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Category: Weather

  • MIL-OSI Global: Alberta has long accused Ottawa of trying to destroy its oil industry. That’s a dangerous myth

    Source: The Conversation – Canada – By Ian Urquhart, Professor Emeritus, Political Science, University of Alberta

    “Alberta is a place soaked in self-deception.” Those words began Alberta-based journalist Mark Lisac’s 2004 book aimed at shattering the myths that have unhelpfully animated too much of Alberta’s politics over the past few decades.

    Current and former Alberta politicians are once again embracing and treating separatist grievances seriously. That means it’s time once again to highlight and challenge political misconceptions that have the potential to destroy Canada.

    Oil is the root of one such myth. The misconception? That Ottawa perenially opposes the oil and gas sector and is determined to stop its continued growth. The National Energy Program (1980), the Northern Gateway pipeline project (2016), the Energy East Pipeline (2017) and the proposed greenhouse gas pollution cap allegedly prove Ottawa’s hostility.

    Notably missing from these grievances is the Keystone XL pipeline and the Trans Mountain Expansion Project. Ottawa supported these projects aimed at transporting Alberta oilsands crude to foreign markets. The federal government even purchased the Trans Mountain project from Kinder Morgan in 2018 — not to kill it, but to build it.



    Read more:
    Justin Trudeau’s risky gamble on the Trans Mountain pipeline

    As for Keystone XL, Alberta Premier Jason Kenney thanked Prime Minister Justin Trudeau for supporting the project. This doesn’t fit the separatist narrative, so it’s largely ignored.

    Oilsands booster

    No one should dispute the National Energy Program’s devastating impact on Alberta’s conventional oil and gas sector 40 years ago. But the oilsands, not conventional oil, propelled Canada to its position as the world’s fourth largest oil producer.

    Has Ottawa facilitated or obstructed the spectacular post-1990 growth of oilsands production?

    The record shows that, since the mid-1970s, Ottawa has facilitated and supported the oilsands sector. The federal government helped keep the Syncrude project alive in 1975 when it took a 15 per cent interest in Canada’s second oilsands operation.

    Ironically, Ottawa’s enthusiasm for more, not less, petroleum from the oilsands also appeared in 1980 via the National Energy Program (NEP), the devil in Alberta’s conservative catechism. What most accounts of the NEP don’t mention is that Ottawa offered tax benefits to oilsands companies while stripping them from conventional oil producers.

    Furthermore, the NEP’s “made-in-Canada” pricing effectively guaranteed Syncrude would receive the world price for its production. At $38 per barrel, Syncrude received more than double what conventional producers received. If the NEP was harsh on conventional oil producers, it helped create a golden future for the oil sands.

    In the mid-1990s, Ottawa helped propel the post-1995 oilsands boom. The industry-dominated National Task Force on Oil Sands Strategies sought federal tax concessions to promote oilsands growth. The federal government delivered them in its 1996 budget, despite Prime Minister Jean Chretien’s general concern with cutting the deficit.

    Again, these measures clearly contradict the myth of federal opposition to the oil industry.

    Generous emissions caps

    Ottawa’s policy favouritism towards the oilsands didn’t end there. It has consistently animated the federal government’s treatment of the oilsands in its climate change policies.

    The federal Climate Change Plan for Canada (2002) treated oil and gas leniently. Its measures for large industrial emitters bore a striking resemblance to the climate change policy preferences of the Canadian Association of Petroleum Producers. Suncor and Syncrude, the two leading oilsands producers, estimated these federal proposals would add a pittance, between 20 and 30 cents, to their per barrel production costs.

    Justin Trudeau’s response to Alberta’s 2015 oilsands emissions cap also underlined Ottawa’s favouritism, not hostility, to the dominant player in Canada’s oil patch.

    Rachel Notley’s NDP government set this cap at 100 million tonnes of GHG per year, plus another 10 million tonnes allowed to new upgrading and co-generation facilities. This cap was a whopping 39 million tonnes or 55 per cent higher than what the oilsands emitted in 2014.

    This generous cap contributed to a tremendous increase in oilsands production. Healthy profits became record profits in 2022. Ottawa embraced Alberta’s largesse, incorporating the province’s cap into its post-2015 climate policies.

    Furthermore, Ottawa increased its leniency towards the oilsands by exempting new in-situ (non-mining) oilsands projects in Alberta from the federal Impact Assessment Act. This exemption applies until Alberta’s emissions cap is reached. Canada’s latest National Inventory Report on greenhouse gas emissions reported record oilsands GHG emissions of 89 million tonnes in 2023, still 11 million tonnes shy of the 100 million tonne threshold.

    Weaponizing myths

    Finally, we have today’s proposed national cap on greenhouse gas emissions. Alberta is apoplectic about the cap. But whether or not it’s intentional, Premier Danielle Smith’s outrage feeds into secessionist sentiment by seemingly misrepresenting the cap’s impact on oil and gas production.

    Smith and her environment minister use the work of the Parliamentary Budgetary Officer (PBO) to nurture their “Ottawa hates oil” narrative. They claim the officer’s analysis of the cap’s economic impact showed it “will cut oil and gas production by five per cent, or more than 245,000 barrels per day.”

    This is simply not true.

    In fact, the PBO concluded that, with the cap, oilsands production “is projected to remain well above current levels” — 15 per cent higher than in 2022. The proposed federal emissions cap, like the Alberta NDP’s cap of a decade ago, is higher than current oilsands emissions levels. The PBO concluded the proposed ceiling for oilsands emissions would be six per cent higher than 2022 emissions.

    Ottawa’s proposed cap, in fact, continues its decades-long support of the oilsands.

    Myths are central to our being. When I tell my grandsons about the pot of gold at the end of the rainbow, I hope to inspire curiosity, imagination and interest in their grandmother’s Irish heritage.

    But in politics, fanciful stories can be dangerous. Some weaponize myths, using the fictions at their core to encourage followers to let falsehoods rule their behaviour. That seems to be playing out yet again in Alberta. We must demand better from the political class.

    Ian Urquhart 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. Alberta has long accused Ottawa of trying to destroy its oil industry. That’s a dangerous myth – https://theconversation.com/alberta-has-long-accused-ottawa-of-trying-to-destroy-its-oil-industry-thats-a-dangerous-myth-255908

    MIL OSI – Global Reports –

  • MIL-OSI USA: After 170 Years, Thoreau’s River Observations Inform Our Changing Climate

    Source: US State of Connecticut

    Like an expertly choreographed dance, the sequence and timing of natural events through a season, called phenology, give us clues about how the climate is changing.

    For example, a warmer spring may lead to plants leafing and flowering early, potentially disrupting life cycles of the birds and insects who may miss this crucial window if it happens before they migrate. Climate change is throwing such timing out of balance, and unless it directly impacts humans, we may not notice.

    To study New England’s regional phenology through a historical lens, UConn Department of Earth Sciences Professor Robert Thorson is looking into 10 years’ worth of Henry David Thoreau’s meticulous, systematic records of river behavior from the 1850s to glean insights into climate change. His findings are published in The Concord Saunterer.

    A season is much more than a block of a few months on the calendar; it is a category of phenomena that varies depending on who you ask, says Thorson. For instance, a season differs if you ask a skier, a fisherman, or a student. To understand something as complex as climate change on a personal level requires helping them see that their seasons are being changed and time-shifted, no matter how they define them. This requires a well-established baseline with a clear definition for each season. Thoreau’s “Journal” provides exactly this.

    Replica of Thoreau’s boat, Musketaquid, on the bank of the Sudbury River, Lincoln, MA. (Photo courtesy of Juliet Wheeler)

    “I don’t pick Thoreau for his philosophy, he’s just a damn good observer,” says Thorson. “He is meticulous, he is daily, he is yearly, and he is systematically rigorous about roaming around 50 square miles and recording it day after day after day after day.”

    Thoreau created an impressive data set from 1850 through 1860, including the 6,000 entries Thorson has cataloged so far by reading line-by-line, indexing, and creating a spreadsheet. Thoreau recorded examples of phenology along the river – for instance, when the first ice occurred, when the river was completely frozen, when the first snow fell, and when the breakup of ice occurred.

    “From these observations, we can establish the timings of discrete phenomena from the mid-19th century using simple statistics,” says Thorson. “The next step is to compare those timings with the modern era using publicly available data; for example, minimum stream discharges from the U.S. Geological Survey.”

    Rather than seeing the year on a calendar, Thorson categorized how Thoreau saw not four, but ten discrete seasons whose exact dates were fluid and based on the physical conditions he observed rather than celestial happenings or arbitrary dates. These seasons included breakup, inland sea, aquatic spring, riparian spring, summer, drought, aquatic autumn, riparian autumn, freeze up, and winter white. Thorson details the timings and characteristics of Thoreau’s river seasons using hundreds of direct, dated, and descriptive quotes. Thorson notes that all of Thoreau’s seasons still exist today, though they have shifted in timing and intensity due to climate change.

    Thorson’s idea is to create a then-and-now comparison and to incorporate statistical analysis between Thoreau’s and modern data sets to understand patterns and trends in the complicated phenomena.

    “Even just answering the question of how much earlier ice breakup is occurring would take nothing more than a than simple statistical analysis. This is eminently translatable to the public because many residents of Thoreau country have experienced river breakup in the past,” says Thorson. “They may have had their dock ripped out by river ice, they may have gone swimming on a certain day, but not others. People could relate to this stuff, and that’s essentially what I’m trying to do.”

    Though Thoreau is remembered primarily for his writings while living on Walden Pond, Thorson points out that he actually spent most of his time on three local rivers, whether walking trails, boating, swimming, or skating.

    “This is a guy who skated 60 miles in one day — upriver to the falls at Framingham on the Sudbury River and then he turned around and skated past Concord all the way down to just north of Lowell in Billerica. Then he turned around and skated back home again. On another winter, he measured ice floes two feet thick. Imagine those conditions today. Now the river hardly freezes at all.”

    Researching this project, Thorson was delighted by the sensory detail of Thoreau’s descriptions. For example, on one August day, he felt the baking “dog-day” heat of the air, the silence of laminar streamflow, the “unctuous” iridescent sheen on sluggish water, and the fetid smell of riverbank muck draped by dead lily pads, says Thorson.

    “But within a day, he can feel fall coming, and all of a sudden, the first rains or the cooling air start to bring change. You get a completely different river from the preceding one of drought, or the one with icebergs stampeding down the river, tearing out bridges. All of this is phenology. All can be timed to a specific day.”

    With these phenological details, Thorson has laid the groundwork for creating a record of climate change. Thorson was initially inspired by Thoreau’s phenology when writing his book “The Boatman,” in which he was only able to sketch Thoreau’s river seasons briefly. With this new article, Thorson pulls it all together to identify the specific seasonal thresholds and present the information in Thoreau’s words to show readers how he saw the year. Thorson hopes the paper inspires collaboration with statisticians to help in the next step of analysis.

    “Probably the first thing I’ll do is explore where the modern records are. I also wanted to pull the historic record together and tighten portions into a robust hypothesis. Thoreau’s work is New England’s best record of broad environmental conditions for the mid-19th century. It’s astonishing. It’s two million words,” says Thorson.

    Noting the contrasts between the river phenology Thoreau so thoughtfully detailed and what we can observe today, Thorson says he hopes this work resonates with readers.

    “Breakup is the most instantaneous and dramatic point in the entire year. We don’t think much about it right now, because we don’t have a lot of river ice, but it used to be two feet thick on the river, and that says something sad about how dramatic the climate change has been. You can read dry numerical facts about how New England’s nighttime average temperatures have risen in the 100 years. But when you make climate change dramatic, as with a bridge being torn apart by a spring freshet, that’s a phenomenon associated with emotion. People pay more attention. The personal narrative of a river system year after year after year — that’s what Thoreau gave us.”

    MIL OSI USA News –

  • MIL-OSI Europe: Minutes – Wednesday, 7 May 2025 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2025-05-07

    EN

    EN

    iPlPv_Sit

    Minutes
    Wednesday, 7 May 2025 – Strasbourg

     Abbreviations and symbols

    + adopted
    – rejected
    ↓ lapsed
    W withdrawn
    RCV roll-call votes
    EV electronic vote
    SEC secret ballot
    split split vote
    sep separate vote
    am amendment
    CA compromise amendment
    CP corresponding part
    D deleting amendment
    = identical amendments
    § paragraph

    IN THE CHAIR: Martin HOJSÍK
    Vice-President

    1. Opening of the sitting

    The sitting opened at 09:00.


    2. Negotiations ahead of Parliament’s first reading (Rule 72) (action taken)

    The decisions of the LIBE and PECH committees and (jointly) the SEDE and ITRE committees to enter into interinstitutional negotiations had been announced on 5 May 2025 (minutes of 5.5.2025, item 12).

    Since no requests for vote had been made pursuant to Rule 72(2), the committees responsible had been able to begin negotiations after the expiry of the deadline set.


    3. EU support for a just, sustainable and comprehensive peace in Ukraine (debate)

    Council and Commission statements: EU support for a just, sustainable and comprehensive peace in Ukraine (2025/2685(RSP))

    Adam Szłapka (President-in-Office of the Council) and Ursula von der Leyen (President of the Commission) made the statements.

    The following spoke: Michael Gahler, on behalf of the PPE Group, Yannis Maniatis, on behalf of the S&D Group, Kinga Gál, on behalf of the PfE Group, Adam Bielan, on behalf of the ECR Group, Petras Auštrevičius, on behalf of the Renew Group, Terry Reintke, on behalf of the Verts/ALE Group, Özlem Demirel, on behalf of The Left Group, Hans Neuhoff, on behalf of the ESN Group, Sandra Kalniete, Thijs Reuten, Harald Vilimsky, who also declined to take a blue-card question from Moritz Körner, Alberico Gambino, Marie-Agnes Strack-Zimmermann, Virginijus Sinkevičius, Marc Botenga, who also answered a blue-card question from Sebastian Tynkkynen, Petar Volgin, Fidias Panayiotou, who also answered a blue-card question from Moritz Körner, Rasa Juknevičienė, Brando Benifei, Tom Vandendriessche, Mirosława Nykiel and Heléne Fritzon.

    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    The following spoke: Beata Szydło, Nathalie Loiseau, Mika Aaltola, Francisco Assis, Hannah Neumann, Paulius Saudargas, Marcos Ros Sempere, Roberto Vannacci, Victor Negrescu, Aurelijus Veryga, Hilde Vautmans, Matej Tonin, Danilo Della Valle, Francisco José Millán Mon, Tonino Picula, Pierre-Romain Thionnet, Salvatore De Meo, Raphaël Glucksmann, Merja Kyllönen, Ingeborg Ter Laak, Elena Yoncheva, Seán Kelly, who also answered a blue-card question from Petras Gražulis, Joanna Scheuring-Wielgus, Tamás Deutsch, Rihards Kols, Helmut Brandstätter, Adrián Vázquez Lázara, Vilija Blinkevičiūtė, Krzysztof Hetman, Jonas Sjöstedt, Danuše Nerudová, Tobias Cremer, Tomasz Buczek, Małgorzata Gosiewska, Dan Barna, Wouter Beke, Ignazio Roberto Marino, Irene Montero and Ana Miguel Pedro.

    The following spoke under the catch-the-eye procedure: Michał Szczerba, Juan Fernando López Aguilar, Viktória Ferenc, Arkadiusz Mularczyk, Dainius Žalimas, Jaume Asens Llodrà, Siegbert Frank Droese, Lukas Sieper, Maria Grapini, Damian Boeselager and Petras Gražulis.

    The following spoke: Valdis Dombrovskis (Member of the Commission) and Adam Szłapka.

    The debate closed.

    (The sitting was suspended at 11:19.)


    IN THE CHAIR: Roberta METSOLA
    President

    4. Resumption of the sitting

    The sitting resumed at 11:35.


    5. Commemoration of the 80th anniversary of the end of World War II in Europe

    The President made a statement to mark the 80th anniversary of the end of World War II in Europe.

    António Costa (President of the European Council), Robert Chot (Member of the Belgian Royal National Federation of War Volunteers), Janusz Komorowski (President of the Polish Association of Home Army Soldiers) and Janusz Maksymowicz (Vice-President of the Warsaw Uprising Insurgents Association), addressed the House.

    The House stood for the European anthem performed by soprano Francesca Sorteni, accompanied by Thomas Gautier and Claire Rigaux on violin, Marie Viard on cello and Emma Errara on viola.

    (The sitting was suspended for a few moments.)


    6. Resumption of the sitting

    The sitting resumed at 12:19.

    ⁂

    The following spoke: Valérie Hayer (the President noted her remarks. She pointed out that serving Europe in the House of democracy was an honourable commitment and called for everyone to respect what this represented).


    7. Welcome

    On behalf of Parliament, the President welcomed Dr Denis Mukwege, winner of the 2014 Sakharov Prize and 2018 Nobel Peace Prize, who had taken his seat in the distinguished visitors’ gallery.


    8. Voting time

    For detailed results of the votes, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    8.1. Amending ERDF, Cohesion Fund and Just Transition Fund as regards specific measures to address strategic challenges in the context of the mid-term review ***I (vote)

    Amending ERDF, Cohesion Fund and Just Transition Fund as regards specific measures to address strategic challenges in the context of the mid-term review – (COM(2025)0123 – C10-0063/2025 – 2025/0084(COD))

    REQUEST FOR AN URGENT DECISION by the REGI Committee (Rule 170(5))

    Approved

    Vote: at a later part-session.

    Detailed voting results


    8.2. European Social Fund (ESF+): specific measures to address strategic challenges ***I (vote)

    European Social Fund (ESF+): specific measures to address strategic challenges – (COM(2025)0164 – C10-0064/2025 – 2025/0085(COD))

    REQUEST FOR AN URGENT DECISION by the EMPL Committee (Rule 170(5))

    Approved

    Vote: at a later part-session.

    Detailed voting results


    8.3. Discharge 2023: EU general budget – Commission, executive agencies and European Development Funds (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section III – Commission, executive agencies and the ninth, tenth and eleventh European Development Funds [COM(2024)0272 – C10-0067/2024 – 2024/2019(DEC)] – Committee on Budgetary Control. Rapporteur: Niclas Herbst (A10-0074/2025)

    (Majority of the votes cast)

    PROPOSALS FOR DECISIONS – Commission and executive agencies

    Adopted (P10_TA(2025)0077)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    PROPOSALS FOR DECISIONS – European Development Funds – EDF (9th, 10th and 11th)

    Adopted (P10_TA(2025)0077)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0077)

    Detailed voting results


    8.4. Discharge 2023: EU general budget – European Parliament (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section I – European Parliament [COM(2024)0272 – C10-0068/2024 – 2024/2020(DEC)] – Committee on Budgetary Control. Rapporteur: Monika Hohlmeier (A10-0062/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0078)

    Detailed voting results


    8.5. Discharge 2023: EU general budget – European Council and Council (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section II – European Council and Council [COM(2024)0272 – C10-0069/2024 – 2024/2021(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0052/2025)

    PROPOSAL FOR A DECISION

    Approved (P10_TA(2025)0079)

    Discharge postponed (see Annex V, Article 5(1)(b) to the Rules of Procedure)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0079)

    Detailed voting results


    8.6. Discharge 2023: EU general budget – Court of Justice of the European Union (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IV – Court of Justice [COM(2024)0272 – C10-0070/2024 – 2024/2022(DEC)] – Committee on Budgetary Control. Rapporteur: Cristian Terheş (A10-0050/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0080)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0080)

    Detailed voting results


    8.7. Discharge 2023: EU general budget – Court of Auditors (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section V – Court of Auditors [COM(2024)0272 – C10-0071/2024 – 2024/2023(DEC)] – Committee on Budgetary Control. Rapporteur: Dick Erixon (A10-0047/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0081)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0081)

    Detailed voting results


    8.8. Discharge 2023: EU general budget – European Economic and Social Committee (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VI – European Economic and Social Committee [COM(2024)0272 – C10-0073/2024 – 2024/2025(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0054/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0082)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0082)

    Detailed voting results


    8.9. Discharge 2023: EU general budget – Committee of the Regions (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VII – Committee of the Regions [COM(2024)0272 – C10-0074/2024 – 2024/2026(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0046/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0083)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0083)

    Detailed voting results


    8.10. Discharge 2023: EU general budget – European Ombudsman (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VIII – European Ombudsman [COM(2024)0272 – C10-0075/2024 – 2024/2027(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0055/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0084)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0084)

    Detailed voting results


    8.11. Discharge 2023: EU general budget – European Data Protection Supervisor (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IX – European Data Protection Supervisor [COM(2024)0272 – C10-0076/2024 – 2024/2028(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0053/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0085)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0085)

    Detailed voting results


    8.12. Discharge 2023: EU general budget – European External Action Service (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section X – European External Action Service [COM(2024)0272 – C10-0072/2024 – 2024/2024(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0069/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0086)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0086)

    Detailed voting results


    8.13. Discharge 2023: European Public Prosecutor’s Office (vote)

    Report on discharge in respect of the implementation of the budget of the European Public Prosecutor’s Office for the financial year 2023 [COM(2024)0272 – C10-0077/2024 – 2024/2029(DEC)] – Committee on Budgetary Control. Rapporteur: Tomáš Zdechovský (A10-0051/2025)

    (Majority of the votes cast)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0087)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0087)

    Detailed voting results


    8.14. Discharge 2023: Agencies (vote)

    Report on discharge in respect of the implementation of the budget of the European Union Agencies for the financial year 2023 [COM(2024)0272 – C10-0078/2024 – 2024/2030(DEC)] – Committee on Budgetary Control. Rapporteur: Erik Marquardt (A10-0065/2025)

    (Majority of the votes cast)

    European Union Agency for the Cooperation of Energy Regulators (ACER)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Agency for Support for BEREC

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Translation Centre for the Bodies of the European Union (CdT)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Centre for the Development of Vocational Training (Cedefop)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Law Enforcement Training (CEPOL)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Aviation Safety Agency (EASA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Banking Authority (EBA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Centre for Disease Prevention and Control (ECDC)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Chemicals Agency (ECHA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Environment Agency (EEA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Fisheries Control Agency (EFCA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Food Safety Authority (EFSA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Institute for Gender Equality (EIGE)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Insurance and Occupational Pensions Authority (EIOPA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Institute of Innovation and Technology (EIT)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Labour Authority (ELA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Medicines Agency (EMA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Monitoring Centre for Drugs and Drug Addiction (now European Union Drugs Agency)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Maritime Safety Agency (EMSA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Cybersecurity (ENISA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Railways (ERA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Euratom Supply Agency (ESA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Securities and Markets Authority (ESMA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Training Foundation (ETF)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Asylum (EUAA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge and closure of the accounts was postponed (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for the Operational Management of Large-Scale IT Systems in the Area of Freedom, Security and Justice (eu-LISA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Agency for Safety and Health at Work (EU-OSHA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Foundation for the Improvement of Living and Working Conditions (Eurofound)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Criminal Justice Cooperation (Eurojust)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Law Enforcement Cooperation (Europol)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for the Space Programme (EUSPA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Fundamental Rights (FRA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Border and Coast Guard Agency (Frontex)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0088)

    Detailed voting results


    8.15. Discharge 2023: Joint Undertakings (vote)

    Report on discharge in respect of the implementation of the budget of the EU joint undertakings for the financial year 2023 [COM(2024)0272 – C10-0079/2024 – 2024/2031(DEC)] – Committee on Budgetary Control. Rapporteur: Michal Wiezik (A10-0056/2025)

    (Majority of the votes cast)

    Clean Aviation Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Circular Bio-based Europe Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Clean Hydrogen Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Europe’s Rail Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European High Performance Computing Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Joint Undertaking for ITER and the Development of Fusion Energy

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Global Health EDCTP3 Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Innovative Health Initiative Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Chips Joint Undertaking (before 21.9.2023: Key Digital Technologies Joint Undertaking)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Single European Sky ATM Research 3 Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Smart Networks and Services Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0089)

    Detailed voting results


    8.16. A revamped long-term budget for the Union in a changing world (vote)

    Report on a revamped long-term budget for the Union in a changing world [2024/2051(INI)] – Committee on Budgets. Rapporteurs: Siegfried Mureşan and Carla Tavares (A10-0076/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 9).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0090)

    Detailed voting results


    8.17. The European Water Resilience Strategy (vote)

    Report on the European Water Resilience Strategy [2024/2104(INI)] – Committee on the Environment, Climate and Food Safety. Rapporteur: Thomas Bajada (A10-0073/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 13).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0091)

    Detailed voting results


    8.18. 2023 and 2024 reports on Türkiye (vote)

    2023 and 2024 Commission reports on Türkiye [2025/2023(INI)] – Committee on Foreign Affairs. Rapporteur: Nacho Sánchez Amor (A10-0067/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 14).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0092)

    The following had spoken:

    Nacho Sánchez Amor (rapporteur), to move an oral amendment to add a new paragraph after paragraph 31. Parliament had agreed to put the oral amendment to the vote.

    Jordan Bardella, to move an oral amendment to add a new paragraph after paragraph 36. Parliament had not agreed to put the oral amendment to the vote as more than 39 Members had opposed it.

    Detailed voting results


    8.19. 2023 and 2024 reports on Serbia (vote)

    Report on the 2023 and 2024 Commission reports on Serbia [2025/2022(INI)] – Committee on Foreign Affairs. Rapporteur: Tonino Picula (A10-0072/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 16).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0093)

    The following had spoken:

    Tonino Picula (rapporteur), to move an oral amendment to paragraph 23. Parliament had agreed to put the oral amendment to the vote.

    Detailed voting results


    8.20. 2023 and 2024 reports on Kosovo (vote)

    Report on the 2023 and 2024 Commission Reports on Kosovo [2025/2019(INI)] – Committee on Foreign Affairs. Rapporteur: Riho Terras (A10-0075/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 17).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0094)

    Detailed voting results

    20

    (The sitting was suspended at 13:39.)


    IN THE CHAIR: Javi LÓPEZ
    Vice-President

    9. Resumption of the sitting

    The sitting resumed at 13:44.


    10. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    11. Winning the global tech race: boosting innovation and closing funding gaps (topical debate)

    The following spoke: Eva Maydell to open the debate proposed by the PPE Group.

    The following spoke: Adam Szłapka (President-in-Office of the Council) and Costas Kadis (Member of the Commission).

    The following spoke: Pablo Arias Echeverría, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Julie Rechagneux, on behalf of the PfE Group, Elena Donazzan, on behalf of the ECR Group, Christophe Grudler, on behalf of the Renew Group, Kim Van Sparrentak, on behalf of the Verts/ALE Group, Leila Chaibi, on behalf of The Left Group, Marcin Sypniewski, on behalf of the ESN Group, Tomislav Sokol, Christel Schaldemose, Kosma Złotowski, Svenja Hahn, David Cormand, Milan Mazurek, Massimiliano Salini, Giorgio Gori, Philippe Olivier, Charlie Weimers, Morten Løkkegaard, Eszter Lakos, Laura Ballarín Cereza, Diego Solier, Fernando Navarrete Rojas, Matthias Ecke, Mario Mantovani and Elena Sancho Murillo.

    The following spoke: Costas Kadis and Adam Szłapka.

    The debate closed.


    12. Competition policy – annual report 2024 (debate)

    Report on competition policy – annual report 2024 [2024/2079(INI)] – Committee on Economic and Monetary Affairs. Rapporteur: Lara Wolters (A10-0071/2025)

    Lara Wolters introduced the report.

    The following spoke: Teresa Ribera (Executive Vice-President of the Commission).

    The following spoke: Andreas Schwab, on behalf of the PPE Group, and Thomas Bajada, on behalf of the S&D Group.

    IN THE CHAIR: Antonella SBERNA
    Vice-President

    The following spoke: Pierre Pimpie, on behalf of the PfE Group, Francesco Ventola, on behalf of the ECR Group, Stéphanie Yon-Courtin, on behalf of the Renew Group, Kira Marie Peter-Hansen, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, Rada Laykova, on behalf of the ESN Group, Markus Ferber, René Repasi, Enikő Győri, Marlena Maląg, Marie Toussaint, Marcin Sypniewski, Branislav Ondruš, who also answered a blue-card question from João Oliveira, Georgios Aftias, Nikos Papandreou, Dirk Gotink, Adnan Dibrani, Marco Falcone and Jonás Fernández.

    The following spoke under the catch-the-eye procedure: Ralf Seekatz, Sebastian Tynkkynen, Petras Gražulis, João Oliveira and Alexander Jungbluth.

    The following spoke: Teresa Ribera and Lara Wolters.

    The debate closed.

    Vote: 8 May 2025.


    13. Resilience and the need to improve the interconnection of energy grid infrastructure in the EU: the first lessons from the blackout in the Iberian Peninsula (debate)

    Council and Commission statements: Resilience and the need to improve the interconnection of energy grid infrastructure in the EU: the first lessons from the blackout in the Iberian Peninsula (2025/2686(RSP))

    Adam Szłapka (President-in-Office of the Council) and Dan Jørgensen (Member of the Commission) made the statements.

    The following spoke: Dolors Montserrat, on behalf of the PPE Group, Nicolás González Casares, on behalf of the S&D Group, Jorge Buxadé Villalba, on behalf of the PfE Group, Diego Solier, on behalf of the ECR Group, Anna Stürgkh, on behalf of the Renew Group, Diana Riba i Giner, on behalf of the Verts/ALE Group, Estrella Galán, on behalf of The Left Group, Petr Bystron, on behalf of the ESN Group, Paulo Cunha, who also answered a blue-card question from Petras Gražulis, Francisco Assis, António Tânger Corrêa, who also answered a blue-card question from Bruno Gonçalves, Patryk Jaki, Oihane Agirregoitia Martínez, Jaume Asens Llodrà, Irene Montero, Marc Jongen, Lefteris Nikolaou-Alavanos, François-Xavier Bellamy, who also answered a blue-card question from Nicolás González Casares, Sofie Eriksson, Paolo Borchia, Nora Junco García, Christophe Grudler, Pernando Barrena Arza, Pilar del Castillo Vera, who also declined to take a blue-card question from Nicolás González Casares, and Elena Sancho Murillo.

    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    The following spoke: András Gyürk, Nicolas Bay, Michał Kobosko, João Oliveira, Ana Miguel Pedro, Bruno Gonçalves, Pascale Piera, Daniel Obajtek, Seán Kelly, Bruno Tobback, Georg Mayer, Aleksandar Nikolic and Juan Carlos Girauta Vidal.

    The following spoke under the catch-the-eye procedure: Davor Ivo Stier, Susana Solís Pérez, Sebastian Tynkkynen, Maria Zacharia and Lukas Sieper.

    The following spoke: Dan Jørgensen and Adam Szłapka.

    The debate closed.


    14. High levels of retail food prices and their consequences for European consumers (debate)

    Council and Commission statements: High levels of retail food prices and their consequences for European consumers (2025/2687(RSP))

    Adam Szłapka (President-in-Office of the Council) and Costas Kadis (Member of the Commission) made the statements.

    The following spoke: Tomislav Sokol, on behalf of the PPE Group, Camilla Laureti, on behalf of the S&D Group, Gilles Pennelle, on behalf of the PfE Group, Stefano Cavedagna, on behalf of the ECR Group, Asger Christensen, on behalf of the Renew Group, David Cormand, on behalf of the Verts/ALE Group, Hanna Gedin, on behalf of The Left Group, Milan Mazurek, on behalf of the ESN Group, Carmen Crespo Díaz, Adnan Dibrani, Tomasz Buczek, Veronika Vrecionová, Christine Singer, Ana Miranda Paz, who also answered a blue-card question from João Oliveira, Konstantinos Arvanitis, who also answered a blue-card question from Rody Tolassy, Kateřina Konečná, Péter Magyar, Biljana Borzan, Marieke Ehlers, Sergio Berlato, Ciaran Mullooly, Marc Botenga, Nikolaos Anadiotis, Krzysztof Hetman, Pierfrancesco Maran, Barbara Bonte, Jessika Van Leeuwen, Laura Ballarín Cereza, Margarita de la Pisa Carrión and France Jamet.

    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    The following spoke under the catch-the-eye procedure: Cristina Maestre, Mireia Borrás Pabón, Csaba Dömötör, Sebastian Tynkkynen, Rasmus Andresen, Elena Kountoura, João Oliveira, Lukas Sieper and Maria Zacharia.

    The following spoke: Costas Kadis and Adam Szłapka.

    The debate closed.


    15. Malta’s Golden Passport scheme circumventing EU sanctions against Russia (debate)

    Council and Commission statements: Malta’s Golden Passport scheme circumventing EU sanctions against Russia (2025/2688(RSP))

    Adam Szłapka (President-in-Office of the Council) and Michael McGrath (Member of the Commission) made the statements.

    The following spoke: David Casa, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Jadwiga Wiśniewska, on behalf of the ECR Group, Raquel García Hermida-Van Der Walle, on behalf of the Renew Group, Saskia Bricmont, on behalf of the Verts/ALE Group, Giuseppe Antoci, on behalf of The Left Group, Luděk Niedermayer, Birgit Sippel, Georgiana Teodorescu, who also declined to take a blue-card question from Raquel García Hermida-Van Der Walle, Irena Joveva, Daniel Freund, Peter Agius, Thomas Bajada, who also answered a blue-card question from Raquel García Hermida-Van Der Walle and did not accept a blue-card question from Daniel Freund, Alice Teodorescu Måwe, Daniel Attard, who also answered a blue-card question from Daniel Freund, and Evelyn Regner.

    The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar and Sebastian Tynkkynen.

    The following spoke: Alex Agius Saliba (the President cut off the speaker as his remarks did not constitute a point of order).

    The following spoke under the catch-the-eye procedure: Maria Zacharia.

    The following spoke: Michael McGrath and Adam Szłapka.

    The debate closed.


    16. The role of gas storage for securing gas supplies ahead of the winter season (debate)

    Report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season [COM(2025)0099 – C10-0041/2025 – 2025/0051(COD)] – Committee on Industry, Research and Energy. Rapporteur: Borys Budka (A10-0079/2025)

    Borys Budka introduced the report.

    The following spoke: Dan Jørgensen (Member of the Commission).

    The following spoke: Andrea Wechsler, on behalf of the PPE Group, Jens Geier, on behalf of the S&D Group, András Gyürk, on behalf of the PfE Group, Ondřej Krutílek, on behalf of the ECR Group, Yvan Verougstraete, on behalf of the Renew Group, Marie Toussaint, on behalf of the Verts/ALE Group, Dario Tamburrano, on behalf of The Left Group, Alexander Sell, on behalf of the ESN Group, Jüri Ratas, Nicolás González Casares, Julie Rechagneux, Michael Bloss, Thomas Geisel and Mirosława Nykiel.

    IN THE CHAIR: Ewa KOPACZ
    Vice-President

    The following spoke: Michalis Hadjipantela and Virgil-Daniel Popescu.

    The following spoke under the catch-the-eye procedure: Liudas Mažylis, Sebastian Tynkkynen, Marta Wcisło and Billy Kelleher.

    The following spoke: Dan Jørgensen and Borys Budka.

    The debate closed.

    Vote: 8 May 2025.


    17. Banking Union – annual report 2024 (debate)

    Report on Banking Union – annual report 2024 [2024/2055(INI)] – Committee on Economic and Monetary Affairs. Rapporteur: Ralf Seekatz (A10-0044/2025)

    Ralf Seekatz introduced the report.

    The following spoke: Michael McGrath (Member of the Commission).

    The following spoke: Marco Falcone, on behalf of the PPE Group, Jonás Fernández, on behalf of the S&D Group, Marlena Maląg, on behalf of the ECR Group, Billy Kelleher, on behalf of the Renew Group, Jussi Saramo, on behalf of The Left Group, Costas Mavrides and Giovanni Crosetto.

