Portuguese Prime Minister António Costa resigned after police raided his official residence earlier today. Costa has been PM since 2015 and is leader of the Socialist party.
The investigation is linked to lithium exploration schemes in the north of the country and a green hydrogen mega-project in Sines, according to Politico. More than 40 searches were carried out today.
Prosecutors have detained his chief of staff and one of his ministers.
This won’t have market-moving implications but it’s certainly destabilizing in Portugal and you wonder about corruption in other global green energy projects because the money has been flowing fast. Costa had been a candidate to replace Charles Michel as president of the European Council.