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☆ Lula to start job interviews for Petrobras overhaul, sources say
▼ + stars: | 2022-11-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Lula, who takes office on Jan. 1, has already signaled plans for a dramatic overhaul of Petroleo Brasileiro SA (PETR4.SA), as the company is formally known. Into the dustbin, according to Lula and his advisers: the company's privatization. To pull off that reboot of Petrobras strategy, Lula plans for sweeping turnover in the company's first- and second-tier management ranks, said people familiar with his thinking. SHORT LISTAs of last week, Lula had not had any direct conversations with candidates for the top Petrobras job, according to people familiar with the matter, although a short list has taken shape. Lula's advisers also say Petrobras should steer more of its profits into investments rather than its generous recent dividends.

☆ Key takeaways from the COP27 climate summit
▼ + stars: | 2022-11-20 | by ( Megan Rowling | ) www.reuters.com time to read: +5 min

[1/4] 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. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 20 (Reuters) - This year's U.N. climate summit featured visits by world leaders, proposals by business leaders, and negotiations by nearly 200 nations about the future of global action on climate change. Natural gas chiefs were billing themselves as climate champions, despite gas companies having faced lawsuits in the United States over such claims. The leftist leader made the Egypt climate summit his first visit abroad since winning Brazil's presidential election last month against right-wing President Jair Bolsonaro, who presided over mounting destruction of the rainforest and refused to hold the 2019 climate summit originally planned for Brazil. U.S., CHINA RELATIONSHIP REKINDLEDA critical precursor for the climate talks' success happened far away from the Red Sea locale.

☆ COP27 summit agrees climate deal
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: 1 min

COP27 nears breakthrough on climate finance in scramble for final deal, article with galleryCOP27 category · November 19, 2022Negotiators at the climate summit in Egypt were close to a deal for a fund to help poor countries being ravaged by the impacts of global warming, but remained locked over how to reduce the greenhouse gas emissions driving them.

☆ Analysis: COP27 loss and damage fund heralds 'new dawn for climate justice'
▼ + stars: | 2022-11-20 | by ( Megan Rowling | ) www.reuters.com time to read: +8 min

Yeb Saño, head of Greenpeace Southeast Asia, said the fund's approval "marks a new dawn for climate justice." While the loss and damage fund would not be enough to deal with growing climate losses, "it is a much-needed political signal to rebuild broken trust" between rich and poor nations, he said in a video statement. Their opposition was rooted in fears of being held financially liable for the impacts of their historically high greenhouse gas emissions. FOSSIL FUELS MISSINGPolitical figures had urged countries at COP27 to set aside geopolitical fights in order to keep climate action on track. Manuel Pulgar-Vidal, global climate and energy lead for environmental group WWF, who presided over COP20 in Peru, said leaders had missed the chance in Egypt to speed up the rapid and deep emissions cuts essential to limit climate damage.

☆ Analysis: Australia's climate policies don't match its big talk at COP27
▼ + stars: | 2022-11-20 | by ( Praveen Menon | ) www.reuters.com time to read: +6 min

Albanese's climate change minister, Chris Bowen, telling the conference Australia was a "willing climate collaborator", made a pitch to host COP31 in 2026 along with the Pacific island nations. "But if you turn to see the other side of the face it's all about the fossil fuel development and the government's addiction to fossil fuel royalties and revenues," Hutley told Reuters in a phone interview from COP27 in Sharm el-Sheikh. Australia's biggest contribution to the climate crisis is its export of fossil fuels. More than 100 fossil fuel developments continued in various stages as of December 2021, the council said in a report this month, based on government data. "There is clearly a policy gap in Australia that is allowing fossil fuel companies to continue expanding and developing new fossil fuel projects," said Will van de Pol, asset management campaigner at activist investor group Market Forces.

☆ Climate summit approves deal to fund "loss and damage"
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: 1 min

France sees risk of 1.5°C objective "dying" at Egypt conference, article with imageEnvironment category · November 19, 2022France said on Saturday that COP27 climate negotiations in Sharm-el-Sheik, Egypt, still had not produced an agreement capable of containing the rise in global temperatures at this stage.

