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MILLTRUST INTERNATIONAL
 

Industry Musings by Brian Paxton: September 2025

October 6, 2025

BY Ananda

People Change

According to the UN, China’s population will drop from the 2022 peak of 1.4 billion to 630 million by 2100, only slightly more than the 590 million forecast for Europe. The total fer­til­ity rate in Chile has dropped 42% since 2015 to 1.03 births per woman in 2024. Greece is closing 5% of its schools after the number of primary school children dropped by 19% in seven years.

The results of a study published in the Lancet and announced at the recent European Cardiology Conference show that the weight loss drug clopidogrel can halve a heart patient’s risk of death making it more effective than aspirin. Scientists successfully implanted CRISPR edited insulin producing cells into the pancreas of a diabetes patient. 

Funders have promised that supplies of a cheap HIV prevention injection Lenacapavir will be available to many poorer countries within two years. Huntington’s disease has been successfully treated in a gene therapy trial.

Climate Change and the Environment:

According to Copernicus, northern hemisphere sea surface temperatures reached record highs in August 2025. Super Typhoon Ragasa killed at least 28 people and Typhoon Bualoi 30 people as they passed over South East Asia.

Low Cost Renewable Energy:

The IEA forecasts that world electricity demand will increase by 3.3% in 2025 and 3.7% in 2026. According to BNEF, global investment in renewable energy projects was US$ 386 billion in 1H2025, up 10% from 1H2024. Ember research shows that global solar installations in 1H25 were 64% higher than 1H2024. During the decade to 2020, the cost of wind and solar power fell by 55% and 85% respectively while the cost of batteries also dropped 85%.

According to the New York Times, in 2024 China exported US$ 40 billion worth of solar panels, the USA just US$ 69 million worth. New research from Hungary shows that Saharan dust events can reduce PV power output in five Mediterranean countries by an average of 25-40%. The USA currently provides nearly US$ 31 billion of subsidies to the fossil fuel industry each year.

According to the IEA 90% of investment in the upstream oil and gas industry is used to offset losses of supply from existing fields. According to the latest World Nuclear Industry Report, the number of countries building reactors dropped from 16 to 11 between 2023 and 2025, while the average age of nuclear power plants has increased each year since 1984 and is currently 32.4 years.

Autonomous Electric Vehicles:

After only two years, California’s driverless taxis now transport passengers for more than four million miles per month.  

Mass Data Mining and Storage:

Chipmaker Nvidia is to invest up to US$ 100 billion in OpenAI and US$ 5 billion in chip rival Intel.