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SINGAPORE, July 27 (Reuters) - Canada will likely publish the final regulations of a plan to cap and cut greenhouse gases from the oil and gas sector by mid-2024, its environment minister told Reuters on Thursday. Canada, the world's fourth-largest oil producer, lags many global peers in tackling emissions. Prime Minister Justin Trudeau's government sees the cap as a key element to enforce a sharp reduction in pollution from the oil and gas sector, responsible for 27% of the country's emissions. The cap, which envisions limits on emissions or potentially raising the carbon price to incentivise driving down emissions, was first promised in Trudeau's 2021 election campaign. So some CCS probably in the electricity sector," Guilbeault, a former Greenpeace activist, said.

Persons: Steven Guilbeault, Justin Trudeau's, Guilbeault, it's, Sudarshan Varadhan, Susan Fenton, Bernadette Baum Organizations: Reuters, Glasgow Climate, CCS, Greenpeace, Thomson Locations: SINGAPORE, Canada, Trudeau's, Glasgow

[1/10] Delegates applaud as COP27 President Sameh Shoukry delivers a statement during the closing plenary at the COP27 climate summit in Red Sea resort of Sharm el-Sheikh, Egypt, November 20, 2022. "We had to fight relentlessly to hold the line of Glasgow," a visibly frustrated Alok Sharma, architect of the Glasgow deal, told the summit. He listed off a number of ambition-boosting measures that were stymied in the negotiations for the final COP27 deal in Egypt: "Emissions peaking before 2025 as the science tells us is necessary? Another section of the COP27 deal dropped the idea of annual target renewal in favour of returning to a longer five-year cycle set out in the Paris pact. "I recognise the progress we made in COP27" with the loss and damage fund, Aminath Shauna told the plenary.

[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.

[1/5] Climate activists take part in a protest during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 16, 2022. "There's still a lot of gaps in the texts," said a spokesperson for Britain's COP26 Presidency, which hosted last year's climate summit in Glasgow. EU climate policy chief Frans Timmermans said the first draft left a lot to be desired. TEMPERATURE TARGETOn limiting the global temperature rise, the document mirrors language included in last year's COP26 agreement. Temperatures have already increased by 1.1C, and are projected to blow past 1.5C without swift and deep cuts to emissions within this decade.

SHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) - The U.N. climate agency published a first draft on Thursday of a hoped-for final agreement from the COP27 climate summit, repeating many of last year's goals while leaving contentious issues still to be resolved. The draft repeats the goal from last year's Glasgow Climate Pact "to accelerate measures towards the phase down of unabated coal power and phase out and rationalize inefficient fossil fuel subsidies." The text does not include details for launching such a fund - a key demand from the most climate vulnerable countries, such as island nations. Climate policy experts said there was deep concern about the talks reaching consensus on many key issues. The document is based on requests that delegates from nearly 200 countries have sought to be included in the final deal.

☆ Talks at COP27 enter final stretch — but draft deal slammed for paving the way to ‘climate hell’
▼ + stars: | 2022-11-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Around 35,000 delegates from nearly 200 countries are expected to convene in the Red Sea resort town of Sharm el-Sheikh to discuss collective action to tackle the climate emergency. Ahmad Gharabli | Afp | Getty ImagesAs talks at the COP27 climate summit enter the final stretch, government ministers and negotiators from nearly 200 countries are scrambling to build consensus on an array of issues critical to tackling the climate emergency. The U.N. climate agency on Thursday published a 20-page first draft of a hoped-for final agreement. It is highly likely to be reworked in the coming days as climate envoys in Egypt's Red Sea resort town of Sharm el-Sheikh strive to reach an overarching deal before Friday's deadline. Brazilian president-elect Luiz Inacio Lula da Silva speaks during the COP27 climate conference in Egypt's Red Sea resort town of Sharm el-Sheikh.

☆ COP27: More countries join methane pact as focus turns to farms and waste
▼ + stars: | 2022-11-17 | by ( Valerie Volcovici | Laurie Goering | ) www.reuters.com time to read: +2 min

The United States and the EU launched the Global Methane Pledge during the Glasgow climate talks last year. China is developing its own methane strategy but has not yet said whether it will join the global effort. Fifty of the signatories to the Global Methane Pledge have so far unveiled detailed strategies to cut emissions. The United States and EU will also launch other initiatives on Thursday under the Global Methane Pledge that tackle oil and gas, agriculture and waste sectors. The United States and EU also announced that Carbon Mapper, which tracks methane by satellite, will develop a global waste sector methane baseline assessment on landfills and dumpsites.

