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☆ The world's happiest countries are targeting net-negative emissions — despite a growing 'greenlash'
▼ + stars: | 2024-05-01 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

It is aiming to be the first high-income country to reach net zero emissions in 2035 and net negative by 2040. Denmark, which the World Happiness Report recognized as the world's second-happiest country, is targeting net zero by 2045 — and net negative by 2050. Thierry Monasse | Getty Images News | Getty ImagesDanish Climate Minister Lars Aagaard said the need for negative emissions was clear. He added that Denmark's ability to achieve net negative emissions would hinge upon policies implemented over the next five to seven years. Sopa Images | Lightrocket | Getty Images

Persons: Sergei Gapon, Thierry Monasse, Lars Aagaard, Denmark's Aagaard, —, Stefano Guidi, Donald Trump, Joe Biden, Trump, Biden, Kai Mykkänen, Mykkänen, Moscow … Organizations: Afp, Getty, Atlantic ., Agriculture Ministers, CNBC, Lars Aagaard Danish Climate, United Arab Emirates, Union, Nationalist, Former U.S, Finnish Climate Locations: Copenhagen, Denmark, Atlantic, Atlantic . Finland, Finland, Brussels, Belgium, Lars Aagaard Danish, Panama, Europe, Germany, France, Turin, Italy, U.S, November's, Paris, Finnish, Helsinki, Montreal, Beijing, Moscow, of Finland, Neva Guba

☆ G7 agrees to shut down coal plants by 2035, UK minister says, in climate breakthrough
▼ + stars: | 2024-04-29 | by ( Angela Dewan | ) edition.cnn.com time to read: +3 min

CNN —Ministers from the Group of Seven nations have agreed to shut down all their coal plants by 2035 at the latest, a UK minister said on Monday, in a climate policy breakthrough that could influence other countries to do the same. Putting an end date on coal — the most climate-polluting fossil fuel — has been highly controversial at international climate talks. Many of the other G7 nations already have national plans in place to phase out the fossil fuel. “Coal might be the dirtiest, but all fossil fuels need to be ultimately phased out,” he said. Energy, environment and climate ministers are meeting in Turin for talks that are expected to end on Tuesday.

Persons: ” Andrew Bowie, ”, Dave Jones, “ Organizations: CNN, Japan, Department for Energy Security, CNBC, Turing, UK Ministry for Energy, US State Department, Energy, European Union Locations: Italy, COP28, Dubai, France, Canada, United States, Japan, Turin, Germany, United Kingdom, China, India, Saudi Arabia, Russia

☆ King Charles is planning to add a solar farm to Sandringham
▼ + stars: | 2024-04-26 | by ( Billy Stockwell | ) edition.cnn.com time to read: +4 min

London CNN —King Charles III is making plans to install around 2,000 solar panels in the grounds of Sandringham Estate, in a sustainability drive that could see the entire country property powered by zero-carbon energy. The new venture, confirmed to CNN by a Sandringham Estate spokesperson, will provide renewable energy to power Sandringham House and the visitors’ center, with any surplus electricity returned to the grid. 06:03 - Source: CNNThe solar panels will be built on a secluded plot of land near Sandringham House, currently used as horse-grazing paddocks. The King’s latest venture follows the installation of a small number of solar panels on the roof of Sandringham House in early 2022. The monarch’s private residence, Highgrove House in Gloucestershire, also has some solar panels in its gardens.

Persons: London CNN — King Charles III, Charles, Highgrove, won’t, ”, Steve Gower, paddocks Organizations: CNN’s Royal, London CNN, Sandringham Estate, CNN, Sandringham House, Norfolk Constabulary Locations: London, Sandringham, Gloucestershire, Dubai

☆ BlackRock's Larry Fink sees Fed cutting rates twice this year but missing 2% inflation goal
▼ + stars: | 2024-04-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

(Photo by Sean Gallup/Getty Images)BlackRock CEO Larry Fink predicted Friday that the Federal Reserve likely will still cut interest rates this year but won't meet its inflation target. A report earlier this week showed inflation running at a 3.5% annual rate. Still, Fink expects the Fed to do some reductions this year while it may have to concede that inflation will remain elevated. "Inflation has moderated and we've always said inflation is going to moderate. Fink spoke the same day BlackRock reported quarterly earnings that topped Wall Street expectations both for profit and revenue.

