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☆ ‘Extremely risky’: OPEC criticizes IEA forecast that fossil fuel demand will peak before 2030
▼ + stars: | 2023-09-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Oil producer group OPEC on Thursday sharply criticized the IEA's forecast that demand for fossil fuels like coal, oil and gas will peak before the end of the decade, describing such a narrative as "extremely risky," "impractical" and "ideologically driven." The IEA, the world's leading energy watchdog, said Tuesday that the world was now at the "beginning of the end" of the fossil fuel era. His assessment is based off of the IEA's World Energy Outlook, an influential report which is due out in October. OPEC, a multinational group of mainly Middle Eastern and African nations, published a statement Thursday to outline its objections to the IEA chief's forecast. OPEC said that previous predictions of peak fossil fuel demand had failed to materialize.

Persons: Biden, Fatih Birol, Birol, Haitham, Ghais Organizations: Trans, Trans Alaska Pipeline System, National Petroleum Reserve, Financial Times, Energy, OPEC, IEA Locations: Trans Alaska, Alaska, Delta Junction

☆ Gas markets are becoming 'extremely difficult' to predict. It's a big problem for Europe this winter
▼ + stars: | 2023-09-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Aerial view of the LNG storage and vaporization vessel "Höegh Esperanza" at the Wilhelmshaven LNG terminal. European gas markets have been constantly fluctuating in recent months, owing to extreme heat, maintenance at gas plants and, most recently, industrial action at major liquefied natural gas (LNG) facilities in Australia. "Gas markets are becoming riskier — gas and LNG prices are increasingly volatile and greatly affected by global factors," Jaller-Makarewicz said. The EU reached its target of filling gas storage facilities to a 90% capacity roughly 2 1/2 months ahead of its Nov. 1 deadline. It means that we've got a pretty good buffer," Malek said, referring to Europe's filling of its gas storage facilities.

Persons: Ana Maria Jaller, seesaw, Makarewicz, Christyan Malek, Malek, CNBC's, we've, Filippo Monteforte Organizations: Getty Images Energy, Workers, LNG, Makarewicz Energy, Institute for Energy Economics, Gas, EU, Gas Infrastructure, International Energy Agency, European Union, Eurasia Group, JPMorgan, Afp, Getty Locations: Wilhelmshaven, Australia, Western Australia, Japan, China, South Korea, Asia, Europe, U.S, skyrocketing, Gas Infrastructure Europe, wean, Ukraine, Eurasia, Tuscany

☆ ‘A rapidly closing window:’ Major UN report offers sobering assessment of world’s climate efforts
▼ + stars: | 2023-09-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The fight to secure a livable future for everyone on Earth requires much more urgent climate action — and only transformational changes will be enough to get back on track. That was the sobering assessment from the technical dialogue of the United Nations' first-ever "global stocktake," a critically important process which looks at what countries have done to prevent a climate catastrophe. The overarching synthesis report, published Friday, lays the foundation for the upcoming COP28 climate conference in the United Arab Emirates later this year. "There is a rapidly closing window of opportunity to secure a liveable and sustainable future for all." The U.N.'s global stocktake was designed under the Paris Agreement as part of a global effort to accelerate climate action.

Organizations: United Nations, United Arab Locations: Farkadona, Karditsa, Greece, United Arab Emirates, Dubai, Paris, COP28

☆ European gas prices jump 10% as strikes get underway at major LNG facilities in Australia
▼ + stars: | 2023-09-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. European gas prices moved sharply higher on Friday as workers at Australian natural gas facilities went on strike, prompting fears that a prolonged halt to production could squeeze global supplies. "Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms," a spokesperson for Chevron Australia said. Fears of strike action in Australia, one of the world's biggest exporters of LNG, have recently pushed up European gas prices — and analysts expect near-term market volatility to persist. European gas prices rose to around 43 euros last month but had pared gains as the two sides sought an amicable resolution.

