tech. Scale economies and competitive pressures associated with trade help drive down unit costs, making it possible for renewables to undercut fossil fuel energy.
    Trade also allows us to leverage ‘green comparative advantage’, a concept that our chief economist, Ralph Ossa, has done much to advance. The idea is straightforward: just as individuals and countries can reap economic gains by specializing in what they are relatively good at, the world can reap environmental gains if countries specialize in what they are relatively green at.
    If countries with abundant clean energy can produce more energy-intensive goods and services, while importing energy-light products from places where clean energy is scarce, and vice versa, global emissions fall much more than they would have absent that trade. And in fact research from the University of Zurich  suggests that as much as one-third of global emissions reductions could come from this kind of specialization linked to green comparative advantage.
    As Ricardo Hausmann at Harvard has observed, fossil fuels are cheap to transport, but wind and solar energy are not. This makes parts of Africa, Central Asia, and Latin America with high green energy potential attractive destinations for investment in energy-intensive industries, including the production of green hydrogen.
    Global cooperation on internalizing carbon costs would incentivize greener sourcing everywhere. Nevertheless, we are already seeing moves in the right direction as in Kenya, which has attracted a billion-dollar investment to build a geothermal-powered low-carbon data center.
    Parenthetically, a similar dynamic exists for water, provided it is valued correctly. A recent report of the Global Commission on the Economics of Water, which I co-chair, shows that with trade one can also promote the notion of a hydrological comparative advantage. Trade can help mitigate water scarcity by allowing countries with abundant hydrological resources to specialize in producing water-intensive products for export to water-scarce nations.  Such virtual water trade offers agricultural export opportunities, for example, to those regions including countries in Africa with under-utilized ground water resources and land.
    But just as environmental policy coordination could accelerate climate action, policy fragmentation could weaken it.  There is a genuine risk that trade frictions associated with carbon pricing, green subsidies, and other climate policies will escalate into trade restrictions and retaliation, harming emissions reduction as well as trade.
    We should seek to pre-empt such frictions and disputes by establishing shared frameworks for trade and climate policy. The goal would be to maximize emissions reduction and green innovation, while minimizing negative spillovers, trade tensions, and wasted public resources on subsidy races that most countries may not even afford to participate in.
    To this end, the WTO Secretariat is coordinating a carbon pricing task force comprised of the IMF, World Bank, OECD, UNCTAD, and UNFCCC, where we are working to develop shared carbon metrics and ultimately a global carbon pricing framework against which we can benchmark national policies to aid interoperability of approaches. We have also joined hands with the IMF, the OECD, and the World Bank to explore approaches to enhance greater transparency with respect to subsidies. And we are working with the steel industry to help them promote interoperability in decarbonization standards, reducing transaction costs and facilitating trade and investment in green steel.
    Reforming the over $1.2 trillion in direct global annual fossil fuel subsidies, the $630 billion in trade-distorting agricultural support, and the $22 billion in harmful fisheries subsidies (which the WTO Fisheries Subsidies Agreement is delivering) should be a no-brainer. Some of the resources freed up could be repurposed to support green innovation and a just transition for poor countries.
    The second set of opportunities for the Multilateral Trading System deals with diversifying and decentralizing supply chains – and doing so in a manner that brings in countries and communities that remain on the margins of the global division of labor.
    More diversified global production networks would enhance supply security in an increasingly shock-prone world, while extending the benefits of trade to places and people that have not shared adequately in them. Greater diversification would also help lower the geopolitical temperature around supply chain relationships, by making them harder for any single country to weaponize.
    As the pandemic and the war in Ukraine made abundantly clear, overconcentration makes supply chains vulnerable in a crisis.
    The advent of COVID-19, concentrated minds on the fact that 80% of world vaccine exports came from only ten countries. This meant export restrictions in a few of them severely disrupted global access to vaccines – especially to Africa, which relied on imports for 99% of its jabs.
    Decentralizing value chains and building up pharmaceutical production capacity in Africa and other developing country regions for instance would make the global supply base more resilient in the event of future pandemics, whilst more closely integrating these regions in to world trade, and making them part of a more prosperous and healthy world.
    Critical minerals is another sector where there are major opportunities to mitigate concerns about overconcentration in mining and especially processing, while stimulating growth in developing countries. 
    Exports of minerals critical for the low-carbon transition, like lithium, cobalt, nickel, and rare earths, have grown rapidly to reach USD 320 billion in value in 2022, and are set to increase much more in the years ahead. Africa, for example, represents 40% of estimated global reserves of cobalt, manganese, and platinum; and 12% of world exports of critical minerals, but only 3.8% of exports of processed minerals.
    By investing in processing these minerals within the regions including in Central Asia and Latin America where they are found, we can promote value addition and job creation while removing supply bottlenecks that currently threaten to hold back the low-carbon transition.
    Furthermore, to the extent that this process is powered by green hydrogen and other kinds of clean energy, it would harness the green comparative advantage I mentioned earlier and thereby help the developing regions increase their share in world trade.
    It would be green growth and green trade – the ‘re-globalization’ we want.
    Finally, there are areas where cross-border commerce is flourishing, but where new rules are necessary to foster predictability and lower barriers to entry for smaller businesses and developing economies.
    The fastest growing segment of international trade is in services delivered across borders via computer networks. Trade in digitally-delivered services – everything from streaming video to remote consulting – has quadrupled since 2005, reaching $4.25 trillion in value last year. These services have become an increasingly important driver of growth and job creation.
    The commercialization of artificial intelligence promises to further accelerate digital trade. A forthcoming WTO report describes how AI could reduce trade and transaction costs, improve supply chain logistics, and shift countries’ comparative advantages.
    I always say the future of trade is digital, but the future of protectionism could be as well. Imports of digital services could become as contentious as manufactured imports have, or more so – inviting digital barriers that are even simpler to put in place than their counterparts for trade in physical goods.
    Putting in place some basic rules for digital trade would reduce the risks of such reversals. The 90-odd members participating in plurilateral e-commerce negotiations at the WTO are now looking to conclude a first phase agreement on a series of practical measures to facilitate digital trade, from common rules for e-signatures and payments, to paperless trading, and consumer protection. Tougher issues like cross-border data flows – a critical element in AI – will be dealt with in a second phase of negotiations.
    Delivering on this agenda for the future will involve strengthening all of the WTO’s functions: monitoring and transparency, negotiations, and dispute settlement.
    With respect to our dispute settlement system, we are working to reform it. The reform process has wide buy-in, and talks are advancing, including on issues like appeal review and accessibility to ensure that developing countries can use the system. There are delicate issues here around how national security exceptions will be handled – it is going to take work!
    We will need to negotiate and implement new rules in important areas like the environment. Some members are showing the way: New Zealand, Costa Rica, Switzerland, and Iceland recently agreed to liberalize trade in a list of hundreds of environmental goods, and they are trying to get others to join.
    We are working on getting an Agreement on Investment Facilitation for Development, negotiated by three-quarters of our membership, into the WTO rulebook. This agreement will help developing economies attract FDI by simplifying investment-related procedures and sweeping away red tape.
    We will also need to review existing rules to make them fit for purpose. Instead of members doing an end run around our Agreement on Subsidies and Countervailing Measures to introduce industrial policies, it would be better to update that agreement. It actually dates back to 1994 – seven years before China joined the WTO,  [a time when climate concerns were barely on the radar screen, and the conventional wisdom was that state-owned enterprises were a fading relic of a bygone era]. Members could decide to create space for subsidizing the green transition. Shared ground rules would help minimize negative spillovers and related trade tensions, while maximizing efficiency in the use of public resources. 
    Excellencies, ladies, and gentlemen. Let me now conclude.
    As I said at the start, these are tense times for trade. There are political dynamics outside our control. But we can treat the challenges we face as opportunities to re-imagine the global trading system.
    We can build global resilience whilst making the system more supportive of inclusive growth and environmental sustainability.
    We can make existing trade rules more fit for purpose rather than go around or against them and we can make new rules fit for the time.
    We can help developing countries left behind by the recent wave of global economic integration.
    We can have interdependence without overdependence.
    While nothing is ever easy at the WTO, we are moving in the right direction. We will manage what we can manage. Control what we can control. But we will need your help.
    Over the past eight decades, the multilateral economic architecture, including the trading system, has delivered a great deal for the world. We have reinvented it before. We can do so again, for people and planet.
    Nelson Mandela once wrote that “after climbing a great hill, one only finds that there are many more hills to climb.” I ask you, let’s climb these hills together.
    Thank you.

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    MIL OSI Economics –

  • MIL-OSI USA: Hirono Welcomes $59 Million in Federal Funding for Honolulu Harbor

    US Senate News:

    Source: United States Senator for Hawaii Mazie K. Hirono

    WASHINGTON, DC – Today, U.S. Senator Mazie K. Hirono released the following statement celebrating the announcement of more than $56 million in federal funding to modernize Honolulu Harbor and reduce greenhouse gas emissions at the port along with $2.5 million to develop strategies to improve air quality at ports around the state, developed in consultation with communities living near the ports. The funding comes from the U.S. Environmental Protection Agency’s (EPA) Clean Ports Program, funded through the Inflation Reduction Act that Senator Hirono helped pass into law.

    “Honolulu Harbor is essential to the delivery of food, medicine, and other goods people rely on not only on Oahu, but across Hawaii,” said Senator Hirono. “The investments in hydrogen-powered cargo tractors and a hydrogen fueling station will help the port operate more efficiently while decreasing carbon emissions and other pollution that affects surrounding communities. The funding will also support the development of plans to improve air quality at ports and surrounding communities throughout our state. I’m proud to have supported the Inflation Reduction Act, which made this investment possible, and I’ll continue working to secure federal funds for projects that strengthen communities across our islands.”

    More information on the projects being funded is available here.

    MIL OSI USA News –

  • MIL-OSI: SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS    		        
                                                         
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    4,291    3,517    7,044    +22 Income/(loss) attributable to Shell plc shareholders   15,166    18,887    -20
    6,028    6,293    6,224    -4 Adjusted Earnings A 20,055    20,944    -4
    16,005    16,806    16,336    -5 Adjusted EBITDA A 51,523    52,204    -1
    14,684    13,508    12,332    +9 Cash flow from operating activities   41,522    41,622    —
    (3,857)   (3,338)   (4,827)     Cash flow from investing activities   (10,723)   (12,080)    
    10,827    10,170    7,505      Free cash flow G 30,799    29,542     
    4,950    4,719    5,649      Cash capital expenditure C 14,161    17,280     
    9,570    8,950    10,097    +7 Operating expenses F 27,517    29,062    -5
    8,864    8,651    9,735    +2 Underlying operating expenses F 26,569    28,635    -7
    12.8% 12.8% 13.9%   ROACE2 D 12.8% 13.9%  
    76,613    75,468    82,147      Total debt E 76,613    82,147     
    35,234    38,314    40,470      Net debt E 35,234    40,470     
    15.7% 17.0% 17.3%   Gearing E 15.7% 17.3%  
    2,801    2,817    2,706    -1 Oil and gas production available for sale (thousand boe/d)   2,843    2,779    +2
    0.69    0.55    1.06 +25 Basic earnings per share ($)   2.39    2.78    -14
    0.96    0.99    0.93    -3 Adjusted Earnings per share ($) B 3.16    3.08    +3
    0.3440    0.3440    0.3310    — Dividend per share ($)   1.0320    0.9495    +9

    1.Q3 on Q2 change

    2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the second quarter 2024, reflected lower refining margins, lower realised oil prices and higher operating expenses partly offset by favourable tax movements, and higher Integrated Gas volumes.

    Third quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, charges related to redundancy and restructuring, and net impairment charges and reversals. These items are included in identified items amounting to a net loss of $1.3 billion in the quarter. This compares with identified items in the second quarter 2024 which amounted to a net loss of $2.7 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.5 billion.

    Cash flow from operating activities for the third quarter 2024 was $14.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.7 billion partly offset by tax payments of $3.0 billion. The working capital inflow mainly reflected inventory movements due to lower oil prices and lower volumes.

    Cash flow from investing activities for the quarter was an outflow of $3.9 billion, and included cash capital expenditure of $4.9 billion.

    Net debt and Gearing: At the end of the third quarter 2024, net debt was $35.2 billion, compared with $38.3 billion at the end of the second quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, lease additions and interest payments. Gearing was 15.7% at the end of the third quarter 2024, compared with 17.0% at the end of the second quarter 2024, mainly driven by lower net debt.

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2024 results announcement.

    Nine Months Analysis1

    Income attributable to Shell plc shareholders, compared with the first nine months 2023, reflected lower refining margins, lower LNG trading and optimisation margins, lower realised LNG and gas prices as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, higher Marketing margins and volumes, higher realised Chemicals margins, and higher Integrated Gas and Upstream volumes.

    First nine months 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring, partly offset by favourable differences in exchange rates and inflationary adjustments on deferred tax. These charges, reclassifications and movements are included in identified items amounting to a net loss of $4.6 billion. This compares with identified items in the first nine months 2023 which amounted to a net loss of $2.2 billion.

    Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.3 billion.

    Cash flow from operating activities for the first nine months 2024 was $41.5 billion, and primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $1.2 billion and cash inflows relating to commodity derivatives of $1.2 billion, partly offset by tax payments of $9.1 billion, and working capital outflow of $0.3 billion.

    Cash flow from investing activities for the first nine months 2024 was an outflow of $10.7 billion and included cash capital expenditure of $14.2 billion, partly offset by divestment proceeds of $2.0 billion, and interest received of $1.8 billion.

    This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3 .

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    3.Not incorporated by reference.

    THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Integrated Gas

    In July 2024, we announced the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

    In July 2024, we signed an agreement to invest in the Abu Dhabi National Oil Company’s (ADNOC) Ruwais LNG project in Abu Dhabi through a 10% participating interest. The Ruwais LNG project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa.

    In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG LNG (joint venture between Shell (73.75%), CNOOC (25%) and MidOcean Energy (1.25%)) facility on Curtis Island, near Gladstone.

    Upstream

    In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, announced that first gas has been achieved. Jerun is operated by SapuraOMV Upstream (40%) in partnership with Sarawak Shell Berhad (30%) and PETRONAS Carigali Sdn Bhd (30%).

    In August 2024, we announced the FID on a ‘waterflood’ project at our Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

             Page 2

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Marketing

    In July 2024, we announced that we are temporarily pausing on-site construction work at our 820,000 tonnes a year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands to address project delivery and ensure future competitiveness given current market conditions.

    Renewables and Energy Solutions

    In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The transaction is subject to regulatory approvals and is expected to close in the first quarter 2025.

             Page 2

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    2,631    2,454    2,156    +7 Segment earnings   7,846    5,325    +47
    (240)   (220)   (375)     Of which: Identified items A (1,379)   (4,625)    
    2,871    2,675    2,531    +7 Adjusted Earnings A 9,225    9,951    -7
    5,234    5,039    4,874    +4 Adjusted EBITDA A 16,410    17,189    -5
    3,623    4,183    4,009    -13 Cash flow from operating activities A 12,518    13,923    -10
    1,236    1,151    1,099      Cash capital expenditure C 3,429    3,000     
    136    137    122    -1 Liquids production available for sale (thousand b/d)   137    134    +2
    4,669    4,885    4,517    -4 Natural gas production available for sale (million scf/d)   4,835    4,744    +2
    941    980    900    -4 Total production available for sale (thousand boe/d)   971    952    +2
    7.50    6.95    6.88    +8 LNG liquefaction volumes (million tonnes)   22.03    21.23    +4
    17.04    16.41    16.01    +4 LNG sales volumes (million tonnes)   50.32    49.01    +3

    1.Q3 on Q2 change

    Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected higher LNG liquefaction volumes (increase of $237 million).

    Third quarter 2024 segment earnings also included unfavourable movements of $213 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included a charge of $122 million due to unrecoverable indirect tax receivables, and unfavourable movements of $98 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $814 million, net cash outflows related to derivatives of $373 million and working capital outflows of $247 million.

    Total oil and gas production, compared with the second quarter 2024, decreased by 4% mainly due to production-sharing contract effects, and higher maintenance in Trinidad and Tobago. LNG liquefaction volumes increased by 8% mainly due to higher feedgas supply in Nigeria, and Trinidad and Tobago.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,787 million), partly offset by higher volumes (increase of $513 million), lower operating expenses (decrease of $171 million), and favourable deferred tax movements ($168 million).

    First nine months 2024 segment earnings also included unfavourable movements of $1,198 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the first nine months 2023 which included unfavourable movements of $2,821 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $1,700 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,320 million and net cash outflows related to derivatives of $1,586 million.

    Total oil and gas production, compared with the first nine months 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia, and lower maintenance in Australia. LNG liquefaction volumes increased by 4% mainly due to lower unplanned maintenance in Australia.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    UPSTREAM          
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    2,289    2,179    1,999    +5 Segment earnings   6,741    6,388    +6
    (153)   (157)   (238)     Of which: Identified items A 28    (357)    
    2,443    2,336    2,237    +5 Adjusted Earnings A 6,712    6,746    —
    7,871    7,829    7,433    +1 Adjusted EBITDA A 23,588    22,750    +4
    5,268    5,739    5,336    -8 Cash flow from operating activities A 16,734    15,663    +7
    1,974    1,829    2,007      Cash capital expenditure C 5,813    5,906     
    1,321    1,297    1,311    +2 Liquids production available for sale (thousand b/d)   1,316    1,313    —
    2,844    2,818    2,564    +1 Natural gas production available for sale (million scf/d)   2,933    2,687    +9
    1,811    1,783    1,753    +2 Total production available for sale (thousand boe/d)   1,822    1,776    +3

    1.Q3 on Q2 change

    The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower well write-offs (decrease of $139 million), favourable tax movements ($96 million), lower operating expenses (decrease of $63 million), and lower depreciation charges (decrease of $57 million), partly offset by lower realised liquids prices (decrease of $304 million).

    Third quarter 2024 segment earnings also included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions. These charges are part of identified items, and compare with the second quarter 2024 which included a loss of $143 million related to the impact of the weakening Brazilian real on a deferred tax position, and a loss of $122 million related to a tax settlement in Brazil, partly offset by a gain of $139 million related to the impact of inflationary adjustments in Argentina on a deferred tax position.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,074 million.

    Total production, compared with the second quarter 2024, increased mainly due to new oil production.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected unfavourable tax movements ($351 million), higher well write-offs (increase of $327 million) and the net impact of lower realised gas and higher realised liquids prices (decrease of $278 million), partly offset by the comparative favourable impact of $910 million mainly relating to gas storage effects.

    First nine months 2024 segment earnings also included gains of $676 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. These gains and charges are part of identified items, and compare with the first nine months 2023 which included charges of $188 million from impairments, legal provisions of $169 million and deferred tax charges of $132 million due to amendments to IAS 12, partly offset by favourable movements of $106 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $5,832 million.

    Total production, compared with the first nine months 2023, increased mainly due to new oil production, partly offset by field decline.

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    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    MARKETING        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    760    257    629    +196 Segment earnings2   1,791    2,832    -37
    (422)   (825)   (12)     Of which: Identified items2 A (1,255)   314     
    1,182    1,082    641    +9 Adjusted Earnings2 A 3,046    2,518    +21
    2,081    1,999    1,453    +4 Adjusted EBITDA2 A 5,767    4,837    +19
    2,722    1,958    397    +39 Cash flow from operating activities2 A 5,999    3,794    +58
    525    644    959      Cash capital expenditure2 C 1,634    4,406     
    2,945    2,868    3,138    +3 Marketing sales volumes (thousand b/d)2   2,859    3,062    -7

    1.Q3 on Q2 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected higher Marketing margins (increase of $139 million) mainly driven by improved Mobility unit margins and impact of seasonally higher volumes partly offset by lower lubricants and Sectors and Decarbonisation margins. Segment earnings also reflected favourable tax movements ($55 million). These were partly offset by higher operating expenses (increase of $63 million).

    Third quarter 2024 segment earnings also included impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets. These charges and unfavourable movements are part of identified items, and compare with the second quarter 2024 impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $792 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $427 million. These inflows were partly offset by non-cash cost of supplies adjustment of $334 million and tax payments of $241 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2024, increased mainly due to seasonality.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected higher Marketing margins (increase of $582 million) including higher unit margins in Mobility, Lubricants and higher Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $170 million). These were partly offset by higher depreciation charges (increase of $128 million) mainly due to asset acquisitions, and unfavourable tax movements ($94 million).

    First nine months 2024 segment earnings also included impairment charges of $965 million mainly relating to an asset in the Netherlands, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. These charges are part of identified items and compare with the first nine months 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $966 million, and working capital inflows of $153 million. These inflows were partly offset by tax payments of $432 million, and non-cash cost of supplies adjustment of $256 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2023, decreased mainly in Mobility including increased focus on value over volume.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    341    587    1,250    -42 Segment earnings2   2,085    3,310    -37
    (122)   (499)   (213)     Of which: Identified items2 A (1,078)   (278)    
    463    1,085    1,463    -57 Adjusted Earnings2 A 3,163    3,588    -12
    1,240    2,242    2,661    -45 Adjusted EBITDA2 A 6,308    6,819    -7
    3,321    2,249    2,862    +48 Cash flow from operating activities2 A 5,221    6,364    -18
    761    638    837      Cash capital expenditure2 C 1,898    2,027     
    1,305    1,429    1,334    -9 Refinery processing intake (thousand b/d)   1,388    1,360    +2
    3,015    3,052    2,998    -1 Chemicals sales volumes (thousand tonnes)   8,950    8,656    +3

    1.Q3 on Q2 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower Products margins (decrease of $492 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $189 million) mainly due to lower utilisation and lower realised prices. In addition, the third quarter 2024 reflected higher operating expenses (increase of $88 million). These were partly offset by favourable tax movements ($133 million).

    Third quarter 2024 segment earnings also included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items, and compare with the second quarter 2024 which included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the third quarter 2024, Chemicals had negative Adjusted Earnings of $111 million and Products had positive Adjusted Earnings of $573 million.

    Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $2,131 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $88 million and dividends (net of profits) from joint ventures and associates of $63 million. These inflows were partly offset by non-cash cost of supplies adjustment of $331 million.

    Chemicals manufacturing plant utilisation was 76% compared with 80% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

    First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable

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    movements of $69 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and unfavourable movements are part of identified items, and compare with the first nine months 2023 which included losses of $227 million from net impairments and reversals, legal provisions of $74 million and favourable movements of $75 million related to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first nine months 2024, Chemicals had negative Adjusted Earnings of $174 million and Products had positive Adjusted Earnings of $3,337 million.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $257 million, and dividends (net of profits) from joint ventures and associates of $165 million. These inflows were partly offset by working capital outflows of $869 million, cash outflows relating to legal provisions of $203 million, tax payments of $182 million, and non-cash cost of supplies adjustment of $182 million.

    Chemicals manufacturing plant utilisation was 77% compared with 70% in the first nine months 2023, mainly due to economic optimisation in the first nine months 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first nine months 2024.

    Refinery utilisation was 88% compared with 87% in the first nine months 2023.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    (481)   (75)   616    -538 Segment earnings   (3)   3,361    -100
    (319)   112    667      Of which: Identified items A 183    2,778     
    (162)   (187)   (51)   +13 Adjusted Earnings A (186)   583    -132
    (75)   (91)   101    +18 Adjusted EBITDA A 101    1,229    -92
    (364)   847    (34)   -143 Cash flow from operating activities A 2,948    4,249    -31
    409    425    659      Cash capital expenditure C 1,272    1,655     
    79    74    76    +7 External power sales (terawatt hours)2   230    211    +9
    148    148    170    0 Sales of pipeline gas to end-use customers (terawatt hours)3   487    563    -14

    1.Q3 on Q2 change

    2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

    3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower margins (decrease of $86 million) mainly due to lower trading and optimisation in the Americas, partly offset by slightly higher trading and optimisation in Europe.

    Third quarter 2024 segment earnings also included unfavourable movements of $279 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included favourable movements of $223 million due to the fair value accounting of commodity derivatives and impairment charges of $155 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $136 million, net cash outflows related to derivatives of $107 million, and Adjusted EBITDA.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected lower margins (decrease of $1,236 million) mainly from trading and optimisation primarily in Europe due to lower volatility and lower prices, partly offset by lower operating expenses (decrease of $427 million).

    First nine months 2024 segment earnings also included favourable movements of $250 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $89 million. These favourable movements and charges are part of identified items and compare with the first nine months 2023 which included favourable movements of $2,632 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making for the first nine months 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by net cash inflows related to derivatives of $2,479 million, working capital inflows of $570 million, and Adjusted EBITDA, partly offset by tax payments of $415 million.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

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    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

                                                         
    Quarters     Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹     2024 2023 %
            Renewable power generation capacity (gigawatt):        
    3.4    3.3    2.5    +2 – In operation2   3.4    2.5    +37
    3.9    3.8    4.9    +3 – Under construction and/or committed for sale3   3.9    4.9    -20

    1.Q3 on Q2 change

    2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

    3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.