Persons: Larry Fink, Sean Gallup, it's, Fink, we're, " Fink, we've Organizations: UNITED, Expo City, United Arab Emirates, Getty, Federal Reserve, Fed, Federal, BlackRock Locations: DUBAI, EMIRATES, Expo City Dubai, Dubai, United Arab

☆ UN chief urges massive Gaza aid flow, sees 'dramatic starvation'
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +3 min

Secretary-General answered questions on upcoming COP28 meeting in Dubai and continued war between Israel and Hamas. Israel should lift all obstacles to aid into Gaze and allow convoys of the U.N. Palestinian refugee agency UNRWA into northern Gaza where starvation is looming, Guterres said. Palestinians wait to receive food during the Muslim holy fasting month of Ramadan, as the conflict between Israel and Hamas continues, in Rafah, in the southern Gaza Strip March 13, 2024. Mohammed Abed | Afp | Getty ImagesIsrael stopped all imports of food, medicine, power and fuel into Gaza at the start of the war. Although it later let in aid deliveries, aid organisations say security checks and the difficulty of moving through a war zone have greatly hindered their operations.

Persons: Antonio Guterres, Lev Radin, Lightrocket, Israel, Guterres, Mohammed Salem, Mohammed Abed, Getty Images Israel, Ayman Safadi Organizations: UN, Getty, UNRWA, Hamas, Reuters, Palestinian, Getty Images, Jordan's, . Security, Afp Locations: Chile, Antarctica, Dubai, Israel, Gaza, Jordan, Rafah, Gaza's, Palestinian, Jordan's, Ramadan

☆ Vertical farming: This GigaFarm in Dubai’s desert could produce 3 million kilograms of food
▼ + stars: | 2024-03-14 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +9 min

CNN —In 2022, Dubai unveiled the world’s largest vertical farm. Intelligent Growth Solutions (IGS)“Not just another vertical farm”GigaFarm’s vertical farming solution is supplied by IGS, a Scottish company founded in 2013. “This is not just another vertical farm, this is something completely different,” says Lloyd, adding that the recycling model could be applied to any urban area. And it’s not just the UAE that’s interested in vertical farming: Qatar is investing heavily in smart farming, and agritech companies are expanding into Saudi Arabia. However, it will take another decade before we see widespread adoption of vertical farming, and more research is required to increase the number of crops that can be grown, Sharma adds.

Persons: Dubai’s Al, it’s, Oliver Christof, “, Andrew Lloyd, you’ve, ”, Lloyd, AeroFarms, Lloyd —, It’s, ReFarm, Rohit Sharma, Sharma Organizations: CNN, Dubai’s Al Maktoum International Airport, UAE, UN, IGS, University of Wollongong Locations: Dubai, Dubai’s, Dubai’s Al Maktoum, Tech, Scottish, Abu Dhabi, UAE, Ukraine, Russia, Carrefour, Qatar, Saudi Arabia, East, Africa

☆ How far does Gulf money go? An Abu Dhabi-backed newspaper buyout attempt is sparking panic in London
▼ + stars: | 2024-03-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Copies of The Daily Telegraph newspaper on a newsstand in a shop in London, UK, on March 12, 2024 (L), and UAE Vice President Sheikh Mansour bin Zayed al-Nahyan speaking at COP28 on Dec. 1, 2023. More than 100 members of Parliament have signed a letter opposing the buyout of major British newspaper the Telegraph and news magazine, The Spectator, by UAE government-backed investment fund RedBird IMI. Long a favorite of Britain's Conservative Party, ownership of the 168-year old daily is not just about profit, but about power. The deal would ultimately see the Telegraph, which is valued at a reported £600 million, come under full Emirati ownership. Lawmakers have been scrambling to introduce a new law that would enable Parliament to veto buyouts of news outlets by foreign governments.

