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☆ Oil CEO says blaming the energy industry for the climate crisis ‘like blaming farmers for obesity’
▼ + stars: | 2023-12-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

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

SINGAPORE, Dec 5 (Reuters) - Asian stocks slipped to three-week lows on Tuesday while bonds and the dollar steadied as investors tempered expectations for cuts to U.S. interest rates and waited on U.S. jobs data. The Australian dollar fell 0.5% after the central bank left interest rates on hold, as expected, and emphasised that the future direction rates would depend on data. Japan's Nikkei (.N225) was dragged 1% lower to a three-week trough, mostly thanks to falling chipmaking stocks. Treasuries had come under a little pressure overnight as traders calibrated pretty aggressive pricing for U.S. interest rate cuts. The Reserve Bank of Australia left interest rates on hold and said, as it had a month ago, that future rate settings would depend on data.

Persons: Treasuries, Kim Coghill Organizations: Japan's Nikkei, ANZ, New, Reserve Bank of Australia, Brent, U.S . Department of Agriculture, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Hong Kong, New Zealand, Tokyo, China

☆ Trump is selling $35 Christmas wrapping paper emblazoned with his mug shot
▼ + stars: | 2023-12-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Donald Trump is selling Christmas wrapping paper featuring his mug shot — for $35. A single purchase will give fans three sheets of wrapping paper filled with Trump's mug shot. Fans of Trump will need to spend $35 to clinch the "Never Surrender" wrapping paper, which is filled with black-and-white images of Trump's mug shot photoshopped with a Santa hat. According to Trump's team, the $35 wrapping paper is the only one "authorized by President Trump himself!" The former president is also selling a "limited edition" Christmas stocking featuring his mug shot with the words "Never Surrender!"

Persons: Donald Trump, Trump, —, Trump fends, Trump's, Joe Biden Organizations: Service, Trump, Democrats, Politico, GOP Locations: August's Georgia, Fulton County , Georgia

The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

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

☆ Past decade was the hottest on record as climate change ‘surged alarmingly,’ WMO reports
▼ + stars: | 2023-12-05 | by ( Laura Paddison | Brandon Miller | ) edition.cnn.com time to read: +4 min

CNN —The decade between 2011 and 2020 was the hottest on record for the planet’s land and oceans as the rate of climate change “surged alarmingly,” according to a new report from the World Meteorological Organization. This year is also expected to be the hottest year, after six straight months of record global temperatures. Scientists have said this year’s exceptional warmth is the result of the combined effects of El Niño and human-caused climate change, which is driven by planet-warming fossil fuel pollution. A separate analysis released Monday by the Global Carbon Project found that carbon pollution from fossil fuels is on track to set a new record in 2023 – 1.1% higher than 2022 levels. The WMO report comes partway through the UN-backed COP28 climate summit, on the day focused on energy and industry.

Persons: El, Petteri Taalas, ” Elena Manaenkova, Anupam Nath, –, ” Taalas, ”, Pierre Friedlingstein, Amy Cassidy Organizations: CNN, World Meteorological Organization, Global, Project, WMO, UN, EU, Copernicus, DG DEFIS, Reuters, El Niño, University of Exeter’s Global Systems Institute Locations: Dubai, India, China, US, EU, Mayong, Gauhati, Assam, Greater London, Antarctica, Paris, El, COP28

REUTERS/Yves Herman/File Photo Acquire Licensing RightsDUBAI, Dec 5 (Reuters) - Global carbon dioxide emissions from burning fossil fuels are set to hit a record high this year, exacerbating climate change and fuelling more destructive extreme weather, scientists said. The Global Carbon Budget report, published on Tuesday during the COP28 climate summit, said that overall CO2 emissions, which reached a record high last year, have plateaued in 2023 due to a slight drop from uses of land like deforestation. Countries are expected to emit a total 36.8 billion metric tons of CO2 from fossil fuels in 2023, a 1.1% increase from last year, the report by scientists from more than 90 institutions including the University of Exeter concluded. When land use emissions are included, global CO2 emissions are set to total 40.9 billion tons this year. China produces 31% of global fossil fuel CO2 emissions.