    The following spoke under the catch-the-eye procedure: Marta Wcisło, Sebastian Tynkkynen and Lukas Sieper.

    The following spoke: Michael McGrath and Ralf Seekatz.

    The debate closed.

    Vote: 8 May 2025.


    18. The fine against TikTok and the need to strengthen the protection of citizens’ rights on social media platforms (debate)

    Commission statement: The fine against TikTok and the need to strengthen the protection of citizens’ rights on social media platforms (2025/2704(RSP))

    Michael McGrath (Member of the Commission) made the statement.

    The following spoke: François-Xavier Bellamy, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Virginie Joron, on behalf of the PfE Group, Gheorghe Piperea, on behalf of the ECR Group, Veronika Cifrová Ostrihoňová, on behalf of the Renew Group, Alexandra Geese, on behalf of the Verts/ALE Group, Konstantinos Arvanitis, on behalf of The Left Group, Mary Khan, Pablo Arias Echeverría, Elisabeth Dieringer, Sandro Gozi, Fidias Panayiotou, Sunčana Glavak, Cynthia Ní Mhurchú and Moritz Körner.

    The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar, Billy Kelleher and Lukas Sieper.

    The following spoke: Michael McGrath.

    The debate closed.


    19. Debate on cases of breaches of human rights, democracy and the rule of law (debate)

    (For the titles and authors of the motions for resolutions, see minutes of 7.5.2025, item I.)


    19.1. Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania

    Motions for resolutions B10-0260/2025, B10-0261/2025, B10-0262/2025, B10-0263/2025, B10-0264/2025 and B10-0265/2025 (2025/2690(RSP))

    Reinhold Lopatka, Marit Maij, Jan-Christoph Oetjen, Catarina Vieira and Tomasz Froelich introduced their groups’ motions for resolutions.

    The following spoke under the catch-the-eye procedure: Lukas Sieper.

    The following spoke: Michael McGrath (Member of the Commission).

    The debate closed.

    Vote: 8 May 2025.


    19.2. Return of Ukrainian children forcibly transferred and deported by Russia

    Motions for resolutions B10-0247/2025, B10-0249/2025, B10-0250/2025, B10-0252/2025, B10-0255/2025 and B10-0258/2025 (2025/2691(RSP))

    Jessika Van Leeuwen, Thijs Reuten, Petras Auštrevičius, Villy Søvndal and Małgorzata Gosiewska introduced their groups’ motions for resolutions.

    The following spoke: Michał Szczerba, on behalf of the PPE Group, and Pina Picierno, on behalf of the S&D Group.

    IN THE CHAIR: Antonella SBERNA
    Vice-President

    The following spoke: Karin Karlsbro, on behalf of the Renew Group, Ingeborg Ter Laak, Sandra Gómez López, Charles Goerens, Lukas Mandl, Pierfrancesco Maran, Isabel Wiseler-Lima, Davor Ivo Stier and Alice Teodorescu Måwe.

    The following spoke under the catch-the-eye procedure: Liudas Mažylis, Nikos Papandreou, Lukas Sieper and Marta Wcisło.

    The following spoke: Michael McGrath (Member of the Commission).

    The debate closed.

    Vote: 8 May 2025.


    19.3. Violations of religious freedom in Tibet

    Motions for resolutions B10-0248/2025, B10-0251/2025, B10-0253/2025, B10-0254/2025, B10-0256/2025 and B10-0259/2025 (2025/2692(RSP))

    Danuše Nerudová, Hannes Heide, Mariusz Kamiński, Engin Eroglu and Ville Niinistö introduced their groups’ motions for resolutions.

    The following spoke: Michael McNamara, on behalf of the Renew Group.

    The following spoke under the catch-the-eye procedure: Vytenis Povilas Andriukaitis and Lukas Sieper.

    The following spoke: Michael McNamara, on the previous speaker’s comments, and Lukas Sieper on Michael McNamara’s contribution.

    The following spoke: Michael McGrath (Member of the Commission).

    The debate closed.

    Vote: 8 May 2025.


    20. Democratic legitimacy and the Commission’s continued authorisation of genetically modified organisms despite Parliament’s objections (debate)

    Commission statement: Democratic legitimacy and the Commission’s continued authorisation of genetically modified organisms despite Parliament’s objections (2025/2645(RSP))

    Olivér Várhelyi (Member of the Commission) made the statement.

    The following spoke: Esther Herranz García, on behalf of the PPE Group, Biljana Borzan, on behalf of the S&D Group, Paolo Inselvini, on behalf of the ECR Group, Martin Häusling, on behalf of the Verts/ALE Group, Nikolas Farantouris, on behalf of The Left Group, Daniel Buda, Maria Noichl, Georgiana Teodorescu and Günther Sidl.

    The following spoke under the catch-the-eye procedure: Kristian Vigenin, Diana Iovanovici Şoşoacă, Vytenis Povilas Andriukaitis and Lukas Sieper.

    The following spoke: Olivér Várhelyi.

    The debate closed.


    21. The illegal visit of President Erdoğan to the occupied areas of Cyprus (debate)

    Council and Commission statements: The illegal visit of President Erdoğan to the occupied areas of Cyprus (2025/2705(RSP))

    Michael McGrath (Member of the Commission) made the statement on behalf of the Commission.

    The following spoke: Loucas Fourlas, on behalf of the PPE Group, Costas Mavrides, on behalf of the S&D Group, Afroditi Latinopoulou, on behalf of the PfE Group, Geadis Geadi, on behalf of the ECR Group (the President reminded the speaker of the rules on conduct), Kai Tegethoff, on behalf of the Verts/ALE Group, and Irene Montero, on behalf of The Left Group.

    The following spoke: Michael McGrath.

    The debate closed.


    22. Explanations of vote


    22.1. Discharge 2023: EU general budget – European External Action Service (A10-0069/2025 – Joachim Stanisław Brudziński) (oral explanations of vote)

    Lynn Boylan


    22.2. Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.


    23. Agenda of the next sitting

    The next sitting would be held the following day, 8 May 2025, starting at 09:00. The agenda was available on Parliament’s website.


    24. Approval of the minutes of the sitting

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.


    25. Closure of the sitting

    The sitting closed at 22:21.


    LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT


    I. Motions for resolutions tabled

    Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0260/2025)
    Catarina Vieira, Nicolae Ştefănuță, Mounir Satouri, Maria Ohisalo, Mélissa Camara, Ville Niinistö
    on behalf of the Verts/ALE Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0261/2025)
    Yannis Maniatis, Francisco Assis, Marit Maij
    on behalf of the S&D Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0262/2025)
    Tomasz Froelich
    on behalf of the ESN Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0263/2025)
    Jan-Christoph Oetjen, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Engin Eroglu, Svenja Hahn, Ilhan Kyuchyuk, Karin Karlsbro, Moritz Körner, Urmas Paet, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Michal Wiezik, Lucia Yar
    on behalf of the Renew Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0264/2025)
    Sebastião Bugalho, Reinhold Lopatka, Michael Gahler, David McAllister, Antonio López-Istúriz White, Ana Miguel Pedro, Davor Ivo Stier, Tomas Tobé, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Danuše Nerudová, Miriam Lexmann, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0265/2025)
    Adam Bielan, Sebastian Tynkkynen, Waldemar Tomaszewski, Ondřej Krutílek, Veronika Vrecionová, Alexandr Vondra, Joachim Stanisław Brudziński, Ivaylo Valchev, Jadwiga Wiśniewska, Assita Kanko, Alberico Gambino, Carlo Fidanza
    on behalf of the ECR Group

    Return of Ukrainian children forcibly transferred and deported by Russia

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0247/2025)
    Merja Kyllönen
    on behalf of The Left Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0249/2025)
    Villy Søvndal, Sergey Lagodinsky, Nicolae Ştefănuță, Mounir Satouri, Maria Ohisalo, Catarina Vieira, Ville Niinistö
    on behalf of the Verts/ALE Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0250/2025)
    Yannis Maniatis, Francisco Assis, Thijs Reuten, Evin Incir, Pina Picierno
    on behalf of the S&D Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0252/2025)
    Petras Auštrevičius, Oihane Agirregoitia Martínez, Abir Al-Sahlani, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Engin Eroglu, Svenja Hahn, Karin Karlsbro, Ľubica Karvašová, Moritz Körner, Ilhan Kyuchyuk, Nathalie Loiseau, Jan-Christoph Oetjen, Urmas Paet, Marie-Agnes Strack-Zimmermann, Eugen Tomac, Hilde Vautmans, Lucia Yar, Michał Kobosko
    on behalf of the Renew Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0255/2025)
    Sebastião Bugalho, Jessika Van Leeuwen, Michael Gahler, David McAllister, Sandra Kalniete, Andrzej Halicki, Antonio López-Istúriz White, Ana Miguel Pedro, Dariusz Joński, Davor Ivo Stier, Tomas Tobé, Reinhold Lopatka, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Danuše Nerudová, Miriam Lexmann, Ondřej Kolář, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Ewa Kopacz, Matej Tonin, Inese Vaidere
    on behalf of the PPE Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0258/2025)
    Adam Bielan, Mariusz Kamiński, Małgorzata Gosiewska, Sebastian Tynkkynen, Michał Dworczyk, Veronika Vrecionová, Ondřej Krutílek, Jaak Madison, Alexandr Vondra, Arkadiusz Mularczyk, Bogdan Rzońca, Roberts Zīle, Ivaylo Valchev, Joachim Stanisław Brudziński, Assita Kanko, Aurelijus Veryga, Jadwiga Wiśniewska, Rihards Kols, Maciej Wąsik, Marlena Maląg, Charlie Weimers, Cristian Terheş
    on behalf of the ECR Group

    Violations of religious freedom in Tibet

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0248/2025)
    Ville Niinistö, Catarina Vieira, Maria Ohisalo, Erik Marquardt, Nicolae Ştefănuță, Mounir Satouri, Leoluca Orlando
    on behalf of the Verts/ALE Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0251/2025)
    Yannis Maniatis, Francisco Assis, Hannes Heide
    on behalf of the S&D Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0253/2025)
    Hermann Tertsch, Jorge Martín Frías, Jaroslav Bžoch, Susanna Ceccardi
    on behalf of the PfE Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0254/2025)
    Engin Eroglu, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Bernard Guetta, Svenja Hahn, Ľubica Karvašová, Moritz Körner, Ilhan Kyuchyuk, Nathalie Loiseau, Karin Karlsbro, Jan-Christoph Oetjen, Marie-Agnes Strack-Zimmermann, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0256/2025)
    Sebastião Bugalho, Danuše Nerudová, Michael Gahler, Antonio López-Istúriz White, Ana Miguel Pedro, Davor Ivo Stier, Tomas Tobé, Reinhold Lopatka, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Miriam Lexmann, Ondřej Kolář, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0259/2025)
    Adam Bielan, Mariusz Kamiński, Waldemar Tomaszewski, Alberico Gambino, Sebastian Tynkkynen, Carlo Fidanza, Małgorzata Gosiewska, Ondřej Krutílek, Veronika Vrecionová, Assita Kanko, Michał Dworczyk, Arkadiusz Mularczyk, Bogdan Rzońca, Alexandr Vondra, Joachim Stanisław Brudziński, Jadwiga Wiśniewska, Maciej Wąsik, Marlena Maląg
    on behalf of the ECR Group


    II. Delegated acts (Rule 114(2))

    Draft delegated acts forwarded to Parliament

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by establishing the content, methodologies, and presentation of the information to be voluntarily disclosed by issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds in the templates for periodic post-issuance disclosures (C(2025)00005 – 2025/2674(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/2631of the European Parliament and of the Council by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority on external reviewers (C(2025)00006 – 2025/2676(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by specifying the type of fees to be charged by ESMA to external reviewers of European Green Bonds, the matters in respect of which fees are due, the amount of the fees, and the manner in which those fees are to be paid (C(2025)00007 – 2025/2677(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the general conditions for the functioning of supervisory colleges, and repealing Commission Delegated Regulation (EU) 2016/98 (C(2025)00701 – 2025/2678(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 23 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards additional data types on alternative fuels infrastructure (C(2025)01912 – 2025/2661(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards common technical requirements for a common application programme interface (C(2025)01913 – 2025/2659(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation amending Regulation (EC) No 1272/2008 of the European Parliament and of the Council as regards the harmonised classification and labelling of certain substances (C(2025)01916 – 2025/2660(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: ENVI
    opinion: IMCO

    – Commission Delegated Regulation amending Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards standards for wireless recharging, electric road system, vehicle-to-grid communication and hydrogen supply for road transport vehicles (C(2025)01918 – 2025/2662(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2015/68 and Delegated Regulation (EU) 2015/208 with regard to vehicle braking requirements and to vehicle functional safety requirements for agricultural and forestry vehicles (C(2025)01944 – 2025/2663(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 3 April 2025

    referred to committee responsible: IMCO

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2023/205 as regards the European Maritime Single Window environment data set (C(2025)02021 – 2025/2667(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 7 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation supplementing Regulation (EU) No 305/2011 of the European Parliament and of the Council by establishing threshold levels and classes of performance for permanent anchor devices and safety hooks (C(2025)02119 – 2025/2670(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 9 April 2025

    referred to committee responsible: IMCO

    – Commission Delegated Directive amending Directive 2005/36/EC of the European Parliament and of the Council as regards the minimum training requirements for the profession of veterinary surgeon (C(2025)02128 – 2025/2671(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 10 April 2025

    referred to committee responsible: IMCO

    – Commission Delegated Regulation amending Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards perfluorooctane sulfonic acid and its derivatives (C(2025)02189 – 2025/2672(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 14 April 2025

    referred to committee responsible: ENVI

    – Commission delegated decision on the unilateral inclusion of sectors by Finland in the emissions trading system within the Union for buildings, road transport and additional sectors pursuant to Article 30j of Directive 2003/87/EC of the European Parliament and of the Council (C(2025)02232 – 2025/2673(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 15 April 2025

    referred to committee responsible: ENVI
    opinion: ITRE

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2023/2197 as regards the date of application (C(2025)02258 – 2025/2675(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: SANT

    – Commission Delegated Regulation supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions and indicators that the EBA is to use to determine whether extraordinary circumstances in the sense of Article 325az(5) and Article 325bf(6) of that Regulation have occurred (C(2025)02287 – 2025/2679(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 23 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the arrangements, systems and procedures to prevent, detect and report market abuse, the templates to be used for reporting suspected market abuse, and the coordination procedures between the competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations (C(2025)02480 – 2025/2684(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 29 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending Annex I to Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards perfluorooctanoic acid (PFOA), its salts and PFOA-related compounds (C(2025)02566 – 2025/2701(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

    referred to committee responsible: ENVI

    – Commission Delegated Regulation (EU)…/ … amending Annex I to Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards UV-328 (C(2025)02567 – 2025/2703(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2024/2910 on the implementation of the Union’s international obligations, as referred to in Article 15(2) of Regulation (EU) No 1380/2013 of the European Parliament and of the Council, under the General Fisheries Commission for the Mediterranean (C(2025)02570 – 2025/2702(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

    referred to committee responsible: PECH


    III. Implementing measures (Rule 115)

    Draft implementing measures falling under the regulatory procedure with scrutiny forwarded to Parliament

    – Commission Regulation correcting certain language versions of Regulation (EU) No 142/2011 implementing Regulation (EC) No 1069/2009 of the European Parliament and of the Council laying down health rules as regards animal by-products and derived products not intended for human consumption and implementing Council Directive 97/78/EC as regards certain samples and items exempt from veterinary checks at the border under that Directive (D010438/05 – 2025/2693(RPS) – deadline: 22 July 2025)
    referred to committee responsible: ENVI
    opinion: AGRI

    – Commission Regulation amending Annex II to Regulation (EC) No 396/2005 of the European Parliament and of the Council as regards maximum residue levels for acetamiprid in or on certain products (D102375/03 – 2025/2664(RPS) – deadline: 4 June 2025)
    referred to committee responsible: ENVI

    – Commission Regulation amending Annex III to Regulation (EC) No 1333/2008 of the European Parliament and of the Council as regards the use of polyvinylpolypyrrolidone (E 1202) as a carrier in colour tablets for the decorative colouring of poultry eggshells (D106245/02 – 2025/2680(RPS) – deadline: 29 June 2025)
    referred to committee responsible: ENVI

    – Commission Regulation amending Regulation (EU) 2023/915 as regards maximum levels of inorganic arsenic in fish and other seafood (D106246/02 – 2025/2681(RPS) – deadline: 29 July 2025)
    referred to committee responsible: ENVI


    IV. Documents received

    The following documents had been received from other institutions:

    – Proposal for transfer of appropriations DEC 05/2025 – Section III – Commission (N10-0013/2025 – C10-0065/2025 – 2025/2078(GBD))
    referred to committee responsible: BUDG

    – Proposal for transfer of appropriations INF 1/2025 – Section VI – Economic and Social Committee (N10-0014/2025 – C10-0078/2025 – 2025/2091(GBD))
    referred to committee responsible: BUDG

    – Proposal for transfer of appropriations No. 2/2025 – Section IX – European Data Protection Supervisor (N10-0015/2025 – C10-0079/2025 – 2025/2092(GBD))
    referred to committee responsible: BUDG


    V. Transfers of appropriations and budgetary decisions

    In accordance with Article 31(1) of the Financial Regulation, the Committee on Budgets had decided to approve the European Commission’s transfers of appropriations DEC 03/2025 and DEC 04/2025 – Section III – Commission.

    In accordance with Article 31(6) of the Financial Regulation, the Council of the European Union had decided to approve the European Commission’s transfers of appropriations DEC 03/2025 and DEC 04/2025 – Section III – Commission.


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Annunziata Lucia, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Berendsen Tom, Berger Stefan, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Bricmont Saskia, Brnjac Nikolina, Brudziński Joachim Stanisław, Bryłka Anna, Buchheit Markus, Buczek Tomasz, Buda Daniel, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Bullmann Udo, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Ciccioli Carlo, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Cristea Andi, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Demirel Özlem, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Di Rupo Elio, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Everding Sebastian, Falcă Gheorghe, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fernández Jonás, Fidanza Carlo, Fiocchi Pietro, Firea Gabriela, Firmenich Ruth, Fita Claire, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glück Andreas, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gómez López Sandra, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Groothuis Bart, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guarda Cristina, Győri Enikő, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Niels Flemming, Hauser Gerald, Häusling Martin, Hava Mircea-Gheorghe, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Homs Ginel Alicia, Humberto Sérgio, Imart Céline, Incir Evin, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovařík Ondřej, Kovatchev Andrey, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lakos Eszter, Lalucq Aurore, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Loiseau Nathalie, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Magyar Péter, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martusciello Fulvio, Marzà Ibáñez Vicent, Mato Gabriel, Mavrides Costas, Maydell Eva, Mayer Georg, Mazurek Milan, Mažylis Liudas, McNamara Michael, Mebarek Nora, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moratti Letizia, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Motreanu Dan-Ştefan, Mularczyk Arkadiusz, Müller Piotr, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Nica Dan, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Olivier Philippe, Omarjee Younous, Ondruš Branislav, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Panayiotou Fidias, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual de la Parte Nicolás, Patriciello Aldo, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pereira Lídia, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pietikäinen Sirpa, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schneider Christine, Schnurrbusch Volker, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Ştefănuță Nicolae, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Teodorescu Georgiana, Teodorescu Måwe Alice, Terheş Cristian, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Turek Filip, Tynkkynen Sebastian, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verougstraete Yvan, Veryga Aurelijus, Vicsek Annamária, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Vind Marianne, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zver Milan

    Excused:

    Verheyen Sabine

    MIL OSI Europe News –

  • MIL-OSI Europe: France: EIB and Groupe BPCE sign an agreement to provide €200 million in support for French agricultural businesses

    Source: European Investment Bank

    • Through an intermediated loan to the BPCE banking group, this operation will help to finance investments made by small businesses and mid-caps in the farming and bioeconomy sectors in France.
    • It will provide special support to young farmers, helping to address one of the most urgent challenges facing the French farming sector.
    • This is the first operation signed by the EIB in France as part of the €3 billion package set up in 2024 to support agricultural businesses.

    The European Investment Bank (EIB) and the BPCE banking group have signed an agreement to mobilise €200 million in loans for small and medium-sized enterprises (SMEs) and mid-caps in the French farming and bioeconomy sectors. This is the first operation that the EIB has signed in France as part of the €3 billion package it approved in 2024 to support businesses in the farming sector.

    The particular focus of this operation is to meet the specific needs of young farmers, thus facilitating the creation of new holdings and the takeover of existing ones. It will help to sustain and create jobs in rural communities by encouraging people to stay in those areas. The operation will help residents to purchase and modernise farms and to invest in sustainable technologies.

    “We are delighted to sign this agreement with Groupe BPCE. It is the first in France as part of the EIB’s €3 billion package to support agricultural businesses, with an emphasis on young farmers. The aim of this operation is to provide affordable and tailored financing to support the agricultural sector on its path to a more sustainable and resilient future,” said EIB Vice-President Gelsomina Vigliotti, who is responsible for operations in the agricultural sector.

    “Thanks to our long-standing partnership with the EIB, we have a credit envelope of €200 million dedicated to the farming and winegrowing sectors. The Banques Populaires and the Caisses d’Epargne will thus be stepping up their support for young farmers, winegrowers and new entrants, encouraging the renewal of generations, which is essential to the vitality of our regions. At the same time, we are committed to supporting projects aimed at accelerating the transition to sustainable agriculture”, added Cédric Glorieux, Director of Products and Solutions, Banque Populaire and Caisse d’Epargne.

    Present at the signing of the agreement in Brussels, as part of the conference on the vision for Agriculture and Food organised by the European Commission the european commissioner for agriculture and food Christophe Hansen welcomed the agreement : “”When launching the €3 billion package last December, the European Commission and the EIB set a clear aim: to support the EU’s agricultural priorities by facilitating generational renewal in a sector that encounters various hurdles in access to finance, and driving the ecological transition in rural areas. Today’s signature is a testament to the essential role these funds play in the agriculture and bioeconomy sectors. We remain committed to meeting the needs of our farmers.”

    Almost all of this finance will be allocated to projects in regions that fall within the scope of European cohesion and transition programmes. In addition, 30% of the funds will be dedicated to projects helping to promote climate action, efficient water use and biodiversity protection. These projects will involve energy-efficient irrigation systems, solar panel installation, low-carbon machinery, soil regeneration, and sustainable resource management. Thanks to the EIB’s operation, SMEs and mid-caps will be able to access loans with more favourable financing conditions and repayment deadlines that are adapted to the business cycle of their investments.

    Background information

    EIB

    The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives, by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. The EIB Group signed more than 100 operations in France in 2024 for a total amount of €12.6 billion, mobilising €62 billion of investment in the real economy. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and unlocked €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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

    Groupe BPCE

    Groupe BPCE is the second-largest banking group in France. It employs 100 000 staff serving 35 million customers worldwide – individuals, professionals, companies, investors and local government. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset and wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The group’s financial strength is recognised by four rating agencies with the following preferred senior long-term ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

    MIL OSI Europe News –

  • MIL-OSI Europe: Portugal: EIB provides €400 million loan to Santander to boost financing for SMEs and mid-caps and the agricultural sector

    Source: European Investment Bank

    • €75 million will go exclusively to the agricultural sector, while €325 million will support small businesses and mid-caps.

    The European Investment Bank (EIB) and Santander have signed a €400 million financing operation to boost investment in small and medium-sized enterprises (SMEs) and mid-caps, as well as to support the agricultural sector in Portugal. The operation aims to improve access to finance for companies operating in strategic sectors, with a view to accelerating development in the agricultural sector and to supporting cohesion regions.

    The operation includes €75 million to be allocated specifically to the agricultural sector under the Pan-European Agricultural Programme. An EIB initiative, this programme aims to strengthen farming and the bioeconomy in Europe, which is one of the EIB’s eight core priorities.

    At least 10% of this amount will support young and newly established farmers. The financing will also be available for the purchase of agricultural land. This is the first operation that the EIB has signed under the €3 billion package launched in 2024 to support businesses in the agricultural sector, with a particular focus on companies led by young entrepreneurs.

    The remaining €325 million will be used to finance SMEs and mid-caps in Portugal. It is expected that around 60% of this figure will be allocated to cohesion regions, promoting economic development in areas where credit is less accessible, and encouraging businesses to modernise.

    “This financing agreement reinforces the EIB’s commitment to sustainable economic growth, ensuring that SMEs and the agricultural sector have access to favourable financing conditions,” said EIB Director-General and Head of Operations Jean-Christophe Laloux. “By supporting young farmers and innovative projects, we are helping to make the Portuguese economy more resilient and competitive.”

    Santander Portugal Executive Board Member Amílcar Lourenço added: “It is with great commitment to our companies that we have concluded yet another agreement with the EIB. Every day we work to provide the best solutions for our clients, and we are aware that sustainable investment decisions are crucial for business growth and for Portugal’s development.”

    This agreement reinforces the EIB’s commitment to supporting the agricultural sector and economic development, promoting financial inclusion and sustainable growth in Portugal.

    To carry out the operation, Santander is issuing debt securities in the form of premium European covered bonds subscribed exclusively by the EIB. In this way, the EIB will provide financing directly to Santander, which in turn will use these resources to support SMEs and mid-caps – including young farmers – thus ensuring better financing conditions.

    Background information

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

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

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

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

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

    About Santander Portugal

    Santander Portugal is a leading bank in the Portuguese financial system, whose mission is to contribute to the development of people and companies. Serving around 3 million customers, Santander’s vision is to be the best open financial services platform, all while acting responsibly and earning the trust of partners, clients, shareholders and society. 

    Santander is the largest private bank in Portugal in terms of credit granted, with a privileged position in segments such as mortgage and corporate credit, and also in profitability and efficiency, with a return on equity of 32.2% in March 2025. The strength of its balance sheet is reflected in high capital ratios (CET1 of 14.2% in March 2025, above the SREP requirement of 8.4%) and high credit portfolio quality (non-performing exposure ratio of 1.5%).

    The bank has been implementing a comprehensive digitalisation strategy, geared towards simplifying processes and innovation, thus providing its clients with a more attentive and personalised service to ensure they have the best possible experience. 

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: UK and Norway accelerate clean energy opportunities

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK and Norway accelerate clean energy opportunities

    British workers and businesses will benefit from more investment in the UK’s clean energy future, with a new partnership signed with Norway.

    • British workers and businesses to benefit from new Green Industrial Partnership with Norway, to unleash clean energy job opportunities
    • partnership will support clean energy investment in the North Sea, including in green hydrogen and offshore wind, as Energy Secretary meets businesses to make the case for investment in UK
    • government driving forward with mission to make the UK a clean energy superpower to deliver energy security and protect billpayers

    On a visit to Oslo this week, Energy Secretary Ed Miliband secured a Green Industrial Partnership with Norwegian counterparts Ministers Terje Aasland and Cecilie Myrseth and met with Norway’s Prime Minister Jonas Gahr Støre.  

    The Energy Secretary also met a number of energy companies to deepen bilateral relationships and make the case for clean energy investment in Britain. Norway is a crucial ally in securing our energy security, which in turn will deliver clean, secure and cheaper power for British families, whilst securing new clean energy manufacturing jobs through the Plan for Change.  

    The ambitious partnership enhances the UK and Norway’s longstanding collaboration on energy and is one of the key deliverables of Prime Minister Keir Starmer’s and Norwegian Prime Minister Støre’s over-arching Strategic Partnership. 

    It focuses on key areas that support the development of renewables. These include offshore wind and grid development, collaboration on the protection of UK and Norwegian offshore infrastructure and reducing barriers to develop a North Sea hub for the cross-border storage of carbon dioxide. 

    This builds on the government’s aim for the North Sea to be at the heart of Britain’s clean energy future and to drive economic growth.

    Energy Secretary Ed Miliband said:

    Energy security is national security – and only by working with key partners like Norway can we accelerate clean power that we control, getting us off the rollercoaster of fossil fuels in these unstable times. 

    Together we can invest in a clean energy future and take advantage of the opportunities ahead in the North Sea, with good clean energy jobs and export opportunities for British business – delivering growth through our Plan for Change.

    Norway’s Minister of Energy Terje Aasland said:

    Norway and the United Kingdom have a unique relationship in the energy sector, characterized by innovation and close cooperation across the North Sea. I am very pleased that today we are establishing a forward-looking partnership to promote the green transition and further strengthen the collaboration between our two countries.

    Minister of Trade and Industry Cecilie Myrseth said:

    This agreement is important for Norwegian industry, especially when it comes to securing value chains for raw materials and clean energy. By combining Norwegian and British strengths, we can create jobs, develop new industries, and enhance our competitiveness.

    Minister of Climate and Environment, Andreas Bjelland Eriksen said:

    A green transition is crucial if we are to meet our climate targets, while also creating new jobs. The partnership with the United Kingdom will strengthen our joint efforts to promote implementation of the Paris Agreement through international climate diplomacy. We will also further develop the close cooperation we have to halt and reverse the deforestation of the rainforest.

    It is estimated that the UK’s seas have the potential to store up to 78 billion tonnes of carbon dioxide, which this partnership could help to unlock to support jobs and reduce emissions across Europe.  

    Research also suggests that closer cooperation on the clean energy transition in the North Seas could lower bills, create up to 51,000 jobs, and add up to £36 billion to the UK economy. By 2030, the North Sea could provide up to 120GW of offshore wind generation, which is enough to power over 120 million homes. This will contribute to the UK and Europe’s energy security in a volatile world, whilst creating significant export opportunities for British business. 

    Norway is a key energy partner for the UK, and the new partnership builds on decades of collaboration and a mutual commitment to support the development of the UK’s offshore sectors in the North Sea. By working with European partners to transform the North Sea basin into a low carbon and renewables powerhouse, the UK can accelerate the global energy transition and lead efforts to combat climate change on the world stage. 

    UK and Norwegian companies are already playing an important role in driving the energy transition forward. This includes firms such as Norwegian energy major Equinor which has invested in UK offshore wind, carbon capture, usage and storage (CCUS) and hydrogen, as well as Europe’s biggest renewables generator, Statkraft, a major developer in the UK alongside other Norwegian companies Fred Olsen and Vårgrønn.  

    This agreement forms part of the UK-Norway Strategic Partnership, covering defence, security, energy and the green transition.

    Notes to editors 

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Lessons in service and humanity from the Red Cross and Red Crescent Movement

    Source: UNISDR Disaster Risk Reduction

    World Red Cross and Red Crescent Day – 8 May – is a fitting moment to reflect on the immense service given by Red Cross and Red Crescent societies around the world, and by their global umbrella organization, the International Federation of Red Cross and Red Crescent Societies – IFRC).

    The Red Cross and Red Crescent is arguably the most iconic socially-oriented global brand. Instantly recognizable, it represents first aid, medical and humanitarian support, community service, and unassuming, practical action in the face of crisis.

    Like so many others, I grew with this venerable Red Cross brand as part of the fabric of my community, my city and my country. But when I entered the world of disaster risk reduction, my relationship with the Red Cross and Red Crescent deepened as I engaged professionally with the people who make up the movement, working tirelessly for their National Societies all around the world.

    In my present role , I have the privilege to work closely with the IFRC and its inspirational Secretary-General, Jagan Chapagain, in steering the UN Secretary-General’s Early Warnings for All Initiative. It is a true privilege to be a partner in this vital undertaking. Fittingly, the IFRC leads the preparedness and response capabilities pillar – drawing on the deep community reach of all the National Societies (UNDRR leads the pillar for disaster risk knowledge; the World Meteorological Organization leads on detection, observation, monitoring, analysis, and forecasting; and the International Telecommunication Union on warning dissemination and communication).

    But this is far from my first experience with the Red Cross and Red Crescent Movement. Over the past three decades, I have worked side by side with Red Cross colleagues in more than two dozen countries, and with every interaction I’ve learnt something new.

    As I reflect on these experiences, a flood of memories returns:

    • Meeting Red Crescent Society of the Islamic Republic of Iran colleagues immediately after landing in Bam after the 2003 earthquake, and jointly launching IFRC and UN Flash Appeals.
    • Collaborating with IFRC colleagues (particularly Madeleen Helmer) during the establishment of the Red Cross Red Crescent Climate Centre.
    • Witnessing the birth of the Maldivian Red Crescent Society in the wake of the Indian Ocean Tsunami.
    • Supporting colleagues and friends from the Nepal Red Cross Society in developing their DP-Net (Disaster Preparedness Net) – a disaster-preparedness network that paid rich dividends in the aftermath of the 2105 Gorkha earthquake.
    • Learning from the volunteers of the Bangladesh Red Crescent Society (BDRCS), who form the bed rock of the country’s Cyclone Preparedness Programme.
    • More recently, engaging with the Vanuatu Red Cross Society, on their leading work on post-earthquake school safety in the country’s recovery.
    • And just this week, exchanging insights with the President of the Spanish Red Cross, who told me how they mobilized the response to Valencia floods. 
    Inspiring recent encounters: With Spanish Red Cross President, Maria del Mar Pageo, and with Vanuatu Red Cross President, Moses Stevens, and Vanuatu Red Cross Secretary General, Dickinson Tevi; and with IFRC Pacific Office Head, Finau Leveni. 

    My experiences are too many to recount them all. But as I reflect on their essence, three core lessons stand out:

    1. First, each interaction with the Red Cross is a humbling experience. It is a gentle invitation to step out of policy wonkishness, reminding us what this work is ultimately about: serving communities – and especially the most vulnerable. We must keep returning to this core question: ‘Are we meeting the needs of those we serve?’
    2. Second, each interaction is always the same yet different! All National Societies are guided by the same humanitarian principles, yet each is deeply rooted in its own social, cultural, and political context. Their organizers and volunteers come from the communities they serve –giving them a superpower of local engagement and impact.
    3. And finally, the Red Cross and Red Crescent Movement shows that voices for societal change don’t always have to be shrill. As auxiliary institutions that work alongside governments – but on their own principled terms – Red Cross and Red Crescent Societies are unique. They get a lot done quietly and unassumingly, and as a result can often operate in contexts where most other assistance providers struggle to gain access.

    On this World Red Cross and Red Crescent Day, I offer my heartfelt congratulations – and thanks – to all my colleagues and friends in the Movement. I’m deeply grateful for the chance to work alongside you.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Prime Minister’s remarks at the London Defence Conference: 8 May 2025

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    Prime Minister’s remarks at the London Defence Conference: 8 May 2025

    Prime Minister’s speech at the London Defence Conference this morning.

    It is a real privilege to be able to speak to you here today on VE Day.

    80 years to the day…

    Since an expectant nation turned on the wireless – as of course it was then…

    To hear Churchill announce victory in our war against Nazi Germany.  

    Just imagine it.

    Beacons lit across the country…

    Bunting up…

    People raising their glasses and thanking the bravery of our armed forces…

    As we will do today.

    And then they came to the streets.

    The late Queen Elizabeth II – who was then a young princess of just 19 –

    Remembering going unnoticed in the crowds, swept up in a ‘tide of happiness and relief’.

    A celebration of defiance… 

    Of sacrifice…

    The courage of that lion-hearted generation…

    The greatest victory in the history of this great nation.

    A victory not just for Britain.

    But for good against the assembled forces of hatred, tyranny and evil…

    For the light of our values – in a world that tried to put them out.

    And, as you know…

    There are people who would happily do likewise today.

    Our values and security are confronted on a daily basis.

    And we have to rise to this moment.

    80 years ago, just round the corner from here, Churchill said…

    “We must begin the task of rebuilding…

    Do our utmost to make this country a land in which all have a chance…

    And in which all have a duty to our countrymen”.