Persons: Sheikh Mansour bin Zayed, Nahyan, Britain's, Long, Sheikh Mansour bin Zayed Al Nahyan, Barclay, Lucy Frazer Organizations: Daily Telegraph, UAE, COP28, United Arab Emirates, United Emirates, British, Telegraph, The, IMI, Britain's Conservative Party, Lloyds Bank, State for Culture, Media, Sport Locations: London, DUBAI, United Arab, Qatar, Saudi Arabia, UAE

☆ The Wild West carbon credit era might be coming to an end as sales hit record high
▼ + stars: | 2024-02-26 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

Carbon credits have been through a tough time. But since then, the voluntary carbon market (VCM), where carbon credits are traded, has faced intense criticism for the actual emission reduction the credits provided. "So, definitely, it was a bumpy ride," said Allister Furey, cofounder and CEO of carbon credit rating and data provider Sylvera. In a vote of confidence from venture capitalists, January also saw carbon credit insurer CarbonPool secure $12 million, carbon credit investment platform Cultivo raise $14 million, and carbon project developers platform BlueLayer come out of stealth with $10 million. In all, it signals the start to the end of the carbon credit "wild west," Sylvera's Furey said.

Persons: couldn't, Verra's, Allister Furey, issuances, Mark Kenber, Sylvera's Furey, Lubomila Jordanava, Nathan Bonnisseau, Lubomila Jordanova, Magnus Drewelies, Ben Rubin Organizations: Business, Guardian, BI, Sylvera, Carbon Business

☆ Why Singapore is quickly becoming the choice location for firms to support global carbon markets
▼ + stars: | 2024-02-15 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

Carbon credits continue to play an important role in the global transition towards net zero. As an innovative financing mechanism, carbon credits allow corporates to mobilize capital to support emission-reduction projects. The decision to anchor CAD Trust in Singapore stems from acknowledging that transparency and governance are rooted in its DNA. Why Singapore is a prime location for firms to support global carbon marketsSingapore has successfully attracted more than 100 carbon market and services players to establish the city-state as their home base in Southeast Asia. Singapore's expertise in carbon services and its trailblazing move implementing Southeast Asia's first carbon tax in 2019, also appealed to Calyx Global.

Persons: — Dinesh Babu, Grace Fu, Duncan van Bergen, Van Bergen, — Duncan van Bergen Organizations: Reuters, Singapore, for Nature, National University of Singapore, Data Trust, Government of, Emissions Trading Association, Singapore's, Sustainability, Meta, Trust, Insider Studios, Singapore Economic Development Board Locations: Dubai, Singapore, Government of Singapore, South Asia, Southeast Asia, Oceania, Africa, Paris, Bhutan, COP28, Asia

☆ A carbon sequestration company and solar software startup recently raised a combined $7 million. Check out the two pitch decks they used to secure the cash.
▼ + stars: | 2024-02-09 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Two British climate tech companies have raised a collective £5.5 million, around $7 million, in early-stage funding to sequester CO2 in concrete and digitize solar management in real estate. A mineralization process occurs when it is mixed with concrete, storing the CO2 permanently. The startup's end-to-end AI-driven platform helps real estate owners assess, install, and monetize solar energy, tackling traditionally complex and manual processes. The pre-Seed funding, from Octopus Ventures and impact investor Aenu, will be used to roll out the product. Check out the 11-slide pitch deck below:Metris EnergyMetris EnergyMetris EnergyMetris EnergyMetris EnergyMetris EnergyMetris EnergyMetris EnergyMetris EnergyMetris Energy

