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Oil prices fall on China concerns, skepticism on OPEC+ cuts
  + stars: | 2023-12-06 | by ( )   time to read: +2 min
An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. U.S. WTI crude futures were down 13 cents, or 0.2%, at $72.19 a barrel. China will release preliminary trade data, including crude oil import data, on Thursday. Gasoline stockpiles gained by 2.8 million barrels, while distillate inventories rose nearly 1.9 million barrels.
Persons: Alexander Novak, Vladimir Putin, Moody's Organizations: Brent, Organization of, Petroleum, United Arab Emirates, American Petroleum Institute Locations: Cushing , Oklahoma, China, Russia, OPEC, Saudi, Russian, Saudi Arabia, U.S
Russian President Vladimir Putin attends a ceremony to receive diplomatic credentials from newly appointed foreign ambassadors at the Grand Kremlin Palace in Moscow, Russia, December 4, 2023. MOSCOW, Dec 5 (Reuters) - Oil output cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday, as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday. Putin will also host Iranian President Ebrahim Raisi in Moscow the following day, Kremlin spokesman Dmitry Peskov said. Oil prices fell 2% last week after the OPEC+ announcement, but Brent crude futures were firmer on Tuesday. The visit comes after OPEC+ agreed last Thursday to voluntary supply cuts totalling about 2.2 million barrels a day, included an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd.
Persons: Vladimir Putin, Pavel Bednyakov, Putin, Ebrahim Raisi, Dmitry Peskov, Brent, Peskov, Iran's Raisi, Dmitry Antonov, Vladimir Soldatkin, Mark Trevelyan, Gareth Jones Organizations: Sputnik, Kremlin, United Arab, Palestinian, Hamas, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, OPEC, United Arab Emirates, Saudi Arabia, Saudi, United States, Gaza, Israel, Iran
Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 15 July 2022. The programme has so far attracted 200 foreign companies, Saudi Investment minister Khaled Al-Falih was quoted as saying. "The new tax exemptions granted on regional headquarters activities will give .... international companies in the kingdom more clarity of vision and stability," Saudi Finance Minister Mohammed Al-Jadaan said, according to SPA. Foreign companies have scrambled to meet the Saudi condition to relocate their regional headquarters after the kingdom said in October the deadline will be enforced. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia.
Persons: Finance Mohammed Bin Abdullah Al, Jadaan, Jan, Prince Mohammed bin Salman, Khaled Al, Falih, Mohammed Al, ” Jadaan, Aziz El, Bill Berkrot Organizations: Finance, Ministers, Central Bank Governors, Rights, United, United Arab Emirates, International, Saudi Investment, Saudi Finance, Games, , Thomson Locations: Saudi, Nusa Dua, Bali, Indonesia, Rights RIYADH, Saudi Arabia, United Arab, United Arab Emirates
A man wearing a thawb walks past flags of nations participating in the UNFCCC COP28 Climate Conference the day before its official opening on November 29, 2023 in Dubai, United Arab Emirates. DUBAI, United Arab Emirates — Nearly 2,500 fossil fuel lobbyists are estimated to have been granted access to the COP28 climate conference in the United Arab Emirates, according to an analysis from advocacy groups, reflecting a sharp increase from last year. A report published Tuesday by the Kick Big Polluters Out coalition found that at least 2,456 fossil fuel lobbyists registered to attend the two-week long summit. That's more than almost every other country delegation, except for Brazil (3,081) and COP28 host the United Arab Emirates (4,409), the analysis said. Campaigners say the number of fossil fuel lobbyists attending the talks is "beyond justification" and signals that polluting industries are seeking to advance a fossil fuel agenda at the expense of frontline communities.