Persons: Yves Herman, India's, Pierre Friedlingstein, Friedlingstein, Kate Abnett, Alexander Smith Organizations: REUTERS, Rights, University of Exeter, 1.5C, IPCC, Research, Energy, Clean, European, Thomson Locations: Dunkirk, France, India, China, Paris, COP28, Helsinki, U.S, European Union, Europe

☆ Activists protest against fossil fuel industry at COP28 climate summit
▼ + stars: | 2023-12-05 | by ( Alexander Cornwell | ) www.reuters.com time to read: +3 min

[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

"There cannot be any pressure on India to cut down emissions," India's power and renewable energy minister R.K. Singh said on Nov. 30. ASIAN EMISSIONS RISETo be sure, fast-growing Asia, home to half the world's population, accounts for three-fifths of global emissions from power generation, including from sectors exporting goods and services to the west. Despite challenges, Asia, along with Europe and North America, have cut the share of coal in power use, although at a slower pace. Cuts in nuclear power have slowed Europe and North America's fight to reduce emissions, although nuclear's share of their power mix remains well above Asia's. The share of gas in power generation has risen in the West, with the fuel accounting for a shrinking share in Asia.

Persons: Tingshu Wang, R.K, Singh, Hogeveen Rutter, Rutter, ISA's Rutter, Sudarshan Varadhan, Tony Munroe, Sonali Paul Organizations: Huawei, REUTERS, U.S, European Union, North America, International Solar Alliance, Reuters, WEST, North, Institute for Energy Economics, Thomson Locations: Shaanxi, China, Asia, SINGAPORE, America, Europe, India, North America, Paris, North, North America Asia, West Asia, West, Indonesia

KHAVDA, India (AP) — Rising from the bare expanse of the large salt desert that separates India from Pakistan is what will likely be the world's largest renewable energy project when completed three years from now. The solar and wind energy project will be so big that it will be visible from space, according to developers of what is called the Khavda renewable energy park, named after the village nearest to the project site. Shifting to renewable energy is a key issue at the ongoing COP28 climate summit. Once completed, it will supply 30 gigawatts of renewable energy annually, enough to power nearly 18 million Indian homes. Given this, Virmani said there is enough land in Kutch for various renewable energy projects.

Persons: ”, KSRK Verma, Khavda, Verma, “ It’s, Vneet Jaain, Adani, Gautam Adani, Adani Green, ” Ajay Mathur, Mathur, Abi T Vanak, Vanak, Sandip, Virmani, Hirelal Rajde, “ Organizations: Associated Press, Adani Green Energy Limited, Adani, Adani Group, Hindenburg, Group, International Solar Alliance, Ashoka Trust for Research, Twitter, AP Locations: KHAVDA, India, Pakistan, Singapore, Rann, Kutch, India’s Gujarat, China, United States, Bengal, Ahmedabad, Jaain, U.S, Mundra, Gujarat, Europe, Africa, Bengaluru, Denmark, Khavda

REUTERS/Jonathan Ernst//File Photo Acquire Licensing RightsLITTLETON, Colorado, Dec 5 (Reuters) - U.S. electricity generation from wind power is on course to surpass coal-fired electricity generation, potentially by 2026, as wind supply growth expands at a record pace just as coal-fired generation is cut across the country. U.S. wind power generation on track to surpass coal-fired generationBut with wind power generation rapidly rising in most regions while utilities steadily cut coal capacity, wind output is on track to eventually overtake coal output within the U.S. electricity generation mix, which will mark a significant milestone in U.S. energy transition efforts. In 2015 - before U.S. power producers accelerated renewable power development - coal-fired electricity generation was nearly 700% greater than electricity output from U.S. wind farms. PEAKS AND TROUGHSU.S. wind generation already briefly surpassed total coal-fired power output in April this year, when wind electricity generation totalled 42.85 terawatt hours compared to the 39.8 TWh generated by coal plants, according to Ember. That means that within the current decade U.S. wind power will be able to surpass coal-fired power in the electricity generation mix, and help accomplish a major U.S. energy transition target.

Persons: Jonathan Ernst, Gavin Maguire, Stephen Coates Organizations: REUTERS, Institute for Energy Economics, U.S, P Global, Reuters, Thomson Locations: Iowa, Latimer , Iowa, U.S, LITTLETON , Colorado, United States

☆ Bill Ackman says antisemitism is the 'canary in the coal mine' for other discriminatory practices at Harvard
▼ + stars: | 2023-12-04 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

He said antisemitism was "the canary in the coal mine for other discriminatory practices." In a letter posted on X Sunday, the hedge fund manager and Harvard alumnus described antisemitism as "the canary in the coal mine for other discriminatory practices at Harvard." AdvertisementIn the letter, Ackman published a series of criticisms of university authorities, allegedly from senior faculty members at Harvard who had asked not to be named. The number of faculty members of color stands at around 22%, according to the data, up from 16% 20 years ago. After being appointed Harvard president in July, Gay said that boosting measures to address the long-standing lack of diversity among Harvard faculty would be a core objective, The Harvard Crimson reported.