Persons: Dalraj Nijjar, Nijjar, Natasha Jones, William Whatley, Metris, Jones Organizations: Business, Zacua Ventures, Siam Cement Group, Metris Energy, Energy, Octopus Ventures, Energy Metris Energy Locations: Nottingham, London, Paris

☆ The US, Russia and China are in a race to dominate new-wave nuclear energy — and win global influence
▼ + stars: | 2024-02-01 | by ( Angela Dewan | Ella Nilsen | ) edition.cnn.com time to read: +12 min

Russia's floating nuclear power plant, Akademik Lomonosov, leaving the service base Rosatomflot on August 23, 2019. For some experts, nuclear energy — in all forms, large or small — has an important role to play in that transition. Globally, the construction of conventional nuclear power plants dipped following the Chernobyl meltdown in 1986. Russia has already built or designed nuclear plants — the traditional type — for China, India, Bangladesh, Turkey, Slovakia, Egypt and Iran. “It certainly dampens the excitement abroad,” said John Parsons, a senior lecturer at MIT and a financial economist focused on nuclear energy.

Persons: Akademik Lomonosov, Biden, Lomonosov, Maxim Shemetov, “ There’s, ”, Josh Freed, China —, Vladimir Putin’s, Bill Gates ’, Luo Yunfei, Kirsten Cutler, they’re, Cutler, ” Cutler, They’re, John Parsons, John Kerry, Thomas Mukoya, Way’s Freed, “, ” Parsons, Mohammed Hamdaoui, ” Hamdaoui, “ It’s Organizations: CNN, Reuters, European Union, International Energy Agency, Energy, World Nuclear, IEA, US, SMR, US Export, Import Bank, International Development Finance Corporation, GE Hitachi Nuclear Energy, China, Changjiang, China News Service, Nuclear Energy, US State Department, “, MIT, InfluenceMap, The State Department, Nuclear Regulatory Commission, NRC, Rystad Energy Locations: Alaska, Russian, Russia, China, European, Japan, India, South Korea, Europe, Dubai, America, Poland, North Carolina, Southeast Asia, Bangladesh, Turkey, Slovakia, Egypt, Iran, Lomonosov, Siberia, Russia’s, Washington, Bill Gates ’ TerraPower, Wyoming, Changjiang Li Autonomous County, Hainan province, United States, Oregon, Idaho, United Arab Emirates

☆ John Podesta will take over for John Kerry as top US climate diplomat
▼ + stars: | 2024-01-31 | by ( Ella Nilsen | ) edition.cnn.com time to read: +4 min

CNN —John Podesta, a senior White House adviser focused on clean energy and climate, will take over as US climate diplomat after John Kerry steps down this spring, according to a source familiar with the move. Podesta first came to the Biden White House in September 2022, when he was tasked with implementing the climate measures in the Inflation Reduction Act. Podesta also previously served as a top climate adviser to former President Barack Obama, where he was involved both in domestic and international climate policy. Podesta will inherit a more favorable international climate landscape than Kerry did when he took the role in 2021. And Kerry prioritized restarting international climate talks between the US and China, after China abruptly halted cooperation over other geopolitical issues.

Persons: CNN — John Podesta, John Kerry, Podesta, Hillary Clinton’s, Biden, Barack Obama, integrally, Kerry, Jeff Zients, John Podesta, ” Zients, “ John, –, ” Kerry, ”, “, “ We’ve, Biden’s, John, “ He’s, Donald Trump, “ We’re Organizations: CNN, White, Democratic, White House, State Department, Biden White House, Obama, Dubai . White, COP28 Locations: Paris, Dubai ., Glasgow, Sharm el, Dubai, China

☆ Commodity markets are in a 'super squeeze' — and higher prices could be here to stay
▼ + stars: | 2024-01-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

A commodity "super squeeze" is denoted by higher prices driven by supply constraints more than a robust growth in demand, he explained. "If it's a supply constraint that's driving high commodity prices, it's a very different story for global growth," he told CNBC via Zoom. Higher prices as a result of a super squeeze are "not as positive." The super squeeze could be deeper, or more prolonged if geopolitical, climate change or energy transition related supply disruptions are larger than expected. He highlighted that extreme weather events and geopolitics have also impacted the agricultural and energy commodity baskets.

