| Welcome to our guide to the energy and commodities markets powering the global economy. Today, reporter Rajesh Kumar Singh looks at what US prosecutors’ charges against Indian tycoon and renewable power champion Gautam Adani will mean for New Delhi’s green ambitions. The recent surge in the value of Adani Group stocks will be read by the sprawling Indian conglomerate as a vote of confidence — and source of solace — after US prosecutors indicted founder Gautam Adani and associates for an alleged $250 million bribery scheme. That relief may well be fleeting. Adani’s case is ongoing and may take years to resolve. (He has denied the charges and said “every attack” makes his empire stronger.) Already, though, the indictment is making it harder to convince creditors, partner companies and foreign investors to splurge on India’s green transition. TotalEnergies SE said it will put future spending on hold until there is greater clarity. Others are more quietly rethinking their plans. Overseas companies invested in Indian firms are likely to pay more attention to regulatory scrutiny and assert more control over processes, such as the awarding of tenders and procurements, said Karthik Kumar, a Singapore-based partner for renewable energy and infrastructure at Orrick Herrington & Sutcliffe LLP. The concern is reputational risk: “There’s going to be a tighter leash,” he said.  Workers install solar panels at the Adani Green Energy park in Khavda, Gujarat. Photographer: Prashanth Vishwanathan/Bloomberg India won’t be left without funds, whatever happens with Adani. A growing market of 1.4 billion people is simply too compelling a proposition to pass up. The problem here is scale. BloombergNEF calculates that the world’s third-biggest emitter of greenhouse gases needs $12.4 trillion in investment to reach net zero by 2050 — ahead of its official target of 2070. That spending includes clean energy deployment, electric vehicles and more. The grid alone needs to double in length. It’s also about time. With more questions, periods of deliberation and due diligence will only increase, pushing India even further away from its green energy targets. A promise from the government to set things right would go a long way toward reassuring stakeholders. Prime Minister Narendra Modi’s administration has stepped in to calm investors in the past. To date, there has been no public commitment to review processes or to rethink disclosure. That would be a start. --Rajesh Kumar Singh, Bloomberg News US oil producers have been able to achieve significant output growth in the last five years with limited capital investments. However, operating and maintenance costs climbed by more than a quarter since 2019 as labor, supplies and water-management expenses soared, according to BNEF, which says the change threatens to erode American shale’s competitive edge. China announced an outright ban on exports of several materials with high-tech and military applications in a tit-for-tat move after US President Joe Biden’s government escalated technology curbs on Beijing. Exxon Mobil Corp. is considering a sale of its gas stations in Singapore that could raise about $1 billion, according to people familiar with the matter. A Switzerland court rejected Trafigura Group’s request to throw out testimony from a star prosecution witness: a former executive convicted of corruption. The trading house and others are accused of bribing an Angolan official in return for contracts. TotalEnergies is close to acquiring VSB Group from private equity firm Partners Group Holding AG in a deal valuing the German renewable project developer at about €2 billion ($2.1 billion), according to people familiar with the matter. Cargill Inc. is cutting thousands of jobs globally after the largest privately held company in the US missed profit targets. - It may be too soon to speak of a nuclear revival in the US, but the industry is approaching an inflection point, the Atlantic writes, arguing the next few years may be the last chance to get it right.
- With Peru’s presidential and parliamentary elections scheduled for 2026, now is the time to develop a consensus on mining to secure a place in global supply chains, a Chatham House paper says.
- How is Donald Trump’s reelection being received in China, and what will that mean for the country’s energy demand and clean power innovation? The Oxford Institute for Energy Studies podcast debates the issue.
Sign up here for the Weather Watch newsletter — tracking the market, business and economic impacts of extreme weather with Bloomberg’s team of dedicated reporters. | 