Persons: Ernest Moniz, Muhammed Lamin Saidykhan, Big Organizations: United Arab Emirates, International Energy Agency, CNBC, Polluters, Climate Action Network Locations: Dubai, United Arab, DUBAI, Brazil
The Global Cooling Pledge would mark the world's first collective focus on energy emissions from the cooling sector. That would equal one-tenth of expected global emissions, the report said, and would strain electric grids. Organizers hope to see at least 80 countries supporting the cooling pledge, given the urgent need to slash climate-warming emissions and keep people safe from dangerous heatwaves. Nearly three-quarters of the potential for reducing cooling emissions by mid-century can be found in G20 countries, the UNEP report said. UNEP estimates that global efforts to tackle cooling emissions could avoid the release of up to 78 billion metric tonnes of carbon dioxide equivalent.
Persons: Amr Alfiky, Brian Dean, Gloria Dickie, Sarita Chaganti Singh, Katy Daigle Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, U.S . State Department, United Nations Environment Programme, Reuters, U.S . Environmental Protection Agency, Sustainable Energy, UNEP, Thomson Locations: Dubai, United Arab, United States, U.S, Kenya, India
“Each decade since the 1990s has been warmer than the previous one and we see no immediate sign of this trend reversing,” its secretary-general, Petteri Taalas, said. Experts are divided about one of the most important metrics: The rate of warming. University of Pennsylvania climate scientist Michael Mann has argued warming has been steadily increasing since 1990, but isn't speeding up. He warned that such warming is fueling increasingly dangerous extreme weather events, coastal flooding and many other “disastrous” impacts. Glaciers in Papua, Indonesia are likely to disappear altogether within the next decade,” WMO said.
Persons: Petteri Taalas, James Hansen, Michael Mann, ” Mann, Organizations: United Arab Emirates, United Nations, World Meteorological Organization, WMO, NASA, Warming, University of Pennsylvania, ” WMO, AP Locations: DUBAI, United Arab, Dubai, Papua, Indonesia, , Africa, Kenya, Kilimanjaro, Greenland, Antarctica
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailContinuing engagement with Israel is 'very critical,' UAE trade official saysThani Al Zeyoudi, United Arab Emirates minister of state for foreign trade, discusses the country's trade agenda.
Persons: Thani Al Organizations: United Arab Emirates Locations: Israel, UAE, Thani Al Zeyoudi, United Arab
KHAN YOUNIS, Gaza Strip (AP) — Israel intensified its bombardment in and around Gaza's second largest city early Tuesday, as ambulances and private cars came racing into a local hospital carrying people wounded in a bloody new phase of the war in Gaza. At the Nasser Hospital in Khan Younis, ambulances brought dozens of wounded people in throughout the night. “My children, since 10 p.m., are still under the rubble.”Satellite photos taken Sunday showed tanks and troops massing outside Khan Younis, the latest target of the offensive, which was home to more than 400,000 people before the war. Constant bombardment on the edge of Khan Younis lit up the sky over the town Monday evening. The area that Israel ordered evacuated covers about a fifth of Khan Younis.
Persons: KHAN YOUNIS, — Israel, Khan Younis, , , Jake Sullivan, Mohammed Aghaalkurdi, ___ Magdy, Jon Gambrell Organizations: U.S, Nasser, United Nations, Israel, Health Ministry, White House, The Associated Press, Aid, PalTel, Communications, Associated Press Locations: Gaza, Gaza's, Israel, Khan, United, Gaza City, Egypt, Palestinian, Shijaiya, Cairo, Dubai, United Arab Emirates, israel
CNN —As someone who’s been reporting on the climate crisis for more than a decade, I can say that the most insidious threat to climate action isn’t denial or apathy. That’s tragic, especially in light of the long and frustrating history of fossil fuel interests injecting doubt into policy conversations about the climate crisis. The broad strokes of climate science have been well understood for several decades now. The fallout of that doubt still haunts political conversations about the climate crisis today. In the United States, only 35% of adults talk about the climate crisis at least occasionally, according to a 2021 survey from the Yale Program on Climate Change Communication.