    The post-war generation took on that task on with relish.

    And we must use this moment…

    To do the same.

    Deepening our partnerships with allies old and new –

    From across Europe to meet the defence challenges of our age…

    To the United States…

    an indispensable ally for our economic and national security…

    As you know, talks with the US have been ongoing – and you’ll hear more about that later today.

    But make no mistake – I will always act in our national interest…

    For workers, businesses and families…

    To deliver security and renewal for our country.

    Because the world has changed, decisively.

    I mean, I remember – as some of you will also too…

    The day the Berlin Wall came down in 1989.

    A landmark moment for my generation.

    A sense of freedom, of possibility, of peace.

    European countries finally free to choose their own future.

    I didn’t think then that in my lifetime I would see Russian tanks entering a European country again.

    Yet here we are.

    And here we stand resolutely…

    With the people of Ukraine.

    Together with our allies…

    Showing the strength of our values…

    As well as the value of our strength.

    A few weeks ago, I was with the Prime Minister of New Zealand…

    To visit our forces delivering Operation INTERFLEX in Wiltshire.

    This is a multinational military operation…

    That has trained more than 50,000 Ukrainian troops for the frontline.

    Men and women who are not soldiers by trade…

    Far from it.

    They are accountants, they are builders, businesspeople, you name it.

    Who stepped up from their lives…

    Stepped away from their families…

    And, as veterans did eighty years ago…

    Answered the call to defend freedom and liberty in their homeland.

    And as these brave men and women leave their training in Britain…

    And head to the frontline of freedom…

    They are applauded by their British trainers.  

    I’ve seen this a couple of times now – it’s a really humbling sight.

    A sign of our support and solidary in their struggle…

    Pride and admiration at their courage.  

    Because in this country we know – this isn’t just a fight for freedom and democracy in Ukraine.

    No – it is a new, more dangerous era of history.

    A period of global instability…

    That fuels insecurity for working people here at home.

    The British people have already paid a price for Putin’s aggression in Ukraine, with rising bills and prices.

    Russia already menaces our security…

    They’ve launched cyber-attacks on our NHS.

    Spread disinformation online…

    And we cannot forget, just a few years ago – a chemical weapons attack on our streets in Salisbury.

    In broad daylight, in the heart of England.

    No – the battle lines in Ukraine are the front line for Western values.

    And the argument that defines this age is simple… 

    National security is economic security.

    And that is why we are boosting defence spending, with the largest sustained increase since the Cold War…

    An increase of £13.4bn year on year compared with where we are today. 

    Not just meeting our commitment to spend 2.5% of our GDP on defence…

    But bringing it forward to 2027. 

    And, alongside that, a new ambition for defence spending to rise to 3% of GDP in the next Parliament.

    But look, I do want to be clear – this investment has two objectives.

    Yes of course, the first goal is always the safety and security of the United Kingdom. 

    But the second is to create jobs, wealth and opportunity in every corner of our country. 

    Secure at home, strong abroad.

    You know – at times like this there is a lot of talk about the end of the peace dividend.

    Well, our task now is to seize the defence dividend.

    Felt directly in the pockets of working people.

    Rebuilding our industrial base.

    Creating the jobs of the future.

    The skills for the next generation…

    From the shipyards in Scotland…

    To the missile systems built in Stevenage and Belfast….

    The artillery barrels made at Sheffield forgemasters…

    And the land vehicle development in Wales…

    Mark my words – the British defence industry will be the engine of national renewal.

    Because this isn’t just about increasing our defence spending…

    It’s also about reform and rebuilding.

    And in the coming weeks, we will publish a first-of-its kind, root and branch strategic defence review…

    It will scrutinise every aspect of defence – to determine how we can best meet the threats of today…

    And return Britain to warfighting readiness.

    Alongside our National Security Strategy and our defence industrial strategy…

    We will set out a major overhaul of the British Armed Services…

    Starting by treating our Armed Forces with the respect that they deserve –

    delivering the largest pay rise for over 20 years…

    And good homes for service personnel and their families.

    But also – the biggest shift in mindset in my lifetime –

    To see security and defence…

    Not as one priority amongst many others…

    But as the central organising principle of government –

    The first thought in the morning – the last at night…

    The pillar on which everything else stands or falls.  

    Because – as in 1945…

    This has to be a collective endeavour.

    A national effort.

    A time for the state, business and society to join hands…

    In pursuit of the security of the nation…

    And the prosperity of its people.  

    So whether you’re a world-renowned business…

    Or a smaller, family-run firm…

    You have a vital part to play in boosting Britain’s defences.

    That is why we have launched a new unit – to help SMEs get their foot in the door of the defence supply chain. 

    Because I am clear – the future belongs to the innovators.

    Take the announcement made just last week…

    StormShroud drones…

    Flying as uncrewed guardians to RAF pilots and crew…

    Now, for the first time, made in Britain.

    An investment that supports hundreds of highly skilled jobs…

    Boosting our capabilities for the modern age of drone-based warfare.  

    Possible – only because of industry and military working together.

    Or take the submarines that we’re building in Barrow.

    This one is personal for me.

    Not just because I was there in Barrow at the keel laying in March –

    Not just because I met the workers and the apprentices and saw for myself what it means for them…

    And of course the 42,000 jobs it supports up and down the country…

    It’s also personal for me because just a few days before that visit…

    I went up to the Firth of Clyde, as another boat made in Barrow –

    A Vanguard-class submarine…

    Was coming in off a record-breaking patrol.

    We boarded the sub and met the crew – who had been at sea for months on end.

    And meeting those remarkable men and women is something I’ll never forget.

    There is no greater duty than the one that they carry –

    No task more vital.

    Our security…

    Nato’s security…

    Depends on them.

    They are the quiet custodians of the nation’s greatest capability…

    Part of an unbroken watch that has been maintained for 55 years.

    And in this moment – it’s time for the rest of us to step up and rebuild our country…

    Leading the world in the opportunities of the future.

    Recently, I visited the Carrier Strike Group off the coast of Cornwall…

    And stayed aboard HMS Prince of Wales…

    It was frankly humbling to see F35s taking off with just 100metres of deck to take off – and then returning and hovering to land on a sixpence

    So imagine how I felt later the very same day when I went to see the apprentices at Rolls Royce…Who had made the engines for those very F35s.

    And we need to keep those apprentices busy…

    And mark my words – we are going to do that.

    With the most ambitious programme of work to secure and rebuild our country since 1945.

    Take an example: today, I can announce a £563 million contract to maintain Britain’s fleet of Typhoon fighter jets.

    The backbone of Britain’s air defence…

    Proudly part of the flypast for VE Day that you may have seen on Monday.

    All 130 Typhoons will have their engines maintained by Rolls-Royce…

    Supporting hundreds of jobs in Bristol and beyond…

    Defending British airspace.

    Helping a new generation of service come of age.

    And just imagine – what this means for a young apprentice, aged about 18.

    Entering into the work force with a good job.

    The pride of that work – as a proud I understand from my dad…

    Of knowing that what you do, what you make matters.

    The pride of following in the footsteps of local families…

    Who have been the backbone of their communities for generations.

    The grandchildren of the young men who fought on the beaches of Normandy…

    Now the submariners on a Vanguard-class submarine.

    The descendants of the code breakers at Bletchley…

    Now learning the skills to build a new generation of nuclear submarines in Barrow.

    And the pride of stepping into our national story…

    So those who follow us can say…

    We also rose to meet the moment.

    We also stood firm against tyranny and oppression.

    We also rebuilt Britain – so it serves everyone that serves our country.

    Because on VE day 80 years ago…

    Politicians of all parties and stripes understood that a people who had sacrificed so much were owed a great debt.

    And the truth is – people today are too.

    After years of being buffeted about by insecurity and uncertainty…

    They are owed the same security…

    the same prosperity and peace of mind…

    A good home to live in…

    A well-paid job with strong rights at work…

    An NHS that is there for them when they need it…

    all underpinned by the foundation of national security.

    A defence dividend – that will be felt in the pockets of working people and the prosperity of the country.

    An investment in peace…

    But also an investment in British pride and the British people…

    To build a nation that, once again, lives up to the promises made to that generation…

    Who fought for our values, our freedom and our security.

    Thank you very much indeed.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Even as emissions level off, carbon dioxide in the atmosphere is growing faster than ever. Here’s why

    Source: The Conversation (Au and NZ) – By Issy Borley, Research Technician, CSIRO

    Quality Stock Arts/Shutterstock

    Over the last decade, humanity’s emissions of carbon dioxide (CO₂) have stabilised after a period of huge growth. Average growth is now down to just 0.6% per year, compared to 2% per year in the previous decade. But levelling off isn’t the same as declining – and we’ve levelled off at a very high rate of emissions. The Global Carbon Project estimates human activities released a record high of 10.2 gigatonnes of carbon (GtC) in 2024.

    Last year, the atmosphere’s concentration of CO₂ rose at the fastest rate on record. Over the last decade, atmospheric CO₂ increased an average of 2.4 parts per million (ppm) a year. But last year, concentrations jumped by 3.5 ppm, reaching 424 ppm in the atmosphere. These concentrations are more than 50% higher than the pre-industrial period.

    While we’re burning more fossil fuels than ever, recent emissions growth has been offset by falling rates of deforestation and other land use emissions.

    Why are CO₂ concentrations still rapidly increasing? We’re still pumping massive amounts of long-buried CO₂ into our atmosphere. The only way for this carbon to leave the atmosphere is through natural carbon sinks – and they’re struggling to keep up.

    How do we know the amount of CO₂ in the atmosphere?

    Perched on a remote and windy clifftop on Tasmania’s northwest tip lies the Kennaook/Cape Grim Baseline Air Pollution Station. This station has an important job: monitoring baseline changes in atmospheric gases. The location was chosen because air here has travelled hundreds of kilometres over the ocean in an area unaffected by local pollution.

    CSIRO’s Kennaook/Cape Grim monitoring station on Tasmania’s northwestern tip was chosen because of the clean ocean air.
    Issy Borley, CC BY-NC-ND

    For decades, Australian scientists have directly measured the changes to the atmosphere here. Alongside other monitoring stations worldwide, this gives us an accurate and precise record of changes in greenhouse gases and ozone depleting chemicals in the atmosphere.

    Filling the bathtub

    Carbon dioxide is very good at trapping heat. Over the Earth’s 4.5 billion years, pulses of CO₂ have created hothouse worlds, very different to the pleasant climate humans have enjoyed since the last ice age, about 11,000 years ago. The last time CO₂ went past 400 ppm was likely more than two million years ago.

    It’s easy to confuse CO₂ emissions and concentrations of CO₂ in the atmosphere. Emissions influence atmospheric concentrations, but they are not the same.

    Releasing long-buried carbon back into the atmosphere by burning fossil fuels and producing CO₂ emissions is like turning on the tap in a bathtub and the amount of water in the tub is the atmospheric concentration.

    The Earth has natural ways of dealing with carbon dioxide. Plants, soils and oceans are carbon “sinks” – they all draw down carbon from the atmosphere and store it. Think of them as the bath’s plughole.

    If we think of the atmosphere as a bathtub, our emissions are the tap turned on, natural carbon sinks are the plughole and the water in the bath are the atmospheric CO₂ levels.
    Issy Borley, CC BY-NC-ND

    The problem is, we’re filling up the tub with CO₂ much faster than the Earth’s carbon sinks can pull them out. As a result, CO₂ concentration in the atmosphere rises. Atmospheric CO₂ matters because it is what actually influences climate.

    If we apply current global emissions and scenarios where emissions decrease either steadily or rapidly to the CSIRO Simple Carbon-Climate Model, we can estimate how much our bathtub is likely to fill. These graphs show emissions must be significantly cut before we can start to see a fall in atmospheric concentration.

    Why did CO₂ concentration jump last year?

    The single largest influence in last year’s spike in CO₂ concentration is likely to be changes to carbon sinks.

    Every year, oceans, forests and soils absorb about half the emissions humans produce. But this figure isn’t set – it changes as the Earth’s systems change.

    For instance, plants grow more in wetter years and store more carbon in their structures through photosynthesis and growth.

    But climate change is making fires more intense and more frequent. As trees burn, they release stored carbon back to the atmosphere. Emissions from enormous wildfires in Canada in 2023 and South America in 2024 likely contributed to the atmospheric CO₂ jump.

    Recent research suggests a weakened biosphere has strongly contributed. Severe droughts across the northern hemisphere in 2024 cut the ability of the planet’s soils and plant life to soak up and store CO₂.

    The speed at which carbon sinks soak up CO₂ depends on environmental conditions, which are largely out of our control. As climate change worsens, the capacity of natural carbon sinks to draw down our emissions will likely reduce.

    In the bathtub analogy, water leaves the tub through the plughole. If the plughole narrows, less water can escape and our tub will fill up even faster.

    The main lever we can control is the tap on the bathtub – the emissions we produce. Many nations are now cutting their emissions, but not enough to begin the sharp decline in concentration we need.

    In the 1980s, the Earth’s thin, protective layer of ozone – just 10 parts per million – was being eaten away by chlorofluorocarbons (CFCs) and other chemicals in fridges, air conditioners and aerosol cans. Nations replaced these chemicals and the ozone hole began to close. Fossil fuels are far more important to our current way of life than CFCs were. But we now have good options to replace them across many industries.

    This is a crucial moment. Our current rate of emissions will only cause CO₂ concentrations and global temperatures to rise. Natural carbon sinks will not pull out enough carbon to stabilise our climate on a time frame meaningful to humans. The earlier the action and decrease in emissions, the better our future.

    Issy Borley receives funding from the Australian Bureau of Meteorology.

    Cathy Trudinger 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.

    Ray Langenfelds receives funding from the Australian Bureau of Meteorology.

    – ref. Even as emissions level off, carbon dioxide in the atmosphere is growing faster than ever. Here’s why – https://theconversation.com/even-as-emissions-level-off-carbon-dioxide-in-the-atmosphere-is-growing-faster-than-ever-heres-why-254072

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Banking: Decrease in Danish and European exposure to carbon intensive companies

    Source: Danmarks Nationalbank

    Decrease in carbon intensity 

    In 2024, an average of about 10 tonnes of greenhouse gases were emitted for every million kroner of revenue generated in the listed companies that Danish insurance and pension companies had invested in. This represents a halving since 2020 and only one-third of the carbon intensity in 2018. The same applies to Danish investment funds. The large decrease is related to both fewer investments in the most carbon intensive companies and lower emissions relative to turnover in the individual companies.

    The decrease in carbon intensity has also happened in the euro area. Insurance and pension companies, as well as investment funds in Denmark and the euro area, have altogether invested over kr. 50,000 billion in listed companies, which emit greenhouse gases to varying degrees. Some of these companies have high emissions relative to their revenue, making them more carbon intensive than others. This includes companies in sectors such as utilities, energy, and materials manufacturing.

    Lower exposure can mean fewer risks

    On average, the exposure to carbon intensive companies is lower for Denmark’s insurance and pension companies than for those in the euro area. Based on the latest published figures from the ECB, approximately 20 tonnes of greenhouse gases were emitted in 2021 for every million kroner of revenue generated in the listed companies that the euro area’s insurance and pension sectors had invested in. The same figure was 17 tonnes for Denmark. Calculations from Nationalbanken indicate that this level difference continues to apply in 2024.

    A lower exposure to carbon intensive companies can reduce the so-called transition risks associated with the green transition that investors are exposed to. Thus, carbon intensive companies are more exposed in the event of climate regulations and requirements than other types of companies, and this may have led institutional investors to reduce their portfolio share of these stocks, etc.

    Climate-related indicators for the financial sector

    The European Central Bank, ECB, has published climate-related indicators for the financial sectors of euro area countries since January 2023 (link to data and documentation), and Danmarks Nationalbank has published Danish climate-related indicators since March 2023 (link to sources and methodology). The indicators cover comparable aspects of financed greenhouse gas emissions and exposure to carbon intensive companies through equities and corporate bonds in listed, non-financial companies. Carbon intensity in the investment portfolio is one of these aspects.

    The ECB has published climate-related indicators for the period 2018 to 2021, while Nationalbanken has published data from 2018 to 2024. Nationalbanken has calculated the weighted average carbon intensity for the euro area from 2022 to 2024 for the purpose of this statistical news. The calculation is based on investment data from the ECB’s Securities Holdings Statistics by Sector (SHSS, link), and company-reported emission data from ISS and MSCI. There are minor methodological differences between the ECB’s and Nationalbanken’s estimates, including those related to estimating companies’ revenues and emissions in the case of missing data, although this does not significantly affect the reported level of carbon intensity.

    Weighted Average Carbon Intensity, WACI, is calculated to measure the average carbon intensity of an investment portfolio. WACI expresses the average greenhouse gas emissions (scope 1) for each million kroner in revenue from the listed equities and corporate bonds of non-financial companies included in a given investment portfolio.

    MIL OSI Global Banks –

  • MIL-OSI: Preliminary Results for the twelve months ended 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

      ICG Enterprise Trust plc
    Preliminary Results for the twelve months ended 31 January 2025
    8 May 2025    		  
         
         
      Highlights

    • Actively-managed Portfolio focused on global mid-market private companies generating resilient growth
    • NAV per Share reaches 2,073p; NAV per Share Total Return* of 10.5% during the year and five-year annualised return of 14.5%
    • Portfolio Return* on a Sterling basis of 10.6%; portfolio companies reporting ~15% LTM earnings growth1
    • 40 Full Exits executed at a weighted-average Uplift to Carrying Value of 19.0%
    • Shareholder-focused capital allocation policy: £59m (5% of opening NAV) returned to shareholders in FY252 (FY24: £35m), of which £36m through buybacks (FY24: £13m) and £23m through dividends of 36p per share (FY24: £22m, 33p per share)
    • Wide range of potential outcomes to market transaction activity; secondaries market could present compelling opportunities
    • Sector positioning, strong origination network and robust balance sheet position us well in current environment
    • Post period-end, announced an additional £107m proceeds from a secondary sale and the realisation of Minimax (largest portfolio company, 3.1% of Portfolio at 31 January 2025)

    1 EBITDA, based on Enlarged Perimeter covering 67% of the Portfolio
    2 Based on dividends declared or proposed for Q1 FY25 – Q4 FY25 inclusive, and buybacks up to and including 31 January 2025

    *This is an Alternative Performance Measure. Please refer to the Glossary for the definition.

    		  
         
      Jane Tufnell   Oliver Gardey    
      Chair of ICG Enterprise Trust   Portfolio Manager for ICG Enterprise Trust    
        Today’s results demonstrate that our investment strategy can deliver long-term value. Our portfolio companies grew earnings by 15% in the year1, and ICGT generated NAV per Share Total Return of 10.5%, ending the year with NAV per Share of 2,073p.

    During the year, the Board and Manager have been careful in allocating our shareholders’ capital. New investments continued, deploying £181m and making commitments of £83m. Alongside this, we returned £59m of cash to shareholders (5% of our opening NAV) through buybacks and dividends.

    As we enter another period of uncertainty, I am confident our long-term approach can generate value for our shareholders, and I thank you for your continued support.

    		     Our portfolio companies are delivering solid operational performance (15% earnings growth LTM1). Our resilient Portfolio and robust balance sheet position us well for the current market environment.

    Our active approach to portfolio management is a differentiator for ICGT. As well as making a number of new commitments and investments during the year, we executed a secondary sale post period-end at a 5.5% discount that generated net cash proceeds of £62m for ICGT.

    The investment trust structure enables shareholders to invest efficiently in privately-owned companies. With our track record and network, ICGT is an attractive proposition for those seeking exposure to mature, profitable, cash-generative businesses.

    		    

    PERFORMANCE OVERVIEW

            Annualised
    Performance to 31 January 2025 3 months 6 months 1 year 3 years 5 years 10 years
    Portfolio Return on a Local Currency Basis 2.9% 6.2% 10.2% 8.9% 15.8% 15.3%
    NAV per Share Total Return 4.3% 7.4% 10.5% 8.9% 14.5% 13.8%
    Share Price Total Return 9.7% 1.5% 12.5% 6.6% 9.6% 11.8%
    FTSE All-Share Index Total Return 6.9% 4.3% 17.1% 7.9% 6.6% 6.5%
    Financial year ended: Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025
    Fund performance Portfolio return (local currency) 24.9% 24.4% 10.5% 5.9% 10.2%
    Portfolio return (sterling) 26.4% 27.6% 17.0% 3.2% 10.6%
    NAV £952m £1,158m £1,301m £1,283m £1,332m
    NAV per Share Total Return (%) 22.5% 24.4% 14.5% 2.1% 10.5%
                 
    Investment activity New Investments £139m £304m £287m £137m £181m
    As % opening Portfolio 17% 32% 24% 10% 13%
    Realisation Proceeds £137m £334m £252m £171m £151m
    As % opening Portfolio 17% 35% 21% 12% 11%
                 
    Shareholder experience Closing share price 966p 1,200p 1,150p 1,226p 1,342p
    Total dividends per share 24p 27p 30p 33p 36p
    Share Price Total Return 2.8% 27.1% (2.3)% 9.6% 12.5%
    Total shareholder distributions £17m £21m £22m £35m £59m
    As % Realisation Proceeds 12% 6% 9% 20% 39%
               
    – o/w distributions dividends (%) 94% 86% 91% 63% 38%
    – o/w distributions buybacks (%) 6% 14% 9% 37% 62%
    Portfolio activity overview for FY25 Primary Direct Secondary Total ICG-managed
    Local Currency return 8.2% 16.3% 6.4% 10.2% 8.4%
    Sterling return 8.2% 17.0% 7.3% 10.6% 8.8%
    New Investments £115m £58m £8m £181m £21m
    Total Proceeds £101m £13m £37m £151m £60m
    New Fund Commitments £64m – £20m £83m £20m
    Closing Portfolio value £789m £507m £228m £1,523m £433m
    % Total Portfolio 52% 33% 15% 100% 28%

    COMPANY TIMETABLE
    A presentation for investors and analysts will be held at 11:00 BST today. A link to the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.

        FY25 Final Dividend
    Ex-dividend date   3 July 2025
    Record date   4 July 2025
    Dividend payment date   18 July 2025
    Annual General Meeting
    The Annual General Meeting will be held on Tuesday 24 June 2025. The Board will be communicating the format of the meeting separately in the Notice of Meeting. This will include details of how shareholders may register their interest in attending the Annual General Meeting.    		 Shareholder Seminar
    We will be holding a Shareholder Seminar for institutional shareholders and research analysts at 3:30pm BST on Wednesday 18 June 2025, with registration starting at 3:15pm BST.

    Shareholders should contact icg-enterprise@icgam.com should they wish to attend.

    Please note that for regulatory reasons this event is only open to institutional investors and research analysts.

    ENQUIRIES

    Institutional investors and analysts:  
    Martin Li, Shareholder Relations, ICG +44 (0) 20 3545 1816
    Nathan Brown, Deutsche Numis +44 (0) 20 7260 1426
    David Harris, Cadarn Capital +44 (0) 20 7019 9042
       
    Media:  
    Clare Glynn, Corporate Communications, ICG +44 (0) 20 3545 1395

    ABOUT ICG ENTERPRISE TRUST

    ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US, while offering the added benefit to shareholders of daily liquidity.

    We invest in companies directly as well as through funds managed by ICG plc and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

    NOTES

    Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary includes further details of APMs and reconciliations to International Financial Reporting Standards (“IFRS”) measures, where appropriate.

    In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.

    DISCLAIMER

    The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the “Company”) or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.

    The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

    CHAIR’S STATEMENT

    Dear fellow shareholders,

    For the 12 months to 31 January 2025 ICG Enterprise Trust delivered a NAV per Share Total Return of 10.5% and a Share Price Total Return of 12.5%. Over the last five years, the annualised returns have been 14.5% and 9.6% respectively.

    The Board has declared dividends for the year of 36p (+9% compared to FY24) and reduced ICGT’s share count by 4.3% during the year by returning £36m to shareholders through share buybacks at a weighted average discount of 36.6%.

    INVESTMENT STRATEGY

    The Company’s Portfolio grew 10.2% on a Local Currency Basis during the year (last five years annualised: 15.8%).

    We invest in resilient private companies and are geographically balanced between North America and Europe. During the year we evolved our target portfolio mix towards having more Direct and Secondary Investments, which will help to optimise Portfolio concentration and liquidity.

    COST BASE

    ICGT’s ongoing charges for FY25 were 1.38% (FY24: 1.37%). As a Board, we are committed to providing value for our shareholders and transparent disclosure around our cost. The change in fees and cost savings instigated by the Board in FY24 continued to enhance the net return of our investment strategy delivering £2.0m savings in FY25. We publish a Statement of Expenses that sets out the impact of ICGT’s expenses on the financial returns to shareholders (available at www.icg-enterprise.co.uk/soe) and which has been updated for our FY25 expenses.

    CAPITAL ALLOCATION

    The Board has continued its proactive approach to capital allocation. We balance the potential long-term compounding returns of investments into new portfolio companies with cash returns to shareholders at par via dividends and the value accretion of buying back shares at a discount to NAV. ICGT was the first in our sector to introduce a long-term share buyback programme in FY23, and in FY25 we supplemented this with an opportunistic buyback that has been renewed for FY26.

    Over the last five years, ICGT’s dividend per share has grown at an annualised rate of 9.4% (including the proposed 10.5p final dividend being declared for FY25). The ICGT ordinary dividend per share has now increased for the twelfth consecutive year.

    Since October 2022 our share buybacks have returned £51m to shareholders and acquired shares at a weighted-average discount of 37.5%, increasing NAV per Share by 54p (2.7%). We believe the share buybacks have also increased the liquidity and reduced the volatility of our shares.

    BALANCE SHEET

    We continue to implement our objective of being fully invested through cycles alongside maintaining a robust balance sheet. This allows us to manage our resources in line with our capital allocation policy.

    Having increased our credit facility during the year from €240m to €300m, at 31 January 2025 ICG Enterprise Trust had total available liquidity of £125m and net gearing of 10%. We have announced two transactions post period-end that in aggregate generated Total Proceeds to ICGT of over £100m.

    SALES AND MARKETING

    In aggregate across the Board and Manager we own in excess of 270,000 shares, and are aligned to the success of an investment in ICG Enterprise Trust shares.

    ICGT’s discount remains at levels that the Board feels do not reflect the fundamental value of the shares. The discount is currently 41%. We continue to be challenged by the share price trading at such a discount to NAV and the Board is active in its pursuit of ways to improve the Company’s rating.

    I had a year of strong shareholder engagement, welcomed several new holders to our register and received valuable feedback that has been shared with the Board and Manager. In conjunction with our Manager, our Corporate Broker and our distribution partner we will continue the programme to help the market understand ICGT’s shareholder proposition and its role within investment portfolios.

    OUTLOOK

    Our focus on investing in private equity-owned companies that have resilient growth characteristics gives shareholders access to investments that they cannot reach through public market strategies. ICGT plays a valuable role in our shareholders’ portfolios.

    I believe there is substantial value in our Portfolio and in the new investments the Manager is making on our shareholders’ behalf. Our Portfolio is performing well, and I thank all shareholders for your continued support.

    Jane Tufnell
    Chair
    7 May 2025

    MANAGER’S REVIEW

    Alternative Performance Measures

    The Board and the Manager monitor the financial performance of the Company on the basis of Alternative Performance Measures (‘APM’), which are non-UK-adopted IAS (‘IAS’) measures. The APM predominantly form the basis of the financial measures discussed in this review, which the Board believes assists shareholders in assessing their investment and the delivery of the investment strategy.

    The Company holds certain investments in subsidiary entities. The substantive difference between APM and IAS is the treatment of the assets and liabilities of these subsidiaries. The APM basis ‘looks through’ these subsidiaries to the underlying assets and liabilities they hold, and it reports the investments as the Portfolio APM, gross of the liability in respect of the Co-investment Incentive Scheme. Under IAS, the Company and its subsidiaries are reported separately. The assets and liabilities of the subsidiaries, which include the liability in respect of the Co-investment Incentive Scheme, are presented on the face of the IAS balance sheet as a single carrying value. The same is true for the IAS and APM basis of the cash flow statement.

    The following table sets out IAS metrics and the APM equivalents:

    IFRS (£m) 31 January 2025 31 January 2024 APM (£m) 31 January 2025 31 January 2024
    Investments 1,470 1,296 Portfolio 1,523 1,349
    NAV 1,332 1,283 Realisation Proceeds 151 171
    Cash flows from the sale of portfolio investments 20 41 Total Proceeds 151 239
    Cash flows related to the purchase of portfolio investments 34 25 Total New Investment 181 137

    The Glossary includes definitions for all APM and, where appropriate, a reconciliation between APM and IAS.

    Why private equity

    Every day the lives of those living and working in the US and Western Europe are touched by companies owned by private equity: retailers, payments processors, home security, pet food, health services – the list is long. What typically unites these businesses is that they are profitable and cash generative. These businesses are actively managed by their shareholders, with management teams heavily incentivised to generate returns. Increasingly companies with these characteristics are choosing to grow under private equity ownership and to stay private for longer. Within that, ICGT focuses on a subset of those companies that we expect will generate resilient growth. As more businesses are owned by private equity, we believe it is a structurally attractive allocation within an investment portfolio, with a track record of attractive returns, and significant opportunity to continue that trajectory.

    A share in ICGT gives you access to a unique portfolio of private companies.

    Our investment strategy

    Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit resilient growth characteristics, which we believe will generate strong long-term compounding returns across economic cycles.

    We take an active approach to Portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Secondary and Direct Investments. Geographically, we focus on the developed markets of North America and Europe which have deep and mature private equity markets.

      Medium-term target Five-year average 31 January 2025
    1. Target Portfolio composition 1      
    Investment category      
    Primary ~40-50% 57% 52%
    Direct ~30-35% 28% 33%
    Secondary ~25-30% 15% 15%
    Geography2      
    North America ~50% 40% 46%
    Europe (inc. UK) ~50% 52% 48%
    Other — 8% 6%
           
    2. Balance sheet      
    Net cash/(Net Debt)3 ~0% (1)% (10)%
    1. Five-year average is the linear average of FY exposures for FY21-FY25.
    2. As a percentage of Portfolio.
    3. (Net cash)/debt as a percentage of NAV. Post period-end, we announced Total Proceeds of over £100m from a secondary sale and the realisation of Minimax, see page 14

    ICG Enterprise Trust benefits from access to ICG-managed funds and Direct Investments, which represented 28% of the Portfolio value at period end and generated a 8.4% return on a Local Currency Basis.

    Performance overview

    At 31 January 2025, our Portfolio was valued at £1,523m, and the Portfolio Return on a Local Currency Basis for the financial year was 10.2% (FY24: 5.9%).

    Due to the geographic diversification of our Portfolio, the reported value is impacted by changes in foreign exchange rates. During the period, FX movements affected the Portfolio positively by £5.4m, driven by US dollar appreciation. In sterling terms, Portfolio growth during the period was 10.6%.

    The net result for shareholders was that ICG Enterprise Trust generated a NAV per Share Total Return of 10.5% during FY25, ending the period with a NAV per Share of 2,073p.

    Movement in the Portfolio
    £m    		 Twelve months to 31 January 2025 Twelve months to 31 January 2024
    Opening Portfolio1 1,349 1,406
    Total New Investments 181 137
    Total Proceeds (151) (239)
    Portfolio net cashflow 30 (102)
    Valuation movement2 138 83
    Currency movement 6 (39)
    Closing Portfolio 1,523 1,349
    1. Refer to the Glossary. 

    2. 97% of the Portfolio is valued using 31 December 2024 (or later) valuations (FY24: 94%). 

    		    
    NAV per Share Total Return Twelve months to 31 January 2025 Twelve months to 31 January 2024
    % Portfolio growth (local currency) 10.2% 5.9%
    % currency movement 0.4% (2.7%)
    % Portfolio growth (Sterling) 10.6% 3.2%
    Impact of gearing 0.7% (0.3)%
    Finance costs and other expenses (0.6)% (0.2)%
    Management fee (1.3)% (1.2)%
    Co-investment Incentive Scheme Accrual (0.7)% (0.1)%
    Impact of share buybacks 1.8% 0.7%
    NAV per Share Total Return 10.5% 2.1%

    For Q4 the Portfolio Return on a Local Currency Basis was 2.9% and the NAV per Share Total Return was 4.3%

    Executing our investment strategy

    Commitments
    in the financial year    		 Total New Investments
    in the financial year    		 Growth
    in the financial year    		 Total Proceeds
    in the financial year
    Making commitments to funds, which expect to be drawn over 3 to 5 years Cash deployments into portfolio companies, either through funds or directly Driving growth and value creation of our portfolio companies Cash realisations of investments in Portfolio companies, plus Fund Disposals
    £83m
    (FY24: £153m)    		 £181m
    (FY24: £137m)    		 £138m
    (FY24: £83m)    		 £151m
    (FY24: £239m)

    Commitments

    Our evergreen structure and flexible investment mandate enable us to commit through the cycle, maintaining vintage diversification for our Portfolio and sowing the seeds for future growth.

    During the year we made 7 new Fund Commitments totalling £83.4m, including £19.8m to funds managed by ICG plc, as detailed below:

    Fund Manager Commitment during the period
        Local currency £m
    ICG Strategic Equity V ICG $25.0 m £19.8 m
    Leeds VIII Leeds Equity $20.0 m £15.7 m
    Investindustrial VIII Investindustrial €15.0 m £12.9 m
    Oak Hill VI Oak Hill $15.0 m £11.9 m
    Thoma Bravo XVI Thoma Bravo $15.0 m £11.7 m
    Valeas I Valeas $10.0 m £7.5 m
    American Securities IX American Securities $5.0 m £4.0 m

    At 31 January 2025, ICG Enterprise Trust had outstanding Undrawn Commitments of £553.2m

    Movement in outstanding Commitments Year to 31 January 2025
    £m
    Undrawn Commitments as at 1 February 2024 552.0
    New Fund Commitments 83.4
    New Commitments relating to Direct Investments 65.3
    Total New Investments (181.4)
    Currency and other movements 33.9
    Undrawn commitments as at 31 January 2025 553.2

    Total Undrawn Commitments at 31 January 2025 comprised £419.1m of Undrawn Commitments to funds within their Investment Period, and a further £134.1m was to funds outside their Investment Period.

      31 January 2025
    £m    		 31 January 2024
    £m
    Undrawn Commitments – funds in Investment Period 419.1 434.2
    Undrawn Commitments – funds outside Investment Period 134.1 117.7
    Total Undrawn Commitments 553.2 552.0
    Total available liquidity (including debt facility) (124.6) (195.9)
    Overcommitment net of total available liquidity 428.6 356.1
    Overcommitment % of net asset value 31.1% 27.7%

    Commitments are made in the funds’ underlying currencies. The currency split of the Undrawn Commitments at 31 January 2025 was as follows:

      31 January 2025 31 January 2024
    Undrawn Commitments £m % £m %
    US Dollar 310.3 56.1% 290 52.5%
    Euro 213.1 38.5% 236 42.7%
    Sterling 29.8 5.4% 26 4.8%
    Total 553.2 100.0% 552.0 100.0%

    Investments

    Total new investments of £181.4m during the period, of which 12% (£21.1m) were alongside ICG. New investment by category detailed in the table below:

    Investment Category

    Cost (£m)

    		 % of New Investments
    Primary 115.5 63.6%
    Direct 58.4 32.2%
    Secondary 7.6 4.2%
    Total 181.4 100.0%

    The five largest new investments in the period were as follows:

    Investment Description Manager Country Cost £m1
    Datasite Provider of software focused on virtual data rooms ICG United States 18.4
    Visma Provider of business management software and outsourcing services Hg Norway 14.5
    Audiotonix Manufacturer of audio mixing consoles PAI United Kingdom 14.0
    Multiversity Provider of online higher education courses. ICG/CVC Italy 9.4
    Avid Bioservices Provider of biologics development and manufacturing services GHO United States 7.3
    Top 5 largest underlying new investments 63.6

    1 Represents ICG Enterprise Trust’s indirect investment (share of fund cost) plus any Direct Investments in the period.

    Occasionally ICGT simultaneously has both a realisation from and an investment into the same company in the same period. This typically occurs when an underlying fund sells a company that is purchased by another fund within ICGT’s portfolio. During FY25 shareholders will note that Datasite and Visma appear both in the top 5 realisations and top 5 new investments, which is a result of this situation.