☆ What are people saying about the COP27 deal?
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +3 min

"I urge you to acknowledge when you walk out of this room, that we have all fallen short in actions to avoid and minimise loss and damage. "Too many parties are not ready to make more progress today in the fight against climate crisis." PAKISTAN CLIMATE CHANGE MINISTER SHERRY REHMAN"We have struggled for 30 year on this path and today in Sharm el-Sheikh this journey has achieved its first positive milestone ... MALDIVES CLIMATE CHANGE MINISTER AMINATH SHAUNA"I recognise the progress we made in COP 27 particularly on...the funding arrangements for loss and damage. And we were able to prevent a backslide behind the consensus of Glasgow and Paris (climate summits).

SHARM EL-SHEIKH, Egypt, Nov 20 (Reuters) - Countries agreed early Sunday at the COP27 climate summit to set up a fund to help poor countries being battered by climate disasters, but delayed approving a wider deal outlining global resolve to fight climate change. The session approved the text's provision to set up a "loss and damage" fund to help developing countries bear the immediate costs of climate-fuelled events such as storms and floods. Those recommendations would cover "identifying and expanding sources of funding" - referring to the vexed question of which countries should pay into the new fund. Calls by developing countries for such a fund have dominated the two-week summit, pushing the talks past their scheduled Friday finish. The document, which forms the overall political deal for COP27, needs approval from the nearly 200 countries at the climate summit in Egypt.

☆ Key takeaways from the COP27 climate summit in Egypt
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +5 min

Here's what you need to know about the agreement:WHAT IS 'LOSS AND DAMAGE'? In U.N. climate talks, "loss and damage" refers to costs being incurred from climate-fuelled weather extremes or impacts, like rising sea levels. Loss and damage funding is different, specifically covering the cost of damage that countries cannot avoid or adapt to. A few governments have made relatively small but symbolic funding commitments for loss and damage: Denmark, Belgium, Germany and Scotland, plus the EU. Some existing U.N. and development bank funding does help states facing loss and damage, though it is not officially earmarked for that goal.

☆ New global climate deal struck at conference in Egypt
▼ + stars: | 2022-11-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Climate reparations, or "loss and damage" funding, is a highly divisive and emotive issue that is seen as a fundamental question of climate justice. Government ministers and negotiators from nearly 200 countries finally secured an agreement Sunday aimed at keeping a critically important global heating target alive. The new political deal reaffirms efforts to limit global temperature rise to the crucial temperature threshold of 1.5 degrees Celsius above pre-industrial levels and the creation of a new "loss and damage" fund that would compensate poor nations that are victims of extreme weather worsened by climate change. Delegates struggled to build consensus on an array of issues, even as a flurry of U.N. reports published ahead of the conference made clear just how close the planet is to irreversible climate breakdown. The summit made history as the first to see the topic of loss and damage funding formally make it onto the COP27 agenda.

☆ US reverses position and agrees to put money towards a fund that would help poorer nations address climate change
▼ + stars: | 2022-11-20 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Developed countries at the UN COP 27 summit agreed to create a "loss and damage" climate change fund. The fund would compensate less developed countries bearing the brunt of climate change. It also adds a stipulation that developing countries cannot sue developed countries for these payments. COP 27, or the Conference of the Parties, is an annual summit put on by the UN to address the adverse impacts of climate change. Since the 1992 convention, developing countries have demanded that a "loss and damage fund," facilitated by the UN, be implemented.

☆ U.S. Climate Funding Shortfall Hampers Bid to Cut Developing Countries’ Emissions
▼ + stars: | 2022-11-19 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

SHARM EL SHEIKH, Egypt—The West’s diplomatic push at the United Nations climate summit faces a major obstacle: the long-running struggle inside the U.S. to deliver funds for the developing world’s response to global warming. The U.S. has lagged behind other wealthy countries in providing funds for poorer countries to cut emissions and adapt to the effects of climate change. The Trump administration sharply cut climate finance in its budgets. The Biden administration has promised to boost climate finance to $11.4 billion annually, but its request in last year’s budget was cut from $2.7 billion to $1 billion during Senate negotiations amid Republican opposition.