Persons: John D, Sutter, Ted Turner, Read, who’s, Sutter Beth Mickalonis, Sultan Al Jaber, Al Jaber, Mary Robinson, , Al Jaber’s, It’s Organizations: Environmental Media, George Washington University, CNN, COP28, United, Abu, Abu Dhabi National Oil Company, , The Guardian, UN, Programme, Sutter, Yale Locations: Dubai, United Arab Emirates, Abu Dhabi, UN, Paris, United States
The United States will work with other governments to speed up efforts to make nuclear fusion a new source of carbon-free energy, U.S. Kerry spoke at the Atlantic Council Global Energy Forum. In southern France, 35 nations are collaborating on an experimental machine to harness fusion energy, the International Thermonuclear Experimental Reactor, to prove the feasibility of fusion as a large-scale, carbon-free source of energy. The global nuclear industry launched an initiative at COP28 for nations to pledge to triple this kind of nuclear energy by 2050. Commonwealth Fusion was founded in 2018 by researchers and students from the Massachusetts Institute of Technology Plasma Science and Fusion Center.
Persons: John Kerry, ” Kerry, Kerry, Andrew Holland, Dennis Whyte, Whyte, Edwin Lyman, Lyman, Bob Mumgaard, Mumgaard, it's Organizations: Climate, Atlantic Council Global Energy Forum, United Kingdom, United States, International, Reactor, Fusion Industry Association, Dubai, Commonwealth Fusion Systems, United, United Arab Emirates, Fusion, Lawrence Livermore National Laboratory, Commonwealth Fusion, Massachusetts Institute of Technology Plasma Science, MIT, Commonwealth, Plasma Science, Fusion Center, Union of, Scientists, Washington, ARC, SPARC, AP Locations: States, U.S, Dubai, U.N, United States, France, Japan, Europe, China, Russia, Devens , Massachusetts, COP28, United Arab, Commonwealth, California
The report was not able to count how many fossil fuel representatives are actually in attendance, though it has shown registration numbers have been increasing over the years. COP28 President Sultan Al Jaber, also an oil executive, has argued the fossil fuel industry should be involved in the summit. The analysis from the coalition, which this year organized under the name Kick Big Polluters Out, looked at the provisional list of COP participants to identify registrants with self-declared ties to fossil fuel companies or organizations with fossil fuel interests or foundations owned or controlled by a fossil fuel company. “The hallways and negotiating rooms of this climate conference are flooded with the largest number of fossil fuel lobbyists ever,” said Lili Fuhr, director of the fossil fuel energy program at the Center for International Environmental Law. Governments must “remain focused on delivering an outcome that supports and mandates a full phase out of fossil fuels while protecting public policy-making from fossil fuel interests,” she told CNN.
Persons: Sultan Al Jaber, , Lili Fuhr, Al Jaber Organizations: CNN, United Arab Emirates, Global, Dubai, United Nations, Center for International Environmental Law Locations: Dubai, Brazil, Egypt, COP27, COP28
watch nowDUBAI, United Arab Emirates —The chief executive of UAE-based energy firm Crescent Petroleum on Tuesday claimed that blaming the oil and gas industry for the climate crisis "is like blaming farmers for obesity." The burning of coal, oil and gas is by far the largest contributor to climate change, accounting for more than three-quarters of global greenhouse gas emissions. "Blaming the producers of oil and gas for climate change is like blaming farmers for obesity. U.N. Secretary-General António Guterres said that the announcement was "a step in the right direction" for Big Oil and showed that the fossil fuel industry was "finally starting to wake up." Others, including former U.S. Energy Secretary Ernest Moniz, believe that the participation of energy giants should be welcomed at events such as COP28.