Persons: Bill Ackman, —, Claudine Gay, Ackman, Gay, … Organizations: Harvard University, Service, Billionaire, Ivy League, Harvard, Harvard Crimson, Business Locations: Israel, Palestine, Harvard

☆ China's emissions targets not robust enough, U.S. energy chief says
▼ + stars: | 2023-12-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

watch nowChina's current emissions reduction targets are not as strong as they need to be, U.S. Deputy Secretary for Energy David Turk said Monday. Climate Action Tracker, an independent scientific review project, currently rates China's climate targets as "highly insufficient," and the U.S.'s as "insufficient." Another example of a tough question that needed addressing, Turk said, was on Scope 3 emissions — a measurement of direct and indirection emissions. "Many oil and gas companies, their Scope 3 emissions are 10 times Scope 1 and Scope 2 combined. watch nowOil and gas companies are currently "making an awful lot of profit," but only 1% of spending globally for clean energy is coming from oil and gas companies, he said.

Persons: Energy David Turk, Turk, CNBC's Steve Sedgwick, I've, that's, John Kerry Organizations: Energy, United Nations, U.S, Exxon, CNBC Locations: U.S, Paris, China

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

United Arab Emirates Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber speaks during a press conference at the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 4, 2023. REUTERS/Thaier Al-Sudani Acquire Licensing RightsDUBAI, Dec 4 (Reuters) - COP28 President Sultan Al Jaber defended his role in hosting this year's U.N. climate summit on Monday and insisted he understood and respected the science of climate change. "I am quite surprised with the constant and repeated attempts to undermine the work of the COP28 presidency," Al Jaber said on Monday. During Monday's news conference, Al Jaber complained to reporters that "one statement taken out of context with misrepresentation" had received "maximum coverage". IPCC Chair Jim Skea joined Al Jaber at the news conference and said he had held several meetings with the COP28 chief on climate science.

Persons: Sultan Ahmed Al Jaber, Thaier, Sultan Al Jaber, Al Jaber, Jim Skea, Dr, Sultan, Skea, Gloria Dickie, Katy Daigle, Alison Williams Organizations: United Arab Emirates Minister of Industry, Advanced Technology, United Nations, Change, United Arab Emirates, REUTERS, Rights, Guardian, Thomson Locations: Dubai, United Arab

☆ Morgan Stanley fund manager names 4 top stocks to buy 'on the cheap’
▼ + stars: | 2023-12-04 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

That was exacerbated as interest rates went up," Aaron Dunn, portfolio manager at Morgan Stanley's U.S. Value Fund, told CNBC's "Street Signs Asia" on Friday. When pressed on what stocks make good plays, Dunn responded with four names, adding: "There's a lot of opportunities out there to pick up really good companies on the cheap." It made up 2.4% of his U.S. Value Fund as of Oct. 31. Dollar Tree Elsewhere, the value investor is bullish on value store, Dollar Tree , which made up almost 3% of the U.S. Value Fund holdings, as of Oct. 31. Year-to-date shares are now up nearly 1% but this is " well under its intrinsic value," Dunn said.

Persons: —, Aaron Dunn, CNBC's, Dunn, Morgan Stanley, – they've, Clorox Organizations: Morgan, Value, Agricultural, FMC Corporation, . Value, FMC, Alcoa Corp Aluminum, Alcoa, . Value Fund Locations: Morgan Stanley's, Alcoa, China

☆ COP28: UAE signs deal with Bill Gates' nuclear company on advanced reactors
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

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

☆ Global CO2 Emissions From Fossil Fuels to Hit Record High in 2023 -Report
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +3 min

By Kate AbnettDUBAI (Reuters) - Global carbon dioxide emissions from burning fossil fuels are set to hit a record high this year, exacerbating climate change and fuelling more destructive extreme weather, scientists said. The Global Carbon Budget report, published on Tuesday during the COP28 climate summit, said that overall CO2 emissions, which reached a record high last year, have plateaued in 2023 due to a slight drop from uses of land like deforestation. Countries are expected to emit a total 36.8 billion metric tons of CO2 from fossil fuels in 2023, a 1.1% increase from last year, the report by scientists from more than 90 institutions including the University of Exeter concluded. When land use emissions are included, global CO2 emissions are set to total 40.9 billion tons this year. China produces 31% of global fossil fuel CO2 emissions.

