As of November 14, today’s news sees upgraded financial ambitions from Siemens Energy and rising pricing pressure across the battery materials supply chain. Siemens Energy substantially raised its mid-term financial targets on strong demand for gas turbines and data center equipment as well as restructuring progress at its Gamesa wind turbine unit. The manufacturer sees returns before special items as high as 16% by fiscal 2028, up from a previous target of as much as 12%. The company, which long struggled to overcome issues with malfunctioning onshore wind turbines, also hiked its projections for revenue growth. Meanwhile, suppliers to China's electric-vehicle battery makers are pushing for higher prices for key cobalt-based materials, aided by a sharp rebound in cobalt and a tightening market for raw materials in batteries. On the market front, Rio Tinto has signed a groundbreaking 15-year renewable power agreement with U.S.-based TerraGen for its Kennecott operations in Utah. This partnership will see Rio Tinto source 78.5 megawatts of renewable energy from a newly operational wind farm in Texas, which is part of broader efforts to align with critical minerals and clean energy initiatives. In another notable scenario, the Stellantis-backed ACC joint venture appears poised to abandon its plans for a gigafactory in Termoli, Italy, citing various technical and financial hurdles. This development may have implications for the regional battery manufacturing landscape and reflects ongoing uncertainties in electric vehicle supply chains. On the global stage, the European Parliament has voted to dramatically wind back the bloc’s ESG rules following intense pressure from US business associations and state attorneys general. The development means that more than 90% of companies originally in scope of environmental, social and governance reporting requirements will no longer need to comply. Other planks of the rulebook that emerged as a sticking point for the US have been dropped entirely.