Persons: Li Xin, Paul Bloxham, Bloxham, Brian Luke S, Dow, HSBC's Bloxham, Ian Waldie, Brian Luke, Matty Zhao Organizations: Technology, Getty, Visual China, HSBC, CNBC, Paul Bloxham HSBC, Energy, Commission, Commodities, Bloomberg, Dow Jones, of America Securities Locations: SUIXI, CHINA, Anhui, Suixi County, Huaibei City, Anhui Province, China, Israel, Gaza, Ukraine, Red, Australia, Asia, Pacific

☆ Uranium prices could rally past 16-year highs as the world's largest producer runs short
▼ + stars: | 2024-01-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

And that's about to send uranium prices, already at 16-year highs, on another rally. Sulfuric acid is critical in the extraction process as it is used to leach and recover uranium from raw ore. Kazatomprom is the world's leading uranium miner, accounting for over one-fifth of the world's production. Kazakhstan also produces 43% of the world's uranium supply, the largest slice of the global market for the heavy metal. Around 60 nuclear power reactors are under construction in 17 countries and another 110 are in the planning stages. Citibank expects uranium prices to average $110 per pound in 2025.

Persons: Guy Keller, Uranium, Jefferies, Janos Kummer Organizations: Corbis, Tribeca, Citibank, Getty Locations: India, Pallava, Kazakh, Kazakhstan, Canada, France, Niger, Tribeca, Asia, China, Slovakia

☆ Will leaders stay focused on the green agenda? Watch CNBC’s Sustainable Future Forum from Davos 2024
▼ + stars: | 2024-01-25 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

CNBC's "Sustainable Future Forum" returned as a special event live from the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland. CNBC convened top policymakers and business leaders to evaluate the outcomes of COP28 and examine what needs to happen in 2024 to ensure pledges are upheld, and progress is made. This panel examines what needs to happen to stay on course. watch nowNavigating the Energy TransitionCOP28 climate summit reached a historic deal to transition away from fossil fuels but did the agreement go far enough? Guests on the panel included: Marco Alvera, CEO, TES Vaishali Sinha, co-founder, ReNew Alfred Stern, CEO, OMV Bold Baatar, CEO, Rio Tinto Copper Henrik Andersen, CEO, Vestas

Persons: Badr Jafar, Daniel F, Feldman, John Kerry, Biden Rachel Kyte, Sanda Ojiambo, Tania Bryer, Kofi Annan, Marco Alvera, TES Vaishali Sinha, Alfred Stern, OMV, Rio Tinto Copper Henrik Andersen, Vestas Organizations: Economic, CNBC, Crescent Petroleum, Business, Philanthropy, Conference of, UN, Partner, Staff, Initiative, Energy, TES Vaishali, Rio Tinto Copper Locations: Davos, Switzerland, Dubai, Covington, Rio

Trading on the world's largest exchange would give JBS, which applied in July, access to more capital and enhance its credibility. Political Cartoons View All 253 ImagesThe dispute highlights the connection between finance and various drivers of climate change, such as deforestation. Two-thirds of Amazon deforestation results from conversion to pasture for livestock, according to the Brazilian government. In 2020, it created the JBS Fund For the Amazon. In the three years since inception, the JBS Fund for The Amazon has provided $15 million to 20 projects, according to its website.