☆ At Climate Summit, India Pushes for Leeway on Coal, Western Emission Cuts
▼ + stars: | 2022-11-19 | by ( Shefali Anand | ) www.wsj.com time to read: 1 min

India is stepping up its efforts to get wealthy nations to slash their carbon emissions while allowing poorer countries to boost theirs in the name of economic growth. The country, the world’s third-biggest emitter of greenhouse gases, is citing the increased use of fossil fuels by European countries since the war in Ukraine started. Government officials estimate India will boost coal use by 40% in the next decade, while also increasing renewables.

SHARM EL SHEIKH, Egypt — Governments from more than 190 countries struck a deal Saturday to set up a fund that would pay for climate-related damage in vulnerable countries, officials said, handing a victory to poorer countries that for years have pushed for the move and removing a major sticking point in United Nations climate talks. Negotiators representing developed and developing countries agreed to the measure in the final hours of the COP 27 United Nations climate summit held in this Egyptian seaside resort.

☆ Fossil-fuel companies have more people at the UN's climate summit than the 10 countries most affected by climate change do combined
▼ + stars: | 2022-11-19 | by ( Morgan Mcfall-Johnsen | Catherine Boudreau | ) www.businessinsider.com time to read: +8 min

Fossil-fuel interests are fighting for natural gas at the United Nations' COP27 climate summit. But natural gas is mostly methane — a greenhouse gas 80 times more potent than carbon dioxide — and it leaks. One-third of the fossil fuel lobbyists Global Witness identified are registered as part of national delegations, according to Dominic Kavakeb, a spokesperson for Global Witness. Fossil fuel influence threatens to undermine progress on one of the most powerful, immediate climate solutions: ending human methane emissions. While methane's consequences are severe, the good news is that countries and industries can quickly slow climate change by cutting methane emissions.

☆ Africa climate activists have mixed feelings about COP27
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of a logo of the COP27 climate summit in Sharm el-Sheikh, Egypt. "Global north countries... need to send the $100 billion they promised," youth activist Kevin Mtai said at the summit. Sudanese climate activist Nisreen Elsaim doubted the final outcome would satisfy the continent's needs. Others felt reassured that the summit took place in an African country and was headed by Egyptian Foreign Minister Sameh Shoukry. "I'm hopeful and I trust our African leaders to have a strong voice... to come out with some good financing and good resources for the African youth and African communities," activist Paul Kaluki said.

Sharm el-Sheikh, Egypt CNN —Delegates from nearly 200 counties at the COP27 climate summit have agreed to set up a “loss and damage” fund meant to help vulnerable countries cope with climate disasters, in a landmark deal early Sunday morning in Sharm el-Sheikh, Egypt. And in previous public remarks, US Climate Envoy John Kerry had said loss and damage was not the same thing as climate reparations. “This loss and damage fund will be a lifeline for poor families whose houses are destroyed, farmers whose fields are ruined, and islanders forced from their ancestral homes,” World Resources Institute CEO Ani Dasgupta said. Beyond 1.5 degrees, the risk of extreme drought, wildfires, floods and food shortages will increase dramatically, scientists said in the latest UN Intergovernmental Panel on Climate Change (IPCC) report. On Saturday, EU officials threatened to walk out of the meeting if the final agreement failed to endorse the goal to limit warming to 1.5 degrees Celsius above pre-industrial levels.

SHARM EL-SHEIKH, Egypt, Nov 19 (Reuters) - China's top climate negotiator Xie Zhenhua said on Saturday he expects to continue direct cooperation on climate change with his U.S. counterpart John Kerry after the COP27 summit taking place in Egypt comes to a close. China's President Xi Jinping and U.S. President Joe Biden had agreed to restart cooperation on climate change earlier this week after a months-long hiatus due to tensions over Taiwan. "(It) satisfies developing countries' requirement and represents major progress," Xie said about the inclusion of loss and damage on the official agenda. "The recipient should be developing countries, but it should go to those that need it first," he said. "We should all make an effort but not put more burden on developing countries."