Organizations: National Grid, Chevron, Chevron Australia, Offshore Alliance, Union Locations: Isle, Rochester , England, Western Australia, Chevron Australia, Australia

☆ Ukraine war live updates: U.S. slams Russia’s ‘sham elections’ in occupied areas; Kyiv hits out at Elon Musk
▼ + stars: | 2023-09-08 | by ( Sam Meredith | ) www.cnbc.com time to read: 1 min

The West has sharply criticized elections taking place in occupied areas of Ukraine over the weekend, with U.S. Secretary of State Antony Blinken describing them as "nothing more than a propaganda exercise." Russian-installed authorities are holding elections in the Ukrainian regions of Donetsk, Luhansk, Kherson and Zaporizhzhia. The Kremlin is thought to be seeking to tighten its grip on the partly controlled territories it illegally annexed a year ago. The Russian embassy in the U.S. has reportedly defended the regional elections in occupied areas of Ukraine and accused Washington of meddling in its internal affairs. A Ukrainian official, meanwhile, slammed Tesla and SpaceX CEO Elon Musk for ordering his Starlink satellite communications network to be turned off near Crimea last year to thwart a Ukrainian attack on Russian warships.

Persons: Antony Blinken, Tesla, Elon Musk Organizations: U.S, SpaceX Locations: Ukraine, Ukrainian, Donetsk, Luhansk, Kherson, Zaporizhzhia, Russian, U.S, Washington, Crimea

☆ It's official. UN says the world just endured its hottest summer on record
▼ + stars: | 2023-09-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The world just experienced its hottest three months on record by a substantial margin, according to the UN weather agency, prompting the UN chief to call for world leaders to take urgent climate action. The average temperature for those three months was 16.77 degrees Celsius (62.19 degrees Fahrenheit), which was 0.66 degrees Celsius above average for the period. The month of August was found to be the hottest on record by a large margin and the second hottest month after July 2023. The global average surface air temperature of 16.82 degrees Celsius for August was 0.71 degrees Celsius warmer than the 1991 to 2020 average for the month, and 0.31 degrees Celsius warmer than the previous hottest August, logged in 2016. The UN chief said that this latest global heat record must coincide with world leaders urgently pursuing climate solutions.

Persons: Copernicus, António Guterres, Guterres Organizations: UN, Meteorological Organization, Wednesday, Northern Locations: Iraqi, Baghdad

☆ An escalating dispute at major gas facilities in Australia could drive up European prices, analysts say
▼ + stars: | 2023-09-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. Jacob Mandel Senior research associate for global energy markets at Aurora Energy ResearchFears of strike in Australia, one of the world's biggest exporters of liquified natural gas (LNG), have recently pushed up European gas prices — and analysts expect near-term volatility to persist. Jacob Mandel, senior research associate for global energy markets at U.K.-based consultancy Aurora Energy Research, said the global natural gas market was currently "very tight" and "very little supply flexibility" means that strike action in Australia could send European gas prices higher. He said that European gas prices could climb to above 40 euros ($42.9) per megawatt hour if the strikes go ahead as planned. The front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, traded at 33.5 euros on Tuesday.

Persons: Dan Kitwood, Jacob Mandel, Mandel, we've, Ramesh, Wheatstone, Henning Gloystein, Gloystein Organizations: National Grid, Getty, CNBC, Chevron, Offshore Alliance, Wheatstone, Fair, Aurora Energy, Aurora Energy Research, videoconference, Rystad Energy, Europe, EU, Eurasia Group Locations: Isle, Rochester , England, Western Australia, Chevron Australia, Australia, Europe, Japan, Korea, wean, Ukraine, Russia

☆ Bank of Israel says currency intervention will only be necessary 'if we see market failures'
▼ + stars: | 2023-09-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

This picture taken on August 23, 2022 shows a view of the exterior of the headquarters of the Bank of Israel, the country's central bank, in Kiryat Ben-Gurion in Jerusalem. Bank of Israel Governor Amir Yaron said Tuesday that currency intervention to support the weaker shekel will only be necessary in the event of market failures. "The shekel has had a long relationship with the financial markets abroad, it has been tied to that. "We believe that we should let the market try to figure out that risk premia," he added, noting that markets appear to have "functioned well" in recent months despite the increased volatility. "However, if there will be market failures, which we have not seen thus far or very significant movements that really impede on inflation, then we have the tools to deal with that."