                                             
     
    CORPORATE      
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023   Reference 2024 2023
    (647)   (1,656)   (497)   Segment earnings1   (2,656)   (2,315)  
    (3)   (1,080)   22    Of which: Identified items A (1,069)   (50)  
    (643)   (576)   (519)   Adjusted Earnings1 A (1,588)   (2,266)  
    (346)   (213)   (186)   Adjusted EBITDA1 A (650)   (619)  
    115    (1,468)   (238)   Cash flow from operating activities A (1,898)   (2,372)  

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected unfavourable movements in currency exchange rate effects, partly offset by favourable tax movements.

    Second quarter 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. This non-cash reclassification is part of identified items.

    Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and higher operating expenses.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, were primarily driven by favourable tax movements and favourable net interest movements.

    First nine months 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

    Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    OUTLOOK FOR THE FOURTH QUARTER 2024

    For Full year 2023 cash capital expenditure was $24 billion. Cash capital expenditure for full year 2024 is expected to be below $22 billion.

    Integrated Gas production is expected to be approximately 900 – 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 – 7.5 million tonnes.

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    Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d.

    Marketing sales volumes are expected to be approximately 2,550 – 3,050 thousand b/d.

    Refinery utilisation is expected to be approximately 75% – 83%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%.

    In the fourth quarter 2023, Corporate Adjusted Earnings were a net expense of $609 million1. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $600 – $800 million in the fourth quarter 2024.

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    2.For the definition of Adjusted Earnings and the most comparable GAAP measure please see reference A.

    FORTHCOMING EVENTS

               
     
    Date Event
    January 30, 2025 Fourth quarter 2024 results and dividends
    March 13, 2025 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
    May 2, 2025 First quarter 2025 results and dividends
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

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    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                                       
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    71,089    74,463    76,350    Revenue1 218,031    237,888   
    933    898    747    Share of profit/(loss) of joint ventures and associates 3,150    2,957   
    440    (305)   913    Interest and other income/(expenses)2 1,042    2,207   
    72,462    75,057    78,011    Total revenue and other income/(expenses) 222,222    243,052   
    48,225    49,417    49,144    Purchases 144,509    158,138   
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    305    496    436    Exploration 1,551    1,283   
    5,916    7,555    5,911    Depreciation, depletion and amortisation2 19,352    20,069   
    1,174    1,235    1,131    Interest expense 3,573    3,507   
    65,190    67,653    66,720    Total expenditure 196,502    212,058   
    7,270    7,404    11,291    Income/(loss) before taxation 25,717    30,993   
    2,879    3,754    4,115    Taxation charge/(credit)2 10,237    11,891   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    0.69    0.55    1.06    Basic earnings per share ($)3 2.39    2.78   
    0.68    0.55    1.05    Diluted earnings per share ($)3 2.36    2.75   

    1.See Note 2 “Segment information”.

    2.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    3.See Note 4 “Earnings per share”.

                                       
     
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    2,947    698    (1,460)   – Currency translation differences1 1,651    (1,174)  
    35    (12)   1    – Debt instruments remeasurements 16    13   
    (75)   14    141    – Cash flow hedging gains/(losses) (7)   61   
    —    —    —    – Net investment hedging gains/(losses) —    (44)  
    (2)   (6)   (39)   – Deferred cost of hedging (22)   (94)  
    35    (50)   (72)   – Share of other comprehensive income/(loss) of joint ventures and associates (27)   (118)  
    2,940    644    (1,429)   Total 1,610    (1,357)  
          Items that are not reclassified to income in later periods:    
    419    310    180    – Retirement benefits remeasurements 1,169    125   
    80    (81)   (38)   – Equity instruments remeasurements 77    (15)  
    (53)   44    17    – Share of other comprehensive income/(loss) of joint ventures and associates 1    (15)  
    446    273    159    Total 1,247    95   
    3,386    917    (1,270)   Other comprehensive income/(loss) for the period 2,857    (1,262)  
    7,777    4,567    5,906    Comprehensive income/(loss) for the period 18,337    17,840   
    177    123    149    Comprehensive income/(loss) attributable to non-controlling interest 357    217   
    7,600    4,443    5,757    Comprehensive income/(loss) attributable to Shell plc shareholders 17,981    17,622   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

             Page 14

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      September 30, 2024 December 31, 2023
    Assets    
    Non-current assets    
    Goodwill 16,600    16,660   
    Other intangible assets 8,188    10,253   
    Property, plant and equipment 191,721    194,835   
    Joint ventures and associates 25,764    24,457   
    Investments in securities 3,062    3,246   
    Deferred tax 6,114    6,454   
    Retirement benefits1 10,564    9,151   
    Trade and other receivables 6,883    6,298   
    Derivative financial instruments² 498    801   
      269,394    272,155   
    Current assets    
    Inventories 24,143    26,019   
    Trade and other receivables 46,782    53,273   
    Derivative financial instruments² 10,233    15,098   
    Cash and cash equivalents 42,252    38,774   
      123,411    133,164   
    Assets classified as held for sale1 2,144    951   
      125,555    134,115   
    Total assets 394,949    406,270   
    Liabilities    
    Non-current liabilities    
    Debt 64,597    71,610   
    Trade and other payables 3,864    3,103   
    Derivative financial instruments² 1,749    2,301   
    Deferred tax 15,487    15,347   
    Retirement benefits1 7,110    7,549   
    Decommissioning and other provisions 22,979    22,531   
      115,786    122,441   
    Current liabilities    
    Debt 12,015    9,931   
    Trade and other payables 61,076    68,237   
    Derivative financial instruments² 6,775    9,529   
    Income taxes payable 4,289    3,422   
    Decommissioning and other provisions 4,171    4,041   
      88,327    95,160   
    Liabilities directly associated with assets classified as held for sale1 1,298    307   
      89,625    95,467   
    Total liabilities 205,411    217,908   
    Equity attributable to Shell plc shareholders 187,673    186,607   
    Non-controlling interest 1,865    1,755   
    Total equity 189,538    188,362   
    Total liabilities and equity 394,949    406,270   

    1.    See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.    See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

             Page 15

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    2,815    15,166    17,981    357      18,337   
    Transfer from other comprehensive income —    —    166    (166)   —    —      —   
    Dividends³ —    —    —    (6,556)   (6,556)   (242)     (6,798)  
    Repurchases of shares4 (25)   —    25    (10,536)   (10,536)   —      (10,536)  
    Share-based compensation —    542    (24)   (400)   119    —      119   
    Other changes —    —    —    60    60    (5)     55   
    At September 30, 2024 519    (456)   24,127    163,482    187,673    1,865      189,538   
    At January 1, 2023 584    (726)   21,132    169,482    190,472    2,125      192,597   
    Comprehensive income/(loss) for the period —    —    (1,263)   18,886    17,622    217      17,840   
    Transfer from other comprehensive income —    —    (111)   111    —    —      —   
    Dividends3 —    —    —    (6,193)   (6,193)   (636)     (6,829)  
    Repurchases of shares4 (30)   —    30    (11,058)   (11,058)   —      (11,058)  
    Share-based compensation —    466    (18)   (100)   349    —      349   
    Other changes —    —    —    8    8    37      45   
    At September 30, 2023 555    (261)   19,769    171,136    191,199    1,745      192,943   

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

    3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.

    4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

             Page 16

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                             
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million Nine months
    Q3 2024   Q2 2024 Q3 2023   2024 2023
    7,270      7,404    11,291    Income before taxation for the period 25,717    30,993   
            Adjustment for:    
    554      619    513    – Interest expense (net) 1,749    1,789   
    5,916      7,555    5,911    – Depreciation, depletion and amortisation1 19,352    20,069   
    150      269    186    – Exploration well write-offs 973    626   
    154      (143)   74    – Net (gains)/losses on sale and revaluation of non-current assets and businesses —    (24)  
    (933)     (898)   (747)   – Share of (profit)/loss of joint ventures and associates (3,150)   (2,957)  
    860      792    749    – Dividends received from joint ventures and associates 2,390    2,529   
    2,705      (954)   (3,151)   – (Increase)/decrease in inventories 1,143    2,237   
    4,057      1,965    (1,126)   – (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)     (1,269)   4,498    – Increase/(decrease) in current payables2 (7,314)   (10,881)  
    735      253    (2,807)   – Derivative financial instruments 2,373    (6,050)  
    125      (332)   1    – Retirement benefits (267)   31   
    359      (332)   282    – Decommissioning and other provisions2 (572)   (210)  
    (144)     2,027    (150)   – Other1 2,392    474   
    (3,028)     (3,448)   (3,191)   Tax paid (9,092)   (10,108)  
    14,684      13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (4,690)     (4,445)   (5,259)      Capital expenditure (13,114)   (16,033)  
    (222)     (261)   (350)      Investments in joint ventures and associates (983)   (1,093)  
    (38)     (13)   (40)      Investments in equity securities (63)   (154)  
    (4,950)     (4,719)   (5,649)   Cash capital expenditure (14,161)   (17,280)  
    94      710    184    Proceeds from sale of property, plant and equipment and businesses 1,128    2,024   
    94      57    68    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 284    425   
    6      2    7    Proceeds from sale of equity securities 576    28   
    593      648    586    Interest received 1,818    1,555   
    1,074      883    701    Other investing cash inflows 2,814    3,308   
    (769)     (920)   (724)   Other investing cash outflows (3,183)   (2,141)  
    (3,857)     (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    (89)     (179)   88    Net increase/(decrease) in debt with maturity period within three months (375)   (185)  
            Other debt:    
    78      132    187    – New borrowings 377    964   
    (1,322)     (4,154)   (3,368)   – Repayments (7,008)   (6,596)  
    (979)     (1,287)   (1,049)   Interest paid (3,177)   (3,076)  
    652      (115)   (26)   Derivative financial instruments 239    22   
    —      (1)   6    Change in non-controlling interest (5)   (22)  
            Cash dividends paid to:    
    (2,167)     (2,177)   (2,179)   – Shell plc shareholders (6,554)   (6,192)  
    (92)     (82)   (51)   – Non-controlling interest (242)   (636)  
    (3,537)     (3,958)   (2,725)   Repurchases of shares (10,319)   (10,640)  
    6      (24)   (30)   Shares held in trust: net sales/(purchases) and dividends received (480)   (176)  
    (7,452)     (11,846)   (9,147)   Cash flow from financing activities (27,545)   (26,535)  
    729      (126)   (421)   Effects of exchange rate changes on cash and cash equivalents 224    (222)  
    4,105      (1,801)   (2,063)   Increase/(decrease) in cash and cash equivalents 3,478    2,785   
    38,148      39,949    45,094    Cash and cash equivalents at beginning of period 38,774    40,246   
    42,252      38,148    43,031    Cash and cash equivalents at end of period 42,252    43,031   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

             Page 17

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    2. Segment information

    Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

    From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

             Page 18

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                       
     
    REVENUE AND CCS EARNINGS BY SEGMENT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Third-party revenue    
    9,748    9,052    8,338    Integrated Gas 27,996    27,208   
    1,605    1,590    1,617    Upstream 4,954    5,212   
    30,519    32,005    35,236    Marketing2 92,564    98,799   
    22,608    24,583    22,119    Chemicals and Products2 70,926    72,121   
    6,599    7,222    9,032    Renewables and Energy Solutions 21,558    34,517   
    10    11    7    Corporate 33    31   
    71,089    74,463    76,350    Total third-party revenue1 218,031    237,888   
          Inter-segment revenue    
    2,131    2,157    2,472    Integrated Gas 6,691    8,946   
    9,618    10,102    10,277    Upstream 30,008    30,282   
    1,235    1,363    1,456    Marketing2 3,953    4,056   
    9,564    9,849    11,942    Chemicals and Products2 29,725    32,653   
    1,131    957    894    Renewables and Energy Solutions 3,093    3,140   
    —    —    —    Corporate —    —   
          CCS earnings    
    2,631    2,454    2,156    Integrated Gas 7,846    5,325   
    2,289    2,179    1,999    Upstream 6,741    6,388   
    760    257    629    Marketing2 1,791    2,832   
    341    587    1,250    Chemicals and Products2 2,085    3,310   
    (481)   (75)   616    Renewables and Energy Solutions (3)   3,361   
    (647)   (1,656)   (497)   Corporate3 (2,656)   (2,315)  
    4,894    3,747    6,152    Total CCS earnings4 15,804    18,901   

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

    2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 million respectively.

    3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

    4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

             Page 19

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

                                       
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Capital expenditure    
    1,090    1,024    958    Integrated Gas 2,971    2,458   
    1,998    1,769    2,013    Upstream 5,533    5,701   
    488    644    935    Marketing1 1,559    4,358   
    748    601    761    Chemicals and Products1 1,822    1,944   
    327    377    523    Renewables and Energy Solutions 1,124    1,382   
    39    30    68    Corporate 104    190   
    4,690    4,445    5,259    Total capital expenditure 13,114    16,033   
          Add: Investments in joint ventures and associates    
    147    127    141    Integrated Gas 457    543   
    (37)   60    (6)   Upstream 268    205   
    37    —    25    Marketing 75    48   
    13    37    76    Chemicals and Products 76    81   
    59    35    114    Renewables and Energy Solutions 103    205   
    3    1    1    Corporate 5    11   
    222    261    350    Total investments in joint ventures and associates 983    1,093   
          Add: Investments in equity securities    
    —    —    —    Integrated Gas —    —   
    12    —    —    Upstream 12    —   
    —    —    —    Marketing —    —   
    —    —    —    Chemicals and Products —    2   
    23    13    21    Renewables and Energy Solutions 45    68   
    3    —    19    Corporate 6    84   
    38    13    40    Total investments in equity securities 63    154   
          Cash capital expenditure    
    1,236    1,151    1,099    Integrated Gas 3,429    3,000   
    1,974    1,829    2,007    Upstream 5,813    5,906   
    525    644    959    Marketing1 1,634    4,406   
    761    638    837    Chemicals and Products1 1,898    2,027   
    409    425    659    Renewables and Energy Solutions 1,272    1,655   
    45    32    87    Corporate 114    285   
    4,950    4,719    5,649    Total Cash capital expenditure 14,161    17,280   

    1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

             Page 20

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Current cost of supplies adjustment:    
    668    137    (1,304)   Purchases 473    (275)  
    (162)   (36)   327    Taxation (114)   60   
    (2)   (5)   (47)   Share of profit/(loss) of joint ventures and associates (35)   14   
    503    97    (1,024)   Current cost of supplies adjustment 324    (201)  
          Of which:    
    477    89    (969)   Attributable to Shell plc shareholders 302    (162)
    26    7    (55)   Attributable to non-controlling interest 22    (39)
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
          Of which:    
    4,768    3,606    6,075    CCS earnings attributable to Shell plc shareholders 15,468    18,725   
    126    140    77    CCS earnings attributable to non-controlling interest 336    176   
                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    September 30, 2024 June 30, 2024 September 30, 2023   September 30, 2024 September 30, 2023
    12,015    10,849    10,119    Current debt 12,015    10,119   
    64,597    64,619    72,028    Non-current debt 64,597    72,028   
    76,613    75,468    82,147    Total debt 76,613    82,147   

    4. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders ($ million) 15,166    18,887   
               
          Weighted average number of shares used as the basis for determining:    
    6,256.5    6,355.4    6,668.1    Basic earnings per share (million) 6,350.3    6,792.5   
    6,320.9    6,417.6    6,736.7    Diluted earnings per share (million) 6,414.0    6,856.7   

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    5. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (299,830,201)     (25)    
    At September 30, 2024 6,224,278,848      519     
    At January 1, 2023 7,003,503,393      584     
    Repurchases of shares (357,368,014)     (30)    
    At September 30, 2023 6,646,135,379      555     

    At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    6. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    2,815    2,815   
    Transfer from other comprehensive income —    —    —    —    166    166   
    Repurchases of shares —    —    25    —    —    25   
    Share-based compensation —    —    —    (24)   —    (24)  
    At September 30, 2024 37,298    154    261    1,284    (14,870)   24,127   
    At January 1, 2023 37,298    154    196    1,140    (17,656)   21,132   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,263)   (1,263)  
    Transfer from other comprehensive income —    —    —    —    (111)   (111)  
    Repurchases of shares —    —    30    —    —    30   
    Share-based compensation —    —    —    (18)   —    (18)  
    At September 30, 2023 37,298    154    227    1,121    (19,029)   19,769   

    The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

    7. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

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    date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 million for the current liabilities.

    The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million September 30, 2024 December 31, 2023
    Carrying amount 51,022    53,832   
    Fair value¹ 48,489    50,866   

    1.    Mainly determined from the prices quoted for these securities.

    8. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

    Consolidated Statement of Income

    Interest and other income

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    440    (305)   913    Interest and other income/(expenses) 1,042    2,207   
          Of which:    
    619    616    618    Interest income 1,824    1,718   
    4    30    7    Dividend income (from investments in equity securities) 58    36   
    (154)   143    (75)   Net gains/(losses) on sales and revaluation of non-current assets and businesses 0    35   
    (189)   (1,169)   168    Net foreign exchange gains/(losses) on financing activities (1,292)   (60)  
    159    74    195    Other 452    478   

    Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell’s businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

    Depreciation, depletion and amortisation

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    5,916    7,555    5,911    Depreciation, depletion and amortisation 19,352    20,069   
          Of which:    
    5,578 5,642 5,716 Depreciation 16,874    17,120   
    340 1,984 359 Impairments 2,706    3,438   
    (2) (71) (163) Impairment reversals (228)   (489)  

    Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

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    Taxation charge/credit

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,879    3,754    4,115    Taxation charge/(credit) 10,237    11,891   
          Of which:    
    2,834 3,666 4,115 Income tax excluding Pillar Two income tax 10,026    11,891   
    45 88 — Income tax related to Pillar Two income tax 212    —

    On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

    As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,947    698    (1,460)   Currency translation differences 1,651    (1,174)  
          Of which:    
    2,912 (406) (1,469) Recognised in Other comprehensive income 524    (1,181)  
    35 1,104 9 (Gain)/loss reclassified to profit or loss 1,127    7

    Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

    Condensed Consolidated Balance Sheet

    Retirement benefits

                     
     
    $ million    
      September 30, 2024 December 31, 2023
    Non-current assets    
    Retirement benefits 10,564    9,151   
    Non-current liabilities    
    Retirement benefits 7,110    7,549   
    Surplus/(deficit) 3,454    1,602   

    Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

    Assets classified as held for sale

                       
       
    $ million      
      September 30, 2024 December 31, 2023  
    Assets classified as held for sale 2,144    951     
    Liabilities directly associated with assets classified as held for sale 1,298    307     

    Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

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    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    (144)   2,027    (150)   Other 2,392    474   

    ‘Cash flow from operating activities – Other’ for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 ‘Cash flow from operating activities – Other’ also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

    We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.

                                       
         
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    477    89    (969)   Add: Current cost of supplies adjustment attributable to Shell plc shareholders 302    (162)  
    26    7    (55)   Add: Current cost of supplies adjustment attributable to non-controlling interest 22    (39)  
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 4,894 2,631 2,289 760 341 (481) (647)
    Less: Identified items (1,259) (240) (153) (422) (122) (319) (3)
    Less: CCS earnings attributable to non-controlling interest 126            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,028            
    Add: Non-controlling interest 126            
    Adjusted Earnings plus non-controlling interest 6,153 2,871 2,443 1,182 463 (162) (643)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,571 949 2,413 322 (73) (1) (39)
    Add: Depreciation, depletion and amortisation excluding impairments 5,578 1,369 2,691 564 862 86 6
    Add: Exploration well write-offs 150 2 148        
    Add: Interest expense excluding identified items 1,173 49 183 13 14 2 912
    Less: Interest income 619 5 8 — 25 — 581
    Adjusted EBITDA 16,005 5,234 7,871 2,081 1,240 (75) (346)
    Less: Current cost of supplies adjustment before taxation 665     334 331    
    Joint ventures and associates (dividends received less profit) (62) (146) (90) 51 63 61 —
    Derivative financial instruments 133 (373) 47 98 88 (106) 380
    Taxation paid (3,028) (814) (2,074) (241) 23 (33) 112
    Other (365) (32) (406) 275 107 (75) (234)
    (Increase)/decrease in working capital 2,665 (247) (78) 792 2,131 (136) 204
    Cash flow from operating activities 14,684 3,623 5,268 2,722 3,321 (364) 115

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    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 3,747 2,454 2,179 257 587 (75) (1,656)
    Less: Identified items (2,669) (220) (157) (825) (499) 112 (1,080)
    Less: CCS earnings attributable to non-controlling interest 140            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 6,293            
    Add: Non-controlling interest 122            
    Adjusted Earnings plus non-controlling interest 6,415 2,675 2,336 1,082 1,085 (187) (576)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,947 940 2,312 359 297 (10) 49
    Add: Depreciation, depletion and amortisation excluding impairments 5,642 1,375 2,750 548 867 95 6
    Add: Exploration well write-offs 269 5 264 — — — —
    Add: Interest expense excluding identified items 1,149 44 166 10 23 1 904
    Less: Interest income 616 — (1) — 30 (9) 595
    Adjusted EBITDA 16,806 5,039 7,829 1,999 2,242 (91) (213)
    Less: Current cost of supplies adjustment before taxation 133     74 59    
    Joint ventures and associates (dividends received less profit) (135) 96 (288) (54) 46 64 —
    Derivative financial instruments 713 (133) 9 7 304 607 (79)
    Taxation paid (3,448) (1,039) (1,955) (17) (186) (138) (113)
    Other (38) (104) (341) (57) 263 180 20
    (Increase)/decrease in working capital (258) 324 484 153 (361) 225 (1,083)
    Cash flow from operating activities 13,508 4,183 5,739 1,958 2,249 847 (1,468)
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 6,152 2,156 1,999 629 1,250 616 (497)
    Less: Identified items (149) (375) (238) (12) (213) 667 22
    Less: CCS earnings attributable to non-controlling interest 77            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,224            
    Add: Non-controlling interest 77            
    Adjusted Earnings plus non-controlling interest 6,302 2,531 2,237 641 1,463 (51) (519)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,621 845 2,160 269 253 70 24
    Add: Depreciation, depletion and amortisation excluding impairments 5,716 1,413 2,771 528 918 82 4
    Add: Exploration well write-offs 186 35 151 — — — —
    Add: Interest expense excluding identified items 1,130 51 119 23 41 1 895
    Less: Interest income 618 1 5 8 13 1 590
    Adjusted EBITDA 16,336 4,874 7,433 1,453 2,661 101 (186)
    Less: Current cost of supplies adjustment before taxation (1,351)     (624) (727)    
    Joint ventures and associates (dividends received less profit) (13) (40) 43 (19) (19) 21 —
    Derivative financial instruments (2,549) (454) (20) 10 (375) (1,407) (304)
    Taxation paid (3,191) (679) (2,090) (226) 54 (258) 8
    Other 177 (44) (57) (485) 167 327 269
    (Increase)/decrease in working capital 221 352 28 (960) (354) 1,182 (27)
    Cash flow from operating activities 12,332 4,009 5,336 397 2,862 (34) (238)