    GROWTH

    The Portfolio grew by £138.0m (+10.2%) on a Local Currency Basis in the 12 months to 31 January 2025.

    Growth across the Portfolio was split as follows:

    • By investment type: growth was spread across Primary (8.2%), Secondary (6.4%) and Direct (16.3%)
    • By geography: North America and Europe experienced growth of 12.1% and 8.4% respectively

    The growth in the Portfolio is underpinned by the performance of our portfolio companies, which delivered robust financial performance during the period:

      Top 30 Enlarged Perimeter
    Portfolio coverage 41% 67%
    Last Twelve Months (‘LTM’) revenue growth 9.0% 11.2%
    LTM EBITDA growth 15.5% 15.3%
    Net Debt / EBITDA 4.0x 4.4x
    Enterprise Value / EBITDA 15.4x 15.2x
    Note: values are weighted averages for the respective portfolio segment; see Glossary for definition and calculation methodology

    QUOTED COMPANY EXPOSURE

    We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested.

    At 31 January 2025, ICG Enterprise Trust’s exposure to quoted companies was valued at £73.1m, equivalent to 4.8% of the Portfolio value (31 January 2024: 4.8%). Across the Portfolio, quoted positions resulted in a £4.3m increase in Portfolio NAV during the period. The share price of our largest listed exposure, Chewy, increased by 119% in local currency (USD) during the period. This positively impacted the Portfolio Return on a Local Currency Basis by approximately 0.8%.

    At 31 January 2025 Chewy was the only quoted investment that individually accounted for 0.5% or more of the Portfolio value:

    Company Ticker 31 January 2025
    % of Portfolio value
    Chewy CHWY-US 2.0%
    Other companies   2.8%
    Total   4.8%

    REALISATIONS

    During FY25, the ICG Enterprise Trust Portfolio generated Total Proceeds of £150.8m.

    Realisation activity during the period included 40 Full Exits generating proceeds of £73.7m. These were completed at a weighted average Uplift to Carrying Value of 19% and represent a weighted average Multiple to Cost of 2.9x for those investments.

    Realisation Manager Description Country Proceeds £m
    VettaFi ICG Provider of master limited partnerships (“MLP”) indices United States 10.2
    Visma ICG Provider of business management software and outsourcing services Norway 8.2
    Datasite ICG Provider of software focused on virtual data rooms United States 7.8
    Compass Community Graphite Provider of fostering services and children residential care United Kingdom 7.4
    IRIS ICG Provider of software and services for the accountancy and payroll sectors United Kingdom 7.0
    Total of 5 largest underlying realisations   40.7

    Balance sheet and liquidity

    Net assets at 31 January 2025 were £1,332m, equal to 2,073p
    per share.

    The Company had net debt of £128m and at 31 January 2025, the Portfolio represented 114% of net assets (31 January 2024: 105%).

      £m % of net assets
    Portfolio 1,523.1 114.3%
    Cash 3.9 0.3%
    Drawn debt (131.9) (9.9)%
    Co-investment Incentive Scheme Accrual (53.9) (4.0)%
    Other net current liabilities (8.8) (0.7)%
    Net assets 1,332.4 100.0%

    Our objective is to be fully invested through the cycle, while ensuring that we have sufficient financial resources to be able to take advantage of attractive investment opportunities as they arise.

    During the year, our balance sheet flexibility was enhanced through an increase in the credit facility size from €240m to €300m. This change was effective from 20 December 2024.

    At 31 January 2025, ICG Enterprise Trust had a cash balance
    of £3.9m (31 January 2024: £11.2m) and total available liquidity of £124.6m (31 January 2024: £195.9m).

      £m
    Cash at 31 January 2024 11.2
    Total Proceeds 150.8
    New investments (181.4)
    Debt drawn down 111.9
    Shareholder returns (58.2)
    Management fees (16.0)
    FX and other expenses (13.5)
    Cash at 31 January 2025 3.9
    Available undrawn debt facilities 120.7
    Total available liquidity 124.6

    Dividend and share buyback

    ICG Enterprise Trust has a progressive dividend policy alongside two share buyback programmes to return capital to shareholders.

    DIVIDENDS

    The Board has declared a dividend of 10.5p per share in respect of the fourth quarter, taking total dividends for the year to 36p (FY24: 33p). It is the twelfth consecutive year of ordinary dividend per share increases.

    SHARE BUYBACKS

    The following purchases have been made under the Company’s share buyback programmes:

      Long-term Opportunistic Total
      FY253 Since inception1 FY253 Since inception2 FY253 Since
    inception
    Number of shares purchased 1,420,500 2,752,688 1,492,175 1,492,175 2,912,675 4,244,863
    % of opening shares since buyback started         4.3% 6.2%
    Capital returned to shareholders £17.3m £32.6m £18.3m £18.3m £35.6m £50.8m
    Number of days shares have been acquired 87 183 11 11 98 194
    Weighted average discount to last reported NAV 37.0% 38.3% 36.2% 36.2% 36.6% 37.5%
    NAV per Share accretion (p)         36.5 54.1
    NAV per Share accretion (% of NAV)         1.8% 2.7%

    1.Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 31 January 2025.

    2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 31 January 2025.

    3. Based on company-issued announcements / date of purchase, rather than date of settlement.

    Note: aggregate consideration excludes commission, PTM and SDRT.

    The Board believes the long-term buyback programme demonstrates the Manager’s discipline around capital allocation; underlines the Board’s confidence in the long-term prospects of the Company, its cash flows and NAV; will enhance the NAV per Share; and, over time, may positively influence the volatility of the Company’s discount and its trading liquidity.

    During the period, the Board announced an opportunistic share buyback programme for FY25 of up to £25m. This is intended to enable us to take advantage of current trading levels, when the ability to purchase shares in meaningful size at a significant discount presents itself. It was renewed for FY26 for an additional year up to £25m.

    Foreign exchange rates

    The details of relevant foreign exchange rates applied in this report are provided in the table below:

      Average rate for FY25 Average rate for FY24 31 January 2025 year end 31 January 2024 year end
    GBP:EUR 1.18 1.15 1.20 1.17
    GBP:USD 1.28 1.25 1.24 1.27
    EUR:USD 1.08 1.08 1.04 1.08

    Activity since the period end

    Notable activity between 1 February 2025 and 31 March 2025 has included:

    • Four new Fund Commitments for a combined value of £64m
    • New investments of £39m
    • Realisation Proceeds of £26m

    From 1 February 2025 up to and including 30 April 2025, 718,000 shares (£8.9m) were bought back at a weighted-average discount to NAV of 37.9%.

    In addition, during the month of April 2025, we announced that proceeds of £107m were received as a result of two transactions:

    • Secondary sale (£62m net proceeds), executed at a discount of 5.5% to 30 September 2024 valuation and realising a 1.6x return on invested cost (15% IRR)
    • Realisation of Minimax (€53m (£45m) proceeds), ICGT’s largest portfolio company at 31 January 2025 (3.1% of Portfolio value). ICG Enterprise Trust is reinvesting €10m in the next stage of Minimax’s growth alongside Management and other investors including certain ICG funds.

    ICG Private Equity Funds Investment Team

    7 May 2025

    SUPPLEMENTARY INFORMATION

    This section presents supplementary information regarding the Portfolio (see Manager’s Review and the Glossary for further details and definitions).

    Portfolio composition

    Portfolio by calendar year of investment % of value of underlying investments
    31 January 2025    		 % of value of underlying investments
    31 January 2024
    2025 0.5% —%
    2024 10.1% —%
    2023 7.6% 6.9%
    2022 18.5% 18.7%
    2021 25.7% 27.9%
    2020 8.6% 11.4%
    2019 10.3% 12.4%
    2018 7.3% 10.5%
    2017 2.2% 4.2%
    2016 and older 9.2% 8.0%
    Total 100.0% 100.0%
    Portfolio by sector % of value of underlying investments
    31 January 2025    		 % of value of underlying investments
    31 January 2024
    TMT 29.9% 25.3%
    Consumer goods and services 18.1% 17.5%
    Healthcare 11.5% 11.3%
    Business services 12.4% 13.1%
    Industrials 7.8% 7.9%
    Education 5.0% 7.4%
    Financials 7.6% 5.7%
    Leisure 4.0% 7.3%
    Other 3.7% 4.5%
    Total 100.0% 100.0%
    Portfolio by fund currency1 31 January 2025
    £m    		 31 January 2025
    %    		 31 January 2024
    £m    		 31 January 2024
    %
    US Dollar 796 52.3% 674 49.9%
    Euro 584 38.4% 555 41.2%
    Sterling 140 9.2% 120 8.9%
    Total 1,523   1,349 100.0%
    1 Currency exposure by reference to the reporting currency of each fund .

    Portfolio Dashboard

    The tables below provide disclosure on the composition and dispersion of financial and operational performance for the Top 30 and the Enlarged Perimeter. At 31 January 2025, the Top 30 Companies represented 40.2% of the Portfolio by value and the Enlarged Perimeter represented 66.9% of total Portfolio value. This information is prepared on a value-weighted basis, based on contribution to Portfolio value at 31 January 2025. Datasets for Top 30 companies and ‘Enlarged perimeter’ are not distinct and will have some overlap.

      % of value at 31 January 2025
    Sector exposure Top 30 Enlarged Perimeter
    TMT 17.3% 30.2%
    Business services 16.9% 13.9%
    Consumer goods and services 14.0% 17.3%
    Industrials 27.3% 8.7%
    Healthcare 8.4% 10.0%
    Education 6.9% 6.5%
    Leisure 6.8% 5.1%
    Financials 2.4% 5.1%
    Other —% 3.2%
    Total 100.0% 100.0%
      % of value at 31 January 2025
    Geographic exposure1 Top 30 Enlarged Perimeter
    North America 43.6% 45.0%
    Europe 50.3% 50.5%
    Other 6.1% 4.5%
    Total 100.0% 100.0%
    1 Geographic exposure is calculated by reference to the location of the headquarters of the underlying Portfolio companies
        % of value at 31 January 2025
    LTM revenue growth Top 30 Enlarged Perimeter
    <-10% 3.2% 4.0%
    `-10-0% 9.0% 10.2%
    0-10% 59.4% 47.0%
    10-20% 15.2% 20.6%
    20-30% 3.6% 5.6%
    >30% 9.6% 10.0%
    n.a.1 —% 2.7%
    Weighted average 9.0% 11.2%
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    LTM EBITDA growth Top 30 Enlarged Perimeter
    <-10% 5.8% 7.2%
    `-10-0% 9.7% 10.3%
    0-10% 31.4% 27.5%
    10-20% 21.9% 23.0%
    20-30% 7.2% 8.9%
    >30% 24.0% 19.9%
    n.a1 —% 3.2%
    Weighted average 15.5% 15.3%
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    EV/EBITDA multiple Top 30 Enlarged Perimeter
    0-10x 8.5% 10.4%
    10-12x 17.2% 16.4%
    12-13x 8.1% 7.8%
    13-15x 18.6% 18.0%
    15-17x 25.9% 21.7%
    17-20x 6.5% 7.7%
    >20x 15.2% 15.4%
    n.a.1 —% 2.6%
    Weighted average 15.4x 15.2x
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    Net Debt / EBITDA Top 30 Enlarged Perimeter
    <2x 27.2% 17.3%
    2-4x 17.3% 19.9%
    4-5x 14.1% 15.7%
    5-6x 6.7% 13.2%
    6-7x 26.0% 17.8%
    >7x 8.7% 11.2%
    n.a.1 —% 5.1%
    Weighted average 4.0x 4.4x
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.

    Top 30 companies
    The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 January 2025. The valuations are gross of underlying managers fees and carried interest.

      Company Manager Year of investment Country Value as a % of Portfolio
    1 Minimax        
      Supplier of fire protection systems and services ICG 2018 Germany 3.1%
    2 Froneri        
      Manufacturer and distributor of ice cream products PAI 2013 / 2019 United Kingdom 2.5%
    3 Chewy        
      Online retailer of premium pet food and products BC Partners 2022 United States 2.0%
    4 Datasite        
      Provider of software focused on virtual data rooms ICG 2024 United States 1.9%
    5 Leaf Home Solutions        
      Provider of home maintenance services Gridiron 2016 United States 1.6%
    6 Visma        
      Provider of business management software and outsourcing services Hg/ICG 2024 Norway 1.6%
    7 Circana        
      Provider of mission-critical data and predictive analytics to consumer goods manufacturers New Mountain 2022 United States 1.6%
    8 European Camping Group        
      Operator of premium campsites and holiday parks PAI 2021 / 2023 France 1.5%
    9 Davies Group        
      Provider of speciality business process outsourcing services BC Partners 2021 United Kingdom 1.5%
    10 Ambassador Theatre Group        
      Operator of theatres and ticketing platforms ICG 2021 United Kingdom 1.4%
    11 Precisely        
      Provider of enterprise software Clearlake/ICG 2021 / 2022 United States 1.3%
    12 Newton        
      Provider of management consulting services ICG 2021 / 2022 United Kingdom 1.3%
    13 David Lloyd Leisure        
      Operator of premium health clubs TDR 2013 / 2020 United Kingdom 1.3%
    14 Curium Pharma        
      Supplier of nuclear medicine diagnostic pharmaceuticals ICG 2020 United Kingdom 1.3%
    15 PSB Academy        
      Provider of private tertiary education ICG 2018 Singapore 1.3%
    16 Crucial Learning        
      Provider of corporate training courses focused on communication skills and leadership development Leeds Equity 2019 United States 1.3%
    17 Class Valuation        
      Provider of residential mortgage appraisal management services Gridiron 2021 United States 1.3%
    18 Domus        
      Operator of retirement homes ICG 2017 / 2021 France 1.2%
    19 Yudo        
      Designer and manufacturer of hot runner systems ICG 2017 / 2018 South Korea 1.2%
    20 ECA Group        
      Provider of autonomous systems for the aerospace and maritime sectors ICG 2022 France 1.1%
    21 Brooks Automation        
      Provider of semiconductor manufacturing solutions THL 2021 / 2022 United States 1.0%
    22 Planet Payment        
      Provider of integrated payments services focused on hospitality and luxury retail Advent/Eurazeo/ICG 2021 Ireland 1.0%
    23 Ivanti        
      Provider of IT management solutions Charlesbank/ICG 2021 United States 1.0%
    24 Vistage        
      Provider of CEO leadership and coaching for small and mid-size businesses in the US Gridiron 2022 United States 1.0%
    25 Audiotonix        
      Manufacturer of audio mixing consoles PAI 2024 United Kingdom 0.9%
    26 DigiCert        
      Provider of enterprise security solutions ICG 2021 United States 0.9%
    27 Ping Identity        
      Provider of intelligent access management solutions Thoma Bravo 2022 / 2023 United States 0.9%
    28 KronosNet        
      Provider of tech-enabled customer engagement and business solutions ICG 2022 Spain 0.8%
    29 Archer Technologies        
      Provider of governance, risk and compliance software Cinven 2023 United States 0.7%
    30 Silvus Technologies        
      Developer of mobile communications datalinks used in law enforcement, unmanned systems and other commercial/industrial applications TJC 2019 United States 0.7%
      Total of the 30 largest underlying investments       40.2%

    The 30 largest fund investments
    The table below presents the 30 largest fund investments by value at 31 January 2025. The valuations are net of underlying managers’ fees and carried interest.

      Fund Year of commitment Value £m Outstanding commitment £m
    1 PAI Strategic Partnerships **      
      Mid-market and large buyouts 2019 34.6 0.2
    2 ICG Strategic Equities Fund IV      
      GP-led secondary transactions 2021 32.9 7.1
    3 ICG Strategic Equities Fund III      
      GP-led secondary transactions 2018 31.0 11.2
    4 ICG Europe VII      
      Mezzanine and equity in mid-market buyouts 2018 30.7 6.1
    5 CVC European Equity Partners VII      
      Large buyouts 2017 25.7 2.9
    6 PAI Europe VII      
      Mid-market and large buyouts 2017 24.6 2.4
    7 ICG Ludgate Hill (Feeder B) SCSp      
      Secondary portfolio 2021 23.8 13.6
    8 ICG Europe VIII      
      Mezzanine and equity in mid-market buy-outs 2021 23.6 14.3
    9 Gridiron Capital Fund III      
      Mid-market buyouts 2016 23.4 1.3
    10 Resolute IV      
      Mid-market buyouts 2018 23.0 0.9
    11 Gridiron Capital Fund IV      
      Mid-market buyouts 2019 21.5 0.5
    12 ICG Augusta Partners Co-Investor **      
      Secondary fund restructurings 2018 20.5 17.8
    13 Oak Hill V      
      Mid-market buyouts 2019 19.9 0.6
    14 Seventh Cinven      
      Large buyouts 2019 19.8 1.8
    15 Graphite Capital Partners VIII *      
      Mid-market buyouts 2013 19.3 4.1
    16 Graphite Capital Partners IX      
      Mid-market buyouts 2018 18.4 2.3
    17 ICG Ludgate Hill III      
      Secondary portfolio 2022 18.0 5.7
    18 Resolute V      
      Mid-market buyouts 2021 17.1 1.4
    19 Advent Global Private Equity IX      
      Large buyouts 2019 16.4 0.5
    20 ICG Ludgate Hill (Feeder) II Boston SCSp      
      Secondary portfolio 2022 16.0 5.4
    21 New Mountain Partners VI      
      Mid-market buy-outs 2020 14.9 0.5
    22 Investindustrial VII      
      Mid-market buyouts 2019 14.0 4.9
    23 ICG Europe Mid-Market Fund      
      Mezzanine and equity in mid-market buyouts 2019 13.5 5.5
    24 CVC Capital Partners VIII      
      Large buyouts 2020 13.4 0.5
    25 Bowmark Capital Partners VI      
      Mid-market buyouts 2018 13.1 3.4
    26 Tailwind Capital Partners III      
      Mid-market buyouts 2018 13.1 2.2
    27 BC European Capital X      
      Large buyouts 2016 13.1 1.4
    28 Thomas H Lee Equity Fund IX      
      Mid-market and large buyouts 2021 12.9 4.0
    29 Permira VII      
      Large buyouts 2019 12.6 1.6
    30 ICG LP Secondaries Fund I LP      
      LP-led secondary transactions 2022 12.2 41.1
      Total of the largest 30 fund investments   593.0 165.3
      Percentage of total investment Portfolio   39.1%  

    *All or part of interest acquired through a secondary sale.

    **Includes the associated Top Up funds.

    HOW WE MANAGE RISK

    Identifying and evaluating the strategic, financial and operational impact of our key risks

    The execution of the Company’s investment strategy is subject to a variety of risks and uncertainties, and the Board and Manager have identified several principal risks to the Company’s business. As part of this process, the Board has put in place an ongoing process to identify, assess and monitor the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

    RISK MANAGEMENT FRAMEWORK

    The Board is responsible for risk management and determining the Company’s overall risk appetite. The Audit Committee assesses and monitors the risk management framework and specifically reviews the controls and assurance programmes in place.

    PRINCIPAL RISKS

    The Company’s principal risks are individual risks, or a combination of risks, that could threaten the Company’s business model, future performance, solvency or liquidity.

    Details of the Company’s principal risks, potential impact, controls and mitigating factors are set out on pages 23 to 27.

    OTHER RISKS

    Other risks, including reputational risk, are potential outcomes of the principal risks materialising. These risks are actively managed and mitigated as part of the wider risk management framework of the Company and the Manager.

    EMERGING RISKS

    Emerging risks are considered by the Board and are regularly assessed to identify any potential impact on the Company and to determine whether any actions are required. Emerging risks often include those related to regulatory/legislative change and macro-economic and political change.

    The Company depends upon the experience, skill and reputation of the employees of the Manager. The Manager’s ability to retain the service of these individuals, who are not obligated to remain employed by the Manager, and recruit successfully, is a significant factor in the success of the Company.

    PRINCIPAL RISKS AND UNCERTAINTIES

    The Company considers its principal risks (as well as several underlying risks comprising each principal risk) in four categories:

    1. Investment risks: the risk to performance resulting from ineffective or inappropriate investment selection, execution or monitoring.
    2. External risks: the risk of failing to deliver the Company’s investment objective and strategic goals due to external factors beyond the Company’s control.
    3. Operational risks: the risk of loss resulting from inadequate or failed internal processes, people or systems and external events, including regulatory risk.
    4. Financial risks: the risk of adverse impact on the Company due to having insufficient resources to meet its obligations or counterparty failure and the impact any material movement in foreign exchange rates may have on underlying valuations.

    RISK ASSESSMENT PROCESS

    A comprehensive risk assessment process is undertaken regularly to re-evaluate the impact and probability of each risk materialising and the strategic, financial and operational impact of the risk. Where the residual risk is determined to be outside appetite, appropriate action is taken. Further information on risk factors is set out within the financial statements.

    Risk appetite and tolerance

    The Board acknowledges and recognises that in the normal course of business, the Company is exposed to risk and it is willing to accept a certain level of risk in managing the business to achieve its targeted returns. The Board’s risk appetite framework provides a basis for the ongoing monitoring of risks and enables dialogue with respect to the Company’s current and evolving risk profile, allowing strategic and financial decisions to be made on an informed basis.

    The Board considers several factors to determine its acceptance for each principal risk and categorises acceptance for each risk as low, moderate and high. Where a risk is approaching or is outside the tolerance set, the Board will consider the appropriateness of actions being taken to manage the risk. In particular, the Board has a lower tolerance for financing risk with the aim to ensure that even under a stress scenario, the Company is likely to meet its funding requirements and financial obligations. Similarly, the Board has a low risk tolerance concerning operational risks including legal, tax and regulatory compliance and business process and continuity risk.

    How we manage and mitigate our key risks

    RISK IMPACT MITIGATION CHANGE IN THE YEAR
    INVESTMENT RISKS      
    INVESTMENT PERFORMANCE

    The Manager selects the fund investments and Direct Investments for the Company’s Portfolio, executing the investment strategy approved by the Board. The underlying managers of those funds in turn select individual investee companies. The origination, investment selection and management capabilities of both the Manager and the third-party managers are key to the performance of the Company.

    		 Poor origination, investment selection and monitoring by the Manager and/or third-party managers which may have a negative impact on Portfolio performance. The Manager has a strong track record of investing in private equity through multiple economic cycles. The Manager has a highly selective investment approach and disciplined process, which is overseen by ICG Enterprise Trust’s Investment Committee within the Manager, which comprises a balance of skills and perspectives.

    Further, the Company’s Portfolio is diversified, reducing the likelihood of a single investment decision impacting Portfolio performance.

    		 Stable

    The Board is responsible for ensuring that the investment policy is met. The day-to-day management of the Company’s assets is delegated to the Manager under investment guidelines determined by the Board. The Board regularly reviews these guidelines to ensure they remain appropriate and monitors compliance with the guidelines through regular reports from the Manager, including performance reporting. The Board also reviews the investment strategy at least annually.

    Following this assessment and other considerations, the Board concluded that investment performance risk has remained stable.
    VALUATION

    In valuing its investments in private equity funds and unquoted companies and publishing its NAV, the Company relies to a significant extent on the accuracy of financial and other information provided by the underlying managers to the Manager. There is the potential for inconsistency in the valuation methods adopted by the managers of these funds and companies and for valuations to be misstated.

    		 Incorrect valuations being provided would lead to an incorrect overall NAV. The Manager carries out a formal valuation process quarterly including a review of third-party valuations.

    This process includes a comparison of unaudited valuations to latest audited reports, as well as a review of any potential adjustments that are required to ensure the valuations of the underlying investments are in accordance with the fair market value principles required under UK-adopted International Accounting Standards (‘IAS’).

    		 Stable

    The Board regularly reviews and discusses the valuation process in detail with the Manager, including the sources of valuation information and methodologies used.

    Following this assessment and other considerations, the Board concluded that there was no material change in valuation risk.
    EXTERNAL RISKS      
    POLITICAL AND MACRO-ECONOMIC UNCERTAINTY
    Political and macro-economic uncertainty and other global events, such as pandemics, that are outside the Company’s control could adversely impact the environment in which the Company and its investment portfolio companies operate.    		 Changes in the political or macro-economic environment could significantly affect the performance of existing investments (and valuations) and prospects for realisations. In addition, they could impact the number of credible investment opportunities the Company can originate. The Manager uses a range of complementary approaches to inform strategic planning and risk mitigation, including active investment management, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes.
    The process is supported by a dedicated in-house economist and professional advisers where appropriate.    		 Increasing
    The Board monitors and reviews the potential impact on the Company from political and economic developments on an ongoing basis, including input and discussions with the Manager.
    Incorporating these views and other considerations, the Board concluded that this risk had increased.
    CLIMATE CHANGE
    The underlying managers of the fund investments and Direct Investments in the Company’s Portfolio fail to ensure that their portfolio companies respond to the emerging threats from climate change.    		 Climate-related transition risks, driven in particular by abrupt shifts in the political and technological landscape, impact the value of the Company’s Portfolio. The Manager has a well-defined, firm-wide Responsible Investing Policy and sustainable investing framework in place.
    A tailored sustainable investing framework applies across all stages of the Company’s investment process.    		 Stable

    The Board monitors and reviews the potential impact to the Company from failures by underlying managers to mitigate the impact of climate change on portfolio company valuation.
    THE LISTED PRIVATE
    EQUITY SECTOR
    The listed private equity sector could fall out of favour with investors leading to a reduction in demand for the Company’s shares.    		 A change in sentiment to the sector has the potential to damage the Company’s reputation and impact the performance of the Company’s share price and widen the discount the shares trade at relative to NAV per Share, causing shareholder dissatisfaction. Private equity continues to outperform public markets over the long term and has proved to be an attractive asset class through various cycles. The Manager is active in marketing the Company’s shares to a wide variety of investors to ensure the market is informed about the Company’s performance and investment proposition.
    In setting the capital allocation policy, including the allocations to dividends and share buybacks, the Board monitors the discount to NAV and considers appropriate solutions to address any ongoing or substantial discount to NAV.    		 Increasing
    The persistence of the discount to NAV, together with other sector uncertainties, indicates an increase in risk.
    The Board receives regular updates from the Company’s broker and is kept informed of all material discussions with investors and analysts.
    FOREIGN EXCHANGE
    The Company has continued to expand its geographic diversity by making investments in different countries. Accordingly, most investments are denominated in US dollars and euros.    		 The Company does not hedge its foreign exchange exposure. Therefore, movements in exchange rates between these currencies may have a material effect on the underlying sterling valuations of the investments and performance of the Company. The Board regularly reviews the Company’s exposure to currency risk and reconsiders possible hedging strategies on at least an annual basis.
    Furthermore, the Company’s multicurrency bank facility permits the borrowings to be drawn in euros and US dollars, if required.    		 Stable
    The Board reviewed the Company’s exposure to currency risk and possible hedging strategies and concluded that there was no material change in foreign exchange risk during the year and that it remains appropriate for the Company not to hedge its foreign exchange exposure.
    OPERATIONAL RISKS      
    REGULATORY, LEGAL
    AND TAX COMPLIANCE
    Failure by the Manager to comply with relevant regulation and legislation could have an adverse impact on the Company. Additionally, adherence to changes in the legal, regulatory and tax framework applicable to the Manager could become onerous, lessening competitive or market opportunities.    		 The failure of the Manager and the Company to comply with the rules of professional conduct and relevant laws and regulations could expose the Company to regulatory sanction and penalties as well as significant damage to its reputation. The Board is responsible for ensuring the Company’s compliance with all applicable regulatory, legal and tax requirements. Monitoring of this compliance has been delegated to the Manager, of which the in-house Legal, Compliance and Risk functions provide regular updates to the Board covering relevant changes to regulation and legislation.
    The Board and the Manager continually monitor regulatory, legislative and tax developments to ensure early engagement in any areas of potential change.    		 Stable
    The Company remains responsive to a wide range of developing regulatory areas; and will continue to enhance its processes and controls in order to remain compliant with current and expected legislation.
    KEY PROFESSIONALS
    Loss of key professionals at the Manager could impair the Company’s ability to deliver its investment strategy and meet its external obligations if replacements are not found in a timely manner.    		 If the Manager’s team is not able to deliver its objectives, investment opportunities could be missed or misevaluated, while existing investment performance may suffer. The Manager regularly updates the Board on team developments and succession planning. The Manager places significant focus on:
    Developing key individuals to ensure that there is a pipeline of potential succession candidates internally. External appointments are considered if that best satisfies the business needs.
    A team-based approach to investment decision-making, i.e. no one investment professional has sole responsibility for an investment or fund manager relationship.
    Sharing insights and knowledge widely across the investment team, including discussing all potential new investments and the overall performance of the Portfolio.
    Designing and implementing a compensation policy that helps to minimise turnover of key people.    		 Stable
    The Board reviewed the Company’s exposure to people risk and concluded that the Manager continues to operate sustainable succession, competitive remuneration and retention plans.
    The Board believes that the risk in respect of people remains stable.
    THE MANAGER AND THIRD-PARTY PROVIDERS (INCLUDING BUSINESS PROCESSES, BUSINESS CONTINUITY AND CYBER)
    The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the Administrator and the Depositary.    		 Failure by a third-party provider to deliver services in accordance with its contractual obligations could disrupt or compromise the functioning of the Company. A material loss of service could result in, among other things, an inability to perform business critical functions, financial loss, legal liability, regulatory censure and reputational damage.
    The failure of the Manager and Administrator to deliver an appropriate cyber security platform for critical technology systems could result in unauthorised access by malicious third parties, breaching the confidentiality, integrity and availability of Company data, negatively impacting the Company’s reputation.    		 The performance of the Manager, the Administrator, the Depositary and other third-party providers is subject to regular review and reported to the Board.
    The Manager, the Administrator and the Depositary produce internal control reports to provide assurance regarding the effective operation of internal controls. These reports are provided to the Audit Committee for review. The Committee would seek further representations from service providers if not satisfied with the effectiveness of their control environment.
    The Audit Committee formally assesses the internal controls of the Manager, the Administrator and Depositary on an annual basis to ensure adequate controls are in place.
    The assessment in respect of the current year is discussed in the Report of the Audit Committee.
    The Management Agreement and agreements with other third-party service providers are subject to notice periods that are designed to provide the Board with adequate time to put in place alternative arrangements.    		 Stable
    The Board carries out a formal annual assessment (supported by the Manager’s internal audit function) of the Manager’s internal controls and risk management systems.
    The Board also received regular reporting from the Manager and other third parties.
    Following this review and other considerations, the Board concluded that there was no material change in the Manager and other third-party suppliers risk.
    FINANCIAL RISKS      
    FINANCING
    The Company has outstanding commitments to private equity funds in excess of total liquidity that may be drawn down at any time. The ability to fund this difference is dependent on receiving cash proceeds from investments (the timing of which are unpredictable) and the availability of financing facilities.    		 If the Company encountered difficulties in meeting its outstanding commitments, there would be significant reputational damage as well as risk of damages being claimed from managers and other counterparties. The Manager monitors the Company’s liquidity, overcommitment ratio and covenants on a frequent basis, and undertakes cash flow monitoring, and provides regular updates on these activities to the Board. Stable
    The Board reviewed the Company’s exposure to financing risk, noting the Net Debt position, the increase in available facility and the short-term realisation forecast and concluded that this risk was stable.

    Audited Financial Statements for the year ended 31 January 2025

    INCOME STATEMENT

    Year to 31 January 2025 Year to 31 January 2024
      Notes Revenue
    return
    £’000    		 Capital return
    £’000    		 Total
    £’000    		 Revenue
    return
    £’000    		 Capital return
    £’000    		 Total
    £’000
    Investment returns              
    Income, gains and losses on investments 2,10 1,060 134,156 135,216 2,365 39,369 41,734
    Deposit interest 2 48 — 48 405 — 405
    Other income 2 5 — 5 104 — 104
    Foreign exchange gains and losses   — (729) (729) — 1,193 1,193
        1,113 133,427 134,540 2,874 40,562 43,436
    Expenses              
    Investment management charges 3 (1,618) (14,558) (16,175) (1,615) (14,533) (16,148)
    Other expenses including finance costs 4 (2,439) (8,417) (10,855) (2,520) (7,402) (9,922)
        (4,057) (22,974) (27,031) (4,135) (21,935) (26,070)
                   
    Profit/(loss) before tax   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Taxation 6     — — — —
    Profit/(loss) for the period   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Attributable to:              
    Equity shareholders   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Basic and diluted earnings per share 7     163.95p     25.63p
                   

    The columns headed ‘Total’ represent the income statement for the relevant financial years and the columns headed ‘Revenue return’ and ‘Capital return’ are supplementary information in line with guidance published by the AIC. There is no Other Comprehensive Income.

    All profits are from continuing operations.

    The notes on pages 34 to 59 form an integral part of the financial statements.

    BALANCE SHEET

     

    Notes

    31 January
    2025
    £’000

    31 January
    2024
    £’000
    Non-current assets      
    Investments held at fair value 9,10,17 1,469,549 1,296,382
           
    Current assets      
    Cash and cash equivalents 11 3,927 9,722
    Prepayments and receivables 12 2,018 2,258
        5,945 11,980
    Current liabilities      
    Borrowings   (131,931) (20,000)
    Payables 13 (11,171) (5,139)
           
    Net current assets / (liabilities)   (137,157) (13,159)
    Total assets less current liabilities   1,332,392 1,283,223
           
    Capital and reserves      
    Share capital 14 7,292 7,292
    Capital redemption reserve   2,112 2,112
    Share premium   12,936 12,936
    Capital reserve   1,315,727 1,279,751
    Revenue reserve   (5,675) (2,733)
    Total equity   1,332,392 1,283,223
           
    Net Asset Value per Share (basic and diluted) 15 2072.9p 1909.4p

    The notes on pages 34 to 59 form an integral part of the financial statements.

    The financial statements on pages 30 to 59 were approved by the Board of Directors on 7 May 2025 and signed on its behalf by:

    Jane Tufnell        Alastair Bruce
    Director                Director

    CASH FLOW STATEMENT

      Notes Year to 31 January 2025
    £’000    		 Year to 31st January 2024
    £’000
    Operating activities      
    Sale of portfolio investments   19,966 40,611
    Purchase of portfolio investments   (34,144) (25,162)
    Cash flow to subsidiaries’ investments   (152,174) (116,084)
    Cash flow from subsidiaries’ investments   125,769 195,300
    Interest income received from portfolio investments   494 1,695
    Dividend income received from portfolio investments   547 779
    Other income received   53 509
    Investment management charges paid   (16,021) (15,647)
    Other expenses paid   (1,881) (2,596)
    Net cash inflow/(outflow) from operating activities   (57,391) 79,405
           
    Financing activities      
    Bank facility fee paid   (2,011) (3,970)
    Interest paid   (545) (5,571)
    Credit Facility utilised   139,762 128,109
    Credit Facility repaid   (27,831) (174,954)
    Purchase of shares into treasury   (35,851) (13,068)
    Equity dividends paid 8 (22,308) (21,694)
    Net cash (outflow)/inflow from financing activities   51,215 (91,148)
    Net decrease in cash and cash equivalents   (6,176) (11,743)
           
    Cash and cash equivalents at beginning of year 11 9,722 20,694
    Net decrease in cash and cash equivalents   (6,176) (11,743)
    Effect of changes in foreign exchange rates   381 771
    Cash and cash equivalents at end of period 11 3,927 9,722
    1. Includes settlement of unbilled management fees relating to the prior year (see note 13).