Persons: Gurion, Amir Yaron, Yaron, CNBC's Dan Murphy Organizations: Bank of Israel, Jerusalem . Bank of Israel, U.S Locations: Kiryat Ben, Jerusalem ., Israel

☆ Oil giant led by COP28 boss to spend an ‘eyewatering’ $1 billion a month on fossil fuels this decade, Global Witness says
▼ + stars: | 2023-09-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

UAE oil giant ADNOC — run by the president of the COP28 climate conference — is expected to spend more than $1 billion every month this decade on fossil fuels, according to new analysis by international NGO Global Witness. It comes ahead of the COP28 climate summit, with Dubai set to host the U.N.'s annual conference from Nov. 30 through to Dec. 12. The person overseeing the talks, Sultan al-Jaber, is chief executive of ADNOC (the Abu Dhabi National Oil Company) — one of the world's largest oil and gas firms. His position as both COP28 president and ADNOC CEO caused dismay among civil society groups and U.S. and EU lawmakers, although several government ministers have since defended his appointment. It means that ADNOC is forecast to spend nearly seven times more on fossil fuels through to 2030 than it does on "low-carbon solution" projects.

Persons: Sultan Al Jaber, Sultan al, Jaber Organizations: Abu Dhabi National Oil Company, UAE, Global, ADNOC, CNBC Locations: Abu Dhabi, Brussels, Dubai, Paris

☆ BMW unveils Vision Neue Klasse concept car as it touts the dawn of a new EV era
▼ + stars: | 2023-09-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

German automaker BMW on Saturday launched a hotly anticipated electric concept car, saying the so-called "Vision Neue Klasse" represents the dawn of a new era for the company. BMW's latest design showcases a platform that will underpin the brand's next generation of electric vehicles. The first electric vehicles based on the Neue Klasse — or new class — architecture are set to enter production in 2025. That's the purpose of our show at the IAA," Zipse said. The Vision Neue Klasse is set to make its public debut in the coming days at the IAA motor show in Munich, which also serves as the headquarters of BMW.

Persons: Oliver Zipse, CNBC's Arabile, Zipse Organizations: BMW, Saturday, Neue Klasse, Neue, IAA Locations: circularity, Munich

☆ Europe’s summer of extremes triggers health warnings, nuclear output fears and shipping disruption
▼ + stars: | 2023-08-25 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Europe's protracted battle with extreme weather conditions comes shortly after official data showed July was the hottest month in history. To be sure, the climate emergency — which is primarily driven by the burning of fossil fuels — is making extreme weather and its impacts more frequent and more intense. People stand at an overflooded petrol station in Gjovik on August 11, 2023 after extreme weather with heavy rain hit south-east Norway. This gives us the long-term context for the increasing occurrence and severity of such extreme weather and extreme events." On the same day, France issued an extreme heat warning for four regional departments in the southern regions of Rhone, Drome, Ardeche and Haute-Loire.