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    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 15,804 7,846 6,741 1,791 2,085 (3) (2,656)
    Less: Identified items (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Less: CCS earnings attributable to non-controlling interest 336            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 20,055            
    Add: Non-controlling interest 318            
    Adjusted Earnings plus non-controlling interest 20,373 9,225 6,712 3,046 3,163 (186) (1,588)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,642 2,885 7,247 1,039 562 (10) (81)
    Add: Depreciation, depletion and amortisation excluding impairments 16,874 4,154 8,169 1,647 2,599 287 18
    Add: Exploration well write-offs 973 14 959        
    Add: Interest expense excluding identified items 3,485 136 518 35 54 4 2,737
    Less: Interest income 1,824 5 17 1 69 (5) 1,736
    Adjusted EBITDA 51,523 16,410 23,588 5,767 6,308 101 (650)
    Less: Current cost of supplies adjustment before taxation 438     256 182    
    Joint ventures and associates (dividends received less profit) (779) (247) (924) 89 165 138 —
    Derivative financial instruments 1,153 (1,586) 53 66 (10) 2,479 152
    Taxation paid (9,092) (2,320) (5,832) (432) (182) (415) 89
    Other (500) (90) (978) 612 (8) 75 (111)
    (Increase)/decrease in working capital (344) 352 827 153 (869) 570 (1,377)
    Cash flow from operating activities 41,522 12,518 16,734 5,999 5,221 2,948 (1,898)
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 18,901 5,325 6,388 2,832 3,310 3,361 (2,315)
    Less: Identified items (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Less: CCS earnings attributable to non-controlling interest 176            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 20,944            
    Add: Non-controlling interest 176            
    Adjusted Earnings plus non-controlling interest 21,120 9,951 6,746 2,518 3,588 583 (2,266)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,553 2,773 6,720 808 558 345 349
    Add: Depreciation, depletion and amortisation excluding impairments 17,120 4,300 8,358 1,479 2,667 303 13
    Add: Exploration well write-offs 625 59 566 — — — —
    Add: Interest expense excluding identified items 3,504 110 372 40 39 3 2,941
    Less: Interest income 1,718 2 13 8 33 5 1,657
    Adjusted EBITDA 52,204 17,189 22,750 4,837 6,819 1,229 (619)
    Less: Current cost of supplies adjustment before taxation (261)     (94) (167)    
    Joint ventures and associates (dividends received less profit) (167) 32 (443) 85 85 72 2
    Derivative financial instruments (5,112) (3,071) — (18) 225 (1,719) (528)
    Taxation paid (10,108) (2,843) (6,455) (478) (197) (350) 214
    Other 82 (84) (530) 23 284 304 85
    (Increase)/decrease in working capital 4,462 2,700 342 (748) (1,019) 4,713 (1,526)
    Cash flow from operating activities 41,622 13,923 15,663 3,794 6,364 4,249 (2,372)

    Identified Items

    Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

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    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (154) 1 (2) (110) (19) (20) (3)
    Impairment reversals/(impairments) (338) (6) (3) (195) (120) (14) —
    Redundancy and restructuring (552) (69) (189) (136) (141) (26) 10
    Provisions for onerous contracts (7) — — (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (602) (252) (13) (78) 126 (385) —
    Other (136) — (141) (1) (11) 16 —
    Total identified items included in Income/(loss) before taxation (1,789) (327) (348) (526) (165) (430) 7
    Less: total identified items included in Taxation charge/(credit) (530) (87) (195) (104) (43) (111) 10
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (129) 1 (6) (84) (15) (23) (2)
    Impairment reversals/(impairments) (288) (4) (2) (179) (92) (10) —
    Redundancy and restructuring (397) (48) (138) (98) (101) (19) 7
    Provisions for onerous contracts (5) — — (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (456) (213) (3) (56) 95 (279) —
    Impact of exchange rate movements and inflationary adjustments on tax balances 120 24 104 — — — (8)
    Other (105) — (108) — (8) 12 —
    Impact on CCS earnings (1,259) (240) (153) (422) (122) (319) (3)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (1,259) (240) (153) (422) (122) (319) (3)

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    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 143 2 131 (60) (8) 79 —
    Impairment reversals/(impairments) (1,932) (18) (80) (1,055) (619) (161) —
    Redundancy and restructuring (211) (9) (56) (69) (30) (45) (2)
    Provisions for onerous contracts (17) (3) (14) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 461 (102) (29) 63 211 318 —
    Other1 (1,271) (130) (168) 10 113 7 (1,103)
    Total identified items included in Income/(loss) before taxation (2,826) (260) (215) (1,111) (333) 198 (1,105)
    Less: total identified items included in Taxation charge/(credit) (157) (40) (58) (286) 165 87 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 135 1 114 (45) (6) 71 —
    Impairment reversals/(impairments) (1,728) (15) (67) (783) (708) (155) —
    Redundancy and restructuring (147) (6) (33) (50) (23) (33) (1)
    Provisions for onerous contracts (14) (3) (11) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 319 (98) (7) 45 156 223 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 49 10 (4) — — — 43
    Other1 (1,284) (111) (148) 7 83 5 (1,122)
    Impact on CCS earnings (2,669) (220) (157) (825) (499) 112 (1,080)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,687) (220) (157) (825) (517) 112 (1,080)

    1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (75) 6 23 (10) 3 (98) —
    Impairment reversals/(impairments) (196) — (15) (2) (103) (76) —
    Redundancy and restructuring (20) (3) (4) (5) (4) (2) (3)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 258 (350) 38 (2) (88) 659 —
    Other 50 (25) (236) — (97) 408 —
    Total identified items included in Income/(loss) before taxation 17 (371) (194) (18) (288) 891 (3)
    Less: total identified items included in Taxation charge/(credit) 166 4 44 (6) (75) 225 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (68) 4 8 (7) 2 (76) —
    Impairment reversals/(impairments) (167) — (12) (1) (79) (75) —
    Redundancy and restructuring (14) (2) (2) (4) (3) (1) (2)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 121 (340) 13 — (59) 506 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (51) (13) (62) — — — 24
    Other 29 (25) (184) — (74) 312 —
    Impact on CCS earnings (149) (375) (238) (12) (213) 667 22
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (149) (375) (238) (12) (213) 667 22

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    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) — — 155 (185) (35) 68 (3)
    Impairment reversals/(impairments) (2,498) (32) (179) (1,254) (917) (116) —
    Redundancy and restructuring (837) (79) (258) (226) (190) (86) 3
    Provisions for onerous contracts (24) (3) (14) (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,221) (1,421) (44) (9) (79) 332 —
    Other1 (1,281) (126) (271) 32 148 39 (1,103)
    Total identified items included in Income/(loss) before taxation (5,859) (1,663) (609) (1,649) (1,073) 238 (1,104)
    Less: total identified items included in Taxation charge/(credit) (1,290) (284) (638) (394) 5 55 (35)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 2 — 118 (140) (28) 54 (2)
    Impairment reversals/(impairments) (2,201) (24) (171) (965) (952) (89) —
    Redundancy and restructuring (597) (55) (179) (163) (139) (63) 2
    Provisions for onerous contracts (19) (3) (11) (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,032) (1,198) (11) (6) (69) 250 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 573 8 512 — — — 53
    Other1 (1,293) (107) (228) 24 110 30 (1,122)
    Impact on CCS earnings (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (4,587) (1,379) 28 (1,255) (1,096) 183 (1,069)

    1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 35 (1) 76 32 (12) (59) —
    Impairment reversals/(impairments) (2,952) (2,274) (199) (49) (300) (130) —
    Redundancy and restructuring (54) — (10) (22) (4) (1) (16)
    Provisions for onerous contracts (24) — — — (24) — —
    Fair value accounting of commodity derivatives and certain gas contracts 939 (3,047) 387 66 77 3,455 —
    Other 116 (25) (445) 298 (119) 408 —
    Total identified items included in Income/(loss) before taxation (1,941) (5,347) (192) 324 (382) 3,672 (16)
    Less: total identified items included in Taxation charge/(credit) 278 (722) 165 11 (104) 894 34
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 50 — 80 24 (9) (45) —
    Impairment reversals/(impairments) (2,284) (1,700) (188) (50) (227) (119) —
    Redundancy and restructuring (35) — (3) (17) (3) (1) (11)
    Provisions for onerous contracts (18) — — — (18) — —
    Fair value accounting of commodity derivatives and certain gas contracts 52 (2,821) 106 60 75 2,632 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 8 (31) 78 — — — (39)
    Other 7 (74) (431) 297 (96) 312 —
    Impact on CCS earnings (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,219) (4,625) (357) 314 (278) 2,778 (50)

    The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

    Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

    Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

    Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

    Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

    C.    Cash capital expenditure

    Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

    See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

    The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

    Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

    In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Current debt 10,119 12,114 8,046
    Non-current debt 72,028 72,252 73,944
    Total equity 192,943 192,094 190,237
    Less: Cash and cash equivalents (43,031) (45,094) (35,978)
    Capital employed – opening 232,059 231,366 236,250
    Current debt 12,015 10,849 10,119
    Non-current debt 64,597 64,619 72,028
    Total equity 189,538 187,190 192,943
    Less: Cash and cash equivalents (42,252) (38,148) (43,031)
    Capital employed – closing 223,898 224,511 232,059
    Capital employed – average 227,979 227,939 234,154

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    3rd QUARTER 2024 UNAUDITED RESULTS
                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Adjusted Earnings – current and previous three quarters (Reference A) 27,361 27,558 30,758
    Add: Income/(loss) attributable to NCI – current and previous three quarters 376 409 275
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 56 (25) (12)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 7 7 13
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 27,787 27,935 31,008
    Add: Interest expense after tax – current and previous three quarters 2,698 2,650 2,685
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,392 1,395 1,179
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 29,093 29,190 32,514
    Capital employed – average 227,979 227,939 234,154
    ROACE on an Adjusted Earnings plus NCI basis 12.8% 12.8% 13.9%

    E.    Net debt and gearing

    Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

    Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

                           
     
    $ million  
      September 30, 2024 June 30, 2024 September 30, 2023
    Current debt 12,015    10,849    10,119   
    Non-current debt 64,597    64,619    72,028   
    Total debt 76,613    75,468    82,147   
    Of which lease liabilities 25,590    25,600    27,854   
    Add: Debt-related derivative financial instruments: net liability/(asset) 1,694    2,460    3,116   
    Add: Collateral on debt-related derivatives: net liability/(asset) (821)   (1,466)   (1,762)  
    Less: Cash and cash equivalents (42,252)   (38,148)   (43,031)  
    Net debt 35,234    38,314    40,470   
    Total equity 189,538    187,190    192,943   
    Total capital 224,772    225,505    233,414   
    Gearing 15.7  % 17.0  % 17.3  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

    Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

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    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,138 1,164 2,394 367 1,766 453 (6)
    Selling, distribution and administrative expenses 3,139 (1) (39) 2,408 453 209 110
    Research and development 294 27 75 55 34 22 81
    Operating expenses 9,570 1,190 2,430 2,830 2,253 684 185
                                                   
     
    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,593 1,050 2,219 320 1,573 422 10
    Selling, distribution and administrative expenses 3,094 64 62 2,295 293 279 101
    Research and development 263 32 61 47 37 24 62
    Operating expenses 8,950 1,146 2,341 2,662 1,902 725 173
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,384 1,125 2,266 335 1,900 760 (1)
    Selling, distribution and administrative expenses1 3,447 50 42 2,448 501 286 121
    Research and development1 267 30 77 60 44 (26) 81
    Operating expenses 10,097 1,204 2,384 2,843 2,444 1,021 201
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 17,541 3,170 6,881 1,052 4,973 1,454 10
    Selling, distribution and administrative expenses 9,208 125 80 6,891 1,166 646 300
    Research and development 768 85 194 136 104 58 192
    Operating expenses 27,517 3,380 7,156 8,079 6,243 2,158 501
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 18,433 3,341 6,591 1,030 5,579 1,878 14
    Selling, distribution and administrative expenses1 9,811 114 217 6,906 1,494 787 293
    Research and development1 817 84 216 184 129 2 202
    Operating expenses 29,062 3,540 7,024 8,120 7,201 2,667 509

    1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

    Underlying operating expenses

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

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    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
    (552)   (210)   (19)   Redundancy and restructuring (charges)/reversal (834)   (51)  
    (154)   (212)   (343)   (Provisions)/reversal (366)   (376)  
    —    123    —    Other 252    —   
    (706)   (299)   (362)   Total identified items (948)   (426)  
    8,864    8,651    9,735    Underlying operating expenses 26,569    28,635   

    G.    Free cash flow and Organic free cash flow

    Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

    Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (3,857)   (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    10,827    10,170    7,505    Free cash flow 30,799    29,542   
    194    769    259    Less: Divestment proceeds (Reference I) 1,988    2,477   
    —    —    (3)   Add: Tax paid on divestments (reported under “Other investing cash outflows”) —    —   
    —    189    3    Add: Cash outflows related to inorganic capital expenditure1 251    2,316   
    10,633    9,590    7,246    Organic free cash flow2 29,062    29,381   

    1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

    2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

    H.    Cash flow from operating activities and cash flow from operating activities excluding working capital movements

    Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    2,705    (954)   (3,151)   (Increase)/decrease in inventories 1,143    2,237   
    4,057    1,965    (1,126)   (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)   (1,269)   4,498    Increase/(decrease) in current payables1 (7,314)   (10,881)  
    2,665    (258)   221    (Increase)/decrease in working capital (344)   4,462   
    12,019    13,766    12,111    Cash flow from operating activities excluding working capital movements 41,867    37,160   

    1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

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    I.    Divestment proceeds

    Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    94    710 184 Proceeds from sale of property, plant and equipment and businesses 1,128 2,024
    94    57 68 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 284 425
    6    2 7 Proceeds from sale of equity securities 576 28
    194    769 259 Divestment proceeds 1,988 2,477

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    3rd QUARTER 2024 UNAUDITED RESULTS

    CAUTIONARY STATEMENT

    All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    Forward-Looking Statements

    This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

    Shell’s Net Carbon Intensity

    Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking Non-GAAP measures

    This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

    We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    This Unaudited Condensed Interim Financial Report contains inside information.

             Page 39

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    October 31, 2024

         
    The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated interim financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

    Contacts:

    – Sean Ashley, Company Secretary

    – Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –

  • MIL-OSI: Shell plc publishes third quarter 2024 press release

    Source: GlobeNewswire (MIL-OSI)

    London, October 31, 2024

    “Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet. Today, we announce another $3.5 billion buyback programme for the next three months, making this the 12th consecutive quarter in which we have announced $3 billion or more in buybacks.”

    Shell plc Chief Executive Officer, Wael Sawan


     

    STRONG RESULTS, CONSISTENT DISTRIBUTIONS

    • Q3 2024 Adjusted Earnings1 of $6.0 billion, despite the lower crude prices and weaker refining margins, reflect strong operational performance in Integrated Gas, Upstream and Marketing.
    • CFFO of $14.7 billion for the quarter includes a working capital inflow of $2.7 billion; net debt reduced to $35.2 billion ($9.6 billion excluding lease liabilities).
    • Cash capex for 2024 is expected to be below the lower end of the $22 – 25 billion range.
    • Commencing a $3.5 billion share buyback programme, expected to be completed by Q4 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 43% of CFFO. Dividend stable at $0.344 per ordinary share.
    $ million1 Adj. Earnings Adj. EBITDA CFFO Cash capex
    Integrated Gas 2,871 5,234 3,623 1,236
    Upstream 2,443 7,871 5,268 1,974
    Marketing 1,182 2,081 2,722 525
    Chemicals & Products2 463 1,240 3,321 761
    Renewables & Energy Solutions (162) (75) (364) 409
    Corporate (643) (346) 115 45
    Less: Non-controlling interest (NCI) 126      
    Shell Q3 2024 6,028 16,005 14,684 4,950
    Q2 2024 6,293 16,806 13,508 4,719

    1Income/(loss) attributable to shareholders for Q3 2024 is $4.3 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

    2Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.1) billion and Products $0.6 billion.

    • CFFO of $14.7 billion for Q3 2024 includes a working capital inflow of $2.7 billion mainly due to lower prices. CFFO reflects tax payments of $3.0 billion. Net debt reduced by $3.1 billion over the quarter to $35.2 billion ($9.6 billion excluding lease liabilities).
    $ billion1 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
    Divestment proceeds 0.3 0.6 1.0 0.8 0.2
    Free cash flow 7.5 6.9 9.8 10.2 10.8
    Net debt 40.5 43.5 40.5 38.3 35.2

    1 Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

    Q3 2024 FINANCIAL PERFORMANCE DRIVERS

    INTEGRATED GAS

    Key data Q2 2024 Q3 2024 Q4 2024 outlook
    Realised liquids price ($/bbl) 68 63 —
    Realised gas price ($/thousand scf) 7.6 7.9 —
    Production (kboe/d) 980 941 900 – 960
    LNG liquefaction volumes (MT) 6.9 7.5 6.9 – 7.5
    LNG sales volumes (MT) 16.4 17.0 —
    • Adjusted Earnings were higher than in Q2 2024, due to higher LNG liquefaction volumes. Trading and optimisation results
      were in line with a strong Q2 2024.
    • Q4 2024 production outlook reflects scheduled maintenance at Pearl GTL in Qatar.

    UPSTREAM

    Key data Q2 2024 Q3 2024 Q4 2024 outlook
    Realised liquids price ($/bbl) 78 75 —
    Realised gas price ($/thousand scf) 6.2 6.6 —
    Liquids production (kboe/d) 1,297 1,321 —
    Gas production (million scf/d) 2,818 2,844 —
    Total production (kboe/d) 1,783 1,811 1,750 – 1,950
    • Adjusted Earnings were higher than in Q2 2024, as lower prices were offset by lower well write-offs than in the previous quarter.

    MARKETING

    Key data Q2 2024 Q3 2024 Q4 2024 outlook
    Marketing sales volumes (kb/d) 2,868 2,945 2,550 – 3,050
    Mobility (kb/d) 2,078 2,119 —
    Lubricants (kb/d) 84 81 —
    Sectors & Decarbonisation (kb/d) 706 745 —

    Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
    Comparative information for the Marketing segment and the Chemicals & Product segment has been revised.

    • Adjusted Earnings were higher than in Q2 2024 due to improved Mobility unit margins and impact of seasonally higher volumes.

    CHEMICALS & PRODUCTS

    Key data Q2 2024 Q3 2024 Q4 2024 outlook
    Refinery processing intake (kb/d) 1,429 1,305 —
    Chemicals sales volumes (kT) 3,052 3,015 —
    Refinery utilisation (%) 92 81 75 – 83
    Chemicals manufacturing plant utilisation (%) 80 76 72 – 80
    Global indicative refining margin ($/bbl) 7.7 5.5 —
    Global indicative chemical margin ($/t) 155 164 —

    Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.

    Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

    • Lower refining margins in Q3 2024 were driven by a stabilising market with increased supply. Chemicals Adjusted Earnings
      were lower than in Q2 2024 due to lower utilisation and lower realised prices.
    • Trading and optimisation results were in line with Q2 2024.

    RENEWABLES & ENERGY SOLUTIONS

    Key data Q2 2024 Q3 2024
    External power sales (TWh) 74 79
    Sales of pipeline gas to end-use customers (TWh) 148 148
    Renewables power generation capacity (GW)* 7.1 7.3
    • in operation (GW)
    		 3.3 3.4
    • under construction and/or committed for sale (GW)
    		 3.8 3.9

      *Excludes Shell’s equity share of associates where information cannot be obtained.

    • Adjusted Earnings were in line with Q2 2024.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions.
    It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    CORPORATE

    Key data Q2 2024 Q3 2024 Q4 2024 outlook
    Adjusted Earnings ($ billion) (0.6) (0.6) (0.8) – (0.6)
    • The Adjusted Earnings outlook is a net expense of $2.2 – 2.4 billion for the full year 2024.

    UPCOMING ANNOUNCED INVESTOR EVENTS

    January 30, 2025 Fourth quarter 2024 results and dividends
    May 2, 2025 First quarter 2025 results and dividends
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

    USEFUL LINKS

    Results materials Q3 2024

    Quarterly Databook Q3 2024

    Webcast registration Q3 2024

    Dividend announcement Q3 2024

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

    This announcement may contain certain forward-looking non-GAAP measures for cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    CAUTIONARY STATEMENT

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “believe”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this [report], including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this [report] and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

    All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

    Shell’s Net Carbon Intensity

    Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    The content of websites referred to in this announcement does not form part of this announcement.

    We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s third quarter 2024 unaudited results available on www.shell.com/investors.

    CONTACTS

    • Media: International +44 207 934 5550; USA +1 832 337 4355

    The MIL Network –

  • MIL-OSI Europe: European Hydrogen Week

    Source: European Union 2

    Building on the success of the European Hydrogen Week 2023, also this year Hydrogen Europe, the European Commission and the Clean Hydrogen Partnership have teamed up to bring the entire hydrogen sector in one place for a whole week of conferences, exhibition and great networking opportunities. 

    In the conference streams, featured panels consisting of some of the most prominent stakeholders in the hydrogen industry covering the most pressing topics facing this new industry: the need for both urgency and pragmatism in creating the regulatory framework, the unique challenges different sectors face to decarbonise and how hydrogen can help, and how to remain a leader in an industry that has caught the attention of the rest of the world..

    Across the exhibition room, attendees can get a first-hand view of the latest in electrolyser and fuel cell technologies as well as touch with hand and test hydrogen trucks, buses, and cars.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Autumn Budget 2024 speech

    Source: United Kingdom – Executive Government & Departments

    Autumn Budget 2024 speech as delivered by Chancellor Rachel Reeves.

    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Madam Deputy Speaker…

    [redacted political content]

    This government was given a mandate. 

    To restore stability to our economy… 

    … and to begin a decade of national renewal. 

    To fix the foundations… 

    … and deliver change. 

    Through responsible leadership in the national interest.  

    That is our task.  

    And I know that we can achieve it. 

    My belief in Britain burns brighter than ever.  

    And the prize on offer is immense.  

    As my Right Honourable Friend the Prime Minister said on Monday – change must be felt. 

    More pounds in people’s pockets.  

    An NHS that is there when you need it.  

    An economy that is growing, creating wealth and opportunity for all…  

    … because that is the only way to improve living standards.   

    And the only way to drive economic growth… 

    … is to invest, invest, invest.  

    There are no shortcuts. 

    And to deliver that investment… 

    … we must restore economic stability…

    [redacted political content]

    INHERITANCE

    [redacted political content]

    … it is the first Budget in our country’s history to be delivered by a woman.  

    I am deeply proud to be Britain’s first ever female Chancellor of the Exchequer.  

    To girls and young women everywhere, I say:  

    Let there be no ceiling on your ambition, your hopes and your dreams.  

    And along with the pride that I feel standing here today… 

    … there is also a responsibility… 

    … to pass on a fairer society and a stronger economy to the next  

    generation of women.

    [redacted political content]

    A black hole in the public finances… 

    Public services on their knees…. 

    A decade of low growth. 

    And the worst parliament on record for living standards. 

    Let me begin with the public finances. 

    In July, I exposed a £22bn black hole

    [redacted political content]

    The Treasury’s reserve, set aside for genuine emergencies… 

    … spent three times over… 

    … just three months into the financial year.  

    Today, on top of the detailed document that I have provided to the House in July… 

    … the government is publishing a line by line breakdown of the £22bn black hole that we inherited… 

    It shows hundreds of unfunded pressures on the public finances… 

    … this year, and into the future too.  

    The Office for Budget Responsibility have published their own review of the circumstances around the Spring Budget forecast.  

    They say that the previous government – and I quote – “did not provide the OBR with all the [available] information to them”… 

    … and – had they known about these “undisclosed spending pressures that have since come to light”… 

    … then their Spring Budget forecast for spending would have been, and I quote again: “materially different”.  

    Let me be clear: that means any comparison between today’s forecast and the OBR’s March forecast is false… 

    … because the party opposite hid the reality of their public spending plans. 

    Yet at the very same budget… 

    … they made another ten billion pounds worth of cuts to National Insurance.

    [redacted political content]

    That’s why today, I can confirm that we will implement in full… 

    … the 10 recommendations from the independent Office for Budget Responsibility’s review. 

    But, the country has inherited not just broken public finances… 

    … but broken public services too. 

    The British people can see and feel that in their everyday lives. 

    NHS waiting lists at record levels. 

    Children in portacabins as school roofs crumble. 

    Trains that do not arrive. 

    Rivers filled with polluted waste.  

    Prisons overflowing. 

    Crimes which are not investigated… 

    … and criminals who are not punished.  

    That is the country’s inheritance

    Since 2021, there had been no detailed plans for departmental spending set out beyond this year.  

    And [redacted political content] plans relied on a baseline for spending this year which we now know was wrong… 

    … because it did not take into account the £22bn black hole.  

    The previous government also failed to budget for costs which they knew would materialise.  

    That includes funding for vital compensation schemes…  

    … for victims of two terrible injustices…

    [redacted political content]

    … the infected blood scandal… 

    … and the Post Office Horizon scandal.  

    The Leader of the Opposition rightly made an unequivocal apology for the injustice of the infected blood scandal on behalf of the British state… 

    … but he did not budget for the costs of compensation.  

    Today, for the very first time, we will provide specific funding to compensate those infected and those affected, in full… 

    … with £11.8bn in this budget. 

    And I am also today setting aside £1.8bn to compensate victims of the Post Office Horizon scandal… 

    … redress that is long overdue for the pain and injustice that they have suffered.

    [redacted political content]

    … and we will restore stability to our country again. 

    The scale and seriousness of the situation that we have inherited cannot be underestimated. 

    Together, the hole in our public finances this year, which recurs every year… 

    … the compensation schemes that they did not fund… 

    … and their failure to assess the scale of the challenges facing our public services… 

    … means this budget raises taxes by £40bn. 

    Any Chancellor standing here today would have to face this reality. 