Persons: Majid Jafar, CNBC's Dan Murphy, Sultan Ahmed Al Jaber, Abu, COP28, António Guterres, Jafar, We're, Ernest Moniz Organizations: United Arab Emirates —, UAE, Petroleum, Crescent Petroleum, Crescent Petroleum Co, Abu Dhabi National Oil Co, United Arab Emirates national, Expo, Bloomberg, Getty, Big Oil, U.S . Energy Locations: DUBAI, United Arab, Dubai, Abu Dhabi, United Arab Emirates, U.N, New York
Lujan Grisham said she'll ask the Legislature to set aside $500 million to underwrite acquisition of treated water. “We're going to turn water — this waste, which is a problem — into a commodity,” Lujan Grisham said at the conference. The state's oil wells draw out far more water than oil, by several multiples, according to oil field regulators. “Creating a state reserve of treated water for renewable energy projects merits serious consideration in the upcoming session,” Wirth said. New Mexico state government is navigating an unprecedented financial windfall from record setting oil production centered in the Permian Basin that extends across southeastern New Mexico and portions of western Texas.
Persons: Michelle Lujan Grisham, Lujan Grisham, she'll, “ We're, ” Lujan Grisham, , James Kenney, ” Kenney, Peter Wirth of, Peter Wirth of Santa Fe, ” Wirth, Larry Scott, Hobbs Organizations: SANTA FE, , Democratic, Gov, Dubai, United Arab, Tax, Fund, U.S, Lawmakers, Democratic Party, Republican Locations: SANTA, — New Mexico, United Arab Emirates, Rio, New Mexico, Peter Wirth of Santa, Texas
A man talks on the phone during the United Nations Climate Change Conference (COP28), in Dubai, United Arab Emirates, December 4, 2023. REUTERS/Amr Alfliky Acquire Licensing RightsDec 5 (Reuters) - Six of the world's largest dairy companies will soon begin disclosing their methane emissions as part of a new global alliance launched at the United Nations climate summit in Dubai on Tuesday. Livestock is responsible for about 30% of global anthropogenic methane emissions, from sources like manure and cow burps, according to the U.N.'s Food and Agriculture Organization. The five members of the Dairy Methane Action Alliance - Danone (DANO.PA), Bel Group, General Mills (GIS.N), Lactalis USA, Kraft Heinz (KHC.O) and Nestle (NESN.S) - will begin reporting their methane emissions by mid-2024 and will write methane action plans by the end of that year. Danone this year pledged to cut methane emissions from its fresh milk supply chain by 30% by 2030.
Persons: Amr Alfliky, General Mills, Kraft Heinz, Chris Adamo, There’s, Katie Anderson, Anderson, Leah Douglas, Josie Kao Organizations: United Nations, Change, United Arab Emirates, REUTERS, United, Livestock, Agriculture Organization, Danone, Bel Group, General, Lactalis, Nestle, U.S . Environmental Protection Agency, Clean Air Coalition, United Nations Environment Programme . Companies, Environmental Defense, EDF, Reuters, Thomson Locations: Dubai, United Arab, United Nations, Lactalis USA
DUBAI, Dec 5 (Reuters) - U.S. special climate envoy John Kerry on Tuesday launched an international engagement plan to boost nuclear fusion, saying the emissions-free technology could become a vital tool in the fight against climate change. Kerry said the plan involved 35 nations and would focus on research and development, supply chain issues, and regulation, and safety. "There is potential in fusion to revolutionize our world," Kerry told the COP28 climate summit in Dubai. U.S. Special Presidential Envoy for Climate John Kerry participates in an event on women's role in building a climate-resilient world, at COP28 World Climate Summit, in Dubai, United Arab Emirates, December 4, 2023. Of the two main types of fusion, one uses lasers to concentrate energy on a gold pellet containing hydrogen.