    The notes on pages 34 to 59 form an integral part of the financial statements.

    STATEMENT OF CHANGES IN EQUITY

     

    Share capital
    £’000

    		 Capital
    redemption
    reserve
    £’000

    Share premium
    £’000

    		 Realised
    capital
    reserve1
    £’000    		 Unrealised
    capital
    reserve
    £’000    		 Revenue
    reserve1
    £’000    		 Total
    shareholders’
    equity
    £’000
           
    Opening balance at 1 February 2024 7,292 2,112 12,936 473,015 790,602 (2,733) 1,283,223
    Profit for the period and total comprehensive income — — — (6,033) 116,485 (2,942) 107,510
    Capital distribution by subsidiary2 — — — — — — —
    Dividends paid — — — (22,308) — — (22,308)
    Purchase of shares into treasury — — — (36,033) — — (36,033)
    Closing balance at 31 January 2025 7,292 2,112 12,936 408,641 907,087 (5,675) 1,332,392
                   
     

    Share capital
    £’000

    		 Capital redemption
    reserve
    £’000

    Share premium
    £’000

    		 Realised
    capital
    reserve1
    £’000    		 Unrealised
    capital
    reserve
    £’000    		 Revenue
    reserve1
    £’000    		 Total
    shareholders’
    equity
    £’000
           
    Opening balance at 1 February 2023 7,292 2,112 12,936 468,054 811,698 (1,473) 1,300,619
    Profit for the period and total comprehensive income — — — 31,032 (12,405) (1,261) 17,366
    Capital distribution by subsidiary2 — — — 8,691 (8,691) — —
    Dividends paid — — — (21,694) — — (21,694)
    Purchase of shares into treasury — — — (13,068) — — (13,068)
    Closing balance at 31 January 24 7,292 2,112 12,936 473,015 790,602 (2,734) 1,283,223
    1. Distributable reserves.
    2. During the prior reporting period ICG Enterprise Trust Limited Partnership made a distribution of realised profits totalling £8.6m to the Company.

    The notes on pages 34 to 59 form an integral part of the financial statements.

    NOTES TO THE FINANCIAL STATEMENTS

    1 ACCOUNTING POLICIES

    General information

    These financial statements relate to ICG Enterprise Trust Plc (‘the Company’). ICG Enterprise Trust Plc is registered in England and Wales and is incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its registered office is Procession House, 55 Ludgate Hill, London EC4M 7JW. The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

    (a) Basis of preparation

    The financial information for the year ended 31 January 2025 has been prepared in accordance with UK-adopted International Accounting Standards (‘UK-IAS’) and the Statement of Recommended Practice (‘SORP’) for investment trusts issued by the Association of Investment Companies in July 2022.

    UK-IAS comprises standards and interpretations approved by the International Accounting Standards Board (‘IASB’) and the IFRS Interpretations Committee.

    These financial statements have been prepared on a going concern basis and on the historical cost basis of accounting, modified for the revaluation of certain assets at fair value. The directors have concluded that the preparation of the financial statements on a going concern basis continues to be appropriate.

    Going concern

    In assessing the appropriateness of continuing to adopt the going concern basis of accounting, the Board has assessed the financial position and prospects of the Company. The Company’s business activities, together with factors likely to affect its future development, performance, position and cash flows, are set out in the Chair’s statement on page 5, and the Manager’s review on page 7.

    As part of this review, the Board assessed the potential impact of principal risks on the Company’s business activities, the Company’s cash position, the availability of the Company’s credit facility and compliance with its covenants, and the Company’s cash flow projections.

    Based on this assessment, the Board expects that the Company will be able to continue in operation and meet its liabilities as they fall due until, at least, 31 May 2026, a period of more than 12 months from the signing of the financial statements. Therefore it is appropriate to continue to adopt the going concern basis of preparation of the Company’s financial statements.

    Climate change

    In preparing the financial statements, the directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Principal risks and uncertainties section of this Report, and the impact of climate change risk on the valuation of investments.

    These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Company’s going concern or viability.

    Accounting policies

    The principal accounting policies adopted are set out below. These policies have been applied consistently throughout the current and prior year. In order to reflect the activities of an investment trust company, supplementary information which analyses the income statement between items of revenue and capital nature has been presented alongside the income statement. In analysing total income between capital and revenue returns, the directors have followed the guidance contained in the SORP as follows:

    Capital gains and losses on investments sold and on investments held arising on the revaluation or disposal of investments classified as held at fair value through profit or loss should be shown in the capital column of the income statement.

    Returns on any share or debt security for a fixed amount (whether in respect of dividends, interest or otherwise) should be shown in the revenue column of the income statement.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    The Board should determine whether the indirect costs of generating capital gains should also be shown in the capital column of the income statement. If the Board decides that this should be so, the management fee should be allocated between revenue and capital in accordance with the Board’s expected long-term split of returns, and other expenses should be charged to capital only to the extent that a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.

    The accounting policy regarding the allocation of expenses is set out in note 1(i).

    In accordance with IFRS 10 (amended), the Company is deemed to be an investment entity on the basis that:

    (a) it obtains funds from one or more investors for the purpose of providing investors with investment management services;

    (b) it commits to its investors that its business purpose is to invest funds for both returns from capital appreciation and investment income; and

    (c) it measures and evaluates the performance of substantially all of its investments on a fair value basis.

    As a result, the Company’s controlled structured entities (‘subsidiaries’) are deemed to be investments and are classified as held at fair value through profit and loss.

    (b) Financial assets

    The Company classifies its financial assets in the following categories: at fair value through profit or loss; and at amortised cost. The classification depends on the purpose for which the financial assets were acquired. The classification of financial assets is determined at initial recognition.

    Financial assets at fair value through profit or loss

    The Company classifies its quoted and unquoted investments as financial assets at fair value through profit or loss. These assets are measured at subsequent reporting dates at fair value and further details of the accounting policy are disclosed in note 1(c).

    Financial assets at amortised cost

    Financial assets at amortised cost are non-derivative financial assets which pass the contractual cash flow test and are held to receive contractual cash flows. These are classified as current assets and measured at amortised cost using the effective interest rate method. The Company’s financial assets at amortised cost comprise cash and cash equivalents and trade and other receivables in the balance sheet.

    (c) Investments

    Investments comprise fund investments and portfolio company investments held by the Company directly, together with the fair value of the Company’s interest in controlled structured entities (see note 9) which themselves invest in fund investments and portfolio company investments.

    All investments are classified upon initial recognition as held at fair value through profit or loss (described in these financial statements as investments held at fair value) and are measured at subsequent reporting dates at fair value. All investments are fair valued in line with IFRS 13 ‘Fair Value Measurement’, using industry standard valuation guidelines such as the International Private Equity and Venture Capital (‘IPEV’) valuation guidelines. Changes in the value of all investments held at fair value, which include returns on those investments such as dividends and interest, are recognised in the income statement and are allocated to the revenue column or the capital column in accordance with the SORP (see note 1(a)). More detail on certain categories of investment is set out below. Given that the subsidiaries and associates are held at fair value and are exposed to materially similar risks as the Company, we do not expect the risks to materially differ from those disclosed in note 17.

    Unquoted Investments

    Fund investments and Co-investments (collectively ‘unquoted investments’) are fair valued using the net asset value of those unquoted investments as determined by the third-party investment manager of those funds. The third-party investment manager performs periodic valuations of the underlying investments in their funds, typically using earnings multiple or discounted cash flow methodologies to determine enterprise value in line with IPEV Guidelines. In the absence of contrary information, these net asset valuations received from the third-party investment managers are deemed to be

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    appropriate by the Manager, for the purposes of the Manager’s determination of the fair values of the unquoted investments. A robust assessment is performed by the Manager’s experienced Investment Committee to determine the capability and track record of the investment manager. All investment managers are scrutinised by the Investment Committee and an approval process is recorded before any new investment manager is approved and an investment made. This level of scrutiny provides reasonable comfort that the investment manager’s valuation will be consistent with the requirement to use fair value.

    Adjustments may be made to the net asset values provided or an alternative valuation method may be adopted if deemed to be more appropriate. The most common reason for adjustments to the value provided by an underlying manager is to take account of events occurring between the date of the manager’s valuation and the reporting date, for example, subsequent cash flows or notification of an agreed sale.

    Subsidiary undertakings

    The investments in the controlled structured entities (‘subsidiaries’) are recognised at fair value through profit and loss.

    The valuation of the subsidiaries takes into account an accrual for the estimated value of interests in the Co-investment Incentive Scheme. Under these arrangements, ICG (the ‘Manager’) and certain of its executives and, in respect of certain historic investments, the executives and connected parties of Graphite Capital Management LLP (the ‘Former Manager’) (together ‘the Co-investors’), are required to co-invest alongside the Company, for which they are entitled to a share of investment profits if certain performance hurdles are met. At 31 January 2024, the accrual was estimated as the theoretical value of the interests if the Portfolio had been sold at the carrying value at that date.

    Associates

    The Company holds an interest (including indirectly through its subsidiaries) of more than 20% in a small number of investments that may normally be classified as subsidiaries or associates. These investments are not considered subsidiaries or associates as the Company does not exert control or significant influence over the activities of these companies/structured entities as they are managed by other third parties.

    (d) Prepayments and receivables

    Receivables include unamortised fees which were incurred directly in relation to the agreement of a financing facility. These fees will be amortised over the life of the facility on a straight-line basis.

    (e) Payables

    Other payables are non-interest bearing and are stated at their amortised cost, which is not materially different from fair value.

    (f) Cash and cash equivalents

    Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.

    (g) Dividend distributions

    Dividend distributions to shareholders are recognised in the period in which they are paid.

    (h) Income

    When it is probable that economic benefits will flow to the Company and the amount can be measured reliably, interest is recognised on a time apportionment basis.

    Dividends receivable on quoted equity shares are brought into account on the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is applicable are brought into account when the Company’s right to receive payment is established.

    UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax. Income distributions from funds are recognised when the right to distributions is established.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    (i) Expenses

    All expenses are accounted for on an accruals basis. Expenses are allocated to the revenue column in the income statement, consistent with the SORP, with the following exceptions:

    • Expenses which are incidental to the acquisition or disposal of investments (transaction costs) are allocated to the capital column
    • The Board expects the majority of long-term returns from the Portfolio to be generated from capital gains. Expenses are allocated 90% to the capital column and 10% to the revenue column, reflecting the Company’s current and future return profile. Other expenses are allocated to the capital column where a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.
    • All expenses allocated to the capital column are treated as realised capital losses (see note 1(l)).

    (j) Taxation

    Investment trusts which have approval as such under Section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.
    Tax recognised in the income statement represents the sum of current tax and deferred tax charged or credited in the year. The tax effect of different items of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates.

    Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method.

    Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets are not recognised in respect of tax losses carried forward to future periods.

    Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets are realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

    (k) Foreign currency translation

    The functional and presentation currency of the Company is sterling, reflecting the primary economic environment in which the Company operates.

    Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, financial assets and liabilities denominated in foreign currencies are translated at the rates prevailing on the balance sheet date.

    Gains and losses arising on the translation of investments held at fair value are included within gains and losses on investments held at fair value in the income statement. Gains and losses arising on the translation of other financial assets and liabilities are included within foreign exchange gains and losses in the income statement.

    (l) Revenue and capital reserves

    The revenue return component of total income is taken to the revenue reserve within the statement of changes in equity. The capital return component of total income is taken to the capital reserve within the statement of changes in equity.

    Gains and losses on the realisation of investments including realised exchange gains and losses and expenses of a capital nature are taken to the realised capital reserve (see note 1(i)). Changes in the valuations of investments which are held at the year end and unrealised exchange differences are accounted for in the unrealised capital reserve.

    Net gains on the realisation of investments in the controlled structured entities (see note 9) are transferred to the Company by way of profit distributions.

    The revenue reserve is distributable by way of dividends to shareholders. The realised capital reserve is distributable by way of dividends and share buybacks. The capital redemption reserve is not distributable and represents the nominal value of shares bought back for cancellation.

    (m) Treasury shares

    Shares that have been repurchased into treasury remain included in the share capital balance, unless they are cancelled.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    (n) Critical estimates and assumptions

    Estimates and judgements used in preparing the financial information are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting estimates will, by definition, seldom equal the related actual results.

    In preparing the financial statements, the directors have considered the impact of climate change on the key estimates within the financial statements.

    The only estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities in the next financial year relate to the valuation of unquoted investments. Unquoted investments are primarily the Company’s investments in unlisted funds, managed by third-party investment fund managers and ICG. As such there is significant estimation in the valuation of the unlisted fund at a point in time. Note 1(c) sets out the accounting policy for unquoted investments. The carrying amount of unquoted investments at the year end is disclosed within note 10.

    (o) Segmental reporting

    Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker who is responsible for allocating resources and assessing performance of the segments has been identified as the Board. It is considered that the Company’s operations comprise a single operating segment.

    2 INVESTMENT RETURNS

      Year ended Year ended  
      31 January 2025 31 January 2024  
      £’000 £’000  
    Income from investments      
    Overseas interest and dividends 1,060 2,365  
      1,060 2,365  
    Deposit interest on cash 48 405  
    Other 5 104  
      53 509  
    Total income 1,113 2,874  
    Analysis of income from investments      
    Unquoted 1,060 2,365  
      1,060 2,365  

    3 INVESTMENT MANAGEMENT CHARGES

    Management fees paid to ICG for managing ICG Enterprise Trust amounted to 1.25% (2024: 1.25%) of the average net assets in the year. The reduction in the fee is due to the application of the cap.

    From 1 February 2023 the management fee is subject to a cap of 1.25% of net asset value.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    3 INVESTMENT MANAGEMENT CHARGES CONTINUED

    The amounts charged during the year are set out below:

      Year ended 31 January 2025 Year ended 31 January 2024
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment management charge 1,617 14,558 16,175 1,615 14,533 16,148

    The Company and its subsidiaries also incur management fees in respect of its investment in funds managed by members of ICG on an arms-length basis.

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000
    ICG Europe VIII 434 467
    ICG Strategic Equity V 353 131
    ICG Strategic Equity IV 340 593
    ICG LP Secondaries Fund I LP 325 55
    ICG Europe VII 238 257
    ICG Strategic Equity III 238 183
    ICG Europe Mid-Market II 95 87
    ICG Augusta Partners Co-Investor II 89 91
    ICG Europe Mid-Market 87 120
    ICG North American Private Debt II 68 74
    ICG Strategic Secondaries II 36 74
    ICG Europe VI 23 41
    ICG Asia Pacific III 15 30
    ICG Recovery Fund 2008B 3 31
    ICG Europe V 2 1
      2,346 2,235

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    4 OTHER EXPENSES

    The Company did not employ any staff in the year to 31 January 2025 (2024: none).

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000 £’000 £’000
    Directors’ fees (see note 5)   340   316
    Fees payable to the Company’s auditor for the audit of the Company’s annual accounts 170   239  
    Fees payable to the Company’s auditor and its associates for other services:        
    – Audit of the accounts of the subsidiaries 108   139  
    – Audit-related assurance services 71   53  
    Total auditors’ remuneration   349   431
    Administrative expenses   811   1,021
        1,500   1,768
    Bank facility costs allocated to revenue   277   258
    Interest costs allocated to revenue   661   493
    Expenses allocated to revenue   2,438   2,519
    Bank facility costs allocated to capital   8,417   7,403
    Total other expenses   10,855   9,922
             

    1. The auditors of the Company have additionally provided £16k (2024: £14k) of non-audit related services permitted under the Financial Reporting Council’s (‘FRC’) Revised Ethical Standards. The service related to agreed upon procedures over the Company’s carried interest scheme. These expenses have been charged to the Manager of the Company.

    Included within Total other expenses above are £9.4m (2024: £8.2m) of costs related to financing and £(0.2)m (credit) (2024: £0.1m) of other expenses which are non-recurring and are excluded from the Ongoing Charges as detailed in the glossary on page 58.

    Professional fees of £0.2m (2024: £0.2m) incidental to the acquisition or disposal of investments are included within gains/(losses) on investments held at fair value.

    5 DIRECTORS’ REMUNERATION AND INTERESTS

    No income was received or receivable by the directors from any other subsidiary of the Company.

    6 TAXATION

    In both the current and prior years the tax charge was lower than the standard rate of corporation tax of 19%, principally due to the Company’s status as an investment trust, which means that capital gains are not subject to corporation tax. The effect of this and other items affecting the tax charge are shown in note 6(b) below.

    The UK’s main rate of corporation tax increased from 19% to 25% with effect from 1 April 2023. A blended rate of 24% was applied for the year ended 31 January 2024, calculated by the number of days within the accounting period spanning the rate change. A corporation tax rate of 25% was applied for the year ended 31 January 2025.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Year ended Year ended  
      31 January 2025 31 January 2024  
      £’000 £’000  
    a) Analysis of charge in the year      
    Tax credit on items allocated to revenue — —  
    Tax charge on items relating to prior years — —  
    Corporation tax — —  
    b) Factors affecting tax charge for the year      
    Profit on ordinary activities before tax 107,510 17,367  
    Profit before tax multiplied by rate of corporation tax in the UK of 25% (2024: 24%) 26,790 4,168  
    Effect of:      
    – net investment returns not subject to corporation tax (33,357) (9,735)  
    – dividends not subject to corporation tax (52) (187)  
    – expenses not deductible for tax purposes 1,353 —  
    – current year management expenses not utilised/(utilised) 489 5,754  
    – other deductions 4,777 —  
    Total tax charge — —  

    The Company has £70.0m excess management expenses carried forward (2024: £53.5m). No deferred tax assets or liabilities (2024: nil) have been recognised in respect of the carried forward management expenses due to the uncertainty that future taxable profit will be generated that these losses can be offset against. For all investments the tax base is equal to the carrying amount. There was no deferred tax expense relating to the origination and reversal of timing differences in the year (2024: nil).

    7 EARNINGS PER SHARE

      Year ended Year ended  
      31 January 2025 31 January 2024  
    Revenue return per ordinary share (4.49p) (1.86p)  
    Capital return per ordinary share 168.38p 27.49p  
    Earnings per ordinary share (basic and diluted) 163.95p 25.63p  

    Revenue return per ordinary share is calculated by dividing the revenue return attributable to equity shareholders of £(2.9)m (2024: £(1.3)m) by the weighted average number of ordinary shares outstanding during the year.

    Capital return per ordinary share is calculated by dividing the capital return attributable to equity shareholders of £102.4m (2024: £18.6m) by the weighted average number of ordinary shares outstanding during the year.

    Basic and diluted earnings per ordinary share are calculated by dividing the earnings attributable to equity shareholders of £99.5m (2024: £17.4m) by the weighted average number of ordinary shares outstanding during the year.

    The weighted average number of ordinary shares outstanding (excluding those held in treasury) during the year was 65,569,285 (2024: 67,761,359). There were no potentially dilutive shares, such as options or warrants, in either year.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    8 DIVIDENDS

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000
    Third quarterly dividend in respect of year ended 31 January 2024: 8p per share (2023: 6.0p) 5,345 4,781
    Final dividend in respect of year ended 31 January 2024: 9p per share (2023: 9.0p) 5,894 6,105
    First quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p) 5,557 5,415
    Second quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p) 5,512 5,393
    Total 22,308 21,694

    The Company paid a third quarterly dividend of 8.5p per share in February 2025. The Board has proposed a final dividend of 10.5p per share (estimated cost £6.7m) in respect of the year ended 31 January 2025 which, if approved by shareholders, will be paid on 18 July 2025 to shareholders on the Register of Members at the close of business on 04 July 2025.

    9 SUBSIDIARY UNDERTAKINGS AND UNCONSOLIDATED STRUCTURED ENTITIES
    Subsidiary undertakings (controlled structured entities)

    Subsidiaries of the Company as at 31 January 2025 comprise the following controlled structured entities, which are registered in England and Wales. Subsidiaries of the Company’s direct subsidiaries are reported as indirect subsidiaries.

    Direct subsidiaries   Ownership interest 2025 Ownership interest 2024
    ICG Enterprise Trust Limited Partnership   97.5% 97.5%
    ICG Enterprise Trust (2) Limited Partnership   97.5% 97.5%
    ICG Enterprise Trust Co-investment Limited Partnership   99.0% 99.0%
    Indirect subsidiaries   Ownership interest 2025 Ownership interest 2024
    ICG Enterprise Holdings LP   99.5% 99.5%
    ICG Morse Partnership LP   99.5% 99.5%
    ICG Lewis Partnership LP   99.5% 99.5%

    In accordance with IFRS 10 (amended), the subsidiaries are not consolidated and are instead included in unquoted investments at fair value.

    The value of the subsidiaries is shown net of an accrual for the interests of the Co-investors (ICG and certain of its executives and in respect of certain historical investments, the executives and connected parties of Graphite Capital, the Former Manager) in the Co-investment Incentive Scheme. As at 31 January 2025 a total of £53.9m (2024: £54.4m) was accrued in respect of these interests. During the year the Co-investors invested £1.0m (2024: £0.7m) into ICG Enterprise Trust Co-investment Limited Partnership. Payments received by the Co-investors amounted to £10.8m or 7.1% of £150.8m of Total Proceeds received in the year (2024: £5.4m or 2.3% of £238.6m proceeds received).

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Unconsolidated structured entities

    The Company’s principal activity is investing in private equity funds and directly into private companies. Such investments may be made and held via a subsidiary. The majority of these investments are unconsolidated structured entities as defined in IFRS 12.
    The Company holds interests in closed-ended limited partnerships which invest in underlying companies for the purposes of capital appreciation. The Company and the other limited partners make commitments to finance the investment programme of the relevant manager, who will typically draw down the amount committed by the limited partners over a period of four to six years (see note 16).

    The table below disaggregates the Company’s interests in unconsolidated structured entities. The table presents for each category the related balances and the maximum exposure to loss.

      Unquoted investments
    £’000    		 Co-investment Incentive Scheme accrual
    £’000    		 Maximum loss exposure
    £’000
    As at 31 January 2025 1,523,459 (53,910) 1,469,549
    As at 31 January 2024 1,350,821 (54,439) 1,296,382

    Further details of the Company’s investment Portfolio are included in the Portfolio dashboard on page 16.

    10 INVESTMENTS

    The tables below analyse the movement in the carrying value of the Company’s investment assets in the year. In accordance with accounting standards, subsidiary undertakings of the Company are reported at fair value rather than on a ‘look-through’ basis.

    An investee fund is considered to generate realised gains or losses if it is more than 85% drawn and has returned at least the amount invested by the Company. All gains and losses arising from the underlying investments of such funds are presented as realised. All gains and losses in respect of fund investments that have not satisfied the above criteria are presented as unrealised.

    Direct Investments are considered to generate realised gains or losses when they are sold.

    Investments are held by both the Company and through its subsidiaries.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Quoted Unquoted Subsidiary undertakings Total
      £’000 £’000 £’000 £’000
    Cost at 1 February 2024 — 179,528 300,114 479,642
    Unrealised appreciation at 1 February 2024 — 80,768 735,972 816,740
    Valuation at 1 February 2024 — 260,296 1,036,086 1,296,382
    Movements in the year:        
    Purchases — 34,144 151,292 185,436
    Sales        
    – capital proceeds   (20,214) (125,769) (145,983)
    – realised gains/(losses) based on carrying value at previous balance sheet date   1,530   1,530
    Movement in unrealised appreciation   29,473 102,711 132,184
    Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
    Cost at 31 January 2025 — 193,458 325,637 519,095
    Unrealised appreciation/ (depreciation) at 31 January 2025 — 111,771 838,683 950,454
    Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
     
      Quoted Unquoted Subsidiary undertakings Total
      £’000 £’000 £’000 £’000
    Cost at 1 February 2023 — 195,104 378,426 573,530
    Unrealised appreciation at 1 February 2023 — 74,074 701,471 775,545
    Valuation at 1 February 2023 — 269,178 1,079,897 1,349,075
    Movements in the year:        
    Purchases — 25,181 116,988 142,169
    Sales        
    – capital proceeds   (40,757) (195,300) (236,057)
    – realised gains/(losses) based on carrying value at previous balance sheet date   (1,044)   (1,044)
    Movement in unrealised appreciation   7,739 34,500 42,239
    Valuation at 31 January 2023 — 260,296 1,036,086 1,296,382
    Cost at 31 January 2024 — 179,528 300,114 479,642
    Unrealised appreciation/ (depreciation) at 31 January 2024 — 80,768 735,972 816,740
    Valuation at 31 January 2024 — 260,296 1,036,086 1,296,382

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      31 January 2025 31 January 2024
      £’000 £’000
    Realised gains/loss based on cost 1,530 (1,044)
    Amounts recognised as unrealised in previous years — —
    Realised gains based on carrying values at previous balance sheet date 1,530 (1,044)
    Increase in unrealised appreciation 132,184 42,239
    Gains on investments 133,714 41,195

    ‘Realised gains based on cost’ represents the total increase in value, compared to cost, of those funds which meet the criteria set out in page 42. These gains are adjusted for amounts previously reported as unrealised (and included within the fair value at the previous balance sheet date) to determine the ‘Realised gains based on carrying values at previous balance sheet date’.

    Gains on investments includes the ‘Realised gains based on carrying values at previous balance sheet date’ together with the net fair value movement on the balance of the investee funds.

    Related undertakings

    At 31 January 2025, the Company held direct and indirect interests in six limited partnership subsidiaries. These interests, net of the incentive accrual as described in note 9, were:

    Investment 31 January 2025
    %    		 31 January 2024
    %
    ICG Enterprise Trust Limited Partnership 99.9% 99.9%
    ICG Enterprise Trust (2) Limited Partnership 66.5% 66.5%
    ICG Enterprise Trust Co-investment Limited Partnership 66.0% 66.0%
    ICG Enterprise Holdings LP 99.5% 99.5%
    ICG Morse Partnership LP 99.5% 99.5%
    ICG Lewis Partnership LP 99.5% 99.5%

    The registered address and principal place of business of the subsidiary partnerships is Procession House, 55 Ludgate Hill, London EC4M 7JW.

    In addition the Company held an interest (including indirectly through its subsidiaries) of more than 20% in the following entities. These investments are not considered subsidiaries or associates as the Company does not exert control or have significant influence over the activities of these companies/partnerships.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    As at 31 January 2025        
    Investment Instrument % interest1    
    Graphite Capital Partners VII Top Up Plus Limited partnership interests 20.0%    
    Graphite Capital Partners VIII Top Up Limited partnership interests 41.1%    
    ICG Velocity3 Limited partnership interests 32.5%    
             
    As at 31 January 2024        
    Investment Instrument % interest1    
    Graphite Capital Partners VII Top Up Plus2 Limited partnership interests 20.0%    
    Graphite Capital Partners VIII Top Up2 Limited partnership interests 41.1%    
    ICG Velocity3 Limited partnership interests 32.5%    
    1. The percentage shown for limited partnership interests represents the proportion of total commitments to the relevant fund. The percentage shown for shares represents the proportion of total shares in issue.
    2. Address of principal place of business is 7 Air Street, Soho, London W1B 5AD.
    3. Address of principal place of business is Procession House, 55 Ludgate Hill, London, EC4M 7JW.

    11 CASH AND CASH EQUIVALENTS

      31 January 2025 31 January 2024
      £’000 £’000
    Cash at bank and in hand 3,927 9,722

    12 PREPAYMENTS AND RECEIVABLES

      31 January 2025 31 January 2024
      £’000 £’000
    Prepayments and accrued income 2,018 2,258

    As at 31 January 2025, prepayments and accrued income included £2.0m (2024: £2.3m) of unamortised costs in relation to the bank facility. Of this amount £0.8m (2024: £0.5m) is expected to be amortised in less than one year.

    13 PAYABLES – CURRENT

      31 January 2025 31 January 2024
      £’000 £’000
    Accruals, including facility interest 11,171 5,139
    Bank facility drawn 131,931 20,000
    Payables 143,102 25,139

    Bank facility details are shown in the liquidity section of note 17 on page 52.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    14 SHARE CAPITAL

      Authorised Issued and fully paid
        Nominal   Nominal
    Equity share capital Number £’000 Number £’000
    Balance at 31 January 2025 120,000,000 12,000 72,913,000 7,292
    Balance at 31 January 2024 120,000,000 12,000 72,913,000 7,292

    All ordinary shares have a nominal value of 10.0p. At 31 January 2025 and 31 January 2024, 72,913,000 shares had been allocated, called up and fully paid. During the year 2,932,675 shares were bought back in the market and held in treasury (2024: 1,130,708 shares). At 31 January 2025, the Company held 8,640,808 shares in treasury (2024: 5,708,133) and had 64,272,192 (2024: 67,204,867) shares outstanding, all of which have equal voting rights.

      31 January 2025 31 January 2024
    Shares held in treasury 8,640,808 5,708,133
    Shares not held in treasury 64,272,192 67,204,867
    Total 72,913,000 72,913,000

    15 NET ASSET VALUE PER SHARE

    The net asset value per share is calculated on equity attributable to equity holders of £1,332.4m (2024: £1,283.2m) and on 67,272,192 (2024: 67,204,867) ordinary shares in issue at the year end. There were no potentially dilutive shares, such as options or warrants, at either year end. Calculated on both the basic and diluted basis the net asset value per share was 2,072.9p (2024: 1,909.4p).

    16 CAPITAL COMMITMENTS AND CONTINGENCIES

    The Company and its subsidiaries had uncalled commitments in relation to the following Portfolio investments:

      31 January
    2025
    £’000    		 31 January
    2024
    £’000
    ICG LP Secondaries Fund I LP 41,146 34,811
    ICG Strategic Equity V2 36,868 19,704
    ICG Europe Mid-Market Fund II1 19,245 21,316
    ICG Augusta Partners Co-Investor2 17,775 17,365
    ICG Strategic Secondaries Fund II2 16,938 16,547
    ICG Europe VIII1 14,339 25,901
    ICG Ludgate Hill (Feeder B) SCSp1 13,591 13,860
    ICG Strategic Equity Fund III2 11,201 10,942
    ICG MXV Co-Investment 8,361 —
    ICG Strategic Equity IV2 7,055 10,385
    ICG Europe VII1 6,082 6,541
    ICG Ludgate Hill (Feeder) IIIA Porsche SCSp2 5,691 4,652
    ICG Europe Mid-Market Fund1 5,524 5,476
    ICG Ludgate Hill (Feeder) II Boston SCSp2 5,392 5,267
    ICG Asia Pacific Fund III2 2,523 2,634
    ICG Europe VI1 4,013 4,311
    ICG North American Private Debt Fund II2 2,097 1,682
    ICG Colombe Co-investment1 1,811 2,378
    ICG Dallas Co-Investment2 1,240 1,280
    Commitments of less than £1,000,000 at 31 January 2025 5,746 5,991
    Total ICG 226,638 211,043
    Graphite Capital Partners IX 2,281 4,525
    Graphite Capital Partners VIII1 4,124 2,194
    Graphite Capital Partners VII1,2 456 456
    Total Graphite funds 6,861 7,175

    1.Includes interest acquired through a secondary fund purchase.

    2.Includes the associated Top Up funds.

      31 January
    2025
    £’000    		 31 January
    2024
    £’000
    Leeds VIII-A 16,135 —
    Bowmark VII 15,000 15,000
    New Mountain VII 14,299 15,763
    PAI Europe VIII 12,356 20,900
    Thoma Bravo XVI-A 12,101 —
    Investindustrial VIII 12,009 —
    Cinven VIII 11,748 12,789
    CVC IX A 10,546 12,789
    Bain VI 9,939 11,319
    CDR XII 8,908 11,822
    The Resolute Fund VI 8,577 11,822
    Hellman Friedman XI (Parallel) 8,067 7,881
    Advent International X-A 8,039 10,849
    Bregal Unternehmerkapital IV-A 7,762 8,526
    Green Equity Investors Side IX 7,618 15,611
    Permira VIII 7,618 9,356
    Genstar Capital Partners XI (EU) 7,455 7,850
    Apax XI EUR 6,860 8,383
    Gridiron V 6,578 9,008
    Oak Hill VI (Offshore) 5,034 —
    Investindustrial VII 4,895 4,219
    Audax Private Equity VII-B 4,546 5,830
    Integrum I 4,052 5,715
    American Securities IX 4,034 —
    Thomas H Lee Equity Fund IX 3,998 6,762
    PAI Mid-Market Fund 3,764 4,963
    BC XI 3,710 4,900
    Bowmark VI 3,357 1,357
    Hg Genesis X 3,326 3,469
    Ivanti 2,979 2,910
    Valeas Capital Partners I A 2,973 —
    CVC VII 2,944 —
    PAI VII 2,430 2,872
    GHO Capital III 2,257 2,617
    Bain XIII 2,247 2,739
    Audiotonix 2,243 —
    Bain Tech Opportunities II 2,239 2,276
    Tailwind III 2,203 1,517
    Ambassador Theatre Group 2,056 2,049
    Thomas H Lee Equity Fund VIII 1,940 2,011
    Thoma Bravo XV 1,901 2,648
    Hg Saturn III 1,840 2,714
    Seventh Cinven Fund 1,812 2,929
    GI Partners VI-A 1,789 2,168
    Charlesbank X 1,685 3,543
    Apax X 1,677 1,442
    Hellman Friedman X 1,631 2,194
    Bregal Unternehmerkapital III 1,575 2,113
    Carlyle Europe Partners V 1,553 2,243
    Resolute V 1,363 855
    FSN VI 1,303 2,946
    Gridiron III 1,289 4,080
    AEA VII 1,243 464
    Resolute 02 Continuation (SEC 1) 1,145 9,893
    CVC European Equity Partners VIII 512 3,402
    New Mountain VI 498 2,276
    European Camping Group 2 399 1,474
    Leeds VII 317 3,581
    Commitments of less than £2,000,000 at 31 January 2025 62,785 36,908
    Total third party 319,687 333,747
    Total commitments 553,186 551,965

    The Company and its subsidiaries had no other unfunded commitments to investment funds. Commitments made by the Company and its subsidiaries are irrevocable.

    As at 31 January 2025, the Company (excluding its subsidiaries) had uncalled commitments in relation to the above Portfolio of £114.3m (2024: £98.1m). The Company did not have any contingent liabilities at 31 January 2025 (2024: None).

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    The Company’s subsidiaries, which are not consolidated, had the balance of uncalled commitments in relation to the above Portfolio of £438.9m (2024: £453.9m). The Company is responsible for financing its pro-rata share of those uncalled commitments (see note 9).

    17 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

    The Company is an investment company as defined by Section 833 of the Companies Act 2006 and conducts its affairs so as to qualify as an investment trust under the provisions of Section 1158 of the Corporation Tax Act 2010 (‘Section 1158’). The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

    Investments in funds have anticipated lives of approximately 10 years. Direct Investments are made with an anticipated holding period of between three and five years.