☆ Maldives minister: COP27 negotiators have reached a deal on a climate fund
▼ + stars: | 2022-11-19 | by ( ) www.cnbc.com time to read: +7 min

Negotiators say they have struck a potential breakthrough deal on the thorniest issue of United Nations climate talks, creation of a fund for compensating poor nations that are victims of extreme weather worsened by rich nations' carbon pollution. "There is an agreement on loss and damage," which is what negotiators call the concept, Maldives Environment Minister Aminath Shauna told The Associated Press Saturday. A second overarching document from the climate talks leadership ignores India's call to phase down oil and natural gas, in addition to last year's agreement to wean the world from "unabated" coal. The EU made a surprise proposal days earlier tying a fund for climate disasters to emissions cuts that go beyond what the 2015 Paris climate agreement calls for. "We're now, I must say, very close to getting a loss and damage fund," Adow said.

☆ COP27 draft climate deal published but gaps remain
▼ + stars: | 2022-11-19 | by ( Megan Rowling | ) www.reuters.com time to read: +1 min

SHARM EL-SHEIKH, Egypt, Nov 19 (Reuters) - The U.N. climate agency on Saturday published an updated draft of a proposed final agreement for the COP27 summit, fleshing out some key parts of the deal countries are struggling to reach. The document, which forms the overall political deal for COP27, would need approval from the nearly 200 countries at the climate summit in Egypt. The draft contained only a partial text on the contentious issue of "loss and damage" payments to countries hit by climate-driven disasters. It left a placeholder in the section for funding arrangements on loss and damage where text could be added later if countries reach agreement. Reporting by William James and Kate Abnett; Writing by Dominic Evans; Editing by Janet LawrenceOur Standards: The Thomson Reuters Trust Principles.

[1/5] A general view of the entrance to the Sharm El-Sheikh International Convention Centre grounds, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. Kunal Satyarthi, a negotiator for India, said he thought the loss and damage deal would "certainly" pass, and thanked other countries for their flexibility. Norway's climate minister, Espen Barth Eide, meanwhile, said his country was happy with the agreement to create a loss and damage fund. But the possible breakthrough on loss and damage was significant, and "I don't think that should be lost in the mix," he said. For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

[1/3] German climate activist Luisa Neubauer takes part in a protest demanding climate justice and human rights at the Sharm El-Sheikh International Convention Centre, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 19 (Reuters) - The United Nations climate agency on Saturday published a draft proposal for a deal to tackle the issue of "loss and damage" that said the COP27 summit would agree to launch a new fund to help countries cope with the cost of climate damage. The draft - which the nearly 200 countries at the COP27 summit in Egypt will now consider, and potentially change, before deciding whether to approve - would agree to "establish a fund for responding to loss and damage". "Everybody was flexible for the cause of loss and damage and the disasters and people dying and the economy being lost. I thank all the parties ... who were not flexible initially but who were flexible now," Kunal Satyarthi, India's negotiator on loss and damage, told Reuters.

☆ Time running out for climate deals on final day of COP27
▼ + stars: | 2022-11-18 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

Global climate talks approached crunch time on Friday, the final scheduled day of negotiations that are expected to go past their deadline as chances of a deal still looked unclear. The document contained few new proposed solutions for curbing oil and gas emissions and repairing damage caused by climate change. The proposal would tie compensation for climate disasters to tougher emissions cuts, two of the thorniest issues at the meeting. In climate negotiations, loss and damage refers to the idea that rich nations, which have historically done the most to contribute to climate change, should compensate developing countries most impacted. Antigua and Barbuda’s environment minister says they have concerns about the EU proposal, while the environmental advocacy group Action Aid called it a “wolf in sheep’s clothing” because it doesn’t go far enough.

☆ China should pay up for climate damage - German minister
▼ + stars: | 2022-11-18 | by ( Aidan Lewis | Simon Jessop | ) www.reuters.com time to read: +1 min

BERLIN, Nov 18 (Reuters) - Countries like China should contribute more to compensation payments for countries hit by climate-fuelled disasters, German Development Minister Svenja Schulze told broadcaster Bayerischer Rundfunk on Friday. So they must also contribute to dealing with the damage," Schulze told Bayerischer Rundfunk in an interview. Climate negotiators on Friday were mulling a late-night European Union proposal aimed at resolving a stubborn impasse over financing for countries hit by climate-fuelled disasters and pushing this year's U.N. climate summit in Egypt closer to a final deal. The EU offer is at odds with a proposal by developing countries and China that called for all developing countries to have access to the fund. That proposal used a U.N. definition that would have allowed China to receive, not contribute, money.

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