    And any responsible Chancellor would take action. 

    That is why today, I am restoring stability to our public finances… 

    … and rebuilding our public services.  

    FISCAL RULES / OBR FORECASTS 

    Economy forecast/growth 

    As a former economist at the Bank of England, I know what it means to respect our economic institutions.  

    I want to put on record my thanks to the Governor of the Bank, Andrew Bailey…  

    … and to the independent Monetary Policy Committee. 

    Today, I can confirm that we will maintain the MPC’s target of two per cent inflation, as measured by the 12-month increase in the Consumer Prices Index. 

    I want to thank James Bowler, the Permanent Secretary to the Treasury, and my team of officials. 

    Madam Deputy Speaker, I would also like to thank my predecessors as Chancellor of the Exchequer… 

    … for their wise counsel as I have prepared for this Budget.

    [redacted political content]

    Finally, I want to thank Richard Hughes and his team at the Office for Budget Responsibility for their work in preparing today’s economic and fiscal outlook. 

    Let me now take the House through that forecast. 

    The cost of living crisis under the last government stretched household finances to their limit, with inflation hitting a peak of above 11%.  

    Today, the OBR say that CPI inflation will average 2.5% this year, 2.6% in 2025, then 2.3% in 2026, 2.1% in 2027, 2.1% in 2028 and 2.0% in 2029.  

    Next, I move on to economic growth.  

    Today’s budget marks an end to short-termism.  

    So I am pleased, that for the first time, the OBR have published not only five year growth forecasts… 

    … but a detailed assessment of the growth impacts of our policies over the next decade, too… 

    … and the new Charter for Budget Responsibility, which I am publishing today, confirms that this will become a permanent feature of our framework. 

    The OBR forecast that real GDP growth will be 1.1% in 2024, 2.0% in 2025, 1.8% in 2026, 1.5% in 2027, 1.5% in 2028 and 1.6% in 2029. 

    And the OBR are clear: this Budget will permanently increase the supply capacity of the economy…

    [redacted political content]

    … boosting long-term growth. 

    Every Budget I deliver will be focused on our mission to grow the economy. 

    And underpinning that mission are the seven key pillars of our growth strategy… 

    … developed and delivered alongside business…  

    … all driven forward by our Financial Secretary to the Treasury.   

    First, and most important, is to restore economic stability. That is my focus today. 

    Second, increasing investment and building new infrastructure is vital for productivity, so we are catalysing £70bn of investment through our National Wealth Fund… 

    … and we are transforming our planning rules to get Britain building again. 

    Third, to ensure that all parts of the UK can realise their potential… 

    … we are working with the devolved governments… 

    … and partnering with our Mayors to develop local growth plans.  

    Fourth, to improve employment prospects and skills we are creating Skills England, delivering our plans to Make Work Pay and tackling economic inactivity.  

    Fifth, we are launching our long-term modern industrial strategy and expanding opportunities for our small and medium sized businesses to grow. 

    Sixth, to drive innovation we are protecting record funding for research and development to harness the full potential of the UK’s science base.  

    And finally, to maximise the growth benefits of our clean energy mission, we have confirmed key investments such as Carbon Capture and Storage to create jobs in our industrial heartlands. 

    Our approach is already having an impact. 

    Just two weeks ago – we delivered an International Investment Summit which saw businesses commit £63.5bn of investment into this country… 

    … creating nearly 40,000 jobs across the United Kingdom.

    [redacted political content]

    Economic growth will be our mission for the duration of this parliament.  

    Stability rule 

    Madam Deputy Speaker, in our manifesto, we set out the fiscal rules that would guide this government. 

    I am confirming those today… 

    Our stability rule… 

    And our investment rule… 

    The “stability rule” means that we will bring the current budget into balance… 

    … so that we do not borrow to fund day to day spending. 

    We will meet this rule in 2029-30, until that becomes the third year of the forecast.  

    From then on, we will balance the current budget in the third year of every budget, held annually each autumn. 

    That will provide a tougher constraint on day to day spending… 

    … so difficult decisions cannot be constantly delayed or deferred.  

    The OBR say that the current budget will be in deficit by £26.2bn in 2025-26 and £5.2bn in 2026-27… 

    … before moving into surplus of £10.9bn in 2027-28, £9.3bn in 2028-29 and £9.9bn in 2029-30… 

    … meeting our stability rule… 

    … two years early.  

    Monthly public sector finances data shows that government borrowing in the first six months of this year… 

    … was already running significantly higher than the OBR’s March forecast. 

    And so the OBR confirmed today, that borrowing in this financial year is now £127bn…

    [redacted political content]

    The increase in the net cash requirement in 24-25 is lower than the increase in borrowing, at £22.3bn higher than the spring forecast.  

    Because of the action that we are taking… 

    … borrowing falls from 4.5% of GDP this year to 2.1% of GDP by the end of the forecast. 

    Public sector net borrowing will be £105.6bn in 2025-26, £88.5bn in 2026-27, £72.2bn in 2027-28, £71.9bn in 2028-29 and £70.6bn in 2029-2930. 

    FIXING THE FOUNDATIONS 

    Spending  

    Madam Deputy Speaker, before I come to tax… 

    … it is vital that we are driving efficiency and reducing wasteful spending. 

    In July, to begin delivering, and dealing with our inheritance… 

    … I made £5.5bn of savings this year.  

    Today we are setting a 2% productivity, efficiency and savings target for all departments to meet next year… 

    … by using technology more effectively and joining up services across government 

    As set out in our manifesto, I will shortly be appointing our Covid Corruption Commissioner, they will lead our work to uncover those companies that used a national emergency to line their own pockets. 

    Because that money belongs in our public services. And taxpayers want that money back.  

    And I can confirm today that David Goldstone has been appointed as the Chair of the new Office for Value for Money…  

    … to help us realise the benefits from every pound of public spending. 

    Welfare 

    Today, I am also taking three steps to ensure that welfare spending is more sustainable.  

    First, we inherited [redacted political content] plans to reform the Work Capability Assessment.  

    We will deliver those savings…  

    …as part of our fundamental reforms to the health and disability benefits system that my Right Honourable Friend the Work and Pensions Secretary will bring forward. 

    Second, I can today announce a crackdown on fraud in our welfare system… 

    … often the work of criminal gangs.  

    We will expand DWP’s counter-fraud teams.. 

    … using innovative new methods to prevent illegal activity…  

    … and provide new legal powers to crackdown on fraudsters… 

    … including direct access to bank accounts to recover debt. 

    This package saves £4.3bn a year by the end of the forecast. 

    Third, the government will shortly be publishing the “Get Britain Working” white paper…  

    … tackling the root causes of inactivity with an integrated approach across health, education and welfare.  

    … and we will provide £240m for 16 trailblazer projects… 

    … targeted at those who are economically inactive and most at risk of being out of education, employment or training… 

    … to get people into work and reduce the benefits bill.  

    Tax avoidance 

    Before a government could consider any change to a tax rate or threshold… 

    … it must ensure that people pay what they already owe. 

    So we will invest to modernise HMRC’s systems using the very best technology… 

    … and recruit additional HMRC compliance and debt staff. 

    We will clamp down on those umbrella companies who exploit workers… 

    … increase the interest rate on unpaid tax debt to ensure that people pay on time… 

    … and go after promoters of tax avoidance schemes. 

    These measures to reduce the tax gap raise £6.5bn by the end of the forecast… 

    … and I want to thank the Exchequer Secretary for his outstanding work on this agenda. 

    PROTECTING WORKING PEOPLE 

    Madam Deputy Speaker, I know that for working people up and down our country… 

    … family finances are stretched… 

    … and pay checks don’t go as far as they once did. 

    So today, I am taking steps to support people with the cost of living. 

    Cost of living

    [redacted political content]

    As promised in our manifesto, we asked the Low Pay Commission to take account of the cost of living for the first time.  

    I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour… 

    … worth up to £1,400 a year for a full-time worker. 

    And for the first time, we will move towards a single adult rate…  

    … phased in over time…  

    … by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission… 

    … taking it to £10 an hour.

    [redacted political content]

    Second, I have heard representations from colleagues across this house about the Carer’s Allowance… 

    … and the impact of the current policy on carers looking to increase the hours they work… 

    … including from the Honourable member for Shipley, the Honourable member for Scarborough and Whitby and the Rt Hon Member for Kingston and Surbiton, too. 

    Carer’s allowance currently provides up to £81.90 per week to help those with additional caring responsibilities.  

    Today, I can confirm that we are increasing the weekly earnings limit to the equivalent of 16 hours at the National Living Wage per week… 

    … the largest increase in Carer’s Allowance since it was introduced in 1976.  

    That means a carer can now earn over £10,000 a year while receiving Carer’s Allowance… 

    … allowing them to increase their hours where they want to… 

    … and keep more of their money. 

    I am also concerned about the cliff-edge in the current system and the issue of overpayments. 

    My Right Honourable Friend the Work and Pensions Secretary has announced an independent review to look at the issue of overpayments, and we will work across this house to develop the right solutions. 

    Third, we will provide £1bn from next year to extend the Household Support Fund and Discretionary Housing Payments, to help those facing financial hardship with the cost of essentials.  

    Fourth, having heard representations from the Joseph Rowntree Foundation, Trussell and others… 

    … to reduce the level of debt repayments that can be taken from a household’s Universal Credit payment each month… 

    … by reducing it from 25% to 15% of their standard allowance. 

    This means that 1.2 million of the poorest households will keep more of their award each month… 

    … lifting children out of poverty…  

    … and those who benefit will gain an average of £420 a year. 

    Madam Deputy Speaker, our Plan to Make Work Pay will also protect working people.

    [redacted political content]

    It is right that we protect those who have worked their whole lives.  

    In our manifesto, we promised to transfer the Investment Reserve Fund in the Mineworkers’ Pension Scheme to members… 

    … and I have listened closely to my Honourable Friends for Easington, Doncaster Central, Blaenau Gwent, and Ayr, Carrick and Cumnock on this issue. 

    Today we are keeping our promise…  

    … so that working people who powered our country receive the fair pension that they are owed. 

    Our manifesto committed to the Triple Lock… 

    … meaning spending on the State Pension is forecast to rise by over £31bn by 2029-30… 

    … to ensure that our pensioners are protected in their retirement.  

    This commitment means that while working age benefits will be uprated in line with CPI, at 1.7%… 

    … the basic and new State Pension… 

    … will be uprated by 4.1% in 2025-26. 

    This means that over 12 million pensioners will gain up to £470 next year… 

    … up to £275 more than if uprated by inflation.  

    The Pension Credit Standard Minimum Guarantee will also rise by 4.1%…  

    … from around £11,400 per year to around £11,850 for a single pensioner.  

    Fuel duty 

    While I have sought to protect working people with measures to reduce the cost of living… 

    … I have had to take some very difficult decisions on tax. 

    I want to set out my approach to fuel duty.  

    Baked into the numbers that I inherited from the previous government… 

    … is an assumption that fuel duty will rise by RPI next year… 

    … and that the temporary 5p cut will be reversed.  

    To retain the 5p cut… 

    … and to freeze fuel duty again… 

    … would cost over £3bn next year.  

    At a time when the fiscal position is so difficult…  

    … I have to be frank with the House that this is a substantial commitment to make. 

    I have concluded… 

    … that in these difficult circumstances… 

    … while the cost of living remains high… 

    … and with a backdrop of global uncertainty… 

    … increasing fuel duty next year… 

    … would be the wrong choice for working people. 

    It would mean fuel duty rising by 7p per litre. 

    So, I have today decided to freeze fuel duty next year… 

    … and I will maintain the existing 5p cut for another year, too. 

    There will be no higher taxes at the petrol pumps next year.

    Madam Deputy Speaker, the last government made cuts of £20bn to employees’ and self-employed national insurance in their final two budgets.

    [redacted political content]

    Because we now know they were based on a forecast which the OBR say would have been “materially different”… 

    … had they known the true extent of the last government’s cover-up.   

    Since July, I have been urged on multiple occasions to reconsider these cuts.  

    To increase the taxes that working people pay and see in their payslips. 

    But I have made an important choice today: 

    To keep every single commitment that we made on tax in our manifesto.  

    So I say to working people: 

    I will not increase your National Insurance… 

    …I will not increase your VAT… 

    …And I will not increase your income tax. 

    Working people will not see higher taxes in their payslips as a result of the choices I make today. 

    That is a promise made – and a promise fulfilled. 

    TAX 

    But any responsible Chancellor would need to take difficult decisions today. 

    To raise the revenues required to fund our public services. 

    And to restore economic stability.  

    So in today’s Budget, I am announcing an increase in Employers’ National Insurance Contributions.  

    We will increase the rate of Employers’ National Insurance by 1.2 percentage points, to 15%, from April 2025.  

    And we will reduce the Secondary Threshold – the level at which employers start paying national insurance on each employee’s salary – from £9,100 per year to £5,000.  

    This will raise £25bn per year by the end of the forecast period.  

    I know that this is a difficult choice. 

    I do not take this decision lightly.  

    We are asking business to contribute more… 

    … and I know that there will be impacts of this measure felt beyond businesses, too… 

    … as the OBR have set out today. 

    But in the circumstances that I have inherited, it is the right choice to make.  

    Successful businesses depend on successful schools. 

    Healthy businesses depend on a healthy NHS.  

    And a strong economy depends on strong public finances.

    [redacted political content]

    That is the choice our country faces too.  

    As I make this choice, I know it is particularly important to protect our smallest companies.  

    So having heard representations from the Federation of Small Businesses and others… 

    … I am today increasing the Employment Allowance from £5,000 to £10,500. 

    This means 865,000 employers won’t pay any National Insurance at all next year… 

    … and over 1 million will pay the same or less than they did previously. 

    This will allow a small business to employ the equivalent of 4 full time workers on the National Living Wage… 

    … without paying any National Insurance on their wages. 

    Madam Deputy Speaker, let me come now to capital gains tax. 

    We need to drive growth, promote entrepreneurship, and support wealth creation… 

    … while raising the revenue required to fund our public services… 

    … and restore our public finances.  

    Today, we will increase the lower rate of Capital Gains Tax from 10% to 18%, and the Higher Rate from 20% to 24%… 

    … while maintaining the rates of capital gains tax on residential property at 18% and 24%, too.  

    This means the UK will still have the lowest Capital Gains Tax rate of any European G7 economy. 

    Alongside these changes to the headline rates of Capital Gains Tax… 

    … we are maintaining the lifetime limit for Business Asset Disposal Relief at £1m… 

    … to encourage entrepreneurs to invest in their businesses.   

    Business Asset Disposal Relief will remain at 10% this year… 

    … before rising to 14% in April 2025… 

    … and 18% from 2026-27… 

    … maintaining a significant gap compared to the higher rate of Capital Gains Tax.  

    Together, the OBR say these measures will raise £2.5bn by the end of the forecast. 

    In a sign of this government’s commitment to supporting growth and entrepreneurship… 

    …we have already extended the Enterprise Investment Scheme and Venture Capital Trust schemes to 2035… 

    … and we will continue to work with leading entrepreneurs and venture capital firms… 

    … to ensure our policies support a positive environment for entrepreneurship in the UK. 

    Next, inheritance tax. 

    Only 6% of estates will pay inheritance tax this year. 

    I understand the strongly held desire to pass down savings to children and grandchildren. 

    So I am taking a balanced approach in my package today. 

    First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years, until 2030. 

    That means the first £325,000 of any estate can be inherited tax-free… 

    … rising to £500,000 if the estate includes a residence passed to direct descendants…. 

    … and £1m when a tax free allowance is passed to a surviving spouse or civil partner. 

    Second, we will close the loophole created by the previous government… 

    … made even bigger when the Lifetime Allowance was abolished… 

    … by bringing inherited pensions into inheritance tax from April 2027. 

    Finally, we will reform Agricultural Property Relief and Business Property Relief.  

    From April 2026, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all… 

    … but for assets over £1m, inheritance tax will apply with 50% relief, at an effective rate of 20%. 

    This will ensure we continue to protect small family farms… 

    … and three-quarters of claims will be unaffected by these changes. 

    I can also announce that we will apply a 50% relief, in all circumstances, on inheritance tax for shares on the Alternative Investment Market (AIM) and other similar markets… 

    … setting the effective rate of tax at 20%. 

    Taken together, these measures raise over £2bn in the final year of the forecast. 

    Next, I can confirm that the government will renew the Tobacco Duty escalator for the remainder of this Parliament at RPI+2%… 

    … increase duty by a further 10% on hand-rolling tobacco this year… 

    … introduce a flat rate duty on all vaping liquid from October 2026… 

    … alongside an additional one off- increase in tobacco duty to maintain the incentive to give up smoking. 

    And we will increase the Soft Drinks Industry Levy to account for inflation since it was introduced… 

    …  as well as increasing the duty in line with CPI each year going forward. 

    These measures will raise nearly £1bn per year by the end of the forecast period. 

    Madame Deputy Speaker, we want to support the take-up of electric vehicles. 

    So I will maintain incentives for electric vehicles in Company Car Tax from 2028… 

    … and increase the differential between fully electric and other vehicles in the first year rates of Vehicle Excise Duty from April 2025. 

    These measures will raise around £400m by the end of the forecast period. 

    Madam Deputy Speaker let me update the House on our plans for Air Passenger Duty…

    [redacted political content]

    Air Passenger Duty has not kept up with inflation in recent years… 

    … so we are introducing an adjustment… 

    … meaning an increase of no more than £2 for an economy class short-haul flight.  

    But I am taking a different approach when it comes to private jets…  

    … increasing the rate of Air Passenger Duty by a further 50%.

    [redacted political content]

    These measures will raise over £700m by the end of the forecast period. 

    Madam Deputy Speaker, let me turn now to our high street businesses.  

    I know that for them, a major source of concern is business rates.  

    From 2026-27, we intend to introduce two permanently lower tax rates for retail, hospitality and leisure properties which make up the backbone of high streets across the country… 

    … and it is our intention that is paid for by a higher multiplier for the most valuable properties.

    [redacted political content]

    So I will today provide 40% relief on business rates for the retail, hospitality and leisure industry in 2025-26… 

    … up to a cap of £110,000 per business. 

    Alongside this, the small business tax multiplier will be frozen next year.  

    Next, I can confirm that alcohol duty rates on non-draught products will increase in line with RPI from February next year… 

    … but nearly two-thirds of alcoholic drinks sold in pubs are served on draught. 

    So today, instead of uprating these products in line with inflation… 

    … I am cutting draught duty by 1.7%… 

    … which means a penny off a pint in the pub. 

    Alongside the changes I am making today, I am publishing a Corporate Tax Roadmap.. 

    … providing the business certainty called for by the CBI, British Chambers of Commerce and the Institute for Directors. 

    This confirms our commitment to cap the rate of Corporation Tax at 25% – the lowest in the G7 –  for the duration of this parliament…. 

    … while maintaining full expensing and the £1 million Annual Investment Allowance… 

    …and keeping the current rates of research and development reliefs, to drive innovation. 

    Manifesto 

    Madam Deputy Speaker, in our manifesto we made a number of commitments to raise funding for our public services.  

    First, I have always said that if you make Britain your home, you should pay your tax here. 

    So today, I can confirm… 

    … we will abolish the non-dom tax regime… 

    … and remove the outdated concept of domicile from the tax system from April 2025. 

    We will introduce a new, residence based scheme… 

    … with internationally competitive arrangements for those coming to the UK on a temporary basis… 

    … while closing the loopholes in the scheme designed by the party opposite. 

    To further encourage investment into the UK, we will also extend the Temporary Repatriation Relief to three years and expand its scope… 

    … bringing billions of pounds of new funds into Britain. 

    The independent Office for Budget Responsibility say that this package of measures will raise £12.7bn over the next five years.  

    Next, the fund management industry provides a vital contribution to our economy… 

    …  but as our manifesto set out, there needs to be a fairer approach to the way carried interest is taxed.  

    So we will increase the Capital Gains Tax rates on carried interest to 32% from April 2025… 

    … and – from April 2026 – we will deliver further reforms to ensure that the specific rules for carried interest are simpler, fairer and better targeted. 

    In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their first home.  

    We are increasing the stamp-duty land tax surcharge for second-homes… 

    …known as the “Higher Rate for Additional Dwellings”… 

    … by 2 percentage points, to 5%, which will come into effect from tomorrow.  

    This will support over 130,000 additional transactions from people buying their first home, or moving home over, the next five years. 

    Next, we committed to reform the Energy Profits Levy on oil and gas companies. 

    I can confirm today that we will increase the rate of the levy to 38%, which will now expire in March 2030… 

    … and we will remove the 29% investment allowance. 

    To ensure the oil and gas industry can protect jobs and support our energy security… 

    … we will maintain the 100% first year allowances and the decarbonisation allowances too.  

    Finally, 94% of children in the UK attend state schools. 

    To provide the highest quality of support and teaching that they deserve… 

    … we will introduce VAT on private school fees from January 2025… 

    … and we will shortly introduce legislation to remove their business rates relief from April 2025, too.  

    We said in our manifesto that these changes… 

    … alongside our measures to tackle tax avoidance… 

    … would bring in £8.5bn by the final year of the forecast. 

    I can confirm today that they will in fact raise over £9bn… 

    … to support our public services and restore our public finances. 

    That is a promise made – and a promise fulfilled. 

    Madam Deputy Speaker, I have one final decision to take on tax today. 

    The previous government froze income tax and National Insurance thresholds in 2021… 

    … and then they did so again after the mini-budget. 

    Extending their threshold freeze for a further two years raises billions of pounds.  

    Money to deal with the black hole in our public finances…  

    … and repair our public services.  

    Having considered this issue closely… 

    … I have come to the conclusion… 

    … that extending the threshold freeze… 

    … would hurt working people. 

    It would take more money out of their payslips.

    I am keeping every single promise on tax that I made in our manifesto. 

    So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government.  

    From 2028-29, personal tax thresholds will be uprated in line with inflation once again.

    When it comes to choices on tax, this government chooses to protect working people every single time.  

    SPENDING 

    Madam Deputy Speaker, these are the choices I have made. 

    To restore economic stability. 

    And to protect working people.  

    The next choice I make is to begin to repair our public services.  

    In recent months, we have conducted the first phase of the Spending Review… 

    … to set departmental budgets for 2024-25 and 2025-26… 

    … and I want to thank my Right Honourable Friend the Chief Secretary to the Treasury for his tireless work with colleagues from across government.  

    Because I have taken difficult decisions on tax today… 

    … I am able to provide an injection of immediate funding over the next two years… 

    … to stabilise and to support our public services.  

    The next phase of the Spending Review will report in late Spring, and I have set the overall envelope today. 

    Day to day spending from 2024-25 onwards will grow by 1.5% in real terms… 

    … and total departmental spending, including capital spending, will grow by 1.7% in real terms. 

    At the election we promised there would be no return to austerity.  

    Today we deliver on that promise. 

    But given the scale of the challenges that are facing our public services… 

    … that means there will still be difficult choices in the next phase of the Spending Review. 

    Just as we cannot tax and spend our way to prosperity… 

    … nor can we simply spend our way to better public services.  

    So we will deliver a new approach to public service reform… 

    … using technology to improve public services… 

    … and taking a zero-based approach… 

    … so that taxpayers’ money is spent as effectively as possible…  

    … and so that we focus on delivering our key priorities.  

    Spending Review: Phase 1 

    In the first phase of the Spending Review… 

    … I have prioritised day-to-day funding to deliver on our manifesto commitments. 

    I want every child to have the best start in life… 

    … and the best possible start to the school day, too… 

    … and I know my Right Honourable Friend the Education Secretary shares my ambition.  

    So I am today tripling investment in breakfast clubs to fund them in thousands of schools.  

    I am increasing the core schools budget by £2.3bn next year… 

    … to support our pledge to hire thousands more teachers into key subjects.   

    So that our young people can develop the skills that they need for the future… 

    … I am providing an additional £300m for further education. 

    And finally, this government is committed to reforming special educational needs provision… 

    … to improve outcomes for our most vulnerable children and ensure the system is financially sustainable. 

    To support that work, I am today providing a £1bn uplift in funding, a 6% real terms increase from this year.  

    There is no more important job for government than to keep our country safe, and we are conducting a Strategic Defence Review to be published next year. 

    And as set out in our manifesto, we will set a path to spending 2.5% of GDP on defence at a future fiscal event. 

    Today, I am announcing a total increase to the Ministry of Defence’s Budget of £2.9bn next year… 

    … ensuring the UK comfortably exceeds our NATO commitments…  

    … and providing guaranteed military support to Ukraine of £3bn per year, for as long as it takes. 