Persons: ”, JBS, Elon Musk, Carlos Nobre, Liège Correia, Andrea Azevedo, “, ” Azevedo, Azevedo, Glenn Hurowitz, it's Organizations: Securities and Exchange Commission, New York Stock Exchange, U.S, Democrats, Republicans, SEC, NYSE, Associated Press, Brazil’s Agencia Publica, JBS S.A, JBS Fund, The, Forest Peoples Connection, Elon, SpaceX, Good Food Institute, United Nations, JBS, AP Locations: BRASILIA, Brazil, United States, United Kingdom, Rondonia, pirarucu, U.S, Dubai, AP.org

☆ Renewable companies are being penalised with taxes, says Iberdrola exec chairman
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRenewable companies are being penalised with taxes, says Iberdrola exec chairmanIgnacio Galán, executive chairman of Spanish utility Iberdrola, discusses the outcomes of COP28 and the future of the energy industry.

Persons: Ignacio Galán

☆ IEA chief welcomes ‘unstoppable’ growth of clean energy
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIEA chief welcomes ‘unstoppable’ growth of clean energyIEA Executive Director Fatih Birol discusses the state of play in the energy transition and his reflections on the COP28 climate talks.

Persons: Fatih Birol Organizations: IEA

☆ 'It was good to have businesses at the table' at COP28, says Schneider Electric CEO
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'It was good to have businesses at the table' at COP28, says Schneider Electric CEOPeter Herweck, CEO of Schneider Electric, discusses artificial intelligence, the energy transition and green hydrogen with CNBC.

Persons: Peter Herweck Organizations: Schneider, Schneider Electric, CNBC

☆ Davos Devotees Deindustrialize Europe
▼ + stars: | 2024-01-14 | by ( Peter Huntsman | ) www.wsj.com time to read: +1 min

Journal Editorial Report: Paul Gigot interviews Bjorn Lomborg on COP28. Images: AP/EPA Composite: Mark KellyPolitical, business and security leaders gather in Davos next week under the mantra of “rebuilding trust.” Key topics include security cooperation, artificial intelligence, energy security and job growth “for a New Era.” Undoubtedly there will also be calls to phase out fossil fuels and aspirations for a hydrogen-based green economy. Amid this grand planning for the industries of 2050, leaders likely will pay little attention to how government pressure to reach this utopian vision is destroying the industries that made Europe the envy of the world. Over the past two years, dozens of energy-intensive manufacturers of our most basic materials—chemicals, steel, ceramics, glass and fertilizers—have ceased or slowed production in Europe. As the leader of a U.S.-headquartered chemical company that once had more than 50% of its revenue and employees in Europe, I have witnessed this devolution firsthand.

Persons: Paul Gigot, Bjorn Lomborg, Mark Kelly Locations: Davos, Europe, U.S

☆ Bahamas PM fears climate action could be sidelined by geopolitics 'but we have to continue pushing'
▼ + stars: | 2024-01-13 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBahamas PM fears climate action could be sidelined by geopolitics 'but we have to continue pushing'Bahamian Prime Minister Philip Davis talks to CNBC’s Tania Bryer about his response to the outcomes of COP28, as leader of one of the Small Island Developing States who are on the frontlines of climate impact.

Persons: Philip Davis, CNBC’s Tania Bryer Organizations: Bahamian

☆ John Kerry to step down as US climate envoy
▼ + stars: | 2024-01-13 | by ( Ella Nilsen | ) edition.cnn.com time to read: +2 min

CNN —US climate envoy John Kerry plans to step down from his post by this spring, a source close to Kerry confirmed to CNN. Kerry is leaving the position after three years at the helm of US climate diplomacy under the Biden administration. Kerry specifically prioritized restarting international climate talks between the US and China, and was key in negotiating the November Sunnylands agreement, a wide-ranging climate agreement between the two countries before COP28. And in 2019, Kerry co-founded a bipartisan initiative of world leaders and celebrities to combat the climate crisis called World War Zero. In 2009, when Biden became vice president, Kerry took over his role as chairman of the Senate Foreign Relations Committee.