Persons: Angelos Tzortzinis, Alvaro Silva, Heiko Junge, Silva, Christophe Archambault, Nero, sweltering, Fabrice Coffrini Organizations: Sikorsky, Afp, Getty, EDF, Turkish, Meteorological Organization, Firefighters, Reuters Locations: Acharnes, Athens, Europe, Greece, French, Italy, Norway, Gjovik, Alexandroupolis, France, Rhone, Drome, Ardeche, Haute, Loire, Bordeaux, Sardinia, Dardanelles, Switzerland

☆ What now for Putin? Kremlin critic says Prigozhin’s apparent death will ‘cement his authority’
▼ + stars: | 2023-08-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Gavriil Grigorov | Afp | Getty ImagesProminent Kremlin critic Bill Browder believes the presumed death of Wagner chief Yevgeny Prigozhin will shore up President Vladimir Putin's shaken authority, saying the Russian leader "never forgives and never forgets." His comments come shortly after Russian aviation officials said Wednesday that Prigozhin was believed to have been killed in a plane crash. A view of site after a private jet, allegedly carrying Wagner head Yevgeny Prigozhin and other passengers crashed in Russia's northwestern Tver region, Russia on August 23, 2023. This will cement his authority and is standard Putin operating procedure," Browder said. The Wagner boss had struck an apparent deal with the Kremlin in the aftermath of the June rebellion.

Persons: Vladimir Putin, Gavriil Grigorov, Bill Browder, Wagner, Yevgeny Prigozhin, Vladimir Putin's, Prigozhin, Dmitry Utkin, Utkin, of, Yevgeny Viktorovich Prigozhin, Putin, Browder, Ian Bremmer, Prigozhin's, Bremmer, Wagner chief's, he's, CNBC's Organizations: Sputnik, Afp, Getty, NBC, Telegram, Wagner Group, Grey, Anadolu Agency, Federal Agency for Air Transport, Russian Embassy, Kremlin, Eurasia Group Locations: Kursk, Nazi Germany, Soviet Union, Moscow, Tver, Ukraine, Syria, Libya, Africa, of Russia, Russia, Russia's, Russian, London, Belarus

U.S. Treasury yields were mixed on Thursday as investors await signals on monetary policy from central bankers at the upcoming Jackson Hole meeting. The yield on the benchmark 10-year Treasury note was up around 2 basis points at 4.215%, after hitting a 16-year high on Monday. The yield on the 30-year Treasury bond climbed less than 1 basis point to 4.288%. Richmond Fed president Thomas Barkin struck a hawkish tone on Tuesday, reiterating that the Fed needs to defend the 2% inflation target to preserve its credibility with the public. The U.S. Treasury on Thursday will auction $80 billion in 4-week bills, $70 billion in 8-week bills and $8 billion in 29-year and six-month Treasury Inflation-Protected Securities.

Persons: Jackson, Thomas Barkin, Barkin, — CNBC's Elliot Smith Organizations: Treasury, Federal, Richmond Fed, of Commerce, U.S, Securities Locations: Jackson Hole , Wyoming, Danville Pittsylvania County

☆ China is furious with Japan's plan to release treated Fukushima water into the ocean
▼ + stars: | 2023-08-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

A massive earthquake and tsunami in March 2011 destroyed the Fukushima nuclear power plant, which is situated on Japan's east coast, about 250 kilometers (155 miles) northeast of the capital Tokyo. Japan's government has repeatedly said the discharge of the treated water is safe and the U.N.'s nuclear watchdog has endorsed the move. Japanese Prime Minister Fumio Kishida (C) speaks during a meeting with representatives of the Inter-Ministerial Council for Contaminated Water, Treated Water and Decommissioning Issues and the Inter-Ministerial Council Concerning the Continuous Implementation of the Basic Policy on Handling of ALPS Treated Water, at Prime Minister's Office, on August 22, 2023, in Tokyo, Japan. Hong Kong's Chief Executive John Lee, meanwhile, "strongly opposes" the discharge of wastewater from the Fukushima power plant. Hundreds of activists in South Korea had gathered in the capital of Seoul earlier this month to rally against Japan's plan to dispose of the treated water into the ocean.

