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WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. read moreInvestors also focused on Western plans for a price cap on Russian oil. Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.
SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.
[1/3] Egyptian Foreign Minister and Egypt's COP27 President Sameh Shoukry attends an informal stocktaking session during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 18, 2022. But with several other sticking points dogging this year's U.N. climate talks, host country Egypt said a final deal was still not expected before the weekend. But it was unclear Friday if all of those countries would accept the EU's offer of a fund to aid only "the most vulnerable countries", rather than all developing countries as they had requested. On Friday morning, the U.N. climate agency published a first official draft of the final summit deal. Some countries, including the EU and Britain, have pushed for the overall deal in Egypt to lock in country commitments for more ambitious climate action.
SHARM EL-SHEIK, Nov 10 (Reuters) - African nations must be allowed to develop their fossil fuel resources to help lift their pepole out of poverty, governments said at the COP27 talks in Egypt, which welcomed leaders of oil and gas companies sidelined at previous talks. African nations said wealthy countries had failed to deliver promised funding that would help them to expand clean energy instead of exploiting their fossil fuel resources. Some 636 fossil fuel lobbyists were registered to attend COP27, another report from a group of organisations that analysed the U.N.'s provisional list of attendees found. That's 100 lobbyists more than attended the Glasgow COP26 summit last year, the group said, lamenting what it described as "rise in the influence of the fossil fuel industry". The analysis also counted delegation members acting on behalf of their country's fossil fuel industry.
"Many countries faced with sharply rising energy costs and heightened security of supply concerns are turning to nuclear power," the IAEA said in a release announcing the exhibit. "We don't get to net zero by 2050 without nuclear power in the mix." The United States has already earmarked billions of dollars toward keeping existing nuclear power plants open as part of a broader strategy to decarbonize the economy and is hoping to encourage new projects. The nuclear power industry has had trouble raising money in recent years, having taken a huge public relations hit following the 2011 reactor meltdown at the Fukushima power plant in Japan. Even so, Hannah Fenwick, the co-lead of Nuclear for Climate which represents a network of 150 associations advocating for governments to embrace nuclear power, said her organization was lobbying policy-makers at COP27 to consider nuclear energy investments and was getting decent feedback.
SHARM EL-SHEIKH, Egypt, Nov 9 (Reuters) - U.S. climate envoy John Kerry on Wednesday announced the creation of a carbon offset plan meant to help developing countries speed their transition away from fossil fuels. Kerry launched the Energy Transition Accelerator (ETA) with the intention of funding renewable energy projects and accelerating clean energy transitions in developing countries. Kerry added that the carbon credits used in the program would be "high quality" and meet "strong safeguards". Kerry said Guterres was supportive of the U.S.-led carbon market initiative provided there were safeguards to it. At the event launch, a protester interrupted Kerry saying: "You’re providing false solutions.”Kerry responded that fossil fuel companies would not participate in the program.
What to watch on Tuesday at COP27
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +1 min
SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters) - World leaders will take the stage again on Tuesday as the COP27 climate summit enters its second full day. Among the expected speakers are outspoken advocates for measures to compensate poor, climate-vulnerable countries for damage already being wrought by global warming. Ursula von der Leyen, President of the European Commission, will also speak on Tuesday, along with European Council President Charles Michel, South African President Cyril Ramaphosa and dozens of others. U.S. President Joe Biden won't arrive until next week, but his delegation will open its pavilion at the COP27 venue on Tuesday and Special Envoy John Kerry and John Podesta, Biden's senior adviser on clean energy innovation will be there. Reporting by Valerie Volcovici and Sarah McFarlane, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.
The initiative, expected to launch on Wednesday at the COP27 Summit in Egypt, proposes that companies buy carbon credits and the proceeds be used to fund renewable energy projects in countries seeking to replace fossil fuels such as coal, the people said. Voluntary carbon markets are expanding rapidly, whereby credits are generated by activities including tree planting and solar power projects, although concerns persist about these credits being outside regulated markets. Companies do not necessarily have big operations that they need to decarbonize in countries looking at transition deals such as Indonesia and Senegal, however. Fossil fuel producers are excluded from participating in the proposed scheme, the people said, although the industry has been one of the largest users of carbon markets to date. "Right now, the idea is it should be narrowly applied to be bought by non-fossil fuel companies like tech companies and banks, which would restrict private sector demand."
The drop is not just because industrial companies are turning down thermostats, they are also shutting down plants that may never reopen. And while lower energy use helps Europe weather the crisis sparked by Russia's war in Ukraine and Moscow's supply cuts, executives, economists and industry groups warn its industrial base may end up severely weakened if high energy costs persist. Reuters GraphicsThe International Energy Agency estimates European industrial gas demand fell by 25% in the third quarter from a year earlier. "We are doing all we can to prevent a reduction in industrial activity," an European Commission spokesperson said in an email. "From Jan. 1, we will be able to switch to oil," company executive Wolfgang Ott said, as the company seeks government help to cushion energy costs.
Register now for FREE unlimited access to Reuters.com RegisterThe energy crisis triggered by the war in Ukraine has renewed interest in nuclear power. But without a reliable source of the high assay low enriched uranium (HALEU) the reactors need, developers worry they won't receive orders for their plants. But only TENEX, which is part of Russian state-owned nuclear energy company Rosatom, sells HALEU commercially at the moment. And this chicken and egg conundrum is complicating the smooth development of HALEU supply. "A reliable HALEU supply is one of many factors under consideration," the company said in an emailed statement.
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