    Financial risk management

    The Company’s activities expose it to a variety of financial risks: market risk (comprising currency risk, interest rate risk and price risk), investment risk, credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Board has overall responsibility for managing the risks and the framework for monitoring and coordinating these risks. The Audit Committee regularly reviews, identifies and evaluates the risks taken by the Company to allow them to be appropriately managed. All of the Company’s management functions are delegated to the Manager which has its own internal control and risk monitoring arrangements. The Committee makes a regular assessment of these arrangements, with reference to the Company’s risk matrix. The Company’s financial risk management objectives and processes used to manage these risks have not changed from the previous period and the policies are set out below:

    Market risk
    (i) Currency risk

    The Company’s investments are principally in continental Europe, the US and the UK, and are primarily denominated in euro, US dollars and sterling. There are also smaller amounts in other European currencies. The Company’s investments in controlled structured entities are reported in Sterling. The Company is exposed to currency risk in that movements in the value of sterling against these foreign currencies will affect the net asset value and the cash required to fund undrawn commitments. The Board regularly reviews the level of foreign currency denominated assets and outstanding commitments in the context of current market conditions and may decide to buy or sell currency or put in place currency hedging arrangements. No hedging arrangements were in place during the financial year.

    The composition of the net assets of the Company by reporting currency at the year end is set out below:

      Sterling Euro USD Other Total
    31 January 2025 £’000 £’000 £’000 £’000 £’000
    Investments 1,201,166 81,755 186,623 5 1,469,549
    Cash and cash equivalents and other net current assets (139,168) 1,385 618 8 (137,157)
      1,061,998 83,140 187,241 13 1,332,392
               
      Sterling Euro USD Other Total
    31 January 2024 £’000 £’000 £’000 £’000 £’000
    Investments 1,068,115 81,164 146,881 222 1,296,382
    Cash and cash equivalents and other net current assets (21,553) 4,504 3,878 12 (13,159)
      1,046,562 85,668 150,759 234 1,283,223

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    On a look-through basis to the currency of the portfolio company, the effect of a 25% increase or decrease in the sterling value of the euro would be a fall of £71.3m and a rise of £65.1m in the value of shareholders’equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £74m and a rise of £56.1m based on 25% increase or decrease).The effect of a 25% increase or decrease in the sterling value of the US dollar would be a fall of £158m and a rise of £152.1m in the value of shareholders’ equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £141.9m and a rise of £124.4m based on 25% movement). The percentages applied are based on market volatility in exchange rates observed in prior periods.

    (ii) Interest rate risk

    The Company’s assets primarily comprise non-interest bearing investments in funds and non-interest bearing investments in portfolio companies. The fair values of these investments are not significantly directly affected by changes in interest rates. The Company’s net debt balance is exposed to interest rate risk; the financial impact of this risk is currently immaterial.

    The Company is indirectly exposed to interest rate risk through the impact of interest rates on the performance of investments in funds and portfolio companies as a result of interest rate changes impacting the underlying manager valuation. This performance impact as a result of interest rate risk is recognised through the valuation of those investments, which will be affected by the impact of any change in interest rates on the financial performance of the underlying portfolio companies and also on any valuation of those investments for sale. The Company is not able to quantify how a change in interest rates would impact valuations.

    (iii) Price risk

    The risk that the value of a financial instrument will change as a result of changes to market prices is one that is fundamental to the Company’s objective, which is to provide long-term capital growth through investment in unquoted companies. The investment Portfolio is continually monitored to ensure an appropriate balance of risk and reward in order to achieve the Company’s objective.

    The Company is exposed to the risk of change in value of its private equity investments. For all investments the market variable is deemed to be the price itself. The table below shows the impact of a 30% increase or decrease in the valuation of the investment Portfolio. The percentages applied are reasonable based on the Manager’s view of the potential for volatility in the Portfolio valuations under stressed conditions.

      31 January 2025 31 January 2024
      Increase in variable Decrease in variable Increase in variable Decrease in variable
      £’000 £’000 £’000 £’000
    30% (2024: 30%) movement in the price of investments        
    Impact on profit after tax 423,339 (370,568) 374,044 (320,217)

    A reasonably possible percentage change in relation to the earnings estimates or Enterprise Value/EBITDA multiples used by the underlying managers to value the private equity fund investments and co-investments may result in a significant change in the fair value of unquoted investments.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Investment and credit risk

    (i) Investment risk

    Investment risk is the risk that the financial performance of the companies in which the Company invests either improves or deteriorates, thereby affecting the value of that investment. Investments in unquoted companies whether indirectly or directly are, by their nature, subject to potential investment losses. The investment Portfolio is highly diversified in order to mitigate this risk.

    (ii) Credit risk

    The Company’s exposure to credit risk arises principally from its investment in cash deposits. The Company aims to invest the majority of its liquid portfolio in assets which have low credit risk. The Company’s policy is to limit exposure to any one investment to 15% of gross assets. This is regularly monitored by the Manager as a part of its cash management process.

    Cash is held on deposit with Royal Bank of Scotland (‘RBS’) and totalled £3.9m (2024: £9.7m). RBS currently has a credit rating of A1 from Moody’s. This represented the maximum exposure to credit risk at the balance sheet date. No collateral is held by the Company in respect of these amounts. None of the Company’s cash deposits or money market fund balances were past due or impaired at 31 January 2025 (2024: nil) and as a result of this, no ECL provision has been recorded.

    Liquidity risk

    The Company makes commitments to private equity funds in advance of that capital being invested, typically in illiquid, unquoted companies. These commitments are in excess of the Company’s total liquidity, therefore resulting in an overcommitment. When determining the appropriate level of overcommitment, the Board considers the rate at which commitments might be drawn down, typically over four to six years, versus the rate at which existing investments are sold and cash realised. The Company has an established liquidity management policy, which involves active monitoring and assessment of the Company’s liquidity position and its overcommitment risk. This is regularly reviewed by the Board and incorporated into the Board’s assessment of the viability of the Company. This process incorporates balance sheet and cash flow projections, including scenarios with varying levels of Portfolio gains and losses, fund drawdowns and realisations, availability of the credit facility, exchange rates, and possible remedial action that the Company could undertake if required in the event of significant Portfolio declines.

    At the year end, the Company had cash and cash equivalents totalling £3.9m and had access to committed bank facilities of €300m maturing in May 2028, which is a multi-currency revolving credit facility provided by SMBC and Lloyds. The key terms of the facility are:

    • Upfront cost: 120bps.
    • Non-utilisation fees: 115bps per annum.
    • Margin on drawn amounts: 300bps per annum.

    As at 31 January 2025 the Company’s total financial liabilities amounted to £143.1m (2024: £25.1m) of payables which were due in less than one year, which includes accrued balances payable in respect of the credit facility above.

    Movement in financial liabilities arising from financing activities

    The following tables sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.

      2025 2024
      £’000 £’000
    At 1 February 2024 22,062 67,700
    Proceeds from borrowings 139,762 128,109
    Repayment of long term borrowings (27,831) (174,954)
    Change in capitalisation of bank facility fees 782 1,206
    At 31 January 2025 134,775 22,061
         

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Capital risk management

    The Company’s capital is represented by its net assets, which are managed to achieve the Company’s investment objective. As at the year end, the Company had net debt of £135.9m (2024: £10.3m).

    The Board can manage the capital structure directly since it has taken the powers, which it is seeking to renew, to issue and buy back shares and it also determines dividend payments. The Company is subject to externally imposed capital requirements with respect to the obligation and ability to pay dividends by Section 1159 of the Corporation Tax Act 2010 and by the Companies Act 2006, respectively. Total equity at 31 January 2025, the composition of which is shown on the balance sheet, was £1,332.4m (2024: £1,283.2m).

    Fair values estimation
    IFRS 13 requires disclosure of fair value measurements of financial instruments categorised according to the following fair value measurement hierarchy:

    • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
    • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
    • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

    The valuation techniques applied to level 3 assets are described in note 1(c) of the financial statements. No investments were categorised as level 1 or level 2.

    The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur.

    The sensitivity of the Company’s investments to a change in value is discussed on page 51.

    The following table presents the assets that are measured at fair value at 31 January 2025 and 31 January 2024:

    31 January 2025        
    Level 1 Level 2 Level 3 Total
    £’000 £’000 £’000 £’000
    Investments held at fair value        
    Unquoted investments – indirect — — 150,987 150,987
    Unquoted investments – direct — — 154,242 154,242
    Quoted investments – direct — — — —
    Subsidiary undertakings — — 1,164,320 1,164,320
    Total investments held at fair value — — 1,469,549 1,469,549
    31 January 2024        
    Level 1 Level 2 Level 3 Total
    £’000 £’000 £’000 £’000
    Investments held at fair value        
    Unquoted investments – indirect — — 136,473 136,473
    Unquoted investments – direct — — 123,823 123,823
    Quoted investments – direct — — — —
    Subsidiary undertakings — — 1,036,085 1,036,085
    Total investments held at fair value — — 1,296,381 1,296,381

    All unquoted and quoted investments are valued at fair value in accordance with IFRS 13. The Company has no quoted investments as at 31 January 2025; quoted investments held by subsidiary undertakings are reported within Level 3.

    Investments in Level 3 securities are in respect of private equity fund investments and co-investments. These are held at fair value and are calculated using valuations provided by the underlying manager of the investment, with adjustments made to the statements to take account of cash flow events occurring after the date of the manager’s valuation, such as realisations or liquidity adjustments.

    The following tables present the changes in Level 3 instruments for the year to 31 January 2025 and 31 January 2024.

    31 January 2025 Unquoted investments (indirect) at fair value through profit or loss
    £’000    		 Unquoted investments (direct) at fair value through profit or loss
    £’000    		 Subsidiary undertakings
    £’000    		 Total
    £’000
    Opening balances 136,473 123,823 1,036,086 1,296,382
    Additions 18,124 16,020 151,292 185,436
    Disposals (16,076) (4,138) (125,769) (145,983)
    Gains and losses recognised in profit or loss 14,524 16,479 102,711 133,714
    Closing balance 153,045 152,184 1,164,320 1,469,549
    31 January 2024 Unquoted investments (indirect) at fair value through profit or loss
    £’000    		 Unquoted investments (direct) at fair value through profit or loss
    £’000    		 Subsidiary undertakings
    £’000    		 Total
    £’000
    Opening balances 158,896 110,282 1,079,897 1,349,075
    Additions 14,933 10,248 116,988 142,169
    Disposals (37,167) (3,590) (195,300) (236,057)
    Gains and losses recognised in profit or loss (188) 6,883 34,500 41,194
    Closing balance 136,474 123,823 1,036,085 1,296,381

    18 RELATED PARTY TRANSACTIONS

    Significant transactions between the Company and its subsidiaries are shown below:

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Subsidiary Nature of transaction Year ended
    31 January
    2025
    £’000    		 Year ended
    31 January
    2024
    £’000
    ICG Enterprise Trust Limited Partnership Increase in amounts owed to subsidiaries — —
      (Decrease) in amounts owed by subsidiaries (8,689) (102)
      Income allocated — —
    ICG Enterprise Trust (2) Limited Partnership Increase in amounts owed to subsidiaries (2,956) 11,420
      (Decrease) in amounts owed by subsidiaries — —
      Income allocated (169) 151
    ICG Enterprise Trust Co-investment LP Increase in amounts owed by subsidiaries 33,229 (10,416)
      Income allocated 2,127 6,681
    ICG Enterprise Holdings LP Increase in amounts owed to subsidiaries — (45,725)
      Income allocated 4,224 6,819
    ICG Morse Partnership LP Increase in amounts owed by subsidiaries — (14,513)
      Decrease in amounts owed to subsidiaries — —
      Income allocated — —
    ICG Lewis Partnership LP (Decrease) in amounts owed by subsidiaries 687 1,820
      Increase in amounts owed by subsidiaries — —
      Income allocated — —

    ICG Enterprise Trust Limited Partnership transferred its remaining assets to ICG Enterprise Trust PLC during the year ended 31 January 2025. It will be dissolved during the year ended 31 January 2026 and will cease to be a subsidiary at that time.

    For the purpose of IAS 24 Related Party Disclosures, key management personnel comprised the Board of Directors.

    Remuneration in the year (audited) Fees Expenses Total
    Name 2025
    £’000    		 2024
    £’000    		 2025
    £’000    		 2024
    £’000    		 2025
    £’000    		 2024
    £’000
    Jane Tufnell 74 71   — 74 71
    Alastair Bruce 60 58 — — 60 58
    David Warnock 59 46   — 59 46
    Gerhard Fusenig 48 46 3 2 51 49
    Adiba Ighodaro 48 46 — — 48 46
    Janine Nicholls 48 46 — — 48 46
    Total 337 313 3 2 340 316

    Amounts owed by/to subsidiaries represent the Company’s loan account balances with those entities, to which the Company’s share of drawdowns and distributions in respect of those entities are credited and debited respectively.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Amounts owed by subsidiaries Amounts owed to subsidiaries
    Subsidiary 31 January 2025 £’000 31 January 2024 £’000 31 January 2025 £’000 31 January 2024 £’000
    ICG Enterprise Trust Limited Partnership — — (492) 8,197
    ICG Enterprise Trust (2) Limited Partnership — — 31,372 34,328
    ICG Enterprise Trust Co-Investment LP 273,555 240,326 — —
    ICG Enterprise Holdings LP — — — —
    ICG Morse Partnership LP — — — —
    ICG Lewis Partnership LP 8,569 7,881 — —

    The Company and its subsidiaries’ total shares in funds and co-investments managed by the Company’s Manager are:

      Year ended 31 January 2025 Year ended 31 January 2024
    Fund/Co-investment Remaining
    commitment
    £’000    		 Fair value investment
    £’000    		 Remaining
    commitment
    £’000    		 Fair value investment
    £’000
    ICG MXV Co-Investment 8,361 32,728 217 31,658
    ICG Strategic Equity Fund III 10,727 31,043 10,942 39,374
    ICG Europe VII 6,082 30,721 6,541 35,021
    ICG Ludgate Hill (Feeder B) SCSp 13,591 23,814 13,860 24,366
    ICG Europe VIII 14,339 23,640 25,901 10,746
    ICG Augusta Partners Co-Investor 17,775 20,469 17,365 15,533
    ICG Ludgate Hill (Feeder) III A Porsche SCSp 5,691 17,995 4,652 21,104
    ICG Newton Co-Investment 393 17,808 393 17,909
    ICG Progress Co-Investment 421 17,265 577 15,156
    ICG Vanadium Co-Investment 246 16,180 251 14,209
    ICG Ludgate Hill (Feeder) II Boston SCSp 5,392 16,030 5,267 14,721
    ICG Match Co-Investment 132 15,253 129 15,403
    ICG Colombe Co-investment 1,810 13,795 1,678 12,221
    ICG Europe Mid-Market Fund 5,524 13,494 5,476 13,819
    ICG LP Secondaries Fund I LP 41,146 12,175 34,811 21,980
    ICG Cheetah Co-Investment 635 11,123 669 11,570
    CX VIII Co-Investment 167 9,076 171 8,996
    ICG Asia Pacific Fund III 2,523 8,706 2,634 8,436
    ICG Dallas Co-Investment 1,240 8,172 1,280 8,245
    ICG Strategic Equity V 36,868 7,101 19,704 895
    ICG Strategic Equity IV 7,055 32,851 10,385 28,029
    ICG Sunrise Co-Investment 75 5,840 76 5,402
    ICG Crown Co-Investment 96 5,492 122 4,817
    ICG Recovery Fund 2008 B1 846 4,954 862 4,545
    ICG Strategic Secondaries Fund II 16,938 4,853 16,547 10,052
    ICG Holiday Co-Investor I 286 3,748 285 2,655
    ICG North American Private Debt Fund II 2,097 3,061 1,682 5,467
    ICG Europe VI 4,013 2,814 4,311 5,719
    ICG Holiday Co-Investor II 199 2,775 197 1,966
    ICG Europe Mid-Market II 19,245 1,534 21,316 (263)
    ICG Europe V 545 757 555 808
    ICG Cross Border 182 273 178 5,555
    ICG Diocle Co-Investment 145 81 148 98
    ICG Velocity Partners Co-Investor 650 18 635 —
    ICG European Fund 2006 B1 480 15 489 28
    ICG Topvita Co-Investment 687 — 700 —
    ICG Trio Co-Investment 36 — 37 7,988
    Ambassador Theatre Group — — — 14,177
    Total 226,638 415,652 211,043 438,410

    At the balance sheet date the Company has fully funded its share of capital calls due to ICG-managed funds in which it is invested.

    19 Post balance sheet events

    On 2 April 2025, the Company announced the completion of a secondary sale of primary fund interests generating £62m net proceeds and releasing undrawn commitments of £10m. On 30 April 2025 the Company cancelled its Treasury shares (see note 14). 9,358,808 shares were cancelled.

    GLOSSARY

    Term Short form Definition
    Alternative Performance Measures APMs Alternative Performance Measures are a term defined by the European Securities and Markets Authority as “financial measures of historical or future performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework”.

    APMs are used in this report if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company and for comparing the performance of the Company to its peers, taking into account industry practice.

    Definitions and reconciliations to IFRS measures are provided in the main body of the report or in this Glossary, where appropriate.
    Buyback impact on NAV per Share   Buyback impact on NAV per Share is calculated by comparing the NAV per Share with an adjusted NAV per Share as follows:
      Year ended
    31 January 2025    		 Since inception (Oct. 22)  
    Opening number of shares 67,190,867 68,523,055 A
    Number of shares bought back in period 2,912,675 4,244,863  
    Closing number of shares 64,278,192 64,278,192 B
    31 January 2025 NAV £1,332m £1,332m C
    Add back cash invested in buybacks £36m £51m  
    31 January 2025 NAV + cash invested in buybacks £1,368m £1,383m D
    31 January 2025 NAV per Share 2,072.9p 2,072.9p E (C/B)
    Pro forma NAV per share excluding buybacks 2,036.4p 2,018.8p F (D/A)
    Impact of buybacks 36.5p 54.1p G (E-F)
    NAV per Share accretion
    from buybacks    		 1.8% 2.7% G/F
    Note: scenario excluding buyback does not include any cash impact of dividends that would have been paid to holders of those shares had the buyback not been undertaken
    Carried Interest   Carried interest is equivalent to a performance fee. This represents a share of the profits that will accrue to the underlying private equity managers, after achievement of an agreed Preferred Return.
    Cash drag   Cash drag is the negative impact on performance arising as a result of the allocation of a portion of the entity’s assets to cash.
    Co-investment   Co-investment is a Direct Investment in a company alongside a private equity fund.
    Co-investment Incentive Scheme Accrual   Co-investment Incentive Scheme Accrual represents the estimated value of interests in the Co-investment Incentive Scheme operated by the subsidiary partnerships of the Company.
    Commitment   Commitment represents the amount of capital that each investor agrees to contribute to a fund or a specific investment.
    Compound Annual Growth Rate CAGR The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span.
    Deployment   Please see ‘Total new investment’.
    Direct Investment   An investment in a portfolio company held directly, not through a private equity fund. Direct Investments are typically co-investments with a private equity fund.
    Discount   Discount arises when the Company’s shares trade at a price below the Company’s NAV per Share. In this circumstance, the price that an investor pays or receives for a share would be less than the value attributable to it by reference to the underlying assets. The Discount is the difference between the share price and the NAV, expressed as a percentage of the NAV. For example, if the NAV was 100p and the share price was 90p, the Discount would be 10%.
    Drawdowns   Drawdowns are amounts invested by the Company when called by underlying managers in respect of an existing Commitment.
    EBITDA   Stands for earnings before interest, tax, depreciation and amortisation, which is a widely used profitability measure in the private equity industry.
    Enlarged Perimeter   The aggregate Portfolio value of the Top 30 Companies and as many of the managers from within the Top 30 funds as practicable.
    Enterprise Value EV Enterprise Value is the aggregate value of a company’s entire issued share capital and Net Debt.
    Exclusion List   The Exclusion List defines the business activities which are excluded from investment.
    FTSE All-Share Index Total Return   The change in the level of the FTSE All-Share Index, assuming that dividends are re-invested on the day that they are paid.
    Full Exits   Full Exits are exit events (e.g., trade sale, sale by public offering, or sale to a financial buyer) following which the residual exposure to an underlying company is zero or immaterial; this does not include Fund Disposals. See ‘Fund Disposals’.
    Fund Disposals   Fund Disposals are where the Company receives sales proceeds from the full or partial sale of a fund position within the secondary market.
    General Partner GP The General Partner is the entity managing a private equity fund. This is commonly referred to as the manager.
    Hedging   Hedging is an investment technique designed to offset a potential loss on one investment by purchasing a second investment that is expected to perform in the opposite way.
    Initial Public Offering IPO An Initial Public Offering is an offering by a company of its share capital to the public with a view to seeking an admission of its shares to a recognised stock exchange.
    Internal Rate of Return IRR Internal Rate of Return is a measure of the rate of return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor, together with the residual value of the investment.
    Investment Period   Investment Period is the period in which funds are able to make new investments under the terms of their fund agreements, typically up to five years after the initial Commitment.
    Last Twelve Months LTM Last Twelve Months refers to the timeframe of the immediately preceding 12 months in reference to financial metrics used to evaluate the Company’s performance.
    Limited Partner LP The Limited Partner is an institution or individual who commits capital to a private equity fund established as a Limited Partnership. These funds are generally protected from legal actions and any losses beyond the original investment.
    Limited Partnership   A Limited Partnership includes one or more General Partners, who have responsibility for managing the business of the partnership and have unlimited liability, and one or more Limited Partners, who do not participate in the operation of the partnership and whose liability is ordinarily capped at their capital and loan contribution to the partnership. In typical fund structures, the General Partner receives a priority share ahead of distributions to Limited Partners.
    Net Asset Value per Share NAV per Share Net Asset Value per Share is the value of the Company’s net assets attributable to one Ordinary share. It is calculated by dividing ‘shareholders’ funds’ by the total number of ordinary shares in issue. Shareholders’ funds are calculated by deducting current and long-term liabilities, and any provision for liabilities and charges, from the Company’s total assets.
    Net Debt   Net Debt is calculated as the total short-term and long-term debt in a business, less cash and cash equivalents.
    Ongoing charges   Ongoing Charges are calculated in line with guidance issued by the Association of Investment Companies (‘AIC’) and capture management fees and expenses, excluding finance costs, incurred at the Company level only. The calculation does not include the expenses and management fees incurred by any underlying funds.
        31 January 2025 Total per income statement
    £’000    		 Amount excluded from AIC Ongoing Charges
    £’000    		 Included Ongoing Charges
    £000
        Management fees 16,175 — 16,175
        General expenses 1,500 165 1,665
        Finance costs 9,354 (9,354) —
        Total 27,029 (9,189) 17,840
        Total Ongoing Charges 17,840
        Average NAV 1,294,186
        Ongoing Charges as % of NAV 1.38%
               
        31 January 2024 Total per income statement
    £’000    		 Amount excluded from AIC Ongoing Charges
    £’000    		 Included Ongoing Charges
    £000
        Management fees 16,148 — 16,148
        General expenses 1,773 (209) 1,564
        Finance costs 8,152 (8,152) —
        Total 26,073 (8,362) 17,712
        Total Ongoing Charges 17,712
        Average NAV 1,291,759
        Ongoing Charges as % of NAV 1.37%
        Included within General expenses above are £(0.2)m (credit) (2024: £0.2m) of other expenses which are non-recurring and are excluded from the Ongoing Charges.
    Other Net Liabilities   Other Net Liabilities at the aggregated Company level represent net other liabilities per the Company’s balance sheet. Net other liabilities per the balance sheet of the subsidiaries include amounts payable under the Co-investment Incentive Scheme Accrual.
    Overcommitment   Overcommitment refers to where private equity fund investors make Commitments exceeding the amount of liquidity immediately available for investment. When determining the appropriate level of Overcommitment, careful consideration needs to be given to the rate at which Commitments might be drawn down, and the rate at which realisations will generate cash from the existing Portfolio to fund new investment.
    Portfolio   Portfolio represents the aggregate of the investment Portfolios of the Company and of its subsidiary Limited Partnerships. This APM is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that disclosing our Portfolio assists shareholders in understanding the value and performance of the underlying investments selected by the Manager. It is shown before the Co-investment Incentive Scheme Accrual to avoid being distorted by certain funds and Direct Investments on which ICG Enterprise Trust Plc does not incur these costs (for example, on funds managed by ICG plc). Portfolio is related to the NAV, which is the value attributed to our shareholders, and which also incorporates the Co-investment Incentive Scheme Accrual as well as the value of cash and debt retained on our balance sheet.

    The value of the Portfolio at 31 January 2025 is £1,523.1m (31 January 2024: £1,349.0m).
        31 January 2025 £m IFRS Balance sheet fair value Net assets of subsidiary limited partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
        Investments1 1,469.5 (0.3) 53.9 1,523.1
        Cash 3.9 — — 3.9
        Other Net Liabilities (141.0) 0.3 (53.9) (194.6)
        Net assets 1,332.4 — — 1,332.4
                 
        31 January 2024 £m IFRS Balance sheet fair value Balances receivable from subsidiary Limited Partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
        Investments1 1,296.4 (1.9) 54.4 1,349.0
        Cash 9.7 — — 9.7
        Other Net Liabilities (22.9) 1.9 (54.4) (75.5)
        Net assets 1,283.2 — — 1,283.2
        1Investments as reported on the IFRS balance sheet at fair value comprise the total of assets held by the Company and the net asset value of the Company’s investments in the subsidiary Limited Partnerships.
    Portfolio Return on a Local Currency Basis   Portfolio Return on a Local Currency Basis represents the change in the valuation of the Company’s Portfolio before the impact of currency movements and Co-investment Incentive Scheme Accrual. The Portfolio return of 10.2% is calculated as follows:
          £m 31 January 2025 31 January 2024
        Income, gains and losses on Investments   142.0 125.3
        Foreign exchange gains and losses included in gains and losses on investments   5.4 (38.6)
        Incentive accrual valuation movement   (9.3) (3.7)
        Total gains on Portfolio investments excluding impact of foreign exchange   138.1 83.1
        Opening Portfolio valuation   1,349.0 1,406.4
        Portfolio Return on a Local Currency Basis   10.2% 5.9%
                 
    Term Short form Definition
    Portfolio Company   Portfolio Company refers to an individual company in an investment portfolio.
    Primary   A Primary Investment is a Commitment to a private equity fund.
    Quoted Company   A Quoted Company is any company whose shares are listed or traded on a recognised stock exchange.
    Realisation Proceeds   Realisation Proceeds are amounts received in respect of underlying realisation activity from the Portfolio and exclude any inflows from the sale of fund positions via the secondary market.
    Realisations – Multiple to Cost   Realisations – Multiple to Cost is the average return from Full Exits from the Portfolio in the period on a primary investment basis, weighted by cost.
        £m   31 January 2025 31 January 2024
        Realisation Proceeds from Full Exits in the year-to-date   73.7 100.8
        Cost   35.9 28.8
        Average return Multiple to Cost   2.9x 3.5x
    Realisations – Uplift To Carrying Value   Realisations – Uplift To Carrying Value is the aggregate uplift on Full exits from the Portfolio in the period excluding publicly listed companies that were exited via sell downs of their shares.
        £m   31 January 2025 31 January 2024
        Realisation Proceeds from Full Exits in the year-to-date   73.7 100.8
        Prior Carrying Value (at previous quarterly valuation prior to exit)   62.0 89.2
        Realisations – Uplift To Carrying Value   19.0% 29.5%
    Secondary Investments   Secondary Investments occur when existing private equity fund interests and Commitments are purchased from an investor seeking liquidity.
    Share Price Total Return   Share Price Total Return is the change in the Company’s share price, assuming that dividends are re-invested on the day that they are paid.
    Total New Investment   Total New Investment is the total of direct Co-investment and fund investment Drawdowns in respect of the Portfolio. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.

    Movements in the cash flow statement within the financial statements reconcile to the movement in the Portfolio as follows:
          £m 31 January 2025 31 January 2024
        Purchase of Portfolio investments per cash flow statement   34.1 25.2
        Purchase of Portfolio investments within subsidiary investments   152.2 111.6
        Return of cost/expenses   (4.9) 0.0
        Total New Investment   181.4 136.7
    Term Short form Definition        
    Total Proceeds   Total Proceeds are amounts received by the Company in respect of the Portfolio, which may be in the form of capital proceeds or income such as interest or dividends. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.
        £m     31 January 2025 31 January 2024
        Sale of Portfolio investments per cash flow statement     20.0 40.6
        Sale of Portfolio investments, interest received, and dividends received within subsidiary investments     125.8 195.3
        Interest income per cash flow statement     0.5 1.7
        Dividend income per cash flow statement     0.5 0.8
        Other income per cash flow statement     0.1 —
        Return of invested cost     4.0 0.0
        Total Proceeds     150.8 238.6
        Fund Disposals     — (67.6)
        Realisation Proceeds     150.8 171.0
    Total Return   The change in the Company’s Net Asset Value per Share, assuming that dividends are re-invested at the end of the quarter in which the dividend was paid.
    Undrawn Commitments   Undrawn Commitments are Commitments that have not yet been drawn down (please see ‘Drawdowns’).
    Unquoted Company   An Unquoted Company is any company whose shares are not listed or traded on a recognised stock exchange.
    Valuation Date   The date of the valuation report issued by the underlying manager.

    The MIL Network –

  • MIL-OSI USA: Padilla, Bennet, Salinas, Lofgren Introduce Bicameral Legislation to Provide Disaster Relief for Farm Workers

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Bennet, Salinas, Lofgren Introduce Bicameral Legislation to Provide Disaster Relief for Farm Workers

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.) and Michael Bennet (D-Colo.) introduced the Disaster Relief for Farm Workers Act to provide compensation for farm workers who lose out on wages due to extreme weather, public health emergencies, and other disasters beyond their control. Representatives Andrea Salinas (D-Ore.-06) and Zoe Lofgren (D-Calif.-18) are leading companion legislation in the House of Representatives.
    California is home to as many as 800,000 year-round and seasonal farm workers who help power the state’s $59 billion agricultural economy, yet despite their contributions to the local, regional, and national economies, there are few protections for the farm workforce. The California agricultural economy faced almost $4 billion in damages from 2023 to 2024, and that’s without even accounting for flooded farm worker homes in Pajaro or lost farm worker income. Existing federal disaster relief programs insufficiently compensate farm workers when they lose wages as a result of conditions out of their control.
    “California’s farm workers often work under extreme conditions to help put food on the table for hundreds of millions of Americans,” said Senator Padilla. “But increasingly frequent natural disasters, including historic flooding in Pajaro, have devastated California’s agricultural communities. We must protect the heart of our nation’s food supply by providing critical emergency assistance to these essential workers.”
    “Agriculture is the backbone of Colorado’s economy and central to our Western way of life, but as climate-fueled disasters become increasingly common, our state’s farm workers are paying the price,” said Senator Bennet. “Our bill will help ensure the people that grow America’s fruits, vegetables, and other crops get the assistance they need in the wake of emergencies like drought, wildfires, and other natural disasters.”
    “Extreme weather and natural disasters are only getting worse with climate change. Unfortunately, many of the hardworking individuals who grow and harvest our food do not receive direct financial support when they are forced to miss work and lose wages as a result of these disasters,” said Representative Salinas. “My legislation would finally correct this injustice by providing federal disaster relief for farmworkers. This change is well-deserved and long-overdue, and I will continue to advocate for the brave men and women who help feed America.”
    “When extreme weather occurs, farmworkers across our country continue to feed the nation. And yet, these essential workers and their families face great uncertainty when unexpected disasters harm their communities and livelihood. For example, hundreds of farmworkers in my congressional district faced displacement and lost wages after severe flooding devastated the Pajaro community in early 2023. We owe them – and all farmworkers – more. The Disaster Relief for Farm Workers Act ensures America’s indispensable farmworkers can receive disaster relief funding they need and have earned,” said Representative Lofgren.
    The Disaster Relief for Farm Workers Act would address this problem by providing direct relief funding for farm workers. Specifically, this bill would:
    Make grants available to eligible farm worker organizations to provide emergency relief to farm workers affected by a disaster.
    Ensure the U.S. Department of Agriculture (USDA) develops and executes a promotional plan prior to and throughout the distribution of the relief grants to increase awareness of the assistance available.
    Require USDA to work with eligible farm worker organizations.
    Provide definitions for a covered disaster, eligible farm worker organization, and migrant or seasonal farm worker.
    Amend Section 2281 of the Food, Agriculture, Conservation, and Trade Act of 1990 to allow for emergency assistance for farm workers.
    The legislation is endorsed by the following organizations: A Better Balance, Alianza Americas, Alianza Nacional de Campesinas, Association of Farmworker Opportunity Programs (AFOP), Borderlands Resource Initiative, California Human Development, Campesinos Sin Fronteras, Care in Action, CASA of Oregon, Center for Employment Training, Central Coast Alliance United for a Sustainable Economy (CAUSE), Central Valley Opportunity Center, Centro de los Derechos del Migrante, Inc (CDM), Child Labor Coalition, CHILDREN AT RISK, CIERTO, Civic Empowerment Coalition, Coalition for Humane Immigrant Rights (CHIRLA), Columbia Legal Services, CRLA Foundation, Davidson County Local Food Network, El Futuro es Nuestro, Farm Worker Ministry Northwest, Farmworker and Landscaper Advocacy Project-FLAP, Farmworker Housing Development Corporation (FHDC), Farmworker Justice, Food Empowerment Project, GALEO Impact Fund, Hand in Hand/Mano en Mano, Hispanic Affairs Project, Hispanic Federation, Houston Immigration Legal Services Collaborative, Immigrant Defenders Law Center, La Union del Pueblo Entero (LUPE), Latino Outdoors, League of Conservation Voters, Make the Road CT, Make the Road NJ, Make the Road NV, Make the Road NY, Make the Road PA, Make the Road States, Michiganders for a Just Farming System, National Association of Social Workers, National Association of Social Workers – Florida and Virgin Islands Chapter, National Consumers League, National Domestic Workers Alliance, National Employment Law Project, National Migrant and Seasonal Head Start Association, NC FIELD, Inc., NETWORK Lobby for Catholic Social Justice, North Carolina Council of Churches, North Carolina Farmworker Advocacy Network, North Carolina Justice Center, Nourish Up, Opportunity Arizona, Oregon Human Development Corporation, Organización en California de Lideres Campesinas, Inc, PCUN, Oregon’s Farmworker Union, Pesticide Action and Agroecology Network (PAN), Popular Democracy, Presente.org, Progress Michigan, Proteus Inc., Puente de la Costa Sur, Sikh American Legal Defense and Education Fund (SALDEF), Slow Food USA, Student Action with Farmworkers, Sur Legal Collaborative, TODEC Legal Center, Toxic Free North Carolina, UFW Foundation, Unidos Yamhill County, United Farm Workers, and Voces Unidas de las Montañas.
    “Farm workers are always on the front lines of fires, floods, and storms — yet are too often excluded from federal disaster relief programs,” said Teresa Romero, President of United Farm Workers (UFW). “If the federal government can provide emergency support to farm owners who lose crops in natural disaster, then the federal government can emergency provide support to farm workers who lose work in that same disaster. The Disaster Relief for Farm Workers Act will ensure that farm workers who put food on all our tables can continue to put food on their family’s table when disaster strikes.”
    “Every year we see an alarming number of natural disasters that drastically and disproportionately impact the farm worker community. As climate change gets worse, these types of disasters will only worsen and farm workers are the ones who are affected the most by these calamities. Just last year, we saw heavy California rains flooding Ventura County farm areas and Hurricane Helen devastating Georgia’s farm worker communities, leading to organizations like ours stepping up to do what we can. But that is not enough. We must have a federal response to these kinds of disasters. From wildfires to tornadoes to hurricanes, farm workers have little to no safety net to help them recover from unexpected disasters,” said Erica Lomeli Corcoran, Chief Executive Officer at UFW Foundation. “This is exactly why the UFW Foundation is supporting the Disaster Relief for Farm Workers Act. It would provide resources and aid to those who truly need it and would ensure that those responsible for our nation’s food supplies are not overlooked, as they have been in the past. Farm workers have been largely ignored and neglected by the law, shut out from basic protections provided to all workers. It is time that Congress acts and ensures that our nation’s farm workers are given the support they need to overcome times of emergencies and to provide equity to all workers.” 
    “Farmworkers are frontline workers, which means they are the hardest hit by the impacts of extreme weather conditions across the country. Many farmworkers feel that they are risking their health with extreme heat and colder days, but losing even one day of work is not an option for their families’ economic situation. Outdoor protections are important, yet there are days that are becoming too extreme to even be outside. Our vision is to be a resilient workforce for the agricultural industry. Disaster relief means we can start investing in addressing the issues that workers are facing today by building resilience for climate change in the future, without sacrificing the economic well-being of farmworkers,” said Reyna Lopez, Executive Director of Pineros y Campesinos Unidos del Noreste (PCUN).
    Senator Padilla has fought hard to deliver relief to agricultural communities devastated by natural disasters. Earlier this year, Padilla announced bipartisan, bicameral legislation to improve access to federal agriculture disaster programs. Padilla also introduced the Smoke Exposure Research Act, legislation to better protect winegrape growers against wildfire smoke damage by strengthening research and risk management efforts at West Coast land-grant universities. Last year, he led a bipartisan coalition of California members in urging the Senate and House Agriculture Committees to incorporate permanent disaster assistance for agricultural producers and communities in the Farm Bill. The letter called for the inclusion of his bipartisan Agricultural Emergency Relief Act, which would create a permanent structure at the USDA to provide relief for farmers who lost crops due to natural disasters. Previously, Padilla introduced a pair of bills to equip the USDA to better meet the needs of farm workers. He also introduced the Fairness for Farm Workers Act last Congress to update the nation’s labor laws to ensure farm workers receive fairer wages and compensation.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI New Zealand: PM’s Science Council to set direction for science

    Source: NZ Music Month takes to the streets

    Prime Minister Christopher Luxon has today announced the new Prime Minister’s Chief Science Advisor, and the members of the Prime Minister’s Science and Technology Advisory Council.