Persons: Philip Fong, Fumio Kishida, Rodrigo Reyes Marin, Wang Wenbin, Wang, John Lee, Chung Sung Organizations: Afp, Getty, Japan, International Atomic Energy Agency, Inter, Ministerial Council, Minister's, Zuma, Anadolu Agency, Foreign Ministry, Japan's Embassy, CNBC, Hong, Japanese Locations: Shinchi, Fukushima Prefecture, Japan, Japan's, Tokyo, Japanese, China, London, Hong Kong, Seoul, South Korea, Korea, Fukushima

☆ Major shipping routes are struggling with water shortages. El Niño could make it worse
▼ + stars: | 2023-08-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

A ship navigates the Panama Canal in the area of the Americas' Bridge in Panama City on June 12, 2023. Luis Acosta | Afp | Getty ImagesAn increasing number of climate-driven extreme weather events is taking its toll on the world's major shipping routes — and El Niño could make matters worse. In drought-stricken Panama, low water levels have prompted the Central American country to reduce the number of vessels that pass through the critically important Panama Canal. The Panama Canal Authority, which manages the waterway, said earlier this month that the measures were necessary because of "unprecedented challenges." "Right now, we do not see that filling up of the water levels that a normal year would bring around.

Persons: Luis Acosta, El Niño, El, Peter Sands, Sands, Lars Ostergaard Nielsen, Moller, Balint Porneczi, Nielsen Organizations: Afp, Getty, Central, Atlantic, Panama Canal Authority, CNBC, Analysts, Planet Labs PBC, El, Maersk, Bloomberg, Palatinate . Locations: Panama, Panama City, Central American, Suez, Europe, Asia, Pacific, Germany, Rotterdam, Bacharach, Rhineland, Palatinate, Frankfurt

☆ World’s longest, deepest rail tunnel to close for months after freight derailment in the Swiss Alps
▼ + stars: | 2023-08-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

An Italian train makes its way at the north entrance of the new Gotthard Base Tunnel, the world's longest train tunnel, on the eve of its opening ceremony on May 31, 2016 in Erstfeld. Swiss rail authorities said repairs to the Gotthard Base Tunnel, the world's deepest traffic tunnel and longest of its kind, will take several months after the extent of the damage from a recent freight service derailment was found to be "significantly greater" than initially estimated. The operator currently assumes that both tunnel tubes will be available again for all rail traffic "to a limited extent" at the beginning of next year, while the undamaged east tunnel tube should be able to operate from Aug. 23 for freight traffic. It means that rail passengers traveling between north and southernmost Switzerland will be forced to take a more scenic route over the coming months. The Gotthard Base Tunnel is a high-speed railway route through the Swiss Alps.

Organizations: SBB Locations: Italian, Erstfeld ., Gotthard, Switzerland, Swiss

☆ A multitrillion-dollar carbon bubble? Climate chief warns world leaders over fossil fuel plans
▼ + stars: | 2023-08-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

The message from the world's leading climate scientists in April last year was that a substantial reduction in fossil fuel use will be necessary to curb global heating. The burning of fossil fuels such as coal, oil and gas is the chief driver of the crisis. Indeed, the IPCC said that current fossil fuel use was already more than the planet could handle and additional projects were destined to lock in even greater emissions with devastating consequences. The U.N. climate panel also estimated that fossil fuel investors could be at risk of losing between $1 trillion and $4 trillion if governments act to limit global temperature rise. Despite this, some of the world's richest nations, such as the U.S. and China, have cited energy security as a reason for investing in additional fossil fuel projects.