Persons: John Kerry, Kerry, Biden, Axios, Joe Biden, Michael Dukakis, George W, Bush, Barack Obama Organizations: CNN, Economic, Munich, Conference, Democratic, Biden, White, Senate, Gov, Senate Foreign Relations, Navy, Silver Star, Star Locations: Dubai, Kerry, China, Paris, Massachusetts, Vietnam

☆ Tackling Climate Change in the Birthplace of Oil
▼ + stars: | 2024-01-11 | by ( Manuela Andreoni | More About Manuela Andreoni | ) www.nytimes.com time to read: +1 min

For the second year in a row, the United Nations climate summit known as COP will take place in a petrostate. COP29 will be in Baku, Azerbaijan, and overseen by Mukhtar Babayev, who worked for more than two decades at Socar, Azerbaijan’s state-owned oil company. There’s a precedent: Last year’s climate summit was controversially hosted by the United Arab Emirates and led by Sultan Al Jaber, who also runs the Abu Dhabi National Oil Company. It remains to be seen whether Babayev, a former low-ranking executive who is now Azerbaijan’s environment minister, will have the same impact. But there is also a poignant historical resonance to COP29: By some measures, Azerbaijan is where the modern oil industry began.

Persons: Mukhtar Babayev, There’s, Sultan Al Jaber, Al Jaber’s, COP28 Organizations: United Arab, Abu, Abu Dhabi National Oil Company Locations: United Nations, Baku, Azerbaijan, Socar, Azerbaijan’s, United Arab Emirates, Abu Dhabi

☆ ‘Bad case of déjà vu’: Oil industry veteran to lead next round of UN climate talks in Azerbaijan
▼ + stars: | 2024-01-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Azerbaijan's Minister for ecology and natural resources and formerly an executive at state oil company SOCAR Mukhtar Babayev (C) visits at the Norm cement plant in Baku, on February 23, 2023. Azerbaijan named on January 5, 2024, Mukhtar Babayev minister to preside over the November 2024 COP29 meeting, in Baku, on January 6, 2024. A former executive of Azerbaijan's state-owned oil and gas firm SOCAR has been picked to lead U.N. climate talks in Baku later this year, prompting critics to decry a "bad case of déjà vu." It means that a minister with vast experience in oil and gas will lead negotiations at the U.N.'s biggest and most important annual climate conference for the second consecutive year. Campaign group Global Witness said Babayev's appointment as the person to lead COP29 discussions was a "bad case of déjà vu."

Persons: SOCAR Mukhtar Babayev, Mukhtar, decry, Mukhtar Babayev, Babayev, Jaber, COP28, Alice Harrison, Harrison Organizations: Norm, United, Emirates, Abu, Abu Dhabi National Oil Company, Global, United Nations, CNBC Locations: Baku, Azerbaijan, Azerbaijan's, Sultan Al, Dubai, Abu Dhabi

☆ Copper could skyrocket over 75% to record highs by 2025 — brace for deficits, analysts say
▼ + stars: | 2024-01-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Copper prices are set to soar more than 75% over the next two years amid mining supply disruptions and higher demand for the metal, fueled by the push for renewable energy. In a December report, the investment bank forecast that the higher renewable energy targets would boost copper demand by extra 4.2 million tons by 2030. This would potentially push copper prices to $15,000 a ton in 2025, the report added, way higher than the record peak of $10,730 per ton scaled in March last year. "This assumes a very soft landing in the U.S. and Europe, an earlier global growth recovery, significant China easing," Citi analysts said, while also emphasizing on continued investments in the energy transition sector. A growing economy tends to boost demand for copper, which is used in electrical equipment and industrial machinery.

Persons: Matty Zhao Organizations: U.S, BMI, Fitch Solutions, U.S . Federal Reserve, Bank of America Securities, CNBC, Citibank, Citi Locations: Huai'an, Jiangsu Province, China, Asia, Pacific, U.S, Europe

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