    Last week, alongside my Right Honourable Friend the Defence Secretary, I announced, in addition to this, further support to Ukraine – on top of our NATO commitment…  

    … through our £2.26bn contribution to the G7’s Extraordinary Revenue Acceleration agreement… 

    … repaid using profits from immobilised Russian sovereign assets. 

    And as we approach Remembrance Sunday…  

    … it is vital that we take time to remember those who have served our country so bravely.  

    So I am today announcing funding to commemorate the 80th anniversary of VE and VJ day next year… 

    … to honour those who have served at home and abroad. 

    We must also remember those who experienced the atrocities of the Nazi regime first hand.  

    I would like to pay tribute to Lily Ebert, the Holocaust Survivor and educator who passed away aged 100 earlier this month.  

    I am today committing a further £2m to holocaust education next year… 

    … so that charities like the Holocaust Educational Trust, can continue their work to ensure these vital testimonies are not lost and are preserved for the future. 

    Madam Deputy Speaker, to repair our public services we also need to work alongside our mayors and our local leaders. 

    We will deliver a significant real-terms funding increase for local government next year…  

    … including £1.3bn of additional grant funding to deliver essential services… 

    … with at least £600m in grant funding for social care…  

    … and £230m to tackle homelessness and rough sleeping 

    We are today confirming that Greater Manchester and the West Midlands will be the first mayoral authorities to receive integrated settlements from next year… 

    … giving Mayors meaningful control of the funding for their local areas. 

    * 

    And to support our local high streets… 

    … we are taking action to deal with the sharp rise in shoplifting we have seen in recent years. 

    We will scrap the effective immunity for low-value shoplifting introduced by the party opposite. 

    And having listened closely to organisations like the British Retail Consortium and USDAW… 

    … I am providing additional funding to crack down on the organised gangs which target retailers… 

     … and to provide more training to our police officers and retailers to help stop shoplifting in its tracks.  

    Finally, I am today providing funding to support public services and drive growth across Scotland, Wales and Northern Ireland.  

    Having discussed the matter with the First Minister of Wales, Eluned Morgan, and my HFs for Llanelli and Pontypridd… 

    … I am providing a £25m to the Welsh Government next year for the maintenance of coal tips to ensure we keep our communities safe.  

    And to support growth, including in our rural areas, we will proceed with City and Growth Deals in Northern Ireland… 

    … in Causeway Coast and Glens; and Mid-South West.

    And we will drive growth in Scotland [redacted political content] including a City and growth Deal in Argyll and Bute.

    This budget provides the devolved governments with the largest real-terms funding settlement since devolution… 

    … delivering an additional £3.4 billion for the Scottish Government through the Barnett formula… 

    … funding which must now be spent effectively to improve public services in Scotland.  

    This budget also provides £1.7 billion to the Welsh Government… 

    …  and £1.5 billion to the Northern Ireland Executive in 2025-26. 

    I said there would be no return to austerity, and that is the choice I have made today.  

    REBUILDING BRITAIN 

    Madam Deputy Speaker, to rebuild our country we need to increase investment. 

    The UK lags behind every other G7 country when it comes to business investment as a share of our economy. 

    That matters.  

    It means the UK has fallen behind in the race for new jobs… 

    … new industries… 

    … and new technology.  

    By restoring economic stability… 

    … and by establishing the National Wealth Fund to catalyse private funding… 

    … we have begun to create the conditions that businesses need to invest.  

    But there is also a significant role for public investment.

    Hospitals without the equipment they need.  

    School buildings not fit for our children.  

    A desperate lack of affordable housing. 

    Economic growth held back at every turn.  

    Under the plans I inherited… 

    … public investment was set to fall from 2.5% to 1.7% of GDP.  

    But in Washington last week, the International Monetary Fund were clear:  

    More public investment is badly needed in the UK.  

    So today, having listened to the case made by the former Governor of the Bank of England, Mark Carney… 

    … former Treasury Minister, Jim O’Neill… 

    … and the former Cabinet Secretary, Gus O’Donnell… 

    … among others…  

    … I am confirming our investment rule.  

    As set out in our manifesto, we will target debt falling as a share of the economy. 

    Debt will be defined as Public Sector net Financial Liabilities, or “net financial debt”, for short… 

    … a metric that has been measured by the Office for National Statistics since 2016… 

    … and forecast by the Office for Budget Responsibility since that date too. 

    “Net financial debt” recognises that government investment delivers returns for taxpayers…  

    … by counting not just the liabilities on a government’s balance sheet, but the financial assets too. 

    This means that we count the benefits of investment, not just the costs… 

    And we free up our institutions to invest… 

    … just as they do in Germany, France and Japan.  

    Like our stability rule, our investment rule will apply in 2029-2030… 

    … until that becomes the third year of the forecast. 

    From that point onwards, net financial debt will fall in the third year of every forecast. 

    Today, the OBR say that we are already meeting our target two years early… 

    … with “net financial debt” falling by 2027-28…  

    … with £15.7bn of headroom in the final year. 

    So that we drive the right incentives in government investments… 

    … we will introduce four key guardrails to ensure capital spending is good value for money and drives growth in our economy.  

    First, our portfolio of new financial investments will be delivered by expert bodies like the National Wealth Fund which must, by default, earn a rate of return at least as large as that on gilts.  

    Second, we will strengthen the role of institutions to improve infrastructure delivery.  

    Third, we will improve certainty, setting capital budgets for five years and extending them at every spending review every two years. 

    Finally, we will ensure there is greater transparency for capital spending, with robust annual reporting of financial investments… 

    … based on accounts audited by the National Audit Office… 

    … and made available to the Office for Budget Responsibility at every forecast. 

    Taken together with our stability rule… 

    …these fiscal rules will ensure that our public finances are on a firm footing… 

    … while enabling us to invest prudently alongside business. 

    Growth projects  

    The capital plans I now set out… 

    … to drive growth across our country… 

    … and repair the fabric of our nation… 

    … are only possible because of our investment rule.  

    Let me set out those investment plans. 

    Industrial strategy 

    Today we are confirming our plans to capitalise the National Wealth Fund… 

    … to invest in the industries of the future… 

    … from gigafactories, to ports to green hydrogen. 

    Building on these investments, my Right Honourable Friend the Business Secretary is driving forward our modern industrial strategy… 

    … working with businesses and organisations like Make UK… 

    … to set out the sectors with the biggest growth potential. 

    Today, we are confirming multi-year funding commitments for these areas of our economy, including… 

    … nearly £1bn for the aerospace sector to fund vital research and development, building on our industry in the East Midlands, the South-West and Scotland… 

    … over £2 billion for the automotive sector… 

    …  to support our electric vehicle industry and develop our manufacturing base… 

    … building on our strengths in the North East and the West Midlands… 

    And up to £520m for a new Life Sciences Innovative Manufacturing Fund. 

    For our world-leading creative industries…  

    … we will legislate to provide additional tax relief for visual effect costs in TV and film… 

    .. and we are providing £25m for the North East Combined Authority… 

    … which they plan to use to remediate the Crown Works Studio site in Sunderland… 

    … creating 8,000 new jobs.  

    Research & Development 

    To unlock these growth industries of the future, we will protect government investment in research and development with more than £20bn worth of funding. 

    This includes at least £6.1bn to protect core research funding for areas like engineering, biotechnology and medical science… 

    …through Research England, other research councils, and the National Academies. 

    We will extend the Innovation Accelerators programme in Glasgow, in Manchester and in the West Midlands.  

    And with over £500m of funding next year, my Right Honourable Friend the Science, Technology and Innovation Secretary, will continue to drive progress in improving reliable, fast broadband and mobile coverage across our country, including in rural areas. 

    Housing 

    We committed in our manifesto to build 1.5 million homes over the course of this parliament… 

    … and my Right Honourable Friend the Deputy Prime Minister is driving that work forward across government. 

    Today, I am providing over £5bn of government investment to deliver our plans on housing next year. 

    We will increase the Affordable Homes Programme to £3.1bn…  

    … delivering thousands of new homes.  

    We will provide £3bn of support in guarantees… 

    … to boost the supply of homes and support our small housebuilders. 

    And we will provide investment to renovate sites across our country… 

    … including at Liverpool Central Docks… 

    … where we will deliver 2,000 new homes… 

    … and funding to help Cambridge realise its full growth potential.  

    Alongside this investment, we will put the right policies in place to increase the supply of affordable housing.  

    Having heard representations from local authorities, social housing providers and from Shelter…  

    … I can today confirm that the government will reduce Right to Buy Discounts… 

    … and local authorities will be able to retain the full receipts from any sales of social housing… 

    … to reinvest back into the housing stock, and into new supply.. 

    … so that we give more people a safe, secure and affordable place to live.  

    We will provide stability to social housing providers, with a social housing rent settlement of CPI+1 percent for the next five years.  

    And we will deliver on our manifesto commitment to hire hundreds of new planning officers, to get Britain building again.  

    We will also make progress on our commitment to accelerate the remediation of homes following the findings of the Grenfell Inquiry… 

    … with £1bn of investment to remove dangerous cladding next year.  

    Transport

    Working with my Right Honourable Friend the Transport Secretary, I am changing that.  

    We are today securing the delivery of the Trans-Pennine upgrade to connect York, Leeds, Huddersfield and Manchester…  

    … delivering fully electric local and regional services between Manchester and Stalybridge by the end of this year… 

    … with a further electrification of services between Church Fenton and York by 2026.… 

    … to help grow our economy across the North of England… 

    … with faster and more reliable services.  

    We will deliver East-West Rail to drive growth between Oxford, Milton Keynes and Cambridge…  

    … with the first services running between Oxford, Bletchley and Milton Keynes next year… 

    … and trains between Oxford and Bedford running from 2030.  

    We are delivering railway schemes which improve journeys for people across our country… 

    … including upgrades at Bradford Forster Square…  

    … improving capacity at Manchester Victoria… 

    … and electrifying the Wigan-Bolton line. 

    My Right Honourable Friend the Transport Secretary has also set out a plan for how to get a grip of HS2. 

    Today, we are securing delivery of the project between Old Oak Common and Birmingham… 

    … and we are committing the funding required to begin tunnelling work to London Euston station… 

    … This will catalyse private investment into the local area. 

    I am also funding significant improvements to our roads network.  

    For too long, potholes have been an all too visible reminder of our failure to invest as a nation. 

    Today, that changes… 

    … with a £500m increase in road maintenance budgets next year… 

    … more than delivering on our manifesto commitment to fix an additional one million potholes each year. 

    We will provide over £650m of local transport funding to improve connections across our country… 

    … in our towns like Crewe and Grimsby… 

    … and in our villages and rural areas, from Cornwall to Cumbria.

    … we understand how important bus services are for our communities… 

    …so we will extend the cap for a further year, setting it at £3 until December 2025. 

    Finally we will deliver £1.3bn of funding to improve connectivity in our city regions, funding projects like…  

    … the Brierley Hill Metro extension in the West Midlands… 

    … the renewal of the Sheffield Supertram… 

    … and West Yorkshire Mass Transit, including in Bradford and Leeds.  

    Energy 

    Madam Deputy Speaker, to bring new jobs to Britain and drive growth across our country… 

    … we are delivering our mission to make Britain a clean energy superpower, led by my Right Honourable Friend the Energy Secretary. 

    Earlier this month, we announced a significant multi-year investment between government and business into Carbon Capture and Storage… 

    … creating 4,000 jobs across Merseyside and Teesside. 

    Today, I am providing funding for 11 new green hydrogen projects across England, Scotland and Wales – they will be among the first commercial scale projects anywhere in the world… 

    … including in Bridgend, East Renfrewshire and in Barrow-in-Furness 

    We are kickstarting the Warm Homes Plan by confirming an initial £3.4bn over the next three years… 

    … to transform 350,000 homes… 

    … including a quarter of a million low-income and social homes. 

    And we will establish GB Energy… 

    … providing funding next year to set up GB Energy at its new home in Aberdeen. 

    Overall, we will invest an additional £100bn over the next five years in capital spending… 

    … only possible because of our investment rule.  

    The OBR say today that this will drive growth across our country in the next five years… 

    … and in the longer term increase GDP by up to 1.4%. 

    It will crowd in private investment… 

    … meaning more jobs, and more opportunities… 

    … in every corner of the UK.  

    That is the choice that I have made.  

    To invest in our country… 

    … and to grow our economy. 

    Today, I am setting out two final areas in which investment is so badly needed… 

    … to repair the fabric of our nation. 

    Schools

    [redacted political content]

    … schools roofs are crumbling….  

    … and millions of children are facing the very same backdrop as I did. 

    I will be the Chancellor that changes that.  

    So today, I am providing £6.7bn of capital investment to the Department for Education next year… 

    … a 19% real-terms increase on this year. 

    That includes £1.4bn to rebuild over 500 schools in the greatest need… 

    … including St Helen’s Primary School in Hartlepool, and Mercia Academy in Derby… 

    … and so many more across our country. 

    And we will provide a further £2.1bn to improve school maintenance, £300m more than this year… 

    … ensuring that all our children can learn somewhere safe… 

    … including dealing with RAAC affected schools in the constituencies of my HFs the members for Watford, Stourbridge, Hyndburn, and beyond.   

    Alongside investment in new teachers… 

    … and funding for thousands of new breakfast clubs… 

    … this government is giving our children and young people the opportunities that they deserve.   

    NHS 

    Madam Deputy Speaker, I come to our most cherished public service of all: our NHS.

    [redacted political content]

    In our first week in office, he commissioned an independent report into the state of our health service by Lord Darzi.  

    Its conclusions were damning.  

    While our NHS staff do a remarkable job, and we thank them for it… 

    … it is clear that, that in so many areas… 

    … we are moving in the wrong direction.  

    100,000 infants waited over 6 hours in A&E last year.  

    350,000 people are waiting a year for mental health support. 

    Cancer deaths here are higher than in other countries.  

    It is simply unforgiveable. 

    In the Spring, we will publish a 10 year plan for the NHS… 

    … to deliver a shift from hospital to community… 

    … from analogue to digital… 

    … and from sickness to prevention. 

    Today, we are announcing a downpayment on that plan…  

    …  to enable the NHS to deliver 2% productivity growth next year. 

    These reforms are vital.  

    But we should be honest.  

    The state of the NHS we inherited… 

    … after – and I quote Lord Darzi – “the most austere decade since the NHS was founded” –  

    … means reform must come alongside investment. 

    So today… 

    … because of the difficult decision that I have taken on tax, welfare and spending… 

    … I can announce… 

    … that I am providing a £22.6bn increase in the day to-day health budget… 

    … and a £3.1bn increase in the capital budget… 

    … over this year and next year. 

    This is the largest real-terms growth in day to day NHS spending outside of Covid since 2010.  

    Let me set out what this funding is delivering.  

    Many NHS buildings have been left in a state of disrepair. 

    So we will provide £1 billion of health capital investment next year to address the backlog of repairs and upgrades across the NHS.  

    To increase capacity for tens of thousands more procedures next year… 

    … we will provide a further £1.5bn… 

    … for new beds in hospitals across the country…  

    … new capacity for over a million additional diagnostic tests… 

    … and new surgical hubs and diagnostic centres … 

    … so that those people waiting for their treatment can get it as quickly as possible. 

    My Right Honourable Friend the Health Secretary will be announcing the details of his review into the New Hospital Programme in the coming weeks… 

    … and publishing in the new year… 

    … but I can tell the House today… 

    … that work will continue at pace to deliver those seven hospitals affected including… 

    … West Suffolk Hospital in Bury St Edmunds… 

    … and Leighton Hospital in Crewe.  

    And finally… 

    … because of this record injection of funding… 

    … because of the thousands of additional beds that we have secured… 

    … and because of the reforms that we are delivering in our NHS…  

    … we can now begin to bring waiting lists down more quickly… 

    … and move towards our target for waiting times no longer than 18 weeks… 

    … by delivering our manifesto commitment for 40,000 extra hospital appointments a week.

    [redacted political content]

    CLOSING 

    Madam Deputy Speaker, the choices that I have made today are the right choices for our country.  

    To restore stability to our public finances. 

    To protect working people. 

    To fix our NHS. 

    And to rebuild Britain.  

    That doesn’t mean these choices are easy. 

    But they are responsible.

    [redacted political content]

    This is a moment of fundamental choice for Britain.  

    I have made my choices.  

    The responsible choices. 

    To restore stability to our country. 

    To protect working people.  

    More teachers in our schools.  

    More appointments in our NHS.  

    More homes being built.  

    Fixing the foundations of our economy. 

    Investing in our future.  

    Delivering change.  

    Rebuilding Britain.

    We on these benches commend those choices… 

    … and I commend this Statement to the House.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Are Carbon-Free Energy Systems Possible? NREL Has a Way To Find Out

    Source: US National Renewable Energy Laboratory

    Live Power Experiments Using NREL’S ARIES Platform Solve Future Energy Challenges in the Present

    Aerial view of NREL’s Flatirons Campus, where researchers demonstrate clean energy solutions for large-scale systems using the ARIES platform. Photo by Josh Bauer and Taylor Mankle, NREL

    Renewable energy generation has risen for years, now supplying 22% of U.S. electricity. But the next gains will not come easy. Looming obstacles include a lack of energy storage, increasing cybersecurity threats and outages, possible electrical instabilities, and sectors that are hard to electrify.

    It’s a heavy list, but those exact obstacles are well known within NREL’s Advanced Research on Integrated Energy Systems (ARIES) platform. In fact, researchers replicate these obstacles in both physical and virtual environments every day to vet large-scale energy solutions in action.

    Like constellations that once guided explorers, ARIES helps users to orient their clean energy decisions. Following recent expansions in grid control, hydrogen, and cyber resilience, the platform can help researchers explore the greatest challenges to achieving a clean energy transformation.

    Fine Control Over Experimental Power

    One challenge for clean energy is the integration of diverse technologies. Power systems are becoming hybrid, distributed mixtures of solar, wind, storage, and many other energy resources. Electrically, they are nothing like we’ve had in the past, especially at the sub-second timescales.

    To develop solutions with enough detail, engineers need the real deal for experiments: electricity like it exists in homes, between cities, and during disasters. They need to customize electricity to recreate the big research questions.

    ARIES has that customizability, thanks to the controllable grid interface (CGI), which acts as an envelope on incoming power, shaping it according to scenarios, such as an oil-fired generator failing on an island full of renewables or faults affecting a wind-powered microgrid.

    Past uses include:

    • Validating next-generation transformers that add transmission flexibility in the U.S. Department of Energy project Grid Application Development, Testbed, and Analysis for MV SiC (GADTAMS)
    • Piloting a grid-forming wind turbine with an industry partner
    • Exploring hybrid power plants that mix water, wind, storage, and solar in the multi-laboratory project FlexPower.

    In 2024, the CGI quadrupled in power, and it is better able to answer the many unknowns of clean energy deployed at scale.

    With ARIES, researchers construct fully realistic energy systems to explore solutions for clean energy integrations, both near term and long term. This photo shows a photovoltaic array at right, and just above the array is the CGI, which customizes power flow throughout the research platform. The trailers and boxes in the center are batteries, hydrogen tanks, electrolyzers, fuel cells, direct current devices, and more. Photo by Josh Bauer and Taylor Mankle, NREL

    Clean Energy Demonstrations Get Larger and More Integrated

    With the CGI upgrade, the interface can run two custom scenarios in parallel at 7 megavolt-amperes and 20 megavolt-amperes, and the researchers are taking advantage.

    “It’s bigger, a little faster, and it gives us bandwidth,” said Przemyslaw Koralewicz, an architect of the interface. Prior to CGI2’s completion, projects were bottlenecked by the interface’s availability. Now researchers can switch between two different machines when experiments stack up, or they can even use both in the same experiment.

    “In one interesting experiment as part of the SuperFACTS project, we placed a battery on one interface and a photovoltaic array on the other. Artificially, they were made to act as if they were 1,000 miles away, individually contributing to stability on the same electric grid,” Koralewicz described.

    Przemek Koralewicz, third from left, and colleagues present the latest additions to the CGI. The CGI is housed in a trailer full of power electronic switches that allow researchers to customize real energy system scenarios. Photo by Josh Bauer, NREL

    A top research goal of ARIES is to successfully integrate diverse technologies. The CGI is designed for this purpose, making it possible to catch problems of instability or unreliability within uncommon energy combinations. One example is direct current (DC) microgrids.  

    “It’s becoming popular to explore DC microgrids. I’m pretty excited about the possibility,” Koralewicz said. “DC microgrids could avoid transformers and inject power directly into the grid bus. The CGI uniquely allows us to try this.”

    The DC bus could charge heavy-duty vehicles directly from solar or wind resources, and it could power electrolyzers directly to produce hydrogen, possibilities that ARIES researchers are eager to study for their simpler architectures and unique pathways.

    Although a DC bus is not yet available, other pathways are ready for research at ARIES. Thanks to additional infrastructure, hydrogen energy integration research is underway in a big way.

    From Clean Electricity to Gas and Back

    Hydrogen could singly abate several challenges in future energy systems. It’s a solution for energy storage, a force for grid flexibility, and an energy-dense fuel to rival carbon compounds. It’s a resource with real potential to integrate clean power, but it is lacking in experimental run time. That’s why the ARIES integrated hydrogen capabilities have expanded.

    NREL research technicians Tavis Hanna and Daniel Leighton tighten flanges on a pump for integrated cooling systems. This hardware helps make ARIES a hub for large-scale hydrogen-grid research. Photo by Werner Slocum, NREL

    From storage tanks to fuel cells, and from water deionizers to electrolyzers, ARIES features a full circle of clean hydrogen assets. These capabilities are set apart by their close integration with other renewable assets. At a megawatt capacity, ARIES is also the proper size to pilot hydrogen pathways before going to the full grid scale, the target of the U.S. Department of Energy’s H2@Scale initiative.

    This capability appeals to mining companies and downstream ore processing facilities that want to decarbonize their operations, as well as to automotive companies that are curious about stationary power from fuel cells as an opportunity to enlarge their customer base.

    “We commissioned and built this new equipment, and now we want to answer questions about electrolysis at the relevant scale,” Daniel Leighton, NREL technical lead, said in a public presentation.

    Leighton and colleagues added the new assets so that researchers can explore the options around renewably produced hydrogen.  

    “We’ll have a pipeline that will connect to future underground storage, and we are currently validating a metal hydride storage system for low-pressure hydrogen. To validate electrolysis technologies and how they support other areas, we’re building out a full balance of plant at 6 megawatts for partners to do drop-in validation,” Leighton said.

    Of course, none of this—neither the hybrid power plants nor the underground hydrogen caverns—means anything if integrated energy systems are not secure. It might not be as visible as pipelines, but as another core aim of ARIES, cybersecurity is increasingly everywhere and for good reason.

    Sharper Cybersecurity: Attacking a Wind Turbine, Cloud Security, and Microgrid Communications

    Modern organizations face a daily barrage of cyberattacks and scams, and the situation is similarly problematic for energy systems.

    “We’re seeing hacking software become very cheap and nation states facilitating attacks. At the same time, we see our energy systems becoming much more complex—for example, an increase in the quantity of devices operating as part of the grid,” said Dane Christensen, manager of the Cyber System Assessment group at NREL.

    “A loss of exclusive utility ownership over grid-interactive devices. Less tractable supply chains. A mix of legacy and modern hardware,” Christensen explained. “How do we retain the benefits of all this connectivity and achieve mutual cybersecurity?”

    It’s a question that Christensen and colleagues are answering using the ARIES Cyber Range, which virtualizes, cosimulates, and visualizes energy system experiments.

    An early demonstration of the ARIES Cyber Range was, logically, to attack a wind turbine on NREL’s Flatirons Campus.

    NREL researchers staged a self-cyberattack on a research wind turbine to show a confluence of ARIES capabilities, including cyber-physical emulation, real-time interactivity, power hardware-in-the-loop, and visualization. Photo by NREL

    In front of a live industry audience, NREL researchers established a facsimile of a distribution utility, transmission utility, and independent wind power producer, which the researchers disabled by accessing the wind power plant’s control center through vulnerabilities.

    Using ARIES, they launched an attack to shut down one full-scale turbine at NREL’s Flatirons Campus and an emulated wind power plant. This triggered automated safeties to impact the surrounding transmission system.

    In seconds, NREL’s mock attackers reduced the plant production to zero, cutting power to thousands of (simulated) people, showcasing what consequences could occur if vulnerabilities are left unpatched in energy systems and showing the usefulness of ARIES tools in addressing those vulnerabilities.

    “We leverage the cyber range to employ much more realistic systems and to be able to scale our research,” Christensen said. “We couple the physical and virtual in real time and track it visually. In this way, we can help mitigate the risk inherent in both newly adopted technologies and in the trusted relationships that exist across the energy sector.”