Persons: Jim Skea, Fabrice Coffrini, Skea, We've, Fethi Belaid, Hoesung Lee, Rishi Sunak's, Danny Lawson, Biden, Mario Tama Organizations: Afp, Getty, CNBC, South, Imperial College London, Greenpeace, United Arab, Social, Trans, Trans Alaska Pipeline System, National Petroleum Reserve Locations: Algeria, Europe, North Africa, East, Asia, staving, China, Ukraine, Paris, Richmond , North Yorkshire, United Arab Emirates, Trans Alaska, Alaska, Delta Junction

☆ Wegovy-maker Novo Nordisk raises outlook as sales of its weight-loss drug soar
▼ + stars: | 2023-08-10 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

A selection of injector pens for the Saxenda weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. The company's diabetes and obesity division performed particularly well, bolstered by interest in its blockbuster injection Wegovy. Novo Nordisk , which makes the weight-loss drug Wegovy, raised its outlook for 2023 Thursday, as it reported soaring sales. For 2023, the company now anticipates sales growth of 27%-33% and operating profit growth of 31%-37%, at constant exchange rates. The active ingredient in Wegovy is semaglutide, an FDA-approved drug that works by imitating a naturally-occurring gut hormone that helps to regulate appetite.

Persons: Wegovy, Lars Fruergaard Jørgensen, — Sam Meredith Organizations: Novo Nordisk, FDA Locations: Chicago , Illinois, U.S, Danish

☆ European gas prices jumped nearly 40% on Australia supply fears — and analysts expect further rises
▼ + stars: | 2023-08-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. Energy analysts believe the bullish momentum for European natural gas prices will persist over the coming months after futures jumped almost 40% on Wednesday. Fears over possible supply disruption in Australia saw the front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, hit its highest level since mid-June on Wednesday. The surge in gas prices came on news of a potential liquefied natural gas (LNG) facility strike at major plants in Australia as workers campaign for higher pay and improved job security. "Looking ahead, we expect the bullish outlook for gas prices to continue with fewer LNG imports to Europe, planned maintenance for Norwegian pipelines and continued heatwaves in multiple regions globally," Luo said.

Persons: Luo Organizations: National Grid, Energy, New York Mercantile Exchange, Rystad Energy, Woodside Energy Group, LNG Locations: Isle, Rochester , England, Australia, U.S, Europe, Chevron, China, Japan

☆ 'Once-in-a-lifetime' opportunity: Morgan Stanley's stocks to trade Europe's renewable energy boom
▼ + stars: | 2023-08-08 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Morgan Stanley named several stocks to play Europe's investment in renewable energy — and highlighted a "once-in-a lifetime" opportunity in the electricity sector in particular. Earlier this year, the European Union raised its renewable energy targets in the face of the energy crisis that followed Russia's invasion of Ukraine. The bank estimated the transition to green power sources will cost around 5 trillion euros ($5.5 trillion) between now and 2030. Growth opportunity "The EU and UK renewables targets imply significant growth investment opportunities for renewable developers," the bank said. Though Morgan Stanley is positive on the opportunities for renewable energy companies, it said the EU's targets would be "hard to achieve."

Persons: Morgan Stanley, Morgan, Jens Eisenschmidt, Orsted, Centrica, Michael Bloom, Sam Meredith Organizations: European Union, Grid, EU, Siemens Energy, British Gas Locations: Ukraine

☆ Novo Nordisk shares pop after key trial data shows Wegovy cuts risk of heart attack or stroke by 20%
▼ + stars: | 2023-08-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Packages of the weight-loss drug Wegovy from the pharmaceutical company Novo Nordisk lie on the sales counter in a Danish pharmacy. Shares of Danish drugmaker Novo Nordisk soared on Tuesday, after late-stage trial data showed that its obesity drug Wegovy reduced the risk of major cardiovascular events such as heart attacks or strokes by 20%, compared with a placebo. Shares of Novo Nordisk rose nearly 16% during mid-morning deals, before paring gains. Martin Holst Lange, executive vice president for development at Novo Nordisk, said that the results showed that the company's obesity drug "has the potential to change how obesity is regarded and treated." "Therefore, we are very excited about the results from SELECT showing that semaglutide 2.4 mg reduces the risk of cardiovascular events."

