Month: July 2025

Leasing Giant Blames Massive Losses On Used EV Prices

By Paul Homewood

 

h/t Andy Bartlett

From Fleet News:

 

 image

Lex Autolease, part of Lloyds Banking Group, has reported a £10.6 million loss in its annual accounts, just three years after pre-tax profits hit more than half a billion pounds.

The vehicle leasing giant – ranked second in last year’s Fleet News FN50 – blamed the decrease in reported profit on a combination of factors.

They included an increase on underlying depreciation charges on the funded fleet, lower profits on the disposal of vehicles, particularly electric vehicles (EVs), and an increase borrowing costs from interest rate rises.

Full story here.

£10.6 million might not sound like a lot. But last year profits fell from £544 million to £124 million for the same reason, as Fleet News reported at the time:

Pre-tax profits for vehicle leasing company Lex Autolease have plummeted by more than £400 million, according to newly-filed accounts.

Blame, in part, has been levelled at lower profits on the disposal of vehicles “due to market conditions” and increased interest expense on its borrowings.

In 2023, almost half (46%) of new vehicle orders were for electric vehicles (EVs) – a similar proportion to the 47% reported in 2022.

The company says that one of the key drivers of performance are the fluctuations in residual values (RVs) of fleet vehicles.

However, it said: “Significant price reductions have been seen through 2023 as significant volumes of battery electric vehicles (BEVs) have come into the market for the first time.”

https://www.fleetnews.co.uk/news/lex-autolease-profits-fall-by-400m-used-evs-blamed-for-reduction

These losses reflect the lack of demand for EVs. New cars are having to be heavily discounted to meet ZEV targets, meaning second hand prices drop. Even at lower prices, private buyers still show little interest.

via NOT A LOT OF PEOPLE KNOW THAT

https://ift.tt/dxJDjaP

July 18, 2025 at 07:48AM

It Was Hot In 1911 As Well, Mr Miliband!

By Paul Homewood

 

With Miliband wanting to weaponize a few days of sunshine, with stupid claims that “our way of life is under threat”, we might care to look back at the summer of 1911!

image

image

 

.

image

image

image

 

.

CET daily maxes show that the heatwave did not get going until July in 1911, unlike this year’s. But it then dominated British weather until late August.

We’ll have to see whether this year does the same. But the cause of the hot weather in 1911 was exactly the same in 1911 as it is this year – the sun. When the sun shines brightly in summer, and for days on end, the weather tends to be hot!

Unless Miliband has a plan to stop the sun from shining, he should go back to his sixth-form politics, where he can do no more damage.

image

https://www.metoffice.gov.uk/hadobs/hadcet/data/download.html

via NOT A LOT OF PEOPLE KNOW THAT

https://ift.tt/Iscjx7F

July 18, 2025 at 05:38AM

UN’s ‘plastics treaty’ sports a junk science wrapper

From CFACT

By Craig Rucker

Just as people were beginning to breathe a sigh of relief thanks to the Trump administration’s rollback of onerous climate policies, the United Nations is set to finalize a legally binding Global Plastics Treaty by the end of the year that will impose new regulations and, ultimately, higher costs on one of the world’s most widely used products.

Plastics–derived from petroleum–are found in everything from water bottles, tea bags, and food packaging to syringes, IV tubes, prosthetics, and underground water pipes. In justifying the goal of its treaty to regulate “the entire life cycle of plastic–from upstream production to downstream waste,” the U.N. has put a bull’s-eye on plastic waste. “An estimated 18 to 20 percent of global plastic waste ends up in the ocean,” the UN says.

As delegates from over 170 countries prepare for the final round of negotiations in Geneva next month, debate is intensifying over the future of plastic production, regulation, and innovation. With proposals ranging from sweeping bans on single-use plastics to caps on virgin plastic output, policymakers are increasingly citing the 2020 Pew Charitable Trusts reportBreaking the Plastic Wave, as one of the primary justifications.

But many of the dire warnings made in this report, if scrutinized, ring as hollow as an empty PET soda bottle. Indeed, a closer look reveals Pew’s report is less a roadmap to progress than a glossy piece of junk science propaganda—built on false assumptions and misguided solutions.

Pew’s core claim is dire: Without urgent global action, plastic entering the oceans will triple by 2040. But this alarmist forecast glosses over a fundamental fact—plastic pollution is not a global problem in equal measure. According to a study in Science Advances, over 90% of ocean plastic comes from just 10 rivers, eight of which are in Asia. The United States, by contrast, contributes less than 1%. Yet Pew treats all nations as equally responsible, promoting one-size-fits-all policies that fail to address the real source of the issue.