    The cyber-physical union at ARIES has redefined clean energy research. This is evident in a 5G microgrid platform, where utilities can assess wireless operations, and in CloudZero, where they can assess the cloud management of complex energy systems.

    Like all challenges ahead for clean energy systems, cybersecurity becomes surmountable when researchers can have the real systems right in front of them, using ARIES.

    Stay Tuned, Reach Out, Learn More

    New opportunities continually appear for clean energy, which suits the underlying build of ARIES: Its hardware is reconfigurable and with digital simulators, scalable. ARIES researchers have a versatile electric grid at their fingertips, and they are just breaking the surface of what is possible on this research platform.

    Variability in the physical size of new energy technologies being added to the system

    Securely controlling (millions to tens of millions of) interconnected devices

    Integrating multiple diverse technologies that have not previously worked together

    Three key technical challenges guide ARIES research. Partners facing these same challenges can use the ARIES capabilities to evaluate and explore their options.

    Nearing five years of being online, ARIES is equipped for another generation of experiments, and it continues to grow. If you are interested in partnering with NREL, contact ARIES@nrel.gov. These partnering examples are open now:

    Visit nrel.gov/aries to learn more.

    The ARIES platform is supported by the Department of Energy Office of Energy Efficiency and Renewable Energy.

    MIL OSI USA News –

  • MIL-OSI: Magma to build out liquid staking on Monad and restaking with Ether.fi following $3.9M seed fundraise

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Oct. 30, 2024 (GLOBE NEWSWIRE) —  Following a $3.9M seed round with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom and others, Magma is building MEV-powered liquid staking on Monad. Additionally, Magma will partner with Ether.fi to build the first Restaking integration on Monad. In the last few months, Magma has solidified partnerships with a network of best-in-class validators, including Staked (as part of Kraken), P2P, A41, Validation Cloud, Everstake, Chorus One, Finoa Consensus Services, Bware Labs alongside core DeFi primitives, including Ether.fi, Wormhole, Pyth, Switchboard, LFJ (Previously Trader Joe), Curvance, and others. The Magma Team was founded by David Mass and Meir Bank, who were previously at Citibank and AngelDAO.

    Additional Investors in the round included Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, and others. Angel investors who contributed to the fundraise included Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis, and Ben Lakoff.

    With this investment, the company plans to further develop its liquid staking platform and MEV (Maximal Extractable Value) architecture. MEV is the additional value that can be extracted during block production beyond the standard block reward and gas fees. This is achieved by manipulating the inclusion, exclusion, or ordering of transactions within a blockchain.

    David Mass, Co-founder and CEO, said, “We have been actively building in the space for a few years and committed to building in the Monad ecosystem in the Summer of 2023. We wanted to build a brand and a community inspired by the overarching success similar to Monad’s parabolic growth. We have a fun brand, but most importantly, we are focusing on building a best-of-breed product for our category type, which will be vetted by some of the best auditors in the space.”

    Looking ahead to Q4

    “We have been working diligently on pipelining strategic partnerships throughout the Monad ecosystem. The next few months will be exciting as we look forward to launching on testnet and eventually mainnet with a unique community points program,” Mass explains.

    About Magma

    Magma is a decentralized Liquid Staking Protocol built on the Monad Network, an Ethereum-compatible Layer 1 blockchain. Users of Magma will be able to stake their Monad tokens in exchange for gMONAD, a liquid staking token (LST) which allows users to retain their liquidity to utilize throughout the Monad ecosystem and earn staking rewards. Magma is also building MEV infrastructure for Monad to maximize the performance of the Monad Network. Magma users will be able to utilize their LST to earn restaking rewards with Ether.Fi.

    X | Website | Discord

    Contact:
    David Mass
    Contact@magmastaking.xyz
    david@hydrogenlabs.xyz

    Disclaimer: This content is provided by Magma. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb86bad8-6cd4-4ba3-9d3c-2c9bf889c6c5

    The MIL Network –

  • MIL-OSI Asia-Pac: NTPC Ltd develops Indigenous Catalyst for Methanol production from Flue Gas CO2 in collaboration with Indian Institute of Petroleum (IIP), Dehradun

    Source: Government of India

    Posted On: 30 OCT 2024 5:31PM by PIB Delhi

    CO2 mitigation is one of critical challenge being faced by fossil fired power plant.  Therefore, capturing CO2 from the flue gas and converting it to valuable fuel & chemicals is in focus, globally.

    NETRA, the R&D wing of NTPC, has developed Indigenous Catalyst for Hydrogenation of CO2 to Methanol in collaboration with Indian Institute of Petroleum (IIP), Dehradun. A catalyst is an essential component for any chemical synthesis. After characterization of catalyst, long duration quantitative & qualitative performance assessment of catalyst is being carried out in a specially designed 10 Kg/day methanol pilot plant. Here, 1 mole CO2 and 3 moles of H2 passed through fix bed down flow reactor. The purity of methanol produced by this catalyst is more than 99%.

    NTPC has taken significant strides in its commitment towards greenhouse gas (GHG) reduction, setting a benchmark for sustainable practices in the energy sector. NTPC Green Energy Limited, a wholly owned subsidiary of NTPC, is aggressively pursuing initiatives aimed at reducing its carbon footprint, in line with global climate action targets and India’s pledge to achieve net-zero emissions by 2070.

     

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    JN/ SK

    (Release ID: 2069594) Visitor Counter : 27

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Capito Accepts Inaugural West Virginia Women in Energy “Woman of the Year” Award

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    CHARLESTON, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Ranking Member of the Senate Environment and Public Works (EPW) Committee, received the first annual West Virginia Women in Energy “Woman of the Year” award and provided acceptance remarks at the 2024 Governor’s Energy Summit. The award recognizes Senator Capito’s accomplishments and contributions across the energy sector and her dedication to women empowerment and leadership.
    “I’m honored to receive this award, and express my most heartfelt thankfulness to the West Virginia Office of Energy for recognizing me and my contributions to this vital industry. Energy is something that is synonymous with the very name of our state. For generations, the resources our state is blessed with and our diligent, tireless workforce have kept lights on and our country on the move. I have made it a central aspect of my career to support that tradition and find new and innovative ways to keep American energy generation right here in West Virginia. We must continue to generate the baseload power that our nation relies on, and you can be certain that I will always be an advocate for expanding that capacity in our state and supporting the men and women who make that possible,” Senator Capito said.
    Prior to receiving the award, Senator Capito participated in the summit’s “Women in Energy Breakfast” where she spoke to attendees about female empowerment and encouraged the women of the summit to support the next generation of West Virginia female leaders in the energy field.
    BACKGROUND:
    Throughout her time in Congress, Senator Capito has been a staunch advocate and defender of American energy generation in West Virginia. Her leadership has helped advance efforts and important legislation aimed at enhancing energy infrastructure and providing reliable energy sources to West Virginians and Americans.
    Some of Senator Capito’s energy accomplishments include:
    Championing and serving as a bill manager of the Infrastructure Investment and Jobs Act (IIJA), which funded the hydrogen hubs, priority West Virginia infrastructure projects, and other critical national energy projects. Senator Capito is also a founding member of the West Virginia Hydrogen Hub Coalition that led to the creation of the Appalachian Regional Clean Hydrogen Hub (ARCH2).
    Leading efforts to support the completion of the Mountain Valley Pipeline, and authoring language included in the Fiscal Responsibility Act that finalized the pipeline.
    Championing 45Q Carbon Capture Utilization and Storage (CCUS) Tax Credits, as well as serving an original co-sponsor of the USE It Act to reduce regulatory barriers to deployment of CCUS technology.
    Consistently supporting investments in new markets for coal, including carbon manufacturing and extracting rare earth elements essential to America’s high tech and defense sectors.
    Leading Congressional efforts to stop the Environmental Protection Agency’s (EPA) attempt to shut down coal-fired power plants through the Obama Clean Power Plan and authored successful amicus brief, co-signed with 90 members of Congress, to the Supreme Court in West Virginia v. EPA.
    Additionally, as West Virginia’s first female United States Senator for West Virginia, Senator Capito has made it a point to inspire the next generation of female leaders. In an effort to do this, she launched her West Virginia Girls Rise Up program in 2015. The purpose of the initiative is to empower young women through education, physical fitness, and self-confidence. Earlier this month, Senator Capito completed her 34th event since the program’s launch. Learn more about Senator Capito’s West Virginia Girls Rise Up program here.
    Photos from today’s event are included below:

    U.S. Senator Shelley Moore Capito (R-W.Va.) accepts the first annual West Virginia Women in Energy “Woman of the Year” award at the 2024 Governor’s Energy Summit in Charleston, W.Va. on Wednesday, October 30, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) participates in the Women in Energy Breakfast at the 2024 Governor’s Energy Summit in Charleston, W.Va. on Wednesday, October 30, 2024.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Speech by SEE at opening ceremony of 19th Eco Expo Asia

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Environment and Ecology, Mr Tse Chin-wan, at 19th Eco Expo Asia today (October 30):
     
    Secretary Sun (Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong), Margaret (Executive Director of the Hong Kong Trade Development Council, Ms Margaret Fong), distinguished guests, ladies and gentlemen,
     
         Good morning.

         My heartfelt welcome to all of you joining us at the opening of the 19th Eco Expo Asia. This is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. This year, we are honoured to have about 190 officials from about 40 official delegations from various provinces and cities in Mainland China, ASEAN (Association of Southeast Asian Nations) and Belt and Road countries joining this signature annual environmental trade event in Asia.

         When people are talking about Hong Kong, what comes into our minds usually is high-rise buildings and very congested streets and roads. But actually we have a lot of well-protected countrysides in Hong Kong. And if you don’t know, I tell you that we are very rich in biodiversity. The number of coral species in our sea is more than the entire Caribbean Sea. Well, surprised? Therefore, we have produced two documentaries, “Beautiful Hong Kong” and also “Enchanting China” so as to bring the very beautiful scenes of our motherland and natural Hong Kong to the world. What you have just seen is just an extract only, and I encourage all of you to enjoy the full version that would be screened at our booth at this Expo which would tell you more about our efforts and achievements in pollution prevention, ecological protection, and nature conservation.

         This year, the theme of Eco Expo Asia is “Fostering Green Innovations for Carbon Neutrality”. Our country places a lot of importance on climate change and therefore sets targets to achieve peak carbon emissions before 2030 and also strives to achieve carbon neutrality before 2060. As to Hong Kong, our carbon emissions peaked in 2014, and compared to the peak, our carbon emissions today have been reduced by about a quarter already. Actually our carbon emissions per capita is only about one quarter of the United States, and about 60 per cent of the European Union. And therefore we have set an interim target, to cut our carbon emissions by half before 2035 and achieve carbon neutrality before 2050.

         We have been striving to achieve these targets through implementing our Climate Action Plan 2050 in Hong Kong, which covers four major decarbonisation strategies, namely aiming to achieve net-zero electricity generation, promote green buildings and also energy efficiency, promote green transport, as well as manage our waste reduction. In terms of green transport, I can tell you that now out of 10 newly registered vehicles in Hong Kong, seven are electric. And therefore I think we are moving at a reasonable speed.

         Looking ahead, we will continue to harness the transformative power of innovation and technology to accelerate the growth of green and low-carbon transformation through supporting the development of green industry, promoting development of new energy and more importantly, facilitating green research and development projects with application potentials to transform into commercially valuable products through various measures. 

         On green tech, we are supporting relevant research and development through various initiatives and funding schemes, including the Innovation and Technology Fund, Green Tech Fund, New Energy Transport Fund, etc. Over HK$800 million has been approved from these funds for a few hundred research and development and pilot projects in net-zero electricity generation, energy saving, green buildings, green transport, and more.

         Turning to new energy, our Chief Executive has announced in his Policy Address earlier this month, the Hong Kong Special Administrative Region (SAR) Government is committed to further promote the development of new energy including setting a target for sustainable aviation fuel (SAF) consumption, developing SAF and green maritime fuel supply chains, and promoting green and low-carbon energy such as hydrogen. 

         Hydrogen is regarded as a low-carbon energy with development potential in the course of energy transition. To prepare for possible wider application of hydrogen energy, the Hong Kong SAR Government published the Strategy of Hydrogen Development in Hong Kong in June this year. The Strategy sets out the four major strategies of improving legislations, establishing standards, aligning with the market, and advancing with prudency to create an environment conducive to the development of hydrogen energy in Hong Kong in a prudent and orderly manner, so that we would be able to capitalise on the environmental and economic opportunities brought about by the recent developments of hydrogen energy in different parts of the world. 

         While the scarcity of land resources has made it difficult for the development of a major manufacturing base for green energy as well as green technologies in Hong Kong, we are determined to leverage our position as a “super connector” and a “super value-adder” to serve as the platform for green and low-carbon technologies to facilitate their application in other parts of the world. For instance, we have supported the development of Hong Kong’s first green hydrogen production demonstration project at a landfill which is scheduled for commencement next year, and we are also facilitating the industry to establish a solar-to-hydrogen facility in Hong Kong very soon. 

         Ladies and gentlemen, decarbonisation cannot wait. Different regions around the world have suffered the devastating consequences of extreme weather events. Heatwaves, severe droughts, extreme rainfall, and extreme storms have attacked every corner of our planet. This year, Hong Kong experienced the hottest ever mid-autumn festival. These events remind us that climate change is indeed a current-day reality. The world must take urgent actions to combat climate change together. 

         Decarbonisation implies transformational change. Green innovation solutions are of paramount importance in our decarbonisation journey. During Eco Expo Asia, we will see the latest innovation and technologies and products around the world in new energy, climate adaptation and other areas. 

         Last but not least, I thank you again for coming today. Together, we can drive global sustainability. I hope you will find the Expo and the three-day Eco Asia Conference inspiring. For friends who come from abroad and across the boundary, I wish you all an enjoyable stay in Hong Kong, and spend more money. Thank you.
     
    (Please also refer to the Chinese portion of the speech.)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 19th Eco Expo Asia opens today (with photos)

    Source: Hong Kong Government special administrative region

    19th Eco Expo Asia opens today (with photos)
    19th Eco Expo Asia opens today (with photos)
    ********************************************

         The 19th Eco Expo Asia is being held at AsiaWorld-Expo from today (October 30) to November 2. The theme of the Expo this year is “Fostering Green Innovations for Carbon Neutrality”. About 190 officials from around 40 official delegations from various cities and provinces in Mainland China, the Association of Southeast Asian Nations (ASEAN) and Belt and Road countries have been invited, bringing together international exhibitors, industry professionals to showcase cutting-edge green solutions, exchange views and share experiences.      Speaking at the opening ceremony, the Secretary for Environment and Ecology, Mr Tse Chin-wan, said, “Eco Expo Asia is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future. Green innovation solutions are of paramount importance in our decarbonisation journey. During the Expo, we will see the latest innovations and technologies around the world in new energy, climate adaptation and other environmental areas.”      Mr Tse remarked that this year marks the 75th anniversary of the founding of the People’s Republic of China. The documentary series “Enchanting China” was produced by the Environment and Ecology Bureau (EEB) and the Environmental Protection Department, in collaboration with the Center for Environmental Education and Communications of the Ministry of Ecology and Environment. “Beautiful Hong Kong” was produced by the EEB. The two documetaries showcase the contributions and achievements made by the country and the Hong Kong Special Administrative Region (HKSAR) Government in environmental protection and nature conservation. An extract of “Enchanting China” and “Picturesque Bays of Hong Kong”, the first episode of “Beautiful Hong Kong”, was shown at the opening ceremony.      Mr Tse stressed that although Hong Kong’s carbon emissions peaked in 2014, and compared to the peak carbon emissions today have been reduced by about a quarter already, achieving carbon neutrality in Hong Kong by 2050 is still a significant challenge. The HKSAR Government is boosting the promotion of green low-carbon transformation and the development of new energy, new productive forces and green scientific research industries through multiple measures, leading Hong Kong towards carbon neutrality.      The Secretary of the Leading Party Members Group of the Ministry of Ecology and Environment of the People’s Republic of China, Mr Sun Jinlong, was invited to give a keynote speech at the opening ceremony. The Expo’s feature event, the Eco Asia Conference, is being held from today to November 1. In the Government Session, the Deputy Secretary General of the National Development and Reform Commission of the People’s Republic of China and the Director of the Department of National Economy, Mr Yuan Da, and the Director-General of the Department of Energy Conservation and Resources Comprehensive Utilization of the Ministry of Industry and Information Technology of the People’s Republic of China, Mr Wang Peng, introduced the latest environmental policies of the Mainland. In addition, the Vice Minister of the Lao People’s Democratic Republic Ministry of Natural Resources and Environment, Mr Phouvong Luangxaysana; the General Manager of Saudi Arabia’s Corporate Communications and Media of the Ministry of Environment, Water and Agriculture, Mr Saleh Abdulmohsen S Bindakhil; the Permanent Secretary of Myanmar’s Ministry of Natural Resources and Environmental Conservation, Mr Hla Maung Thein; the Director of Brunei’s Department of Environment, Parks and Recreation of the Ministry of Development, Ms Hajah Martinah binti Haji Tamit; and the Deputy Director General of the Vietnam Institute of Meteorology, Hydrology and Climate Change, Dr Le Ngoc Cau, shared their countries’ latest environmental and conservation policies.      The Conference will once again feature the Hydrogen Economy Forum, allowing Hong Kong to capitalise on the environmental and economic opportunities brought by the global development of hydrogen energy, helping Hong Kong to achieve carbon neutrality, developing new quality productive forces, and maintaining international competitiveness.     The EEB continued to participate in the Expo this year by setting up four exhibition zones, namely: “Smart Technology”, “Energy-saving and Green Buildings”, “Community Waste Reduction”, and “Green Transportation”, highlighting the HKSAR Government’s various measures and achievements in decarbonisation. The “Smart Technology” zone introduces high-tech applications in daily environmental protection work, including artificial intelligence (AI) environmental air disturbance detection mechanical dogs, 5G mesh network sampling robot teams, AI coastal cleaning monitoring systems, and AI construction noise recognition systems; the “Energy-saving and Green Buildings” zone covers the sustainable development of an online platform for electromechanical innovation and regional cooling systems; the “Community Waste Reduction” zone introduces smart recycling; and the “Green Transportation” zone highlights Hong Kong’s latest development of hydrogen energy and displays the first hydrogen-powered street-washing vehicle in Hong Kong. To tie in with the “Strategy of Hydrogen Development in Hong Kong” announced by the EEB this year, visitors can try riding on the hydrogen fuel cell double-deckers on the second day (October 31) and the fourth day (November 2) of the Expo.      The Expo is jointly organised by the Hong Kong Trade Development Council and Messe Frankfurt (HK) Ltd, and co-organised by the EEB. In addition, 10 government bureaux/departments, namely the Architectural Services Department, the Civil Engineering and Development Department, the Drainage Services Department, the Electrical and Mechanical Services Department, the Fire Services Department, the Highways Department, the Hong Kong Observatory, the Housing Department, the Transport Department, and the Water Supplies Department are participating in the exhibition to introduce their initiatives in environmental protection and achieving carbon neutrality for Hong Kong.      Eco Expo Asia will open to the public for free on the last day of the event (November 2) to encourage citizens to participate in environmental protection and promote green living.      For details, please refer to the Eco Expo Asia’s website (www.hktdc.com/event/ecoexpoasia/en).

     
    Ends/Wednesday, October 30, 2024Issued at HKT 20:05

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Eco Expo Asia opens

    Source: Hong Kong Information Services

    The 19th Eco Expo Asia opened today and will run until November 2.

    Themed “Fostering Green Innovations for Carbon Neutrality”, some 190 officials from around 40 official delegations from various cities and provinces in Mainland China, the Association of Southeast Asian Nations and Belt & Road countries have been invited to showcase cutting-edge green solutions, exchange views and share experiences.

    Speaking at the opening ceremony, Secretary for Environment & Ecology Tse Chin-wan said: “Eco Expo Asia is a golden opportunity for us to discuss and advance our shared commitments to a sustainable future.

    “Green innovation solutions are of paramount importance in our decarbonisation journey. During the expo, we will see the latest innovations and technologies around the world in new energy, climate adaptation and other environmental areas.”

    Mr Tse also stressed that although Hong Kong’s carbon emissions peaked in 2014, achieving carbon neutrality in Hong Kong by 2050 is still a significant challenge. As such, he said the Government is boosting the promotion of green low-carbon transformation as well as the development of new energy, new productive forces and green scientific research industries through multiple measures, with a view to leading the city towards carbon neutrality.

    The Environment & Ecology Bureau, which continues to participate in the expo this year, has set up four exhibition zones: Smart Technology, Energy-saving & Green Buildings, Community Waste Reduction, and Green Transportation, to highlight the Government’s measures and achievements in decarbonisation.

    Additionally, to tie in with the Strategy of Hydrogen Development in Hong Kong announced by the bureau this year, visitors can ride on the hydrogen fuel cell double-deckers on October 31 and November 2 during the expo.

    The expo will be open to the public for free on its final day, to encourage citizens to participate in environmental protection and promote green living, the bureau noted.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Updated oil and gas guidance following Supreme Court ruling

    Source: United Kingdom – Government Statements

    The government will consult on updated environmental guidance for offshore oil and gas projects, following a Supreme Court ruling.

    • Government to consult with industry on updated environmental guidance
    • follows Supreme Court ruling requiring greenhouse gas emissions from the combustion of oil and gas to be assessed as part of Environmental Impact Assessments for oil and gas extraction projects
    • government committed to fair and prosperous transition in the North Sea that delivers stability, supports investment, protects jobs and meets climate obligations

    Updated environmental guidance for offshore oil and gas projects will provide greater certainty and stability for the industry in response to a Supreme Court ruling. It sets out the elements that must be considered by operators when assessing emissions from burning of the oil and gas they produce.

    The ruling in the Finch case on 20 June has required operators to consider the impact of burning oil and gas in Environmental Impact Assessments for oil and gas extraction projects. 

    The government has acted quickly and will now consult with stakeholders including the offshore industry on draft guidance, so it can be implemented from Spring.

    Separately, the government will consult before the end of the year on the implementation of its commitment not to issue new oil and gas licences to explore new fields, as part of its plan to ensure a fair and prosperous transition in the North Sea.

    Energy Minister Michael Shanks said:

    We have already started plans to speed up the North Sea’s clean energy transition to protect jobs and investment, from pushing ahead with new industries such as carbon capture, to launching Great British Energy – headquartered in Aberdeen.  

    Now we are acting quickly to provide greater stability for our offshore industries, by consulting on new environmental guidance that complies with our legal obligations. We will continue to work closely with industry to ensure a prosperous future for the North Sea and our offshore workers.

    It follows action to accelerate the transition to the North Sea’s clean energy future to boost Britain’s energy security and ensure good, long-term jobs. This includes launching Great British Energy, headquartered in Aberdeen, and signing a new agreement with the Scottish Government to support investment in clean energy supply chains and infrastructure.

    Alongside this the government is speeding up a new skills passport to help oil and gas workers move into roles in offshore wind. The government has also announced the biggest ever investment in offshore wind and is moving ahead with new North Sea industries like carbon capture and storage and hydrogen.  

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: IntelliTrans Appoints Mayank Sharma as Chief Product Officer to Drive Product Innovation

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Oct. 30, 2024 (GLOBE NEWSWIRE) — IntelliTrans, a global leader in multimodal transportation management solutions, has named Mayank Sharma as its new Chief Product Officer. In this role, Sharma will drive product strategy and direction, guiding the development and improvement of IntelliTrans’ product lineup to deliver smarter, simpler solutions for customers. With over 20 years of experience in product innovation and leading global teams, he brings forward-looking insights into the company’s growth and commitment to making complex logistics easier.

    Sharma has a strong background in creating innovative products across different sectors. Most recently, he led the launch of a top-rated dash camera and safety solution at Teletrac Navman, which helped transportation customers improve safety and efficiency. He also worked on strategic partnerships to develop solutions for customers transitioning their truck fleets to cleaner energy options like electric, hydrogen, and CNG/RNG, supporting their shift towards sustainability.

    “We are excited to welcome Mayank to the IntelliTrans team,” said Chad Raube, President and CEO of IntelliTrans. “His vast experience in product management and innovation will be instrumental as we continue to strengthen our product portfolio. Mayank’s unique approach to developing market-leading solutions, commercial focus, and fostering agile teams will help propel IntelliTrans forward in achieving our long-term goals.”

    “I’m thrilled to join the IntelliTrans team and work on delivering high-value solutions that address the real-world challenges our clients face in their supply chains,” said Sharma. “I see a great opportunity to use emerging technologies to make our products smarter and more user-friendly, simplifying how our customers manage their operations. I look forward to enhancing the overall experience for IntelliTrans customers and driving innovation in our product suite.”