Persons: Martin Holst Lange, Holst Lange Organizations: Novo Nordisk, Nordisk, Investors, Reuters Locations: Danish, semaglutide

☆ It’s official: Scientists confirm July was the hottest month ever recorded
▼ + stars: | 2023-08-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Global air and ocean temperatures soared to a record high in July, according to the EU's climate change service Copernicus, deepening concern among climate scientists at a time when a spate of heat records suggest the planet has entered uncharted territory. The EU's Copernicus Climate Change Service (C3S) said Tuesday that the global average surface air temperature in July was confirmed to be the highest on record for any month. July was found to be a whopping 1.5 degrees Celsius warmer than the average for the 1850-1900 period and 0.33 degrees Celsius warmer than the previous warmest month of July 2019. Meanwhile, global average sea surface temperatures continued to rise in July, the EU's climate monitor said, after a long period of unusually high temperatures stretching back to April. For the month as a whole, the planet's average sea surface temperature was 0.51 degrees Celsius above the 1991 to 2020 average.

Persons: Copernicus, Samantha Burgess, C3S Organizations: South Locations: Europe, North Africa, East, Asia

☆ Global ocean temperatures are now hotter than ever — with far-reaching consequences for the planet
▼ + stars: | 2023-08-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Joseph Prezioso | Afp | Getty ImagesThe world's ocean temperatures have climbed to their hottest level on record, according to data from the European Union's climate monitor, prompting scientists to warn of immediate and wide-ranging consequences for the planet. The surface temperature of the world's oceans would typically be expected to reach their highest in March rather than in August, sparking alarm among climate scientists. "The recent ocean warming is genuinely concerning," said Rowan Sutton, professor of climate science at the University of Reading. Sutton said that the latest sea surface temperature data showed that "we may be experiencing not just a record-breaking extreme event but a record-shattering one." The ocean heat record comes as part of a recent trend of extreme heat stretching across the globe, with this July poised to be recognized as the hottest month in history.

Persons: Joseph Prezioso, Copernicus, Rowan Sutton, Sutton Organizations: Afp, Getty, University of Reading Locations: Key West , Florida, Martin County , Florida

☆ South American countries gripped by record-breaking heat — in the middle of winter
▼ + stars: | 2023-08-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

South American countries, such as Chile and Argentina, set heat records in the middle of the southern winter due to a combination of the El Niño phenomenon and climate change. An unprecedented winter heatwave is sweeping across a large chunk of South America, with temperatures forecast to exceed 40 degrees Celsius (104 Fahrenheit) in southwestern Brazil in the coming days. Scientists say the winter heat is being fueled by the climate emergency and the El Niño phenomenon. Temperatures are typically around 15 degrees Celsius in Buenos Aires at this time of year, and have not exceeded 30 degrees Celsius in winter since 2014. The southern part of the continent has suffered the worst of the winter heat in recent days, with temperatures expected to remain at abnormally high levels in early August.

Persons: Niño, Climatologist Maximiliano Herrera, " Herrera Organizations: Twitter Locations: Santiago, Chile, Argentina, South America, Brazil, Paraguay, Buenos Aires

Kremlin opposition leader Alexei Navalny was sentenced to 19 more years in prison after being found guilty in a Russian court on a series of charges, his team confirmed Friday. Navalny faced charges of inciting and financing "extremist activity" and "rehabilitating Nazi ideology," charges he and his supporters reject. In a social media post on Thursday, Navalny said that he expected to receive a "Stalinist" prison term. Navalny, one of Russian President Vladimir Putin's most vocal critics, was already serving two prison sentences. A nine-year prison sentence on charges of embezzlement and fraud and more than two years for a parole violation.

Persons: Alexei Navalny, Navalny, Russia's, Vladimir Putin's, Biden, Matt Miller, Miller Organizations: IK, Kremlin, Navalny Locations: Russian, Moscow, Melekhovo, Vladimir, Ukraine, Russia

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