This blind spot has serious consequences. Pew’s solutions—cutting plastic production, phasing out single-use items, and implementing rigid global regulations—miss the mark entirely. Banning straws in the U.S. or taxing packaging in Europe won’t stop waste from being dumped into rivers in countries with little or no waste infrastructure. Policies targeting Western consumption don’t solve the problem—they simply shift it or, worse, stifle useful innovation.

The real tragedy isn’t plastic itself, but the mismanagement of plastic waste—and the regulatory stranglehold that blocks better solutions. In many countries, recycling is a government-run monopoly with little incentive to innovate. Meanwhile, private-sector entrepreneurs working on advanced recycling, biodegradable materials, and AI-powered sorting systems face burdensome red tape and market distortion.

Pew pays lip service to innovation but ultimately favors centralized planning and control. That’s a mistake. Time and again, it’s been technology—not top-down mandates—that has delivered environmental breakthroughs.

What the world needs is not another top-down, bureaucratic report like Pew’s, but an open dialogue among experts, entrepreneurs, and the public where new ideas can flourish. Imagine small-scale pyrolysis units that convert waste into fuel in remote villages or decentralized recycling centers that empower informal waste collectors. These ideas are already in development—but they’re being sidelined by policymakers fixated on bans and quotas.

Worse still, efforts to demonize plastic often ignore its benefits. Plastic is lightweight, durable, and often more environmentally efficient than alternatives like glass or aluminum. The problem isn’t the material—it’s how it has been managed after its use. That’s a “systems” failure, not a material flaw.

Breaking the Plastic Wave champions a top-down, bureaucratic vision that limits choice, discourages private innovation, and rewards entrenched interests under the guise of environmentalism. Many of the groups calling for bans are also lobbying for subsidies and regulatory frameworks that benefit their own agendas—while pushing out disruptive newcomers.

With the UN expected to finalize the treaty by early 2026, nations will have to face the question of ratification. Even if the Trump White House refuses to sign the treaty–which is likely–ordinary Americans could still feel the sting of this ill-advised scheme. Manufacturers of life-saving plastic medical devices, for example, are part of a network of global suppliers. Companies located in countries that ratify the treaty will have no choice but to pass the higher costs along, and Americans will not be spared.

Ultimately, the marketplace of ideas—not the offices of policy NGOs—will deliver the solutions we need. It’s time to break the wave of junk science—not ride it.

This article originally appeared in The Daily Caller


Discover more from Watts Up With That?

Subscribe to get the latest posts sent to your email.

via Watts Up With That?

https://ift.tt/picM1jx

July 18, 2025 at 04:04AM

Antarctica’s oldest ice arrives for ‘climate analysis’  – British Antarctic Survey


Historically CO2 levels followed temperature changes, but nowadays temperature is supposed to be the result of CO2 changes, as the authors of this press release obviously believe. What might these ice cores show that isn’t already known? Time will tell.
– – –
BAS Press release: A consignment of ancient ice from Antarctica, extracted as part of the Beyond EPICA – Oldest Ice project, arrived at the British Antarctic Survey (BAS) in Cambridge for detailed analysis this month.

The ice cores — cylindrical tubes of ancient ice – were retrieved from depths of up to 2,800 metres at Little Dome C in East Antarctica.

Extracted during the fourth drilling campaign of the project, these cores are expected to reveal a climate and atmospheric record stretching back more than 1.5 million years.

Over the next few years, these samples will be meticulously analysed at laboratories across Europe, including at BAS, to unlock secrets about the Earth’s climate evolution and greenhouse gas concentrations.
. . .
Dr Liz Thomas, Head of the Ice Cores team at the British Antarctic Survey, said:

It’s incredibly exciting to be part of this international effort to unlock the deepest secrets of Antarctica’s ice. The project is driven by a central scientific question: why did the planet’s climate cycle shift roughly one million years ago from a 41,000-year to a 100,000-year phasing of glacial-interglacial cycles? By extending the ice core record beyond this turning point, researchers hope to improve predictions of how Earth’s climate may respond to future greenhouse gas increases.

There is no other place on Earth that retains such a long record of the past atmosphere as Antarctica. It’s our best hope to understand the fundamental drivers of Earth’s climate shifts.”

Dr Thomas concludes:

Our data will yield the first continuous reconstructions of key environmental indicators—including atmospheric temperatures, wind patterns, sea ice extent, and marine productivity—spanning the past 1.5 million years. This unprecedented ice core dataset will provide vital insights into the link between atmospheric CO₂ levels and climate during a previously uncharted period in Earth’s history, offering valuable context for predicting future climate change.”

Full press release here.

via Tallbloke’s Talkshop

https://ift.tt/IhTVp5b

July 18, 2025 at 03:46AM