    Sharma holds an MBA from the Kellogg School of Management and has multiple advanced degrees in Engineering, Design, and Anthropology. This diverse educational background gives him a well-rounded approach to product development and leadership.

    By bringing Sharma on board, IntelliTrans reinforces its dedication to product innovation and growth. The company remains focused on enhancing its multimodal SaaS-based TMS solution, making logistics operations more streamlined, visible, and efficient for its global customers.

    About IntelliTrans Multimodal Transportation Solutions

    IntelliTrans, a Roper Technologies business (Nasdaq: ROP), empowers businesses to optimize their supply chains with seamless freight management and shipment execution across all modes of transportation, including rail, truck, ocean, and barge. IntelliTrans’ trusted transportation management solutions enable customers to solve complex business challenges and help achieve a holistic digital strategy by incorporating multimodal solutions backed by extensive industry knowledge. Recognized as a top transportation management provider, IntelliTrans has recently received the Inbound Logistics Top 100 Logistics IT Provider Award, the 2023 BIG Innovation Award, the Cloud Computing Product of the Year Award, and the Food Logistics/SDCE Top Software and Technology Award. Unlock hidden efficiencies in your supply chain. Visit our website to see how IntelliTrans can help.

    Media Contact for IntelliTrans:
    Becky Boyd
    MediaFirst PR (M1PR.com)
    404.421.8497
    becky@mediafirst.net

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/060fceb0-b427-493e-a790-3336ff225870

    The MIL Network –

  • MIL-OSI USA: ICYMI: Biden-Harris Administration Announces Selections for Nearly $3 Billion of Investments in Clean Ports as Part of Investing in America Agenda

    Source: US State of New Jersey

    EPA’s Clean Ports Program to fund 55 zero-emission port equipment, infrastructure, and planning projects across the nation to tackle climate change, reduce air pollution, promote good jobs, and advance environmental justice

    WASHINGTON – Tuesday, as part of President Biden and Vice President Harris’ Investing in America agenda, the U.S. Environmental Protection Agency announced the selection of 55 applicants across 27 states and territories to receive nearly $3 billion through EPA’s Clean Ports Program. These grants will support the deployment of zero-emission equipment, as well as infrastructure and climate and air quality planning projects at ports across the country. The grants are funded by President Biden’s Inflation Reduction Act — the largest investment in combating climate change and promoting clean energy in history— and will advance environmental justice by reducing diesel air pollution in U.S. ports and surrounding communities while promoting good-paying and union jobs that help America’s ports thrive.

    Ports are vital to the U.S. economy and are responsible for moving goods and people throughout the country. At the same time, the port and freight equipment responsible for moving goods including trucks, locomotives, marine vessels, and cargo-handling equipment contribute to significant levels of diesel air pollution at and near port facilities. This pollution is especially harmful to nearby communities’ health and contributes to climate change. The funds announced Tuesday will improve air quality at ports across the country by installing clean, zero-emission freight and ferry technologies along with associated infrastructure, eliminating more than 3 million metric tons of carbon pollution, equivalent to 391,220 homes’ energy use for one year.

    “Our nation’s ports are critical to creating opportunity here in America, offering good-paying jobs, moving goods, and powering our economy,” said EPA Administrator Michael S. Regan. “Today’s historic $3 billion investment builds on President Biden’s vision of growing our economy while ensuring America leads in globally competitive solutions of the future. Delivering cleaner technologies and resources to U.S. ports will slash harmful air and climate pollution while protecting people who work in and live nearby ports communities.”

    “President Biden and Vice President Harris entered office with a vision to rebuild our nation’s infrastructure and tackle the climate crisis in a way that would create good-paying and union jobs and uplift the communities who’ve borne the brunt of pollution,” said John Podesta, Senior Advisor to the President for International Climate Policy. “The EPA Clean Ports program is one of the best examples of their vision come to life.”

    “Decarbonizing our nation’s ports is one of the many ways President Biden and Vice President Harris’s investment agenda is helping cut pollution and create good-paying union jobs,” said White House National Climate Advisor Ali Zaidi. “The communities being uplifted by these grants provide proof points for how good environmental policy can be good economic policy. By advancing clean energy solutions in every sector of our growing economy, the Biden-Harris administration continues to position our nation to lead the global clean energy race, while protecting all communities — especially those on the front-line and the fence-line — from harmful pollution in the air we breathe and the water we drink.”

    “The Port of Baltimore is a vital economic engine for the state and a leader among the nation’s ports. As we work to improve the Port, it is essential that we build for the future. The projects supported by the Clean Ports Program will help reduce emissions, improve air quality in the Baltimore region and create more clean energy jobs,” said Senator Ben Cardin (MD). “The Biden-Harris administration’s bold investments in modernizing our infrastructure are driving our economy forward while enabling us to take on climate change in a meaningful way.”

     “The tremendous projects selected for these federal funding awards will improve air quality and combat climate change by dramatically diminishing the Port of Baltimore’s greenhouse gas and toxic pollutant emissions via installation of zero-emission cargo handling equipment and trucks, while also bolstering the Maryland Port Administration’s overall emissions reduction strategy. These extraordinary federal investments into our Port are consistent with our collective duty to preserve the planet – while also continuing to uplift the Port of Baltimore’s workforce and surrounding communities in the transition to a zero-emissions facility,” said Congressman Kweisi Mfume (MD-07). “As exemplified by this compelling announcement, the historic Inflation Reduction Act continues to tackle the climate crisis with fierce urgency right here in Baltimore.” 

    In February 2024, EPA announced two separate funding opportunities for U.S. ports – a Zero-Emission Technology Deployment Competition to directly fund zero-emission equipment and infrastructure to reduce mobile source emissions and a Climate and Air Quality Planning Competition to fund climate and air quality planning activities. The competitions closed in May 2024 with over $8 billion in requests from applicants across the country seeking to advance next-generation, clean technologies at U.S. ports.

    After a thorough and rigorous grant application review process, EPA selected 55 applications to receive this historic investment. Applications to the Clean Ports Program were evaluated in part on their workforce development efforts, to ensure that projects will expand access to high-quality jobs. Grant selections also align with the Administration’s national goal for a zero-emission freight sector, the National Blueprint for Transportation Decarbonization, and the ‘all-of government’ National Zero-Emission Freight Corridor Strategy.

    Selected projects cover a wide range of human-operated and human-maintained equipment used at and around ports, with funds supporting the purchase of zero-emission equipment, including over 1,500 units of cargo handling equipment, 1,000 drayage trucks, 10 locomotives, and 20 vessels, as well as shore power systems, battery-electric and hydrogen vehicle charging and fueling infrastructure, and solar power generation.

    Initial estimates of tailpipe reductions from this new equipment are estimated to be over 3 million metric tons of CO2, 12 thousand short tons of NOx, and 200 short tons of PM2.5 in the first 10 years of operation.  These estimates are based on initial counts of proposed zero-emission equipment and shore power installations and do not consider benefits from retiring older vehicles, among other factors. These simplified estimates were prepared using national default emissions and activity factors and will be refined over time with more detailed information from selectees.

    Selected Zero-Emission Technology Deployment project examples include:

    The Port Authority of New York and New Jersey (PANYNJ) has been selected to receive an anticipated $344,138,135 to work with 5 collaborating partners to implement their proposed project, Catalyzing Change: Zero-Emissions NY-NJ Port Projects for a Greener Future. The proposed project includes the deployment of electric cargo handling equipment and drayage trucks with supporting charging infrastructure, including through a ZE Equipment for Ports (ZEEP) Voucher Incentive Program and Green Drayage Accelerator (GDA) program. PANYNJ commits to reducing the number of polluting vehicles at the port by scrapping a portion of the existing fleet. The project also includes the installation of vessel shore power infrastructure. As part of this project, PANYNJ will implement a comprehensive community engagement plan and train workers to operate and maintain new equipment and infrastructure.

    The Detroit/Wayne County Port Authority has been selected to receive an anticipated $21,905,782 to initiate the transition to a zero-emission future for the Port of Detroit in Michigan. The proposed project includes the acquisition and deployment of battery-electric cargo handling equipment, vessels, railcar movers, charging equipment, and solar arrays to support the electricity needs of the new equipment. The project also includes the scrappage of diesel cargo handling equipment, a vessel, and a railcar mover to reduce air pollution at the port and in the surrounding area. As part of this project, the applicant plans to develop a stakeholder engagement plan to facilitate community engagement and a guidebook for workforce development. 

    The Georgia Ports Authority (GPA) has been selected to receive an anticipated $48,763,746 to upgrade the Port of Savannah and the Port of Brunswick with vessel shore power systems. These systems will allow ships to ‘plug-in’ to electric grid power and turn off auxiliary diesel engines while at port. In addition, the project includes the scrappage and replacement of diesel terminal tractors with new electric terminal tractors and the installation of electric charging infrastructure. GPA plans to engage with communities through their community advisory network and conduct classroom and on the job training for workers related to shore power, zero-emission vehicles, and charging stations.

    The Philadelphia Regional Port Authority has been selected to receive an anticipated $77,650,965 to deploy zero-emission port equipment across the Port of Philadelphia’s (PhilaPort) operations in Pennsylvania. The equipment slated for purchase under this project includes zero-emissions (ZE) cargo handling equipment and associated charging infrastructure. The project also includes the scrappage of a portion of the existing diesel fleet to reduce air pollution at the port and in the surrounding area. In addition to the deployment of zero-emission technology, the Philadelphia Regional Port Authority plans to conduct community engagement and workforce development through this project.

    The Port Department of the City of Oakland has been selected to receive an anticipated $322,167,584 to purchase and deploy zero-emission technology at the Port of Oakland in California. Project activities include the deployment of electric and hydrogen cargo handling equipment, drayage trucks, charging infrastructure, and a battery energy storage system, and the scrappage of a portion of the existing diesel fleet. The project includes community engagement activities, workforce training on zero-emission equipment, and efforts to expand access to high-quality jobs in near-port communities.

    Selected Climate and Air Quality Planning project examples include:

    The Port of Houston Authority in Texas, which has been selected to receive an anticipated $2,983,457 grant for the Port Houston’s PORT SHIFT (Ports Optimizing Resilient Transportation through Sustainable, Human, Innovative, and Forward-looking Technology), a comprehensive program designed to accelerate the introduction of zero-emissions technology into the Houston Port ecosystem. The project includes nine tasks: 1) greenhouse gas emissions inventory; 2) truck route analysis; 3) infrastructure cost assessment; 4) climate action plan; 5) performance measurement framework; 6) advisory council and community engagement forum; 7) trucking industry collaborative; 8) workforce planning and engagement; and 9) resiliency planning.

    The Puerto Rico Ports Authority has been selected to receive an anticipated $1,800,000 for planning activities including the development of a baseline air emissions inventory and two projected “business as usual” emissions inventories for 2030/2050, development of emissions reduction strategies, and stakeholder engagement. Reduction strategies will prioritize technologically and operationally feasible vehicles and equipment that can be integrated to reduce criteria, greenhouse gas, and toxic air emissions. The project also includes development of a resiliency plan to protect infrastructure from climate related vulnerabilities, such as hurricanes.

    The Northwest Seaport Alliance (NWSA) has been selected to receive an anticipated $3,000,000 to conduct planning for a breakbulk cargo terminal at the Port of Tacoma in Washington. Expected activities include completing a baseline emissions inventory and feasibility analysis of ZE technology to inform the development of a plan to transition 40 pieces of CHE and light-duty vehicles to zero-emissions, and engineering and design for shore power. A workforce development and climate resilience needs assessment will be prepared as part of the planning process. Meaningful community is already a standard practice at NWSA, and the project is informed by community concerns.

    In addition to protecting human health and the environment, the program will protect and grow good-paying and union port jobs, create new good-paying and union jobs in the domestic clean energy sector, and enhance U.S. economic competitiveness through the innovation, installation, maintenance, and operation of zero-emissions equipment and infrastructure. The program’s historic investment in zero-emission port technology will also help promote and ensure the U.S. position as a global leader in clean technologies.

    EPA’s Clean Ports Program advances President Biden’s Justice40 Initiative, which aims to deliver 40% of the overall benefits of certain federal investments to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.  Disadvantaged communities will benefit from cleaner air and access to high quality jobs that will be created to operate zero emissions technologies at ports.

    EPA ensured that near-port community engagement and equity considerations were at the forefront of the Clean Ports Program’s design, including by evaluating applications on the extent and quality of their projects’ community engagement efforts. The program will also help to ensure that meaningful community engagement and emissions reduction planning become a part of port industry standard practices by building on the successes of EPA’s Ports Initiative and the Diesel Emissions Reduction Act programs. These programs have previously invested over $196 million to implement 207 diesel emissions reduction projects at ports with an additional $88 million to multi-sector projects that involve ports and have encouraged strong community-port collaboration.

    The agency anticipates making awards once all legal, statutory, and administrative requirements are satisfied. Selectees will work with EPA over the coming months to finalize project plans before receiving final awards and moving into the implementation phase. Project implementation will occur over the next three to four years depending on the scope of each project.

    To learn more about the Clean Ports Program tentatively selected applications, please visit the Clean Ports Program Selections webpage.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: A Budget to fix the foundations and deliver change for Scotland

    Source: United Kingdom – Government Statements

    Chancellor takes long-term decisions to restore stability, rebuild Britain and protect working people across Scotland.

    • No change to working people’s payslips as employee national insurance and VAT stay the same, but businesses and the wealthiest asked to pay their fair share.
    • Record £47.7 billion for the Scottish Government in 2025/26 includes £3.4 billion through the Barnett formula.
    • Funding for Green Freeports, City and Growth Deals, GB Energy and hydrogen projects to fire up growth and deliver good jobs across Scotland.

    The Chancellor has delivered a Budget to fix the foundations to deliver on the promise of change after a decade and a half of stagnation. She set out plans to rebuild Britain, while ensuring working people across Scotland don’t face higher taxes in their payslips.

    The UK Government was handed a challenging inheritance; £22 billion of unfunded in-year spending pressures, debt at its highest since the 1960s, an unrealistic forecast for departmental spending, and stagnating living standards.

    This Budget takes difficult decisions to restore economic and fiscal stability, so that the UK Government can invest in Scotland’s future and lay the foundations for economic growth across the UK as its number one mission.

    The Chancellor announced that the Scottish Government will be provided with a £47.7 billion settlement in 2025/26 – the largest in real terms in the history of devolution. This includes a £3.4 billion top-up through the Barnett formula, with £2.8 billion for day-to-day spending and £610 million for capital investment.

    Secretary of State for Scotland Ian Murray said:

    This is a historic budget for Scotland that chooses investment over decline and delivers on the promise that there would be no return to austerity.

    It is the largest budget settlement for the Scottish Government in the history of devolution, including an additional £1.5 billion this financial year and an additional £3.4 billion next year through the Barnett formula. That money must reach frontline services, to bring down NHS waiting lists and lift attainment in our schools.

    It will also bring a new era of growth for Scotland and the whole UK, confirming nearly £890 million of direct investment into Freeports, Investment Zones, the Argyll and Bute Growth Deal, and other important local projects across Scotland’s communities, as well as £125 million next year for GB Energy and support for green hydrogen projects in Cromarty and Whitelee.

    The increase in the minimum wage will also mean a pay rise for hundreds of thousands of workers in Scotland, with the biggest increase for young workers ever. This is on top of our employment rights bill which will deliver the biggest upgrade in workers’ rights in a generation. The triple lock means an increase in the state pension by £470 next year, on top of £900 this year for a million Scottish pensioners.

    The budget protects working people in Scotland, delivers more money than ever before for Scottish public services and means an end to the era of austerity.

    Protecting working people and living standards

    While fixing the inheritance requires tough decisions, the Chancellor has committed to protecting the living standards of working people. The decisions taken by the Chancellor to rebuild public finances enable the UK Government to deliver on its pledge to not increase National Insurance or VAT on working people in Scotland, meaning they will not see higher taxes in their payslip.

    • The National Living Wage will increase from £11.44 to £12.21 an hour from April 2025. The 6.7% increase – worth £1,400 a year for a full-time worker – is a significant move towards delivering a genuine living wage.
    • The National Minimum Wage for 18 to 20-year-olds will also see a record rise from £8.60 to £10 an hour.
    • Working people will benefit from these increases, with there estimated to be over 100,000 minimum wage workers in Scotland in 2023.
    • The Chancellor has made the decision to protect working people in Scotland from being dragged into higher tax brackets by confirming that the freeze on National Insurance Contributions thresholds will be lifted from 2028-29 onwards, rising in line with inflation so they can keep more of their hard-earned wages.
    • The Chancellor is also protecting motorists by freezing fuel duty for one year – a tax cut worth £3 billion, with the temporary 5p cut extended to 22 March 2026. This will benefit an estimated 3.2 million people in Scotland, saving the average car driver £59, vans £126 and Heavy Goods Vehicles £1,079 next year.
    • To support Scottish pubs and smaller brewers in Scotland, the UK Government is cutting duty on qualifying draught products by 1p, which represent approximately 3 in 5 alcoholic drinks sold in pubs. This measure reduces duty bills by over £70 million a year, cutting duty on an average strength pint in a pub by a penny. The relief available to small producers will be updated to help smaller brewers and cidermakers.  
    • Over 1 million Scottish pensioners will benefit from a 4.1% increase to their new or basic State Pension in April 2025. This is an additional £470 a year for those on the new State Pension and an additional £360 a year for those on the basic State Pension.
    • Households eligible for Pension Credit will get £465 a year more for single pensioners and up to £710 a year more for couples due to a 4.1% increase in the Pension Credit Standard Minimum Guarantee, benefitting 125,000 pensioners in Scotland.
    • Around 1.7 million families in Scotland will see their working-age benefits uprated in line with inflation – a £150 gain on average in 2025-26.
    • Reducing the maximum level of debt repayments that can be deducted from a household’s Universal Credit payment each month from 25% to 15% will benefit a Scottish family by over £420 a year on average.

    Rebuilding Britain

    This UK Government will not make a return to austerity and will instead boost investment to rebuild Britain and lay the foundations for growth in Scotland. This includes £130 million of targeted funding for the Scottish Government, of which £120 million is in capital investment.

    • The Budget delivers on the first step to establish Great British Energy by providing £125 million next year to set up the institution at its new home in Aberdeen – helping to develop new clean energy projects in Scotland and across the UK. 
    • The UK Government will deliver £122 million for City and Growth Deals, including the continuation of its contribution to the Argyll and Bute Growth Deal which delivers £25 million of investment in the region over 10 years. This Deal will be supported by a rigorous value for money assessment as part of the review of the business cases for projects within it, to ensure best value is being delivered.
    • The Budget gives certainty to local leaders and investors, confirming funding for the Investment Zones and Freeports programmes across the UK – including Scotland’s Green Freeports. 
    • The Chancellor committed the UK Government to working closely with the Scottish Government on the Industrial Strategy, 10-year infrastructure strategy and the National Wealth Fund – to ensure the benefits of these are felt UK-wide and as part of the relationship reset between governments. These will mobilise billions of pounds of investment in the UK’s world-leading clean energy and growth industries.
    • To support economic growth and promote Scottish culture, products and services through diplomatic and trade networks, the UK Government is allocating £750,000 for the Scotland Office in 2025/26 to champion Brand Scotland as was committed in the manifesto.
    • We are supporting Scotland’s world-renowned Scotch Whisky industry by providing up to £5 million for HMRC to reduce the fees charged by the Spirit Drinks Verification Scheme and by ending mandatory duty stamps for spirits on 1 May 2025.
    • Two electrolytic hydrogen projects in Scotland have been selected for UK Government revenue support through the first Hydrogen Allocation Round: Cromarty Green Hydrogen Project and Whitelee Green Hydrogen. Both projects will bring in significant international investment and create good quality, local jobs.
    • An extension of the Innovation Accelerators programme will support the high-potential innovation cluster in the Glasgow City Region.
    • A corporate tax roadmap will provide businesses with the stability and certainty they need to make long-term investment decisions and support our growth mission. It confirms our competitive offer, with the lowest Corporate Tax rate in the G7 and generous support for investment and innovation. 
    • The UK Government will also proceed with implementing the 45%/40% rates of the theatre, orchestra, museum and galleries tax relief from 1 April 2025 to provide certainty to businesses in Scotland’s thriving cultural sector.

    Repairing public finances

    The Chancellor has made clear that, whilst protecting working people with measures to reduce the cost of living, there would be difficult decisions required. The Budget will ask businesses and the wealthiest to pay their fair share while making taxes fairer. This will go directly towards fixing the foundations of the UK economy.

    • The rate of Employers’ National Insurance will increase by 1.2 percentage points, to 15%. The Secondary Threshold – the level at which employers start paying national insurance on each employee’s salary – will reduce from £9,100 per year to £5,000 per year.
    • The smallest businesses will be protected as the Employment Allowance will increase to £10,500 from £5,000, allowing Scottish firms to employ four National Living Wage workers full time without paying employer national insurance on their wages.
    • Capital Gains Tax will increase from 10% to 18% for those paying the lower rate, and 20% to 24% for those paying the higher rate.
    • To encourage entrepreneurs to invest in their businesses Business Asset Disposal Relief (BADR) will remain at 10% this year, before rising to 14% on 6 April 2025 and 18% from 6 April 2026-27.
    • The lifetime limit of BADR will be maintained at £1 million. The lifetime limit of Investors’ Relief will be reduced from £10 million to £1 million.
    • The OBR say changes to CGT raise over £2.5 billion a year and the UK will continue to have the lowest CGT rate of any European G7 country.
    • Inheritance Tax thresholds will be fixed at their current levels for a further two years until April 2030. More than 90% of estates each year will be outside of its scope. From April 2027 inherited pensions will be subject to Inheritance Tax. This removes a distortion which has led to pensions being used as a tax planning vehicle to transfer wealth rather than their original purpose to fund retirement.

    • From April 2026, agricultural property relief and business property relief will be reformed. The highest rate of relief will continue at 100% for the first £1 million of combined business and agricultural assets, fully protecting the majority of businesses and farms. It will reduce to 50% after the first £1 million. Reforms will affect the wealthiest 2,000 estates each year. Inheritance Tax reforms in total are predicted by the OBR to raise £2 billion to support stability.

    • From 2026-27 Air Passenger Duty (APD) for short and long-haul flights will increase by 13% to the nearest pound, a partial adjustment to account for previous high inflation. For economy passengers, this means a maximum £2 extra per short haul flight and tickets for children under the age of 16 remain exempt from APD. APD for larger private jets will be increased by a further 50%. Passengers carried on flights leaving from airports in the Scottish Highlands and Islands region are exempt from APD.
    • The rate of the Energy Profits Levy will increase to 38% from 1 November 2024 and the levy will now expire one year later than planned, on 31 March 2030.  The 29% investment allowance will be removed.
    • To provide long-term certainty and to support a stable energy transition, the UK Government will make no additional changes to tax relief available within the EPL and a consultation will be published in early 2025 on a successor regime that can respond to price shocks. Money raised from changes to the EPL will support the transition to clean energy, enhance energy security and provide sustainable jobs for the future.

    The Budget also announced a package of measures that disincentivise activities that cause ill health, by:

    •  Renewing the tobacco duty escalator which increases all tobacco duty rates by RPI+2% plus an above escalator increase to hand rolling tobacco (totalling RPI+12%).  
    • Introducing a new vaping duty at a flat rate of 22p/ml from October 2026, accompanied by a further one-off increase in tobacco duty to maintain financial incentive to choose vaping over smoking. 
    • To help tackle obesity and other harms caused by high sugar intake, the Soft Drinks Industry Levy will increase to account for inflation since it was last updated in 2018, and the duty will rise in line with inflation every year going forward.
    • The UK Government will also uprate alcohol duty in line with RPI on 1 February 2025, except for most drinks in pubs.

    The UK Government has set out the next steps to deliver its tax manifesto commitments in the July Statement. Having consulted on the final policy details where appropriate, this Budget delivers the UK Government’s manifesto commitments to raise revenue to pay for First Steps, with reforms that are underpinned by fairness, and tackle tax avoidance by:  

    • A new residence-based regime will replace the current non-dom regime from April 2025 and will be designed to attract investment and talent to the UK.
    • Offshore trusts will no longer be able to be used to shelter assets from Inheritance Tax, and there will be transitional arrangement in place for people who have made plans based on current rules.
    • The planned 50% reduction for foreign income in the first year of the new regime will be removed.
    • Reforms to the non-dom regime will raise a total of £12.7 billion according to the OBR.
    • The tax treatment of carried interest will be reformed by first increasing the Capital Gains Tax rates on carried interest to 32% and then, from April 2026, moving to a revised regime – with bespoke rules to reflect the characteristics of the reward.