Persons: Kate Abnett DUBAI, India's, Pierre Friedlingstein, Friedlingstein, Kate Abnett, Alexander Smith Organizations: Reuters, University of Exeter, 1.5C, IPCC, Research, Energy, Clean, European Locations: India, China, Paris, COP28, Helsinki, U.S, European Union, Europe

☆ Time to say 'the F-words'? A fossil fuel fight takes center stage at the COP28 climate summit
▼ + stars: | 2023-12-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

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

☆ It Could Be a Vast Source of Clean Energy, Buried Deep Underground
▼ + stars: | 2023-12-04 | by ( Liz Alderman | More About Liz Alderman | ) www.nytimes.com time to read: +1 min

In the rocky soil of Lorraine, a former coal mining region near the French-German border, scientists guided a small probe one recent day down a borehole half a mile into the earth’s crust. Frothing in the water table below was an exciting find: champagne-size bubbles that signaled a potentially mammoth cache of so-called white hydrogen, one of the cleanest-burning fuels in nature. “Hydrogen is magical — when you burn it you release water, so there are no carbon emissions to warm the planet,” said one of the scientists, Jacques Pironon, a senior researcher and professor at the University of Lorraine. “We think we’ve uncovered one of the largest deposits of natural hydrogen anywhere in the world.”The discovery by Mr. Pironon and another scientist, Philippe de Donato, both members of France’s respected National Center for Scientific Research, caused a sensation in France, where the government has vowed to become a European leader in clean hydrogen.

Persons: ”, Jacques Pironon, “, Pironon, Philippe de Donato, France’s Organizations: University of Lorraine, National Center for Scientific Research Locations: Lorraine, France

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

☆ Imagine a better climate pact than COP
▼ + stars: | 2023-12-04 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

It’s possible to imagine an alternative, better way to fight climate change. The snag is that China or the United States – which were responsible for 25% and 11% of greenhouse gases, respectively, in 2021 – would have to take the lead. All countries agreed to limit global warming to 2 degrees Celsius above pre-industrial times and to aim for 1.5 degrees. That’s the thinking behind the Just Energy Transition Partnerships that the United States and its allies have cut with Indonesia, Vietnam and South Africa. For example, Donald Trump, who as president pulled the United States out of the Paris Agreement, may return to the White House after next year’s elections.

Persons: Vladimir Putin, Xi Jinping, Donald Trump, Peter Thal Larsen, Thomas Shum Organizations: Reuters, of, UN, United, Rio Earth Summit, European, Reuters Graphics Reuters, China, African, Initiative, World Bank, Thomson Locations: Nations, Dubai, China, United States, Paris, U.S, Washington, Beijing, European Union, Japan, Canada, South Korea, United Kingdom, Russia, Russian, Xi Jinping . Washington, India, Brazil, Indonesia, African Union, Vietnam, South Africa

JOHANNESBURG—Wealthy nations are sending tens of billions of dollars to poorer ones for clean energy, the linchpin of a global strategy to cut greenhouse-gas emissions in the developing world. But two of the most ambitious efforts yet—in South Africa and Indonesia—are now at risk of unraveling, sowing doubts about the rich world’s ability to push developing countries away from coal and other fossil fuels.

Organizations: JOHANNESBURG — Locations: JOHANNESBURG, South Africa, Indonesia

The deal, announced during the COP28 climate talks in Dubai on Sunday, is the first under the ADB's Energy Transition Mechanism (ETM) programme, which aims to help countries cut their climate-damaging carbon emissions. "If we don't address these coal plants, we're not going to meet our climate goals," David Elzinga said on the sidelines of the conference. "By doing this pilot transaction, we are learning what it takes to make this happen," David Elzinga said. ADB also has active ETM programmes in Kazakhstan, Pakistan, the Philippines, and Vietnam, and is considering transactions in two other countries, it said. Reporting by Simon Jessop and David Lawder; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: we're, David Elzinga, Simon Jessop, David Lawder, Christopher Cushing Organizations: Asian Development Bank, Reuters, Transition, ADB, PT PLN, PT, Indonesia Investment Authority, INA, Thomson Locations: DUBAI, Indonesia, Dubai, Kazakhstan, Pakistan, Philippines, Vietnam, Indonesian, Jakarta

REUTERS/Thaier Al Sudani/File Photo Acquire Licensing RightsDec 3 (Reuters) - Brazil will never join the OPEC+ group of oil-producing nations as a full member and instead only seeks to participate as an observer, Brazilian President Luiz Inacio Lula da Silva said on Sunday. Lula's remarks to reporters at the U.N. COP28 climate summit in Dubai clarified his statements a day earlier that Brazil would "participate" in OPEC+. "Brazil should join OPEC+, it could be an observer," Lula said on Sunday. "Brazil will never be a full member of OPEC, because we don't want to be. Petrobras will continue to do what it needs to do to help Brazil grow, but will expand beyond just oil to all energy, Lula added.

Persons: Luiz Inacio Lula da Silva, Al Sudani, Lula's, Lula, Jake Spring, Will Dunham Organizations: United Nations, Change, United Arab Emirates, REUTERS, OPEC, Petrobras, PETR4, São Paulo, Thomson Locations: Dubai, United Arab, Brazil, OPEC, Africa, Latin America, Berlin, São

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