US Treasury Secretary Scott Bessent is pressing the World Bank at the IMF–World Bank spring meetings to redirect green lending towards “high-quality, durable” critical minerals mining and processing projects, particularly rare earths, to counter China’s control of over 90% of global rare earth supply. Managing the dominant US shareholding, he called for rapid support across all Bank arms for projects and associated infrastructure that diversify supply chains and increase domestic value capture. Bessent also welcomed the expiry of the Bank’s climate change action plan, labelling its climate finance targets “myopic” and signalling a broader shift in multilateral funding priorities.

BS 7671 has been updated with a new chapter on stationary secondary batteries, setting design and installation requirements for power conversion equipment, bidirectional and hybrid inverters, and protective devices capable of handling two‑way energy flow for vehicle‑to‑home and vehicle‑to‑grid use. The amendment also tightens rules on battery siting, ventilation and fire‑risk mitigation, and introduces new sections on Power over Ethernet for LED lighting and small appliances, and earthing for ICT equipment, alongside revised guidance for medical locations. The ECA has issued parallel guidance and events to help contractors interpret Amendment 4 and maintain compliant low‑carbon and EV‑ready installations.

A proposed UK ban on cash retentions in construction contracts is raising questions over whether it will genuinely improve cashflow and risk allocation for SMEs in the supply chain. Retentions, typically 3–5% of contract value and often withheld for 12–24 months after practical completion, have become de facto standard despite never being mandated in law. Contractors and consultants are now weighing alternatives such as project bank accounts, performance bonds and retention bonds, and assessing how these could alter pricing, security for defects, and contractual behaviour on infrastructure schemes.