Persons: John Kerry, Kerry, Amr Alfiky, Valerie Volcovici, Richard Valdmanis, William James, Alexander Smith Organizations: Dubai . Fusion, United Arab Emirates, REUTERS, Thomson Locations: DUBAI, Dubai, U.S, United Arab, Britain, United States, Australia, China, Germany, Japan, California
[1/2] Climate activists protest against fossil fuel emitters, demanding action and more contributions to the Loss and Damage Fund, during the United Nations Climate Change Conference COP28 in Dubai, United Arab Emirates, December 5, 2023. Chiponda argued that language calling for the phase-out of "unabated" fossil fuels was merely a distraction that would allow for their continued use. Governments at COP26 agreed to phase down the use of unabated coal, the most polluting of fossil fuels. This year, countries remain split over what role fossil fuels should play in the future. Jaber has made a point of including the fossil fuel industry at the summit, insisting that oil and gas companies should be part of discussions on tackling climate change.
Persons: Amr Alfiky, Lorraine Chiponda, Chiponda, Sultan Al Jaber, Jaber, Thomas Joseph, Jainno Congon, Alexander Cornwell, Katy Daigle Organizations: Damage, United Nations, United Arab Emirates, REUTERS, Rights, United, COP26, Reuters, Thomson Locations: Dubai, United Arab, COP28, Glasgow, Paris, United Arab Emirates, UAE, California
REUTERS/Amr Alfiky Acquire Licensing RightsJAKARTA, Dec 4 (Reuters) - Indonesia will declare its interest to football's world governing body FIFA in jointly holding the 2025 Under-20 World Cup with Singapore, its president said on Monday, despite his country being stripped of the hosting rights to this year's tournament. Indonesia staged this year's U-17 contest, which concluded on Saturday, with Germany beating France on penalties. "The declaration of interest has been signed by PSSI and football association of Singapore," he told reporters, referring to Indonesia's football federation. Muslim-majority Indonesia was in March stripped of the rights to host the U-20 contest just seven weeks out from its start due to opposition from some government officials to the participation of Israel. The loss of hosting rights was a big setback in Indonesia, where football has a huge following, despite the lack of international success since qualifying for the 1938 World Cup as the Dutch East Indies.
Persons: Joko Widodo, Amr Alfiky, Israel, Ananda Teresia, Martin Petty, Kanupriya Kapoor Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, FIFA, Singapore, PSSI, Israel, Senior, Argentina, Uruguay, Dutch, Thomson Locations: Dubai, United Arab, Rights JAKARTA, Indonesia, Germany, France, Singapore, Dutch East Indies
The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea in this photo released November 20, 2023. The U.S. military said on Sunday three commercial vessels came under attack in international waters in the southern Red Sea. On Oct. 31, the Houthis military spokesperson said the group had a "large number" of ballistic missiles and drones towards Israel. The Houthis fired these missiles at Saudi Arabia dozens of times during the Yemen war. In September, the Houthis displayed anti-aircraft Barq-2 missiles, naval missiles, a Mig-29 fighter jet and helicopters for the first time.
Persons: Houthis, Sanaa, Israel, Aziz El Yaakoubi, Maha, Tom Perry, Christina Fincher Organizations: Galaxy Leader, Houthi Military, REUTERS Acquire, U.S . Central Command, ARSENAL, Saudi, United Arab, Thomson Locations: Red, Iran, Israel, U.S, Houthi, Yemen, Islam, Saudi Arabia, YEMEN, Shi'ite Iran, Saudi, Aden, Sanaa, America, IRAN, Iranian, United Arab Emirates
If China and India were excluded from the count, world carbon dioxide emissions from the burning of fossil fuels and cement manufacturing would have dropped, Friedlingstein said. The world in 2023 increased its annual emissions by 398 million metric tons, but it was in three places: China, India and the skies. China’s fossil fuel emissions went up 458 million metric tons from last year, India’s went up 233 million metric tons and aviation emissions increased 145 million metric tons. Outside of India and China, the rest of the world’s fossil fuel emissions went down by 419 million metric tons, led by Europe’s 205 million metric ton drop and a decrease of 154 million metric tons in the United States. Last year the world's carbon emissions increased but dropped in China, which was still affected by a second wave of pandemic restrictions.