    “We have world-class scientists in our universities and research institutes, but they’re working in a system held back by outdated settings. To unlock the full potential of science and technology, we need a sharper focus on commercialisation, better access to global investment, and clearer priorities at home,” Mr Luxon says. 

    “This Council is a new initiative to get clear, independent advice to ensure our investments in science and technology are delivering real outcomes for New Zealanders.

    “The Council will provide advice on long-term priorities for government-funded science and innovation. They will help identify areas of focus that will have the greatest benefit for Kiwis and our economy. 

    “I also expect them to provide bold and courageous advice about those areas that aren’t delivering value for New Zealanders and may need to be deprioritised. It’s about making sure we are investing in what will have the greatest impact for New Zealanders.”

    Members of the Council bring a strong mix of scientific, commercial and strategic expertise. They include:

    Sir Peter Gluckman
    Craig Piggott
    Professor Merryn Tawhai
    Komal Mistry-Mehta
    Malcolm Johns
    Dr John Roche

    “I am also pleased to announce that Dr John Roche has been appointed as the Prime Minister’s Chief Science Advisor. In this role, John will support robust decision making by providing high quality, independent scientific advice. John, in his capacity as my science advisor, will also be a member of the council.”

    Minister for Science, Innovation and Technology, Hon Dr Shane Reti, will chair the Council, with Dr John Roche as deputy chair.

    “These are highly capable individuals who understand both the science and the economic imperatives. They are prepared to make the bold calls needed to ensure the system is future-focused, outcome-driven and aligned with our economic goals,” Mr Luxon says.

    “A strong, well-directed science and innovation sector is critical to lifting productivity, creating high-value jobs and supporting a more resilient and competitive economy.”

    The Council will provide its first formal advice to the Prime Minister and Minister Reti later this year.

    Biographies of Council members:

    Sir Peter Gluckman 
    Professor Sir Peter Gluckman ONZ KNZM FRSNZ FMedSci FRS trained as a paediatrician and biomedical scientist. He is Director of Koi Tu- Centre for Informed Futures and holds a Distinguished University Professorship at the University of Auckland. He is currently the chair of the Science System Advisory Group. Sir Peter is President of the International Science Council (ISC, 2021-2026). From 2014-2021 he was the inaugural Chair of the International Network of Government Science Advice (INGSA), and from 2009-2018 he was the first Chief Science Advisor to the Prime Minister of New Zealand. He was also Science Envoy for the New Zealand Ministry of Foreign Affairs and Trade and coordinated the secretariat of the Small Advanced Economies Initiative. He has written and spoken extensively on science-policy and science-diplomacy and science-society interactions. He has received the highest scientific and civilian honours in New Zealand and numerous international scientific awards. 
    Craig Piggott
    Craig Piggott is the founder of Halter. The company’s solar-powered collar for dairy and beef cows, pairs with an app for farmers and allows cows to respond to guidance cues, enabling virtual herding and fencing while monitoring health 24/7. This innovation helps farmers increase milk and protein production propelling the company to become one of New Zealand’s fastest-growing businesses with a thriving international customer base. Craig brings experience in innovation, agriculture and business.  
    Merryn Tawhai
    Merryn Tawhai graduated from the University of Auckland with a PhD in Engineering Science in 2001. She leads a research programme at the Auckland Bioengineering Institute (ABI) in applied computational physiology of the respiratory system. Merryn is the Director of the ABI and sits on the Board of Directors for Cure Kids Ventures and the Virtual Physiological Human Institute. She was ABI’s Deputy Director for 10 years, Director of the Medical Technologies Centre of Research Excellence (MedTech CoRE), and an independent Director for Izon Science. Merryn was awarded the 2016 MacDiarmid Medal by the Royal Society of New Zealand (RSNZ) Te Apārangi, is a Fellow of the RSNZ, a Fellow of IAMBE and AIMBE, and an elected member of the Fleischner Society.
    Komal Mistry-Mehta
    Komal is Chief Innovation & Brand Officer at Fonterra and Managing Director of the Ki Tua Fund, Fonterra’s corporate venture capital arm. She leads global innovation, research and development, digital, brand and marketing functions for New Zealand’s largest company. Prior to joining the Fonterra Executive Team, Komal led Fonterra’s global health and nutrition business based in Singapore. With experience across Asia, the America’s and Europe, she has led major transformations in sales, innovation, digital enablement and technology. Komal was named New Zealand’s Young Executive of the Year in 2017 and serves on several international boards. Komal has completed the Executive Program at Stanford University School of Business and holds Bachelor of Laws and Bachelor of Management degrees from the University of Waikato. She is a Barrister and Solicitor of the High Court of New Zealand as well as a member of the New Zealand Institute of Chartered Accountants.
    Malcolm Johns
    Malcolm is the Chief Executive of Genesis Energy. Previously he was the Chief Executive of InterCity Group and held several governance roles within New Zealand’s transport, infrastructure and tourism sectors. He is Convenor of the Climate Leaders Coalition and served as Chair of the APEC Business Advisory Council leading the regional trade policy task force for climate change. Malcolm has extensive business acumen and understanding of Government systems

    John Roche 
    John was appointed MPI’s Chief Science Adviser in June 2018 to provide an independent science perspective. He leads MPI’s Science Forum, chairs the Science Governance Group at MPI and the independent Mycoplasma bovis Strategic Science Advisory Group. John is also a member of the Prime Minister’s Chief Science Adviser’s forum and is an adjunct professor in University of Auckland’s School of Biological Sciences. John was previously DairyNZ’s Principal Scientist for Animal Science. He has held science appointments in Ireland and Australia. He is also Managing Director of Down to Earth Advice Ltd. Widely published and a regular contributor to international science and farming conferences, John has an Honours degree in Agricultural Science, a Masters in Farm Systems and Pasture Management, and a PhD in Animal Nutrition.

    MIL OSI New Zealand News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 8, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 8, 2025.

    Women’s sports are fighting an uphill battle against our social media algorithms
    Source: The Conversation (Au and NZ) – By Hans Westerbeek, Professor of International Sport Business, Head of Sport Business Insights Group, Victoria University Women’s sport is more and more getting the attention it deserves. Stadiums are filling, television ratings for many sports are climbing and athletes such as the Matildas’ Mary Fowler, triple Olympic gold

    New taxes on super didn’t get much attention in the election campaign. But they could be tricky to implement
    Source: The Conversation (Au and NZ) – By Mark Melatos, Associate Professor of Economics, University of Sydney Poetra.RH/Shutterstock The re-election of the Albanese government has led to renewed concern about planned changes to the taxation of investment returns in superannuation funds. Labor’s emphatic victory on Saturday night, including what looks like an increased presence in

    New Caledonia’s political talks – no outcome after three days of ‘conclave’
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific Desk After three solid days of talks in retreat mode, New Caledonia’s political parties have yet to reach an agreement on the French Pacific territory’s future status. The talks, held with French Minister for Overseas Manuel Valls and French Prime Minister’s special advisor Eric Thiers, have since

    Forest home of ‘polar dinosaurs’ 120 million years ago in southern Australia recreated in detail for the first time
    Source: The Conversation (Au and NZ) – By Vera Korasidis, Lecturer in Environmental Geoscience, The University of Melbourne Artwork © Bob Nicholls 2024 Roughly 140 million to 100 million years ago, the piece of land that is modern day Australia was located much further south on Earth. In fact, what is now Victoria was once

    Ovarian cysts can be painful when they burst. When do you need to see a doctor?
    Source: The Conversation (Au and NZ) – By Anna Chruścik, Lecturer in Biomedical Sciences, University of Southern Queensland PeopleImages.com – Yuri A/Shutterstock Cysts are small pockets of fluid that form inside the body. Ovarian cysts are common, affecting around one in ten women. But sometimes they can cause pain – especially when they burst. You

    Keith Rankin Chart Analysis – International Trade over time: gifts with strings
    Analysis by Keith Rankin. The ‘see-saw’ chart above shows the accumulated ‘excess benefits’ that Aotearoa New Zealand, and a few other countries, have enjoyed from international trade over the last 40 years. These are benefits arising from ‘unbalanced trade’ which are in addition to the regular benefits – arising from efficient specialisation – of ‘balanced’

    ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order
    Source: The Conversation (Au and NZ) – By Nicholas Ross Smith, Senior Research Fellow, National Centre for Research on Europe, University of Canterbury Getty Images There is a growing feeling in New Zealand that the regional geopolitical situation is becoming less stable and more conflicted. China has ramped up its Pacific engagement, most recently with

    While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition?
    Source: The Conversation (Au and NZ) – By Linda Botterill, Visiting Fellow, Crawford School of Public Policy, Australian National University Among the notable features of this year’s election campaign was that Australia’s second-oldest political party was apparently missing in action. At the same time, it managed to avoid the rout inflicted on its coalition partner.

    Why is hospital parking so expensive? Two economics researchers explain
    Source: The Conversation (Au and NZ) – By Lisa Farrell, Professor of Economics (Health Economist), RMIT University ThirtyPlus/Shutterstock Imagine having to pay A$39 dollars a day to park your car while visiting your sick child in hospital. For families already struggling in a cost-of-living crisis, hospital parking fees are not just another expense. They can

    Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?
    Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong Aritra Deb/Shutterstock At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

    Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline
    Source: The Conversation (Au and NZ) – By Emily Baulch, Research Associate, Discipline of Media and Communications, University of Sydney Marvel Studios This piece contains spoilers. Marvel’s men are sad. And that’s a good thing. Thor’s depressed in Avengers: Endgame. Tony Stark has panic attacks in Iron Man 3. Peter grieves in Spider-Man: No Way

    Australia is set to be a renewables nation. After Labor’s win, there’s no turning back
    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney bmphotographer/Shutterstock An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday: In 2022, the Australian people

    Financial Times: The West’s shameful silence on Gaza – do more to restrain Benjamin Netanyahu
    EDITORIAL: The Financial Times editorial board After 19 months of conflict that has killed tens of thousands of Palestinians and drawn accusations of war crimes against Israel, Benjamin Netanyahu is once more preparing to escalate Israel’s offensive in Gaza. The latest plan puts Israel on course for full occupation of the Palestinian territory and would

    ‘Under no illusions’ about France, says author of new Rainbow Warrior book
    Pacific Media Watch The author of the book Eyes of Fire, one of the countless publications on the Rainbow Warrior bombing almost 40 years ago but the only one by somebody actually on board the bombed ship, says he was under no illusions that France was behind the attack. Journalist David Robie was speaking last

    Australia doesn’t have a federal Human Rights Act – but the election clears the way for overdue reform
    Source: The Conversation (Au and NZ) – By Amy Maguire, Professor in Human Rights and International Law, University of Newcastle Master1305/Shutterstock The Albanese government has achieved an historic re-election, substantially building its majority in the House of Representatives. Much has already been written about the potential for a more ambitious legislative program on the back

    Samoa down in RSF media freedom world ranking due to ‘authoritarian pressure’
    Talamua Online News Samoa has dropped in its media and information freedom world ranking from 22 in 2024 to 44 in 2025 in the latest World Press Freedom Index compiled annually by the Paris-based Reporters Without Borders (RSF). For the Pacific region, New Zealand is ranked highest at 16, Australia at 29, Fiji at 40,

    How maximum security prison inmates and officers worked together to create a farm behind bars
    Source: The Conversation (Au and NZ) – By Christian Tietz, Senior Lecturer in Industrial Design, UNSW Sydney Macquarie Correctional Centre Media Unit At Macquarie Correctional Centre in western New South Wales, a story of collaboration and persistence is unfolding. Inmates and prison officers are farming commercial quantities of fresh food in a purpose-built indoor facility.

    Can what you eat during pregnancy and breastfeeding affect whether your child develops food allergies?
    Source: The Conversation (Au and NZ) – By Jennifer Koplin, Evidence and Translation Lead, National Allergy Centre of Excellence; Chief Investigator, Centre of Food Allergy Research; Associate Professor and Group Leader, Childhood Allergy & Epidemiology Group, Child Health Research Centre, The University of Queensland Maria Evseyeva/Shutterstock Many questions pop up when you’re growing or raising

    How do you put a tariff on movies? Here’s what Trump’s plan could mean for Australia
    Source: The Conversation (Au and NZ) – By Mark David Ryan, Professor, Film, Screen, Animation, Queensland University of Technology Kirk Wester/Shutterstock US President Donald Trump’s recent announcement of a plan to impose a 100% tariff on movies “produced in foreign lands” could have a massive impact on the global entertainment industry. Film and television production

    Labor says its second term will be about productivity reform. These ideas could help shift the dial
    Source: The Conversation (Au and NZ) – By Roy Green, Emeritus Professor of Innovation, University of Technology Sydney Summit Art Creations/Shutterstock In his victory speech, Prime Minister Anthony Albanese highlighted social policy as a major factor in Labor’s electoral success, particularly Medicare, housing and cost of living relief. He was justified in doing so. But

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Kennedy reintroduces CRAWDAD Act to support Louisiana jobs, culture

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La), a member of the Senate Appropriations Committee, today reintroduced the Crawfish Recovery Assistance from Weather Disasters and Droughts (CRAWDAD) Act. The bill would support Louisiana crawfish jobs when severe weather puts strain on the industry.

    “Come rain, shine, sleet or snow, Louisiana’s mudbug farmers always work hard to deliver quality food to crawfish lovers. My CRAWDAD Act would make sure crawfish producers have access to the emergency support they need when droughts and other severe weather strike,” said Kennedy. 

    Sen. Bill Cassidy (R-La.) cosponsored the CRAWDAD Act.

    “When you think Louisiana, you think crawfish. Crawfish farmers work hard to provide Louisiana and the world with the tastiest crawdads possible. Let’s support them as they do so, rain or shine,” said Cassidy.

    Background:

    • The Emergency Livestock Assistance Program (ELAP) provides producers of livestock, honeybees and farm-raised fish access to federal financial assistance when they face adverse weather, disease or loss conditions. 
    • In 2021, the Secretary of Agriculture temporarily expanded the ELAP to include crawfish producers when the industry suffered losses.

    The CRAWDAD Act would make crawfish producers eligible for ELAP funding on a permanent basis, ensuring that they have access to the emergency support they need without unnecessary bureaucratic delays.

    Kennedy’s bill would also classify a drought as a weather event that the Secretary of Agriculture could declare as an emergency. 

    The Louisiana Farm Bureau supports the CRAWDAD Act.

    “Louisiana crawfish farmers hope to never see another drought like they did in 2023. Louisiana Farm Bureau appreciates Senator Kennedy in the reintroduction of the CRAWDAD Act to provide additional support for this vital Louisiana industry,” said Louisiana Farm Bureau President Richard Fontenot.

    Full text of the CRAWDAD Act is available here.

    MIL OSI USA News –

  • MIL-OSI NGOs: Week 7 of “Dirty Dems” campaign sets its sights on Assembly Member Esmeralda Soria

    Source: Greenpeace Statement –

    FRESNO, CA (May 6, 2025)—As part of the ongoing “Dirty Dems” campaign, Greenpeace USA, in collaboration with the California Working Families Party and Courage California, continues to hold California State legislators accountable for their damaging connections to the oil and gas industry and their failure to support critical climate, economic justice, and progressive priorities.

    In its final week, the campaign turns to Fresno’s Assembly Member Esmeralda Soria. Though Soria has only spent just over two years in office, she has already directly accepted $53,000 from the oil and gas industry, including $29,500 in just the last session alone. 

    Amy Moas, Ph.D., Greenpeace USA Senior Climate Campaigner, said: “Assembly Member Soria’s ties to the fossil fuel industry are particularly alarming because she signed the No Fossil Fuel Money pledge while running for Congress in 2020. Her abrupt reversal to supporting toxic polluters begs the question: why is she unwilling to stand up for resilient families and a healthy future? In two short years, Soria has quickly made her priorities and true alliances known.”

    Assembly Member Soria has earned failing grades from every major environmental and progressive scorecard across the state for both years she has been in office. Some lowlights of her time as an elected official include the following: skipped voting on a bill to monitor noxious pollutants in neighborhoods that have been linked to asthma and cancer (SB 674); skipped voting on a bill to reduce toxins in everyday packaging (AB 2761); and skipped voting on a bill to protect Californians from inflated utility prices by requiring the comparison of rates to actual costs (AB 2666). 

    But Assembly Member Soria has also failed on other progressive issues, especially those related to protecting workers. In 2024, she skipped both voting on a bill to improve employment standards for janitorial labor in the state (AB 2364) and voting on a bill focused on establishing more protections against workplace violence (SB 553). While Soria has every reason to be a voice for a healthier and more resilient California, she has actively chosen corporate polluters over her communities. Thus, she has been named a “Dirty Dem.”

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

  • MIL-OSI USA: Spring Flooding in Kazakhstan

    Source: NASA

    For the second consecutive year, rapid snowmelt and spring rains caused widespread flooding along rivers in northern Kazakhstan in 2025. Floodwater inundated homes and displaced hundreds of people from several riverside communities.
    The images above show flooding along the Esil River on April 24, 2025 (right), after floodwaters arrived, and on April 9, 2025 (left), when water levels were lower. The images were captured by the OLI (Operational Land Imager) and OLI-2 on Landsat 8 and Landsat 9.
    The image below is a false-color version (bands 6-5-4) of the April 24 image, showing a wider view and emphasizing the presence of water, which appears blue. Vegetation appears light green, and farmland has varying shades of brown. Several neighborhoods and villages near the river appear flooded, though many are communities with rustic cottages called dachas, which people use as summer homes.

    Heavy rains and warm temperatures early in the month quickly melted snow and ice, adding to the amount of runoff flowing into rivers. Precipitation, temperature, and soil moisture data from the U.S. Department of Agriculture’s Crop Explorer Tool show that parts of northern Kazakhstan received 2 to 4 times as much precipitation as usual in April, and temperatures that month were 3 to 8 degrees Celsius (5 to 14 Fahrenheit) higher than usual.
    To minimize the impact of the flooding, Kazakh authorities implemented several flood control measures, including pumping millions of cubic meters of floodwaters out of vulnerable areas, cleaning hundreds of thousands of kilometers of drainage ditches, and placing hundreds of thousands of sandbags to shore up dikes and levees.
    Hundreds of people and tens of thousands of farm animals were evacuated before floodwaters arrived. Among the evacuated villages was Teplichnoye, a suburb of Petropavl, where emergency responders worked around the clock to reinforce dams and other flood control structures.
    NASA Earth Observatory images by Wanmei Liang, using Landsat data from the U.S. Geological Survey. Story by Adam Voiland.

    MIL OSI USA News –

  • MIL-OSI USA: California sues Trump administration for illegally withholding billions in bipartisan infrastructure funds: ‘Another Trump gift to China’

    Source: US State of California 2

    May 7, 2025

    What you need to know: California and 16 other states today filed a federal lawsuit accusing President Trump of unlawfully withholding billions of dollars approved by bipartisan majorities in Congress for electric vehicle charging infrastructure that would reduce toxic pollution, expand access to clean vehicles and create thousands of green jobs.

    SACRAMENTO — Governor Gavin Newsom and Attorney General Rob Bonta announced today that a multi-state lawsuit was filed in federal court challenging actions taken by President Trump’s Federal Highway Administration (FHWA) to thwart Congress’s $5 billion program to expand electric vehicle (EV) charging infrastructure. The Trump administration’s unlawful actions would cost Californians more than $300 million, eliminate thousands of good-paying jobs and hobble a critical, emerging tech industry. 

    On the first day of his administration, President Trump issued an executive order directing federal agencies to immediately stop releasing funds appropriated through the Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law, including $5 billion that Congress appropriated for electric vehicle charging stations under the National Electric Vehicle Infrastructure (NEVI) Formula Program. 

    Following that directive, FHWA effectively halted the NEVI Formula Program by, among other things, unlawfully withholding billions in funds that Congress had directed to the states for building EV infrastructure.

    When America retreats, China wins.

    President Trump’s illegal action withholding funds for electric vehicle infrastructure is yet another Trump gift to China – ceding American innovation and killing thousands of jobs.

    Instead of hawking Teslas on the White House lawn, President Trump could actually help Elon – and the nation – by following the law and releasing this bipartisan funding.

    Governor Gavin Newsom

    California, Colorado, and Washington led a coalition of 17 states in suing FHWA. The lawsuit states that FHWA’s unlawful actions deprive the states of billions of dollars in appropriated funds, ignores Congressional mandates, violates the U.S. Constitution and will devastate the ability of states to build the charging infrastructure necessary for making EVs accessible to more consumers, combating climate change, reducing other harmful pollution, and supporting the states’ green economies. 

    “The President continues to roll back environmental and climate change protections, this time illegally stripping away billions of dollars for electric vehicle charging infrastructure, all to line the pockets of his Big Oil friends,” said Attorney General Bonta. “The facts don’t lie: the demand for clean transportation continues to rise, and California will be at the forefront of this transition to a more sustainable, low-emissions future. California will not back down, not from Big Oil, and not from federal overreach.” 

    California’s State Electric Vehicle Infrastructure Deployment Plan anticipated that California would need hundreds of thousands of additional EV charging ports to support passenger cars and trucks and incrementally more charging ports for medium- and heavy-duty trucks and buses to meet climate goals. The plan, approved by the federal government, would leverage public funding and private investment to build out a statewide charging infrastructure, including $384 million from the NEVI program.   

    The lawsuit requests the court to declare that President Trump’s directives are unlawful, vacate the actions and permanently stop the administration from withholding the funds. 

    A national leader in zero-emission vehicles (ZEV) and infrastructure

    California’s support for clean cars is unmatched, and the state is home to more than 30% of new ZEVs sold in the U.S. With the rise in EV and plug-in hybrid demand, the state is committed to rapidly deploying funds to develop and ensure a reliable and easy-to-use charging network. The state has doubled down on improving the charging network and making it even easier to buy an EV:

    • More than 178,000 public or shared private electric vehicle charging ports have been installed throughout California, plus more than 700,000 at-home charging ports. 
    • Grants and rebates for thousands of dollars are available for low-income Californians to purchase EVs. Learn more at ClimateAction.ca.gov or ElectricForAll.org.

    The work doesn’t stop with passenger electric vehicles — the state has been hard at work to cut emissions from trucks and buses. Recent efforts include:

    • More than $640 million toward the deployment of zero-emission truck and bus recharging and refueling infrastructure.
    • $500 million to put another 1,000 ZEV school buses on the road.
    • More than $1.3 billion for public transportation projects, including several that support zero-emission buses. 

    California’s strategy for a clean transportation transition

    In addition to advancing ZEVs, the Newsom Administration is prioritizing clean fuel production, public transit and rail infrastructure enhancements, and a cleaner, smarter electric grid to help power it all. As California works toward this clean transportation future, the state is also advancing efforts to prevent gasoline price spikes. 

    Standing up for California communities and businesses 

    Today’s lawsuit follows the Governor’s recent announcement that California is challenging President Trump’s authority to unilaterally enact tariffs. The Governor also intends to create new strategic trade relationships with international partners aimed at strengthening shared economic resilience and protecting California’s manufacturers, workers, farmers, businesses, and supply chains. The Governor has also announced a new international campaign to help maintain the strong tourism partnership between California and Canada.

    Press Releases, Recent News

    Recent news

    May 7, 2025

    News What you need to know: Despite the Trump Administration’s assaults, both California and Texas are working to build high-speed rail. But only one state has built anything: California. SACRAMENTO — What’s the main difference between California high-speed rail and…

    May 7, 2025

    News What you need to know: A new report details nearly $33 billion raised for climate projects and direct support for Californians funded by cap-and-trade, as Governor Gavin Newsom and legislative leaders seek an extension of the program. SACRAMENTO – Governor Gavin…

    May 7, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring May 4-10, 2025 as “Children’s Mental Health Awareness Week.”The text of the proclamation and a copy can be found below: PROCLAMATIONChildren’s mental health has become an…

    MIL OSI USA News –

  • MIL-OSI USA: State invests nearly $33 billion in cap-and-trade dollars to make communities cleaner and healthier

    Source: US State of California 2

    May 7, 2025

    What you need to know: A new report details nearly $33 billion raised for climate projects and direct support for Californians funded by cap-and-trade, as Governor Gavin Newsom and legislative leaders seek an extension of the program.

    SACRAMENTO – Governor Gavin Newsom today announced that nearly $33 billion has been raised from polluters to fund climate solutions in communities across the state with money from the state’s cap-and-trade program, according to a new report published by the California Air Resources Board (CARB).

    The annual report provides detailed information about California Climate Investments (CCI), which distributes funds generated by cap‑and‑trade to 117 climate programs across the state.

    “California is proving that cutting pollution creates jobs and boosts communities. By holding polluters accountable, we’re sending billions of dollars back to communities and back to people’s wallets through credits on utility bills. And we’ve got the receipts: healthier and cleaner communities and thousands of good paying jobs.”

    Governor Gavin Newsom

    CARB oversees CCI, which puts cap‑and‑trade dollars to work reducing greenhouse gas emissions, strengthening the economy, and improving public health — particularly among communities and households facing greater economic and environmental challenges. 

    In 2024, cap-and-trade investments went to nearly 12,000 new projects using $1.9 billion in funding, with $1.2 billion directly benefiting communities and households. The investments are a key part of Governor Newsom’s build more, faster agenda delivering infrastructure upgrades and creating jobs across the state. 

    Since the program’s inception 11 years ago, over $18 billion in funding has been awarded, with nearly $13 billion of that having already gone to over half a million projects that are complete or in progress. Project funding already on the ground is expected to wipe out emissions equivalent to taking more than 80% of the state’s gas cars off the road for a year, with billions of dollars more in the process of being disbursed. 

    Examples of investments include:

    In addition to community investments, cap-and-trade has also delivered $15 billion in bill credits back to utility customers and is reducing carbon pollution from industry investments in cleaner, more advanced technologies directly at their emission source.

    “California is proud of how we’ve invested billions of cap-and-trade dollars across the state over the last decade,” said CARB Chair Liane Randolph. “From individual incentives for cleaner cars and water-efficient appliances, to forest health programs that help safeguard communities from wildfire, these programs provide benefits to all Californians. In addition, cap-and-trade has also delivered $15 billion in bill credits back to utility customers. It’s climate policy that pays.” 
     

    Extending the cap‑and‑trade program

    Cap-and-trade is a foundational part of California’s climate policy portfolio. To help achieve the state’s goal of net-zero carbon pollution by 2045, this program must be extended beyond the current sunset date of 2030.

    Governor Newsom recently announced that he, alongside legislative leaders Senate President pro Tempore Mike McGuire and Assembly Speaker Robert Rivas, will seek an extension of the cap‑and‑trade program during this legislative year. Extending the program in 2025 can provide the market with greater certainty, attract stable investment, further California’s climate leadership, and set the state on a clear path to achieve its 2045 carbon-neutrality goal.
     

    How cap-and-trade works

    Cap-and-trade establishes a declining limit on major sources of carbon pollution throughout California. It covers the largest polluters, including large factories, energy companies, and oil and gas suppliers – accounting for 80% of the state’s total climate emissions.

    The program creates a powerful economic incentive for polluters to invest in cleaner, more efficient technologies and energy, or continue to pay for carbon emissions they produce with the funding raised from the payments used to invest in carbon reduction projects. 
     

    California’s climate leadership

    Pollution is down and the economy is up. Greenhouse gas emissions in California are down 20% since 2000 – even as the state’s GDP increased 78% in that same time period.

    The state continues to set clean energy records. Last year, California ran on 100% clean electricity for the equivalent of 51 days – with the grid running on 100% clean energy for some period three out of every five days. Since the beginning of the Newsom Administration, battery storage is up to over 13,000 megawatts – a 1,600%+ increase.

    Press Releases, Recent News

    Recent news

    May 7, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring May 4-10, 2025 as “Children’s Mental Health Awareness Week.”The text of the proclamation and a copy can be found below: PROCLAMATIONChildren’s mental health has become an…

    May 6, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Paul Henderson, of San Francisco, has been appointed to the California African American Museum Board of Directors. Henderson has been the Executive Director at the San Francisco…

    May 6, 2025

    News What you need to know: The Governor attended the annual ceremony, honoring the 232 fallen CHP officers since the Department’s establishment in 1929. Sacramento, California – Today, Governor Gavin Newsom attended the California Highway Patrol Memorial Ceremony,…

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Department of Economic Affairs, Ministry of Finance, invites suggestions from experts/public on Draft Framework of ‘India’s Climate Finance Taxonomy by 25th June 2025

    Source: Government of India

    Department of Economic Affairs, Ministry of Finance, invites suggestions from experts/public on Draft Framework of ‘India’s Climate Finance Taxonomy by 25th June 2025

    India’s climate finance taxonomy will facilitate greater resource flow to climate-friendly technologies and activities, enabling India to achieve the vision of being Net Zero by 2070 while ensuring long-term access to reliable and affordable energy

    Posted On: 07 MAY 2025 5:53PM by PIB Delhi

    In pursuance of the Union Budget 2024-25 announcement (Paragraph 104 of the budget speech) to develop India’s Climate Finance Taxonomy, the Department of Economic Affairs, Ministry of Finance, invites expert/public comments (format below) on the Draft framework. (CLICK HERE TO ACCESS — DRAFT FRAMEWORK OF INDIA’S CLIMATE FINANCE TAXONOMY)

    The Union Minister for Finance and Corporate Affairs announced in the Union Budget 2025-26:

    “We will develop a taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation. This will support achievement of the country’s climate commitments and green transition”

    A Draft Framework of the Climate Finance Taxonomy has been developed pursuant to this announcement. This framework outlines the approach, objectives, and principles that will guide the taxonomy. It also details the methodology for classifying activities, projects, and measures that contribute to India’s climate commitments, while also taking into account goals associated with achieving Viksit Bharat by 2047.

    The draft framework will be the basis for developing sectoral annexures. The sectoral annexes will outline the measures, activities, and projects considered climate-supportive, and those identified for promoting the transition.

    India’s climate finance taxonomy aims to facilitate greater resource flow to climate-friendly technologies and activities, enabling the country to achieve the vision of being Net Zero by 2070 while also ensuring long-term access to reliable and affordable energy. The Climate Finance Taxonomy will serve as a tool to identify activities consistent with a country’s climate action goals and transition pathway.

    Comments may be emailed to aditi.pathak[at]gov[dot]in by 25th June 2025 with the Subject “Comments on the Draft Framework for the Taxonomy”.

    The comments received through public consultation will be duly considered and examined, following which the Department of Economic Affairs, Ministry of Finance, will release the Framework of India’s Climate Finance Taxonomy.

    Format in which the information/comments may be provided:

    Name of organisation/person:

     

    Contact details:

     

    Category/Description of person giving comments:

    S. No.

    Para / Sub Para no

    Comments

    Rationale

     

     

     

     

     

     

     

     

     

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    NB/KMN

    (Release ID: 2127562) Visitor Counter : 78

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Before, during and after severe weather, Verizon’s got you

    Source: Verizon

    Headline: Before, during and after severe weather, Verizon’s got you

    NEW YORK – In response to the growing threat of severe weather, including hurricanes, wildfires, and tornadoes, Verizon is reaffirming its commitment to keeping customers connected. Through resilient network infrastructure, specialized response teams, and proactive community support initiatives, Verizon is prepared to support customers, communities, and public safety agencies when it matters most.

    “In the face of severe weather, we know our customers rely on Verizon. We understand the vital role connectivity plays in their life, and we work tirelessly to ensure that connectivity is there when they need us most,” said Joe Russo, Executive Vice President, Global Networks and Technology, Verizon. “That’s why we work year-round planning, building and fortifying our network operations to ensure we’re at our best when Mother Nature is at its worst.”

    Keeping you connected

    Verizon’s industry-leading network covers 99 percent of where people live, work and play. With built-in backup power, redundant fiber routes, and hardened infrastructure, our network is designed to withstand the harshest conditions. One hundred percent of Verizon’s macro cell sites have backup battery power, and in addition to permanent generators at critical network facilities and cell sites, we have more than 1,000 mobile generators on standby to maintain connectivity in the event of commercial power loss. Customers can always get real-time updates on the status of the network in their area via the Check Network Status tool on Verizon’s website or the My Verizon app.

    Verizon runs to a crisis to meet the needs of the communities it serves, with a fleet of resources and specialized teams staged across the country to support response and recovery operations:

    • Nearly 3,000 network and satellite assets are ready to deploy to the hardest hit areas to serve as mobile cell sites, temporary emergency command centers, and self-contained basecamp operations, or conduct drone missions for infrastructure assessments.
    • Across the country, there are teams of highly-specialized engineers and technicians who train throughout the year in HAZMAT, disaster response, and incident management who stand ready to deploy in the event of a crisis.
    • Verizon’s Global Event Management Center monitors weather and all -hazards 24/7 365 days to mitigate risk to our teams and network and leads overall coordination of our crisis response and recovery operations.

    Satellite when it matters most

    Verizon’s integration of satellite technology enhances network resilience and reliability, helping maintain vital connectivity when it matters most. In emergency situations where traditional cellular networks are impacted, satellite connections can provide a critical lifeline for Verizon customers. All Verizon customers with compatible devices can send text messages to any other customer device via satellite if terrestrial cellular network service is interrupted, ensuring continued communication with first responders, loved ones, and emergency services.

    Verizon also integrates the use of satellites in its fleet of portable assets used for storm recovery. Satellite linked mobile cell sites, satellite links on trailers and other satellite assets help restore service when fiber is damaged by natural disasters and provide additional coverage for search, rescue and response teams.