    The Chancellor also doubled down on fiscal responsibility through two new fiscal rules that put the public finances on a sustainable path and prioritise investment to support long-term growth, and new principles of stability. Spending Reviews will be held every two years, setting plans for at least three years to ensure public services are always planned and improve value for money.

    One major fiscal event per year will give families and businesses stability and certainty on tax and spending changes, while giving the Scottish Government greater clarity for in its own budget-setting.  A Fiscal Lock will also ensure no future government can sideline the OBR again.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Global: Deep sea rocks suggest oxygen can be made without photosynthesis, deepening the mystery of life

    Source: The Conversation – UK – By Lewis Alcott, Lecturer in Geochemistry, University of Bristol

    chaylek/Shutterstock

    Oxygen, the molecule that supports intelligent life as we know it, is largely made by plants. Whether underwater or on land, they do this by photosynthesising carbon dioxide. However, a recent study demonstrates that oxygen may be produced without the need for life at depths where light cannot reach.

    The authors of a recent publication in Nature Geoscience were collecting samples from deep ocean sediments to determine the rate of oxygen consumption at the seafloor through things like organisms or sediments that can react with oxygen. But in several of their experiments, they actually found oxygen was increasing as opposed to decreasing as they would have expected. This left them questioning how this oxygen was being produced.

    They found that this “dark” oxygen production at the seafloor seems to only happen in the presence of mineral concentrates called polymetallic nodules and deposits of metals called metalliferous sediments. The authors think the nodules have the right mixture of metals and are densely packed enough for an electrical current to pass through for electrolysis, creating enough energy to separate the hydrogen (H) and oxygen (O) from water (H₂O).

    The authors also suggested that the amount of oxygen created may fluctuate depending on the number and mixture of nodules on the ocean floor.

    This research team was trying to understand the implications of mining metals from the deep-sea floor such as lithium, cobalt or copper, funded by an extractions company in an effort to ensure deep sea mining leads to a net benefit to humanity and the Earth system. Lithium and cobalt are used, for example, to make rechargeable batteries for mobile phones, laptops and electric vehicles. Copper is vital for electrical wiring in devices like TVs and radios and for roofing and plumbing.

    The investigation was focused on the Clarion-Clipperton zone of the Pacific Ocean, a vast plain between Hawaii and Mexico where millions of tons of these metals have been found. However, scientists believe mining on this scale is potentially unpredictable and can destroy habitats vital to ocean ecosystems. Deep-sea mining can also introduce harmful sediment plumes to fragile ecosystems leading to a growing number of countries calling for a moratorium.

    Dark oxygen for life

    The implications for this finding may also play a role in life elsewhere.

    Oxygen is essential to complex life as we know it. Complex life has evolved and expanded alongside photosynthesisers, which actually produce oxygen as a waste product. Yet this oxygen allows organisms’ metabolisms to be much more efficient than without it.

    Without photosynthetic bacteria, the reliance that Earth’s life has on oxygen may well have never happened, in addition to the evolutionary pathway to biodiversity as we know it. But this study shows that rich-nodules on the seafloor may have provided an additional source of oxygen to the biosphere – the zone of life on Earth encompassing all living organisms.

    We can’t understand how these nodules may have affected evolution until we understand more about how they formed deeper in time. At the moment, all we really know it that we these nodules would have needed oxygen themselves to form.

    Studies like this show how much the origin of life on Earth is still a mystery.

    Lewis Alcott 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. Deep sea rocks suggest oxygen can be made without photosynthesis, deepening the mystery of life – https://theconversation.com/deep-sea-rocks-suggest-oxygen-can-be-made-without-photosynthesis-deepening-the-mystery-of-life-238937

    MIL OSI – Global Reports –

  • MIL-OSI USA: Padilla Announces Over a Billion Dollars to Decarbonize California Ports and Improve Air Quality

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Announces Over a Billion Dollars to Decarbonize California Ports and Improve Air Quality

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Chair of the Environment and Public Works Subcommittee on Fisheries, Water, and Wildlife, announced that the Environmental Protection Agency (EPA) will award over $1 billion across seven California ports to build zero-emission (ZE) port infrastructure and implement climate and air quality management plans. This substantial investment comes from the EPA’s Clean Ports Program, which is funded by the Inflation Reduction Act and aims to reduce harmful greenhouse gas emissions and improve air quality at ports across the nation.
    California ports will receive three of the largest seven grants nationwide, including over $411 million for the Port of Los Angeles, the biggest award in the country.
    California’s ports play an important role in the nation’s economy, moving hundreds of billions of dollars’ worth of goods annually. These ports process about 40 percent of all containerized imports and 30 percent of all exports in the United States.
    “California’s ports move the goods that power our economy. This historic investment in our ports is a major step forward in accelerating the zero-emission infrastructure transition,” said Senator Padilla. “With more than a billion dollars in Inflation Reduction Act funding headed to California, we’re decarbonizing our supply chain to produce cleaner air in neighboring communities and meet our climate goals while creating green jobs.”
    “This transformative investment will be a tremendous boost to our efforts to meet our ambitious zero emission goals, improve regional air quality, and combat climate change, while accelerating the port-industry’s transition to zero emissions across the country,” said Port of Los Angeles Executive Director Gene Seroka. “This grant will fund over 400 pieces of ZE cargo handling equipment, replacing nearly one-third of the diesel equipment currently on our docks, and eliminating over 40,000 tons of greenhouse gas emissions annually. This successful application is the culmination of a deep partnership with environmental justice groups, labor, the private sector, and stakeholders at all levels of government, and we’ll continue to work with our local communities to ensure this investment delivers benefits in their neighborhoods. We thank Senator Padilla, the EPA and the Biden-Harris Administration for their unprecedented support of our ambition and look forward to delivering on our commitment to cleaner air for future generations.”
    “Special thanks to U.S. Senator Alex Padilla for his continued advocacy on supply chain decarbonization,” said Port of Oakland Executive Director Danny Wan. “These Clean Ports grant funds will allow us to bring hundreds of additional zero emissions equipment and vehicles to our seaport resulting in more environmental and economic benefits for the region.” 
    “The funding Senator Padilla has helped to secure from the EPA will be transformational for the Port of Stockton. These funds will significantly decrease freight-related emissions in the Central Valley by transitioning more than 90 percent of our cargo-handling equipment to Zero Emissions. We have been working hard over the years to reduce emissions and replace diesel powered cargo handling equipment with Zero Emission technology and this grant will springboard our efforts. We look forward to leveraging this support to further our advancements in zero-emission equipment and foster a more sustainable future for all,” said Port of Stockton Director Kirk DeJesus.
    “The Port of San Diego is grateful to Senator Padilla for his continued advocacy of the work we are doing to get closer to our goal of becoming a zero emissions operation,” said Chairman Frank Urtasun, Port of San Diego Board of Port Commissioners. “Modernizing our cargo terminals is a win for our maritime tenants, cargo trade business, and most importantly for our public health goals. Together we are delivering on our promise to those who live, work, and play on and around San Diego Bay.”
    “We are grateful for the U.S. EPA’s award to the Port of San Francisco,” said Elaine Forbes, Executive Director of the Port of San Francisco. “This major investment will allow us to complete the Mission Bay Ferry Landing and to achieve an electric fleet, with zero emissions. We look forward to working with our partners at San Francisco Bay Ferry and the SFPUC to provide Bay Area residents with the nation’s first zero-emission ferry network, and to bring ferry service to Mission Bay. These EPA funds will also support access to critical, well-paying jobs in the maritime trades.”
    “This grant represents an enormous push forward for the nation’s first high-speed zero-emission ferry network,” said Jim Wunderman, Chair of the SF Bay Ferry Board of Directors. “SF Bay Ferry will provide a critical transportation link to Mission Bay, an incredibly successful development hub in San Francisco. And because of the EPA’s decision, we’ll be able to do so with clean, reliable and efficient electric ferries. Thank you to Senator Padilla and the Bay Area Congressional Delegation for their support in winning this transformational grant.”
    “The EPA Clean Ports announcement is exciting news for the Port of Hueneme,” said Celina Zacarias, President of the Oxnard Harbor District/Port of Hueneme. “We have the funding to accelerate the Board’s policy to decarbonize the port.”
    “The $43 million EPA Clean Ports Grant is transformative for the Port of Hueneme,” said Kristin Decas, President & CEO of the Port of Hueneme. “We are grateful for the support and leadership of Senator Padilla to help secure these critical dollars for the betterment of communities adjacent to Ports throughout California.”
    “The Port of Redwood City applauds the EPA for this investment to facilitate the long-range planning and create a roadmap towards decarbonization by diversifying fueling options of Port operations,” said Kristine A. Zortman, Executive Director. “This investment represents an opportunity to create new jobs in a transformative sector of energy production furthering our environmental stewardship, workforce development, and emissions reductions.”
    California ports receiving funding from the Clean Ports Program include:
    Port of Los Angeles — $411.69 million: This project aims to accelerate the port’s transition toward ZE on-terminal operations by significantly reducing air pollution in and around the port, deploying ZE cargo handling equipment (CHE), and enhancing electric vehicle charging infrastructure. The funding will help acquire over 400 pieces of ZE CHE and 250 ZE drayage trucks and associated charging infrastructure, replace nearly 30 percent of the Port’s diesel-burning CHE fleet, and eliminate 41,500 tons of carbon dioxide and 55 tons of NOx emissions annually. The port will also install cutting-edge power management systems, innovative heavy-duty drayage truck and charging deployments, and one of the world’s first shore-power support systems for auto carrier vessels.
    Port of Oakland — $322.17 million: This project will support the vision of reducing emissions and fully decarbonizing port acti­­vities by transitioning to ZE alternatives for drayage trucks and cargo handling equipment. This includes the purchase of 762 pieces of ZE equipment (battery electric or hydrogen fuel cell) to complete a nearly 100 percent­­ conversion of all cargo handling equipment to zero emissions technologies.
    Port of Stockton — $110.47 million: This project will transform the port into the first small port with ZE terminal operations and increase the ZE workforce in Northern California. The port will reduce greenhouse gas emissions, particulate matter, and nitrogen oxide by acquiring electric forklifts, cranes, terminal tractors, and a mobile railcar indexer; obtaining a direct current fast charger; implementing a shore power system; and deploying rooftop solar power and battery energy storage to power new equipment.
    Port of San Diego — $58.6 million: This project will support the port’s longstanding commitment to the electrification of San Diego’s maritime cargo handling facilities and freight transportation by implementing the final electrification elements to transform San Diego’s maritime cargo terminals and the goods movement network on San Diego Bay. These funds will help construct all remaining improvements to the Port’s Tenth Avenue Marine Terminal’s (TAMT) legacy 12kv loop to support all future investments in electrical infrastructure and install a grid-based shore power systems to connect ocean-going vessels and support electric commercial harbor craft homeported at TAMT and deployed throughout San Diego Bay, among other improvements.
    Port of San Francisco — $55.39 million: This investment will transition ferry operations along the San Francisco waterfront to zero-emissions, removing 455,000 metric tons of carbon dioxide greenhouse gases and enhancing air quality at the Port of San Francisco and throughout the Bay Area airshed. The project will also connect disadvantaged communities with high-paying employment centers. The funding will deliver a series of projects that will complete the establishment of the first ZE fast ferry network in the country, connecting the two visitor and employment centers of Downtown San Francisco and Mission Bay with the emerging waterfront neighborhood on Treasure Island.
    Port of Hueneme — $42.29 million: The Port of Hueneme Reducing Emissions, Supporting Health (PHRESH) project consists of two components: PHRESH START (Sustainable, Thoughtful And Resilient Transformation), which includes planning activities, and PHRESH AIR (Accelerating Implementation and Results), which involves the deployment of roughly 35 pieces of ZE terminal equipment and a drayage truck incentive program.
    Port of Redwood City — $1.97 million: This project, in partnership with a private entity, includes climate and air quality planning for hydrogen-based fueling and infrastructure.
    Grants from the Zero-Emission Technology Deployment Competition will slash mobile source emissions (criteria pollutants, air toxics, and greenhouse gases) at California ports, while grants from the Climate and Air Quality Planning Competition will fund emissions inventories, strategy analysis, community engagement, and resiliency measure identification to strengthen zero-emissions port operations and reduce air pollution.
    Senator Padilla believes decarbonizing our ports is vital for powering economic growth and protecting public health. Last year, he announced $74.5 million from the Department of Transportation Maritime Administration to decarbonize, upgrade, and rehabilitate key ports along California’s coast. He has consistently pushed for funding through the Bipartisan Infrastructure Law for California’s ports, including over $283 million for the Port of Long Beach last year, $94 million in port infrastructure grant funding in 2022, and over $57 million in 2021. Earlier this year, Padilla announced that the Ports of Los Angeles and Long Beach (San Pedro Ports) will receive more than $112 million through the FY 2024 U.S. Army Corps of Engineers Work Plan for critical construction upgrades and operations and maintenance activities.
    Last year, Senator Padilla and Representative Nanette Barragán (D-Calif.-44) led 16 California lawmakers in urging EPA Administrator Michael Regan to grant authorization for the California Air Resources Board’s (CARB) request for its Ocean-going Vessels At-Berth Regulation, which would reduce air pollution in California and protect the health of millions of people who are impacted by emissions from diesel-powered ships. Additionally, Padilla and Senator Sheldon Whitehouse (D-R.I.) introduced the Clean Shipping Act of 2023 to reduce air pollution within the shipping industry and protect the health of port communities.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Announces Over $279 Million in Rail Grants for California

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)
    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) announced that the Department of Transportation (DOT) awarded 12 grants to California rail infrastructure projects totaling over $279 million. The grants are part of the DOT’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Grant Program, which funds projects to improve the safety, efficiency, and reliability of intercity passenger and freight rail. The Bipartisan Infrastructure Law has nearly tripled funding for this program — with $5 billion available from 2022 to 2026.
    “The Bipartisan Infrastructure Law is delivering hundreds of millions of dollars to make rail transit more efficient and safer for Californians,” said Senator Padilla. “Modernizing and building out our rail networks will help lower our carbon emissions, create good-paying jobs, and keep commuters and goods moving across the state. This announcement includes a crucial federal investment in the LOSSAN rail corridor, bolstering efficiency and climate resiliency against rising sea levels and erosion along the California coastline.”
    “CARB’s success securing a federal CRISI grant on behalf of California’s small locomotive operators is key to the future success of its GO ZERO grant program, which helps match Class III rail operators with grants to convert their fleets to cleaner operations at minimal cost. This grant will help replace 10 dirty diesel locomotives with zero-emission battery electric and hydrogen fuel cell locomotives and install four zero-emission battery chargers to provide substantial emissions reductions in communities surrounding rail operations that often endure a disproportionate public health burden,” said California Air Resources Board (CARB) Chair Liane Randolph.
    “Thank you Senator Padilla for securing this important Bipartisan Infrastructure Law funding for The Portal.  This commitment will complete final design for the track and rail systems connecting two recently completed federal investments: the electrification of Caltrain service and the opening of the largest multimodal transit hub on the west coast, the Salesforce Transit Center in downtown San Francisco.  Connecting Caltrain and California High-Speed Rail with BART and 8 regional bus operators will bring diverse communities closer while reducing climate change impacts and providing residents better access to jobs, housing and economic opportunity,” said Adam Van de Water, Executive Director of the Transbay Joint Powers Authority.
    CRISI grants awarded by the Department of Transportation for FY 2023-24 include:
    Orange County Transportation Authority — $100 million: The Coastal Rail Infrastructure Resiliency Project will make track improvements along Amtrak’s Pacific Surfliner Corridor on infrastructure owned by the Orange County Transportation Authority. The project will bolster safety and climate resilience by stabilizing the track against the effects of sea-level rise and beach erosion, which will increase the reliability of intercity passenger rail, freight, and commuter rail service. It will also decrease delays caused by weather-related incidents in the project area.
    California Air Resources Board — $36.5 million: The Go Zero Emission Rail Operation Project includes the replacement of 10 diesel locomotives with nine zero-emission battery-electric locomotives and one hydrogen fuel cell locomotive, as well as the installation of four battery chargers throughout California. This project will substantially reduce emissions and noise and provide significant benefits to surrounding communities.
    Transbay Joint Powers Authority — $24.7 million: The Downtown Rail Extension (DTX) Final Design for Track and Rail Systems Project will help accommodate California High-Speed Rail (CHSR) and Caltrain commuter rail into the newly built, multimodal Salesforce Transit Center in downtown San Francisco. The project will support the development of the track and rail systems package and perform value engineering, constructability review, and risk management programs associated with the trackwork and rail systems scope for the DTX. This investment will reduce trip time and increase connectivity to other modes.
    Arizona & California Railroad Company — $22.7 million: The Desert Rail Infrastructure Improvement Project will replace approximately 36 miles of rail for the Arizona and California Railroad Company, which will complete the track rehabilitation program for the full 69-mile corridor. This project will enhance safety and improve system and service performance by performing state of good repair upgrades to replace deteriorating 90 lb. rail with 115 lb. rail, resulting in more resiliency, higher speeds, and reduced derailments.
    Modesto and Empire Traction Company — $20.5 million: The Central Valley Green Locomotive Initiative will repower nine existing locomotives. Each locomotive is currently powered by three internal engines, and this project would replace those with a single engine in each locomotive. This would incorporate Tier 4 technology, which is the cleanest technology for diesel locomotives.
    Capitol Corridor Joint Powers Authority — $20 million: The Capitol Corridor Right-of-Way Safety Improvement Program will install security fencing along the Capitol Corridor route in northern California at three identified priority locations: Oakland to Fremont, Richmond to Emeryville, and Fairfield to Suisun City. This investment will prevent pedestrians from trespassing on the railroad right-of-way and deter individuals from intentionally entering the path of oncoming trains. The project is expected to reduce unauthorized access to the right-of-way and associated incidents by 20 percent along the corridor, including in two counties listed under the National Strategy to Prevent Trespassing: Alameda and Contra Costa counties.
    California Department of Transportation — $18.7 million: This project for the San Joaquin Corridor 2nd Platforms at Modesto and Turlock-Denair Amtrak Stations includes station, track, and grade crossing improvements on the San Joaquin Corridor along infrastructure owned by BNSF Railway. The project will create a second platform at two different stations in California’s Central Valley — Modesto and Denair — and install additional track to ease congestion between passenger and freight service. This investment will enhance safety as the project will upgrade three at-grade crossings and improve congestion.
    Trona Railway Company — $13.1 million: This project includes the replacement of six uncontrolled locomotives with three Tier 4 locomotives. It will reduce fuel consumption and greenhouse gas emissions, benefiting the users Trona Railway Company serves and residents in northern San Bernardino County.
    Mendocino Railway — $11.4 million: This project will acquire and repower three Tier 0 diesel-electric switcher locomotives with three Tier 4 diesel-electric switcher locomotives to be put into service along the Mendocino Railway rail line, running from Fort Bragg to Willits. This cleaner technology and locomotive conversion will reduce criteria pollutants and greenhouse gas emissions.
    A full list of California projects awarded CRISI grant funding is available here.
    Senator Padilla has secured hundreds of millions in federal funding to strengthen California’s rail infrastructure, bolstering modern and sustainable rail transit. Last year, he and the late Senator Dianne Feinstein announced $290 million in CRISI rail grants aimed at improving safety, efficiency, and capacity on key routes across the state. Earlier this year, Padilla announced $53.9 million in federal funding for improvements to the San Dieguito River Railway Bridge, which lies along the 351-mile Los Angeles–San Diego–San Luis Obispo (LOSSAN) Rail Corridor, the second busiest intercity passenger rail corridor in the nation. He also celebrated a historic $6 billion federal investment from the Federal Railroad Administration last year in California rail projects, including $3.1 billion for the California High-Speed Rail Authority that he pushed for alongside Feinstein, Speaker Emerita Nancy Pelosi (D-Calif.-11), and Representative Jim Costa (D-Calif.-21).

    MIL OSI USA News –

  • MIL-OSI USA: Seven California ports get more than $1 billion to shift to zero-emission operations, cut pollution

    Source: US State of California 2

    Oct 29, 2024

    What you need to know: The Biden-Harris Administration is granting more than $1 billion to California’s ports to accelerate their transition to zero-emission operations and create good paying jobs.

    SACRAMENTO – California ports are about to become cleaner and more climate friendly thanks to new funding from the Biden-Harris Administration. 

    Today, the U.S. Environmental Protection Agency announced seven California ports are receiving more than $1 billion to build zero-emission infrastructure and implement plans to clean up air quality. California ports received a third of the total funding announced today nationwide. The Port of Los Angeles is receiving the nation’s largest clean ports grant of $411 million, which will help the port shift to zero-emission operations. 

    Thanks to historic support from the Biden-Harris Administration and our state’s Congressional leaders, California’s ports are undergoing a rapid transition to become zero-emission. Cleaner ports means cleaner air for communities up and down our state – this is a huge win for our ports that are the backbone of the fifth largest economy in the world.

    Governor Gavin Newsom

    California’s ports handle about 40% of the nation’s containerized imports and 30% of America’s exports. This funding is key to Governor Newsom’s build more, faster infrastructure agenda. See projects in your community at build.ca.gov.  

    California ports receiving funding from the federal Clean Ports Program include:

    • Port of Los Angeles — $411.69 million: This project aims to accelerate the port’s transition toward ZE on-terminal operations by significantly reducing air pollution in and around the port, deploying ZE cargo handling equipment (CHE), and enhancing electric vehicle charging infrastructure. 
    • Port of Oakland — $322.17 million: This project will support the vision of reducing emissions and fully decarbonizing port acti­­vities by transitioning to ZE alternatives for drayage trucks and cargo handling equipment.  
    • Port of Stockton — $110.47 million: This project will transform the port into the first small port with ZE terminal operations and increase the ZE workforce in Northern California. 
    • Port of San Diego — $58.6 million: This project will support the port’s longstanding commitment to the electrification of San Diego’s maritime cargo handling facilities and freight transportation by implementing the final electrification elements to transform San Diego’s maritime cargo terminals and the goods movement network on San Diego Bay. 
    • Port of San Francisco — $55.39 million: This investment will transition ferry operations along the San Francisco waterfront to zero-emissions, removing 455,000 metric tons of carbon dioxide greenhouse gases and enhancing air quality at the Port of San Francisco and throughout the Bay Area airshed. 
    • Port of Hueneme — $42.29 million: The Port of Hueneme Reducing Emissions, Supporting Health (PHRESH) project consists of two components: PHRESH START (Sustainable, Thoughtful And Resilient Transformation), which includes planning activities, and PHRESH AIR (Accelerating Implementation and Results), which involves the deployment of roughly 35 pieces of ZE terminal equipment and a drayage truck incentive program.
    • Port of Redwood City — $1.97 million: This project, in partnership with a private entity, includes climate and air quality planning for hydrogen-based fueling and infrastructure.

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    MIL OSI USA News –

  • MIL-OSI Video: How Do High-Temperature Gas Reactors Work?

    Source: United States of America – Federal Government Departments (video statements)

    High-temperature gas reactors use helium gas and ceramic materials to stabilize the fission process inside the reactor core.

    They run on ceramic-coated fuel particles and are designed to efficiently produce heat (~750° Celsius) for electricity generation or to drive energy-intensive manufacturing processes, such as hydrogen production.

    High-temperature gas reactors come in two different core designs — prismatic and pebble bed.

    1️⃣ Prismatic Gas Reactors use graphite hexagonal blocks to form the reactor core structure and slow down the neutrons produced by fission to sustain the chain reaction. Each block contains channels for directing helium gas flow and holding stacks of TRISO fuel pellets, known as compacts.

    Fission heats the helium that is being circulated through the core to a secondary system that heats water to create steam. The steam then turns an electric generator to produce emissions-free electricity.

    The gas then returns to the reactor to be reheated in a closed loop cycle.

    2️⃣ Pebble Bed Gas Reactors are essentially big “nuclear gumball machines.” The pebble bed core is filled with TRISO fuel pebbles that are surrounded by graphite reflector blocks. Helium is blown down through the pebble bed to extract the heat into a steam generator that produces electricity.

    The reactor is continuously refueled by adding fresh pebbles into the top of the core as older ones are discharged from the bottom. The discharged pebbles are evaluated to determine whether they will be reinserted into the reactor or placed directly into on-site storage.

    Learn more:

    Follow the Office of Nuclear Energy | U.S. Department of Energy on social media:
    https://www.facebook.com/nuclearenergygov
    https://www.x.com/GovNuclear
    https://www.linkedin.com/showcase/nuclearenergygov

    https://www.youtube.com/watch?v=3vHNf398Gag

    MIL OSI Video –