A G20 declaration on Wednesday said "we will play our part fully in implementing" last year's Glasgow Climate Pact, under which countries pledged to limit the rise in global temperatures to 1.5C above pre-industrial times. "As things stand, the Glasgow Climate Pact is broken, but the G20 have the opportunity to fix it." MISSED OPPORTUNITYThe G20 declaration recognised the need to phase down use of unabated coal and phase out "inefficient" fossil fuel subsidies. Avinash Persaud, special envoy on climate finance to Prime Minister Mia Motley of Barbados, meanwhile, told Reuters the G20 declaration missed the mark on finance. "Unfunded ambition gets us nowhere fast," Persaud said, adding he wanted G20 countries to unlock more lending from multilateral development banks they control to help climate-vulnerable countries.

☆ G20 agrees to pursue efforts to limit temperature rise to 1.5C
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +3 min

Delegates at the U.N. climate summit in Sharm el-Sheikh, Egypt, where progress towards an agreement by the end of the week has been slow, have been watching the G20 summit closely for signs that developed nations are willing to make new commitments on climate. "We resolve to pursue efforts to limit the temperature increase to 1.5°C. This will require meaningful and effective actions and commitment by all countries," the G20 statement said. It also made reference to the need to accelerate "efforts towards the phasedown of unabated coal power, in line with national circumstances and recognising the need for support towards just transitions." "We will play our part fully in implementing the (COP26) Glasgow Climate Pact," the G20 leaders said.

☆ Australia, Pacific nations to bid to co-host 2026 UN climate summit
▼ + stars: | 2022-11-05 | by ( Laurie Goering | ) www.reuters.com time to read: +1 min

SYDNEY, Nov 5 (Reuters) - Australia will launch a bid with Pacific nations to host the United Nations climate summit in 2026, its energy minister said on Saturday, as the new labour government seeks to position the country as a renewable energy powerhouse on the global stage. The government also reinstated the role of the Ambassador for Climate Change, appointing Kristin Tilley, who it said has over a decade of experience with climate change policy, to work with other countries to tackle the climate crisis. We're back at the International table," Chris Bowen, minister for climate change and energy, said of the bid for COP31 at a press conference in Sydney,"It's an opportunity to work closely with our Pacific family, and we will seek to co-host the bid with the Pacific to help elevate the case of the Pacific for more climate action." Australia has lagged developed countries on its climate action, with the former government of Scott Morrison resisting pressure to set more ambitious carbon emission targets at last year's Glasgow climate summit. Bowen is leading Australia's delegation to attend COP27 climate summit in Egypt from Nov. 6 to 18, the first such summit for the newly elected labour government that came into office in May.

What they want are signals on the pace of regulation that would allow company boards to plan their climate policy. The reality is that not enough has been done in the last 12 months – some would argue we have moved backwards," said Hortense Bioy, Global Director of Sustainability Research at Morningstar. Thomas Hohne-Sparborth, Head of Sustainability Research at asset manager Lombard Odier, said only a small portion of potential investments were credibly aligned towards net-zero. The biggest disruption since last year's Glasgow climate talks has been the invasion of Ukraine by Russia, a major oil and gas exporter. It can be less obvious for some shareholders, however, as this year's high oil and gas prices have rewarded those producing fossil fuels.

Sunak became prime minister on Monday, and has delayed an autumn fiscal statement to Nov. 17 as he looks to tackle a cost-of-living crisis and restore international economic credibility damaged in the short tenure of his predecessor Liz Truss. Truss had been expected to attend, but on Thursday Sunak's Downing Street office said the new prime minister was not planning to go to the summit. "The Prime Minister is not expected to attend the summit in Egypt due to other pressing domestic commitments, including preparations for the autumn statement," a Downing Street spokesperson said. The spokesperson said that Britain remained "absolutely committed to supporting COP27 and leading international action to tackle climate change and protect nature," having hosted the COP26 summit in Glasgow last year. The opposition Labour Party criticised Sunak's decision to skip the summit, with its climate change policy spokesperson calling it a "big mistake."

☆ COP26 had big ambitions — here's why it fell short
▼ + stars: | 2021-11-19 | by ( Tom Chitty | Sam Meredith | ) www.cnbc.com time to read: +1 min

"I apologize for the way this process has unfolded, and I am deeply sorry." Speaking after the Glasgow Climate Pact had been agreed by nearly 200 countries, Alok Sharma, the U.K.'s COP26 president, captured the feeling of disappointment held by many inside the conference center. China and India, which are among the world's biggest burners of coal, had amended the language in the pact from a "phase out" of coal to a "phase down." It's a far cry from the crucial 1.5 degrees Celsius rise that would limit the worst effects of the climate emergency, a target dating from the landmark 2015 Paris Agreement. Watch the video above to find out what happened in Glasgow and why COP26 struggled to achieve its aims.

Persons: Alok Sharma, It's, COP26 Locations: Glasgow, China, India, Paris

Search resuls for: "Glasgow Climate"

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