    Ready on the Frontline

    The Verizon Frontline Crisis Response Team stands ready to provide mission-critical communications support to public safety agencies responding to severe weather events – at no cost to the supported agencies.

    Primarily composed of former first responders and military members, the Verizon Frontline Crisis Response Team responded to more than 1,500 requests for support from more than 800 different federal, state and local public safety agencies across 46 states in 2024. That support has continued in 2025 with the team already responding to nearly 400 requests for support from more than 200 agencies within the first four months of the year.

    The Verizon Frontline Crisis Response Team provides on-demand, emergency assistance during crisis situations to public safety agencies and first responders on a 24/7 basis. Verizon Frontline Crisis Response Team members set up portable cell sites, Wi-Fi hotspots, charging stations and other Verizon Frontline devices and solutions that help enable communications and/or boost network performance for first responders.

    Verizon also recently announced the launch of the Verizon Frontline Network Slice in select markets nationwide, continuing to build on the company’s more than 30-year history of cutting-edge innovation in support of our nation’s first responders.

    The Verizon Frontline Network Slice is a 5G Ultra Wideband (UW) virtual network slice completely dedicated to public safety that allows for the allocation of network resources within Verizon’s network infrastructure. This helps provide first responders several key advantages including dedicated 5G UW network capacity, tailored performance, enhanced reliability and flexible scalability.

    Committed to the community

    Verizon’s long-standing commitment to disaster-impacted communities is expanding given the increasing frequency of weather-related natural disasters to enable communities to better prepare for, respond to, and recover from natural disasters.

    Verizon has rolled out flood sensor technology, in partnership with innovative start-up Hyfi, to use our network and data to spread urgent messages about flood risks within communities, helping people to confidently prepare for and mitigate their damaging effects. Hyfi’s high-tech, low-cost sensor runs on Verizon’s 5G network and provides stormwater managers with real-time data on current water levels and future flood risks. In fact, the stormwater sensors have rolled out in New Orleans and provided critical data to the city when Hurricane Francine hit in 2024. We have a goal to expand those flood sensors — along with other advanced technologies – to additional cities that are susceptible to weather-related disasters, such as Chicago, Detroit, Miami and Los Angeles.

    Verizon has also launched its Disaster Resilience Prize in partnership with MIT Solve to support tech advancement for game-changing technology that helps mitigate the effects of natural disasters.

    Partnering with United Way and Habitat for Humanity, Verizon is also rolling out comprehensive preparatory, response and recovery services across 15 cities, including workshops educating people on how to make personal emergency plans (such as safeguarding documents and making an escape plan), supporting nonprofits responding to specific weather-related events, and longer term recovery activities once disasters have struck (such as rebuilding homes, mental and emotional health services, long-term financial assistance, job assistance, and community clean ups).

    Ready to Serve

    With thousands of retail locations coast to coast, you’re never far from one of our retail stores. Our knowledgeable retail team can help make sure you have what you need in advance of severe weather and get you back up and running after. While storms and power outages can impact our retail hours, our website, www.verizon.com/stores, always has the latest information on store hours and locations so you can ensure we’re there when you need us most. And of course we’re always available online and via our My Verizon app.

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Espaillat Highlights Slate of Congressional Efforts this Congress to Address Climate Change, Ensure Environmental Justice, and Bolster Climate Solutions

    Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

    NEW YORK, NY — Today, Representative Adriano Espaillat (NY-13) issued the following statement in recognition of Earth Day 2025 and touted several pieces of legislation he leads during the 119th Congress: 

    “On Earth Day, we reaffirm our commitment to adopting climate solutions to save our planet,” said Espaillat. “The difference we make today will have resounding impacts throughout our communities and the future of our society. I am proud to sponsor many critical environmental bills this Congress and remain committed to ensuring a greener, more sustainable future for the next generation.” 

    • The Green Climate Fund Authorization Act — authorizes an additional $8 billion to the Green Climate Fund, supporting climate action projects globally. 
       
    • The Housing Survivors of Major Disasters Act – bipartisan legislation re-introduced with Congresswoman Young Kim (R-CA) in the wake of the California wildfires. The bill eliminates barriers for survivors of natural disasters when seeking housing assistance. 
       
    • Resolution Recognizing Cecil Corbin-Mark honors his significant contributions to the environmental justice movement, working with primarily vulnerable and disadvantaged communities. 
       
    • Secure Electronic Waste Export and Recycling Act– bipartisan legislation re-introduced with Congressman Mario Díaz-Balart (R-FL), which curbs the overwhelming flow of electronic waste (“e-waste”) exports from the United States, which bring about national security risks, harm the public health, and cause significant damage to the environment  
       
    • The Solid Waste Infrastructure for Recycling Grant Program (SWIFR) Reauthorization Act — reauthorizes and suggest an increase in funding for the EPA’s most important recycling grant program through 2035. 

    ###

    Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fifth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 119th Congress. He is Chairman of the Congressional Hispanic Caucus (CHC), a member of the Congressional Progressive Caucus (CPC), and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/. 

    Media inquiries: Candace Person at Candace.Person@mail.house.gov 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Prime Minister to set out vision for ‘defence dividend’ in a changed world

    Source: United Kingdom – Executive Government & Departments

    Press release

    Prime Minister to set out vision for ‘defence dividend’ in a changed world

    As the nation marks VE Day, remembering the triumph of our values and the sacrifices made to secure them eight decades ago, the Prime Minister will share his vision for working people, once again, to feel the benefit of Britain stepping up.

    • As the nation marks VE Day, PM will deliver keynote speech at the London Defence Conference
    • He is expected to say that the benefits of boosting defence investment in a changing world must be felt directly in the pockets of working people
    • Seizing on the conference theme of Alliances, he will set out how state, businesses and society must join hands on security and prosperity
    • He will also unveil a £563 million contract for Rolls-Royce, becoming the latest investment in Britain’s first class engine building industry

    As the nation marks VE Day, remembering the triumph of our values and the sacrifices made to secure them eight decades ago, the Prime Minister will share his vision for working people, once again, to feel the benefit of Britain stepping up.

    Delivering the keynote speech at the London Defence Conference this morning, he will describe the government’s task to seize upon the ‘defence dividend’ presented by our increased investment in defence, in order to create jobs, wealth and opportunity in every corner of the country.

    In doing so he will highlight how the government’s boost to defence spending – the highest since the Cold War – will not only provide safety and security for the United Kingdom, but also cement the UK’s status as a defence industrial leader, with more high skilled jobs for people proud to keep our country safe.

    Prime Minister Keir Starmer is expected to say:

    Our task now is to seize the defence dividend – felt directly in the pockets of working people, rebuilding our industrial base and creating the jobs of the future.

    A national effort. A time for the state, business and society to join hands, in pursuit of the security of the nation and the prosperity of its people.

    An investment in peace, but also an investment in British pride and the British people to build a nation that, once again, lives up to the promises made to the generation who fought for our values, our freedom and our security.

    The Prime Minister will use his speech to deliver a tribute to the bravery of the veterans who secured victory 80 years ago and the remarkable men and women who carry the vital task of protecting our security today. It follows a street party on Downing Street on Monday where the Prime Minister welcomed Second World War veterans and cadets from across the country, and comes ahead of his attendance at the service at Westminster Abbey this afternoon.

    He will say:

    Britain’s victory was not just a victory for Britain. It was a victory for good against the assembled forces of hatred, tyranny and evil, for the light of our values – in a world that tried to put them out.

    Now, as you know, there are people who would happily do likewise today. Our values and security are confronted on a daily basis. We must use this moment to deliver security and renewal for our country.

    At the Conference the Prime Minister will address policymakers, military figures, defence firms and academics from around the world.

    In the face of global instability, he will reflect on how the conference theme ‘Alliances’ should mean not only our iron-clad commitment to NATO and Western Values but also an opportunity to double down on efforts to work hand-in-hand with business and society to make the UK better off and more secure.

    He will announce the latest significant investment in British expertise with a £563 million contract for Rolls-Royce for the maintenance of Britain’s fleet of Typhoon fighter jets. The work to maintain 130 Typhoon engines will take place at Rolls-Royce’s sites, supporting hundreds of jobs in Bristol and beyond.

    The announcement supports the government’s priority of continuing the UK’s great tradition of building the ships, missiles, artillery, vehicles, aircraft and more that keeps us safe – cementing the British defence industry’s place as the engine of national renewal.

    It comes less than a week after the Prime Minister hailed the RAF’s new UK-made StormShroud drones. The groundbreaking new technology will make the RAF’s world-class combat aircraft more survivable and more lethal by delivering high-tech signal jammers to disrupt enemy radar at long ranges, protecting our aircraft and pilots.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Rosen Statement on Rep. Amodei’s Flawed Proposal That Would Make Nevada Lose Out on Millions of Dollars in Public Land Sales to Pay for More Tax Cuts for Billionaires

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) released the following statement after Congressman Mark Amodei (R-NV-02) and House Republicans snuck in a hastily-drafted proposal to sell off Nevada public lands to pay for more tax cuts for billionaires. 
    “I am outraged that Congressman Amodei sold out Nevadans in the dead of night by passing a flawed, hastily-drafted proposal that undermines the careful balance struck in the Washoe County Lands Bill and would result in our state losing out on much-needed funding. For years, I’ve worked in good faith with a wide array of stakeholders to craft a balanced bill that makes more land available for housing and economic development in Washoe County, while at the same time conserving precious public lands and advancing Tribal priorities,” said Senator Rosen. “While I will always support taking steps to address Nevada’s housing crisis, I will not support a Washington-drafted proposal that will lead to Nevada losing out on millions of dollars in funding for our local priorities like education and restoration around the Truckee River, all so Republicans in Washington can pay for more tax cuts for billionaires.”
    Without consulting Senator Rosen or the rest of the Nevada delegation, Congressman Amodei proposed and passed a flawed amendment in the House Natural Resources Committee that would sell off nearly 16,000 acres of public lands in Washoe County and hundreds of thousands of acres of public lands in Pershing County to pay for Congressional Republicans’ budget reconciliation proposal. This proposal abandons key provisions in the Truckee Meadows Public Lands Management Act, also known as the Washoe County Lands Bill, and directs funds from public land sales in Nevada to the U.S. Treasury, instead of keeping the funding in Nevada. It also ignores the balance struck in Senator Rosen’s Pershing County Economic Development and Conservation Act.
    Senator Rosen’s Truckee Meadows Public Lands Management Act would: 
    Permanently protect a million acres of public lands, which Congressman Amodei cut in his proposal.
    Promote sustainable growth and economic development by directing over 15,200 acres of public lands to be made eligible for sale, all of which must be assessed for its suitability for new affordable housing. An additional 33 acres are set aside to only be sold for affordable housing. Any land sold for affordable housing would have to be sold at less than fair market value.
    Support local Tribal communities by expanding land held in trust by more than 8,400 acres for the Reno-Sparks Indian Colony, 11,300 acres for the Pyramid Lake Paiute Tribe, and over 1,000 acres for the Washoe Tribe of Nevada and California, none of which is in the Amodei proposal.
    Provide local governments over 3,700 acres for public purposes such as parks, water treatment facilities, and schools, all of which is excluded from the Amodei proposal. Land is specifically conveyed to Washoe County, the City of Reno, the City of Sparks, the Incline Village General Improvement District, the Gerlach General Improvement District, the State of Nevada, the Truckee River Flood Management Authority, the Washoe County School District, and the University of Nevada, Reno.
    Keep proceeds from land sales in Nevada for priorities like education and restoration around the Truckee River, unlike the Amodei proposal that sends money from land sales to the federal government in Washington, D.C.
    For years, Senator Rosen has worked closely with a wide range of stakeholders across Washoe County to develop this comprehensive legislation. In 2023, she unveiled a working draft of the bill and collected feedback from hundreds of Nevadans during a public comment period, which she then incorporated into this legislation, which was previously introduced last year with the support of local government officials, conservation advocates, and business leaders.

    MIL OSI USA News –

  • MIL-OSI New Zealand: World must meet 1.5°C goal or risk “unprecedented” exposure

    Source: Save The Children

    Ahead of the 10th anniversary of the Paris Agreement, research released by Save the Children and Vrije Universiteit Brussel (VUB) found that under current climate commitments – which will likely see a global temperature rise of 2.7°C above pre-industrial levels – about 100 million of the estimated 120 million children born in 2020, or 83%, will face “unprecedented” lifetime exposure to extreme heat. 
    However, if the world limits warming to the 1.5°C Paris Agreement target, this would reduce the number of five-year-olds impacted to 62 million – a difference of 38 million – highlighting the urgency to protect children through rapidly phasing out the use and subsidy of fossil fuels. Dangerous heat is deadly for children, taking an immense toll on their physical and mental health, disrupting access to food and clean water and forcing schools to close . 
    Researchers defined an “unprecedented” life as an exposure to climate extremes that someone would have less than a 1 in 10,000 chance of experiencing during their life in a world without human-induced climate change. The research, published in the report Born into the Climate Crisis 2. An Unprecedented Life: Protecting Children’s Rights in a Changing Climate also found that meeting the 1.5°C target would protect millions of children born in 2020 from the severest impacts of other climate related disasters such as crop failures, floods, tropical cyclones, droughts and wildfires.
    The report found that, for children born in 2020, if global temperature rise is limited to 1.5°C rather than reaching 2.7°C above pre-industrial levels:

    About 38 million would be spared from facing unprecedented lifetime exposure to heatwaves;
    About 8 million would avoid unprecedented lifetime exposure to crop failures;
    About 5 million would be spared from unprecedented lifetime exposure to river floods;
    About 5 million would avoid unprecedented lifetime exposure to tropical cyclones;
    About 2 million would avoid unprecedented lifetime exposure to droughts;
    About 1.5 million children would be spared unprecedented lifetime exposure to wildfires.

    Climate extremes – which are becoming more frequent and severe due to climate change – are increasingly harming children, forcing them from their homes, putting food out of reach, damaging schools and increasing risks like child marriage as they are forced out of education and into poverty and food shortages.

    Denise-, 16, and her family were forced from their home in Brazil when the country’s worst floods in 80 years devastated their community last year. Their home, including Denise’s bedroom, was severely damaged, and she was out of school for nearly two months. 
    She said: “It really affected me mentally, and academically too. Catching up on all my grades to pass secondary school was really tough, especially at a state school. It massively impacted my schoolwork. My grades dropped significantly after the floods.” 
    Children impacted by inequality and discrimination and those in lower-and middle-income countries, are often worst affected . Meanwhile they have fewer resources to cope with climate shocks and are already at far greater risk from vector and waterborne diseases, hunger, and malnutrition, and their homes are often more vulnerable to increased risks from floods, cyclones and other extreme weather events.  
    Haruka, 16, whose poem is featured in the report, is from Vanuatu, which recently experienced three of the most severe types of cyclone in just a year.  
    She said: “Cyclones are scary. For me, they continue to destroy my home, every year – we don’t even bother trying to fix the ceiling anymore. “The past few years, I’ve seen ceaseless destruction and constant rebuilding. This seemingly never-ending cycle has become our reality, and most people aren’t even aware that it’s not just nature doing its thing, but it’s us bearing the brunt of a crisis that we did not cause.”  
    As well as comparing conditions under 1.5°C and 2.7°C scenarios, the report also examines a scenario in which global temperatures rise to 3.5°C by 2100, which will lead to about 92% of children born in 2020 – about 111 million children [5] – living with unprecedented heatwave exposure over their lifetime. While we need a rapid phase-out of the use and subsidy of fossil fuels to stick to the 1.5°C target, we must not lose sight of solutions, Save the Children said. 
    The report highlights initiatives like increased climate finance, child-centred and locally led adaptation and increasing the participation of children in shaping climate action. 
    Inger Ashing, CEO of Save the Children International, said: “Across the world, children are forced to bear the brunt of a crisis they are not responsible for. Dangerous heat that puts their health and learning at risk; cyclones that batter their homes and schools; creeping droughts that shrivel up crops and shrink what’s on their plates. “Amid this daily drumbeat of disasters, children plead with us not to switch off. This new research shows there is still hope, but only if we act urgently and ambitiously to rapidly limit warming temperatures to 1.5°C , and truly put children front and centre of our response to climate change at every level.”  
    As the world’s leading independent child rights organisation, Save the Children works in about 110 countries, tackling climate across everything we do. 
    Save the Children supports children and their communities globally in preventing, preparing for, adapting to, and recovering from climate disasters and gradual climate change. We have set up floating schools, rebuilt destroyed homes and provided cash grants to families hit by disasters. We also work to influence governments and other key stakeholders on climate policies, including at the UNFCCC COP summits, giving children a platform for their voices to be heard. 
    READ FULL REPORT HERE.

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICYMI: Sen. Markey, Rep. Summer Lee, Lawyers for Good Government Host Roundtable Discussion on EPA’s Termination of Environmental Justice Grants

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Washington (May 7, 2025) – Senator Edward J. Markey (D-Mass.), Representative Summer Lee (PA-12), and Lawyers for Good Government on Monday hosted a virtual roundtable discussion on the Trump administration’s damaging cuts to environmental justice funding and staff. Roundtable speakers included environmental justice advocates, Massachusetts recipients of environmental justice grants, as well as strategists and legal advocates, who all shared how the Trump administration’s attacks have directly affected frontline and fenceline communities crushed by generations of underinvestment and disproportionate exposure to pollution. This roundtable comes on the heels of news the Environmental Protection Agency (EPA) will cancel nearly 800 grants, including all of the agency’s environmental justice grants administered under the Office of Environmental Justice and External Civil Rights, to skirt a recent preliminary injunction that ordered the agency to unfreeze environmental justice funds.
    “The Trump administration revoking federal dollars from community-based groups working hard to clean up the air, water, and land where they live, work, and play is yet another injustice in a long line of unjust policies that deemed certain neighborhoods undeserving of equal environmental protection,” said Senator Markey. “I am inspired by the environmental justice grant recipients who, rather than despair and give in to defeat, joined us and courageously shared their stories of the harm, chaos, and uncertainty that the Trump administration has inflicted by undercutting environmental justice at every turn and every level. Their testimony shone a spotlight on Trump’s shameful abandonment of overburdened communities, and reminds us that strengthening our solidarity, growing coalitions, sharing our stories, and charting paths forward together are powerful antidotes.”
    “What we’re witnessing with the Trump administration’s reckless and targeted cuts to environmental justice funding is nothing short of cruel and deliberate. These aren’t just numbers on a spreadsheet — these are real people, real families, and real communities being told they don’t matter. In places like Western Pennsylvania, we’ve already seen the human cost: frontline organizations shut down, clean air initiatives stalled, job training frozen, and our most vulnerable neighbors left without the tools they need to protect their health and their futures. These cuts are an attack on our kids, our workers, our elders, and on basic human dignity, and we will continue working to stop them,” said Representative Summer Lee.
    “Thank you to Senator Markey, Representative Lee, and the many environmental advocates and grantees for their leadership and courage in fighting back against these unlawful attacks on climate and environmental justice funding,” said Jillian Blanchard, Vice President of the Climate Change and Environmental Justice Program at Lawyers for Good Government (L4GG). “At L4GG, we’re proud to be helping grantees assert their legal rights, navigate this confusing landscape, and push back against these attacks through our Fund Protection Clinic. We know the law is on our side, and we have already won significant victories in the courts to block these unjust terminations. We will continue to fight for impacted communities until these critical funds are fully restored and every grantee is able to do the work Congress intended—building a cleaner, healthier, and more equitable future, for all.”
    “I deeply appreciate Senator Ed Markey and team continuing to fight for these federal dollars that we earned as city. My administration has worked very hard to knock down the Asthma rates here in Springfield, but there is much more work to be done to keep all our residents safe, whether young or old, to properly deal with an Asthma affliction. This funding would help prevent future generations from getting it too. I am so proud of my city team, along with our partners, for their work to apply for and receive this significant EPA grant award. This multifaceted funding was to bring tangible health benefits to our community, including improved indoor and outdoor air quality and reduced emissions. We will continue to fight for these vitally important air quality and asthma reduction programs. We will also work closely with MA Attorney General Andrea Joy Campbell as she leads the charge to challenge this funding termination through legal channels,” said Springfield, Massachusetts Mayor Domenic J. Sarno,
    “At the time of this unconstitutional and unlawful termination, the Environmental Justice for New England program was poised to invest in sustainable, community-driven environmental justice projects, countering historical disinvestment in rural, urban and Tribal communities across the region. We received almost 400 applications for our first round of funding, proposing activities that address critical environmental harms and which would create jobs, boost energy independence, and reduce pollution exposure. We are outraged,” said Ben Wood, Senior Director of Policy and Practice at Health Resources in Action.
    “As Boston summers continue to break historic heat records, extreme heat has become, and will continue to be, a significant threat to the health, safety, and livelihoods of people across our region. Through our Heat and Health project the Mystic River Watershed Association (MyRWA) was proud to be working with residents, community partners, and local government to develop shared solutions to the rising dangers of extreme heat in our communities. It’s not dramatic to say that losing this funding source will negatively impact the health and well-being of our local residents–this summer and for many summers after. Despite this loss of funding–MyRWA is committed to delivering community-driven, science-based solutions to ensure that everyone and everything who calls our watershed home can enjoy clean water, air, and land,” said Mariangeli Echevarria-Ramos, Climate and Social Resilience Manager at the Mystic River Watershed Association.
    “Thank you to Senator Markey and all the co-hosts of the roundtable for creating space for this urgent conversation on the heels of alarming news that the EPA plans to cancel almost 800 environmental justice grants. These aren’t just numbers. These are real losses—for residents breathing polluted air, for communities threatened by flooding, and for young people trying to imagine a future in clean energy. Without access to these funds, we cannot support grassroots organizations, assist residents in navigating regulatory processes, or expand job training programs in the green economy. These disruptions threaten progress in areas already disproportionately affected by climate change, and hinder our ability to complete the work our communities deserve,” said Sarah Baldwin, Senior Director of Operations at the New Jersey Environmental Justice Alliance, member of the Equitable & Just National Climate Platform.
    The Trump administration began halting environmental justice funding in January. Since then, funding recipients have been blindsided by termination notices or cut off from accessing their funds without notice—and, in some cases, grantees are expected to continue projects without assurance that they will be reimbursed for out-of-pocket costs. Adding to the chaos and uncertainty, Trump administration furloughs and layoffs of Environmental Protection Agency staff have also created additional barriers for environmental justice grant recipients when their point of contact is not able to respond with answers on the status of their funding.

    MIL OSI USA News –

  • MIL-Evening Report: Australia is set to be a renewables nation. After Labor’s win, there’s no turning back

    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

    bmphotographer/Shutterstock

    An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday:

    In 2022, the Australian people voted to finally act on climate change. After three years of progress […] in 2025 they said keep going.

    The election result also means the debate about energy policy is now, in broad terms, over. Australia’s energy future is wind and solar, backed by storage.

    Coal and gas will have a fast-declining role to play and nuclear energy will have none at all. Australia is set to be a renewables nation. There is no turning back now.

    Cementing renewables investment

    By continuing to build renewables capacity, the returned Labor government can position Australia on the world stage as a genuine leader on clean energy.

    The Albanese government has set a national target of more than 80% of the main national electricity grid running on renewables by 2030. With such a large majority in parliament, Labor may well be in government at that time.

    Australia already has the world’s highest per-capita solar uptake, with about 300,000 solar systems installed each year. One in three Australian homes now has rooftop solar.

    Labor is complementing this boom with a new home battery discount scheme, which aims to have more than one million batteries installed by 2030. This will help stabilise the grid by reducing demand at peak times.

    But more investment in renewables is needed. The policy certainty of a returned Labor government should help to attract international capital. This is important, because more than 70% of investment in renewables in Australia comes from offshore.

    Securing climate consensus

    Labor’s win also means it can finally bed down a national consensus on climate policy.

    A recent survey on Australian attitudes to climate action suggested community views can shift if people see action is taken by governments and big business.

    This does not mean community opposition to renewable energy will evaporate – especially in regional Australia. The federal government must work with industry players and other levels of government to ensure proper public consultation. The new Net Zero Economy Authority will play an important role in ensuring the regions and their workers benefit from the energy transition.

    For its part, the Coalition needs to do some soul-searching. Australian voters returned a number of climate-friendly independents in key seats. The Coalition also failed to win support from younger Australians, who typically view renewables favourably.

    All this suggests continued opposition to renewables is unlikely to help the Coalition form government anytime soon. What’s more, continuing to promote nuclear power – which some in the Coalition are pushing for – makes little sense in an increasingly renewables-dominated grid.

    Doubling down on international climate cooperation

    Labor’s plans to rapidly expand renewable energy strengthen Australia’s credentials to host the COP31 UN climate talks with Pacific island countries next year.

    Australia’s bid has strong support from other nations. Turkey – the only other nation with its hand up to host – has so far resisted pressure from Australia to withdraw its bid. In support of their own bid, Turkish representatives pointed to uncertainty in Australia ahead of the May election – however that uncertainty has now passed.

    Adelaide will host the talks if Australia’s bid succeeds. This will be a chance to share our world-beating renewables story – including in South Australia, which is set to achieve 100% clean electricity by 2027.

    Australia could also use the talks in South Australia to promote new export industries that use renewable energy, especially plans to produce green iron and green steel at Whyalla.

    Hosting rights could attract investment in Australia’s renewables rollout and help promote exports of critical minerals and green metals. And it would enable Australia to cement its place in the Pacific during a time of increased geo-strategic competition, by promoting a renewables partnership for the whole region.

    Australia must move fast and secure the COP31 bid at climate talks in Germany next month. Any delay risks a less ambitious summit next year, because building consensus for new initiatives takes time.

    South Australia has made a bold bid to host COP31 (SA Government)

    Seizing our economic opportunities

    As Prime Minister Anthony Albanese said during his victory speech on Saturday, renewable energy is “an opportunity we must work together to seize for the future of our economy”.

    Australia is the world’s largest exporter of raw iron ore and metallurgical coal, both used extensively in offshore steelmaking.

    But Australia can create jobs and reduce emissions by refining iron ore in Australia using renewables and green hydrogen.

    The potential export value of green iron is estimated at A$295 billion a year, or three times the current value of iron ore exports. More broadly, our clean energy exports – including green metals, fertilisers and fuels – could be worth six to eight times more than our fossil fuel exports, analysis suggests.

    A key challenge for the returned government is assuring markets such as Japan that Australia is a long-term strategic partner, even while redirecting trade and investment away from coal and gas exports and toward long-term clean energy industries.

    Embracing Australia’s future

    Australians have delivered a strong mandate for climate action. The returned Labor government must ensure this support is not squandered, and voter trust is not lost.

    This means seizing the opportunity, once and for all, to shift Australia from our past as a fossil fuel heavyweight to our future as a renewables superpower.

    Wesley Morgan is a fellow with the Climate Council of Australia

    Ben Newell receives funding from the Australian Research Council

    – ref. Australia is set to be a renewables nation. After Labor’s win, there’s no turning back – https://theconversation.com/australia-is-set-to-be-a-renewables-nation-after-labors-win-theres-no-turning-back-256081

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: CleanBC review launched to strengthen climate action, results for people

    Source: Government of Canada regional news

    Merran Smith

    Merran Smith is president of New Economy Canada, bringing decades of leadership and partnership with industry, government and community to create economic solutions to society’s most pressing challenges. She is broadly recognized as an advocate and national thought leader in advancing Canada’s clean economy, with career highlights including founding Clean Energy Canada and her leadership in the landmark Great Bear Rainforest agreement. 

    Smith was a board member of BC Hydro, and co-chair of B.C.’s Climate Solutions Council, which advised the B.C. government on CleanBC. She has won numerous awards for her leadership in the clean economy, including most recently the King Charles III’s Coronation Medal awarded to a diverse group of individuals who have made significant contributions to British Columbia.

    Dan Woynillowicz

    Dan Woynillowicz is an accomplished leader focused on the development and implementation of effective energy and climate policies. As principal of Polaris Strategy + Insight, he blends policy expertise with an understanding of technology innovation and market transformation to help clients navigate the energy transition. He is a volunteer adviser to Urban Climate Solutions and the Clean Economy Fund, and from 2020-25 served as board chair of the B.C. Centre for Innovation and Clean Energy (CICE).

    Woynillowicz also served as an external expert adviser to the BC Hydro Task Force, which positioned BC Hydro to meet the province’s fast-growing demand for clean electricity. He is frequently called to testify before regulatory and legislative bodies, quoted in media, and regularly publishes commentary in Canada’s leading publications.

    MIL OSI Canada News –

  • MIL-OSI NGOs: Historic breakthrough: over 40 Nigerian civil society organisations unite to launch climate justice movement

    Source: Greenpeace Statement –

    Abuja, Nigeria: May 7, 2025 –In a watershed moment for the promotion of environmental justice in Nigeria, more than 40 Civil Society Organisations (CSOs) joined forces to launch the Nigerian Climate Justice Movement (CJM). A declaration was issued at the end of a landmark two-day event held in Abuja. The declaration reinforces the resolve of CSOs in holding corporations accountable for environmental damage and biodiversity destruction while amplifying Africa’s demands in global climate justice debates.

    The Climate Justice Movement, spearheaded by Greenpeace Africa, aims to connect isolated climate voices and responses under one umbrella movement to collectively address the disproportionate impact of climate change on the African continent. 

    Ogunlade Olamide Martins, Associate Director (Climate Change) for Corporate Accountability and Public Participation Africa (CAPPA), one of the signatories, stated: “This declaration represents a turning point for grassroots environmental movements in Nigeria. For too long, our struggles have been fragmented despite facing common threats from extractive industries. By uniting under the Climate Justice Movement, we multiply our collective power and create space for community voices to shape the solutions.”

    Sherelee Odayar, Oil and Gas Campaigner at Greenpeace Africa, said:  “For decades, oil giants like Shell have extracted billions in profits from Nigerian soil while leaving behind devastated ecosystems and broken communities. Recent media investigations exposing Shell’s negligence in the Niger Delta is an example of the toxicity and selfish, unempathetic profiteering that communities have endured for generations. Through this declaration, we’re sending a clear message: the era of unchecked pollution and corporate impunity is over – it’s time for polluters to pay.”

    Cynthia Moyo, Climate and Energy Campaigner at Greenpeace Africa, said: “Nigeria stands at a crossroads in its energy future. As we witness intensifying flooding in the Niger Delta and advancing desertification in the north, it’s clear that climate change requires systemic solutions. This movement isn’t just about cleaning up past damage – it’s about shaping a just transition that centres African realities and protects communities from both climate impacts and false solutions like carbon trading that simply perpetuate exploitation.”

    Elizabeth Atieno, Food Security Campaigner at Greenpeace Africa, highlighted the connection between pollution and food security: “Oil spills have contaminated once-fertile soils and fishing grounds across the Niger Delta, creating a food crisis that disproportionately affects women and children. When farmers can’t farm and fisherfolk can’t fish, entire communities face malnutrition and economic devastation. Climate justice is fundamentally about securing the right to food sovereignty in the face of corporate environmental abuses.”

    Despite contributing minimally to global greenhouse gas emissions, Africa suffers some of the most severe climate impacts, with warming already exceeding the global average. Between July and October 2024, floods affected 34 states across Nigeria, impacting over 4 million people, with more than 300 lives lost and over 2,854 people injured. Nigeria’s catastrophic 2022 floods killed over 600 people, displacing 1.4 million citizens, and affecting more than 4.4 million across 33 states. The disaster destroyed over 200,000 homes and damaged 676,000 hectares of farmland, worsening food insecurity in a country already facing economic challenges. 

    Another signatory, Ibrahim Muhammad Shamsuddin, Program Manager at Yanayl Haki Afriqya, added, “The youth of Nigeria are demanding accountability from corporations and policymakers. We refuse to inherit a country where profits routinely take precedence over people and planet, having lived the realities that climate change impacts pose to our communities. This declaration is our pledge to transform environmental advocacy in Nigeria from isolated campaigns into a formidable, unified force that drives positive change towards access to a safe and healthy environment for all, which is a fundamental human right.”

    The CJM declaration outlines comprehensive demands, including immediate remediation of oil-polluted sites in the Niger Delta, compensation for communities affected by decades of extraction, ending gas flaring practices, transitioning to renewable energy infrastructure, strengthening regulatory frameworks against corporate environmental abuses and rejection of false solutions like carbon trading. 

    The coalition brings together diverse organisations working across environmental sectors, including ocean conservation, forest protection, climate advocacy, and community rights. CJM Nigeria is the fourth launch, with successful previous launches in the DRC, Cameroon, and Ghana.

    The coalition will now focus on implementing a coordinated action plan, engaging government authorities, and expanding the movement across West Africa. 

    ENDS

    For more information or interview requests, please contact:

    Dr. Ignatius Emeka Onyekwere, Media Consultant for CJM Nigeria, [email protected], +234 810 038 5897

    Ferdinand Omondi, Communication Manager, Greenpeace Africa, [email protected], +254 722 505 233

    Notes to Editors:

    About Greenpeace Africa:

    Greenpeace Africa is an independent environmental campaigning organisation established in 2008 that operates across the African continent with offices in Senegal, Kenya, the Democratic Republic of Congo, Cameroon and South Africa. As part of the global Greenpeace network, the organisation works to protect and conserve Africa’s natural environment while advocating for peace and environmental justice. 

    About the Climate Justice Movement

    The Climate Justice Movement (CJM) is a pan-African initiative that unites grassroots organisations to address environmental challenges across the continent.

    The CJM represents a cornerstone of Greenpeace Africa’s strategy to build people-powered movements that challenge corporate environmental exploitation while elevating local communities as agents of change in environmental decision-making processes.

    MIL OSI NGO –

  • MIL-OSI Australia: K’gari’s annual planned burning program ignites for 2025

    Source: Tasmania Police

    Issued: 7 May 2025

    The flames of protection and renewal are lighting up K’gari once again as the island’s annual collaborative planned burning program sparks into action.

    From now through July, fire-trained Queensland Parks and Wildlife Service (QPWS) rangers and their firefighting partners will be leading the charge across key areas of the island to safeguard its unique ecosystems and protect vital infrastructure.

    After a soggy start to the year, including the impacts of Ex-Tropical Cyclone Alfred and a bustling Easter holiday season, QPWS has officially launched this year’s planned burn initiative.

    In late April, the first planned burns were carefully conducted at the Dundubara camping area.

    Over a two-day operation, rangers expertly applied low-intensity fire to reduce fuel loads around the popular campground and nearby dingo exclusion fence.

    The result was a safer, more resilient landscape – better prepared for bushfire season and the next phase of aerial planned burns.

    Senior Ranger Linda Behrendorff emphasised the importance of timing and ecological balance.

    “Now is the prime time for planned burning on K’gari,” Ranger Linda said.

    “We take many factors into account – like seasonal wildlife movements, peak visitor periods, and recent weather patterns – to ensure every burn benefits the environment and the community.”

    Planned burns play a critical role in QPWS’s long-term fire management strategy.

    By creating a diverse mosaic of burnt and unburnt areas, these efforts help reduce bushfire intensity, support biodiversity, and promote healthier ecosystems across the K’gari section of Great Sandy National Park.

    Visitors to K’gari over the coming months are encouraged to stay informed, respect Ranger instructions, and look out for signage related to fire operations.

    For your safety and the safety of others:

    • Never enter closed areas
    • Only light campfires in designated zones
    • If smoke is present, stay indoors, close windows and doors, and keep respiratory medication handy

    For the latest updates, visit the QPWS Fire Management webpage or stay connected via Park Alerts and @QldParkAlerts on X (formerly Twitter).

    MIL OSI News –