Persons: Pierre Friedlingstein, Jim Skea, ” Friedlingstein, Friedlingstein, India’s, Inger Andersen, ___ Read, Seth Borenstein Organizations: United Arab Emirates, Carbon Project, University of Exeter, United Nations Environment, AP Locations: DUBAI, United Arab, China, India, Paris, COP28, United States, U.S
When there’s a global crisis, wealthy countries tend to find money. That was the case in the United States when big banks were bailed out to soften a global financial crisis. But the climate crisis? This weekend, Vice President Kamala Harris visited the United Nations climate summit in Dubai, in the United Arab Emirates, and promised $3 billion for the Green Climate Fund, which benefits poorer nations. One of the big tests facing this summit, known as COP28, is whether it will fare any better than earlier climate talks at shoring up anything close to the money that’s needed.
Persons: Kamala Harris, John Kerry, Biden’s Organizations: United Arab, Green Climate Fund, Biden, Walmart, Pepsi, McDonalds Locations: United States, Ukraine, United Nations, Dubai, United Arab Emirates
Sultan al-Jaber, president of the UNFCCC COP28 climate conference, speaks during day two of the summit on Dec. 2, 2023 in Dubai, United Arab Emirates. Sean Gallup | Getty Images News | Getty ImagesDubai, UNITED ARAB EMIRATES — A fight over the future of fossil fuels has been thrust into the global spotlight at the COP28 climate summit. "Unabated" fossil fuels are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases. "[It is] important to say that more fossil fuels equal more loss and damage, so these two issues are actually quite intertwined." Notably, at last year's COP27 conference in Egypt, more than 80 countries supported a fossil fuel phase-out commitment in the final agreement.
Persons: Sultan al, Jaber, Sean Gallup, Johan Rockstrom, There's, Darren Woods, Catherine Abreu, Abreu Organizations: Getty, Getty Images, UNITED, EMIRATES, Potsdam Institute, Climate, Climate Impact Research, CNBC, AG, United Arab, Oil, Exxon Mobil Locations: Dubai, United Arab Emirates, Getty Images Dubai, COP28, Salzgitter, Germany, Russia, Egypt
Sputnik/Mikhail Klimentyev/Pool via REUTERS Acquire Licensing RightsMOSCOW, Dec 4 (Reuters) - Russian President Vladimir Putin will visit the United Arab Emirates and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin's aide Yury Ushakov. Markets reacted with scepticism to the deal because of doubts about whether the voluntary cuts would be fully implemented. The figure of 2.2 million bpd included an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd. Shot quoted Ushakov as saying Putin would go first to UAE and then to Saudi Arabia, where negotiations would take place mainly with Crown Prince Mohammed bin Salman. Neither Saudi Arabia nor the UAE is a member of the court either, so Putin can travel to both countries without fear of being arrested under the ICC warrant.
Persons: Vladimir Putin, Mikhail Klimentyev, Yury Ushakov, Brent, Putin, Prince Mohammed bin Salman, Ushakov, Mark Trevelyan, Gareth Jones Organizations: Sputnik, REUTERS Acquire, Rights, United Arab, UAE, Soviet Union, Criminal Court, ICC, Reuters, Thomson Locations: Moscow, Russia, United Arab Emirates, Saudi Arabia, OPEC, Saudi, China, United States, Ukraine, UAE
REUTERS/Thomas Mukoya Acquire Licensing RightsDUBAI, Dec 4 (Reuters) - Bill Gates' advanced nuclear reactor company TerraPower LLC and the United Arab Emirates’ state owned nuclear company ENEC said on Monday they have agreed to study the potential development of advanced reactors in the UAE and abroad. “For the UAE, we're looking for a future for the clean electrons and molecules that will be brought to reality by advanced reactors,” said Mohamed Al Hammadi, CEO of ENEC, during the signing ceremony. "Bringing advanced nuclear technologies to market is critical to meeting global decarbonization targets," said TerraPower President and CEO Chris Levesque. The UAE currently has one traditional nuclear power plant, near Abu Dhabi, which began producing electricity in 2020. The MOU between TerraPower and the UAE said they would explore uses for advanced nuclear reactors such storing power on the grid and providing the energy needed to produce hydrogen, and decarbonize coal, steel and aluminum plants.
