In brief | 3 July '25

Bloomberg: How much does a heat wave cost? 

Insurers and CEOs Want to Know A new market for heat insurance, driven by the growth in AI and data centers, is starting to emerge.

Reuters: Heatwaves may cut GDP by 0.5 pct points in Europe, Allianz says 

Insurer compares a day with temperatures above 32°C to half a day of strikes.

energynews: Germany allocates €450mn to modernise Lower Saxony’s electricity grid 

EIB grants EWE historic financing for installing 2,600 km of underground power lines and upgrade over 1,100 substations.

New Climate Institute: Fashion retailers show progress in climate strategies but fall short on key transitions

Adidas, H&M, Inditex, lululemon and Shein lack credible climate strategies across the board.

Financial Times: Poland’s clean energy usage overtakes coal for first time 

Latest data indicates progress for EU country most dependent on the fossil fuel.

Reuters: EU to compensate exporting industries for carbon levy 

European industries that sell their goods abroad will receive compensation for the CO2 emissions costs they pay in Europe.