Persons: Bill Gates, Thomas Mukoya, ENEC, , Mohamed Al Hammadi, Chris Levesque, TerraPower, Richard Valdmanis, Kim Coghill Organizations: Microsoft, United Nations, Change, United Arab Emirates, REUTERS, Rights, TerraPower, United, UAE, The UAE, Thomson Locations: Dubai, United Arab, UAE, Abu Dhabi, U.S ., Wyoming, TerraPower, Russia, TerraPower's Wyoming, Ukraine, United States
On Monday, Prince Abdulaziz bin Salman, energy minister and the key climate negotiator, for the kingdom, was a no-show at the Saudi Green Initiative. "The climate finance that they have pledged at this COP28 is simply not enough," said Pakistani activist Zaigham Abbas, whose country was devastated last year by widespread flooding. Elsewhere, France and Japan said they would support a move by the African Development Bank to leverage IMF Special Drawing Rights for climate and development. This year also features the biggest-ever representation of business at the annual U.N. summit, amid hopes for more private investment toward climate causes. "The scale of the climate crisis demands urgent and game-changing solutions from every industry," COP28 President Ahmed Al-Jaber said.
Persons: COP28, Johanna Geron, Prince Abdulaziz bin Salman, Crown Prince Mohammad bin Salman, Nicholas Stern, Mia Mottley, Antonio Guterres, Zaigham Abbas, Abu Dhabi, Ahmed Al, Jaber, Simon Jessop, Maha El, Al Sayegh, Alexander Cornwell, Elizabeth Piper, David Stanway, Katy Daigle Organizations: of, European Union, REUTERS, Companies, Saudi, United, United Arab Emirates, Saudi Green Initiative, Crown, Grantham Research, Asian Peoples ' Movement, Development, African Development Bank, European Bank for Reconstruction, Copenhagen Infrastructure Partners, BlackRock, HSBC, Finance, Reuters, Thomson Locations: Dubai, Brussels, Belgium, Companies UAE, DUBAI, COP28, United Arab, Saudi Arabia, Sharm el, Sheikh, Egypt, Paris, China, Grantham, Barbados, France, Japan, Copenhagen, Abu
In this year's gleaming host city of Dubai, billboards advertise the benefits of wind energy, climate ambition and Exxon Mobil's (XOM.N) carbon capture projects. This is seen by some as a sign of success and by others as a dangerous distraction from the business of combating climate change as over nearly three decades global oil demand, carbon emissions and temperatures have marched steadily upward. "It's a lobby fest where polluters can schmooze with politicians, all under the guise of tackling climate change," Pascoe Sabido, a researcher at the Corporate Europe Observatory, which scrutinizes corporate influence on policy-making, said. Delegates walk at the Dubai's Expo City during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 4, 2023. For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.
Persons: Exxon Mobil's, Pascoe Sabido, Alden Meyer, Meyer, Lisa Jacobson, Jacobson, Thaier, We're, , Daniel Lund, Joko Widodo, COP28, Jake Schmidt, Darren Woods, General Antonio Guterres, Al Gore, Valerie Volcovici, Katy Daigle, Kate Abnett, Sarah McFarlane, Bernadette Christina, Richard Valdmanis, Alexander Smith Organizations: Exxon, Corporate, Observatory, United Nations, Business Council, Sustainable Energy, Global Strategic Communications Council, Change, United Arab Emirates, REUTERS, Natural Resources Defense, Exxon Mobil, Drillers, U.S, Reuters, Thomson Locations: DUBAI, Dubai, Berlin, The Hague, COP28, United Arab, Fiji, Indonesia, China, UAE
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