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☆ Unprecedented Canada wildfires obliterate previous annual pollution record in just seven months
▼ + stars: | 2023-08-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

An aerial view of wildfire of Tatkin Lake in British Columbia, Canada on July 10, 2023. The intensity of Canada's raging wildfires have generated record levels of carbon emissions, the EU's climate monitor said Thursday. Europe's Copernicus Atmosphere Monitoring Service (CAMS) found that accumulated carbon emissions from Canadian wildfires had soared to 290 megatons in just the first seven months of 2023. That is already more than double Canada's previous whole-year record and accounts for over 25% of the global total year-to-date. We support users in mitigating the impacts through monitoring the fire activity and intensity, and the emitted smoke," Parrington said.

Persons: Mark Parrington, Parrington Organizations: Monitoring Service, Northern, CAMS Locations: Lake, British Columbia, Canada, Portugal, South Korea, U.S

☆ 'Unprecedented heat': Iran begins two-day nationwide shutdown amid soaring temperatures
▼ + stars: | 2023-08-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

A motorcyclist has a drink from a bottle to cool off during a heat wave in Tehran on July 11, 2023. Iran on Wednesday began a two-day nationwide shutdown because of soaring temperatures, shortly after the Islamic Republic's health ministry warned of a possible increase in cases of heat exhaustion. The ministry also warned that the shutdown may need to be extended to protect people's health. Many Iranian cities and towns have suffered from temperatures above 40 degrees Celsius (104 Degrees Fahrenheit) in recent days, while the oil-rich southwestern city of Ahvaz hit 50 degrees Celsius on Tuesday. The capital city of Tehran experienced temperatures of 39 degrees Celsius on Wednesday.

Persons: Ali Bahadori Jahromi Organizations: Wednesday, Islamic Republic News Agency Locations: Tehran, Iran, Ahvaz

☆ Oil major BP posts 70% drop in second-quarter profit, raises dividend by 10%
▼ + stars: | 2023-08-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

LONDON — Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry. The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.6 billion. Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates collated by Refinitiv. Oil majors have failed to match the bumper profits posted during the same period of last year amid weaker commodity prices. British rival Shell and French oil major TotalEnergies on Thursday reported a steep drop in second-quarter profit, while U.S.-based Exxon Mobil's second-quarter profit slumped 56% year-on-year.

Persons: Refinitiv, we've, Bernard Looney, CNBC's Organizations: Oil, BP, London, Shell, Exxon Mobil's Locations: U.S

☆ From Washington to Warsaw, a ‘greenlash’ is picking up steam despite extreme heat
▼ + stars: | 2023-08-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

A pushback against climate policies is not just a U.S. issue. Reprisals over climate policies come at a time of record-breaking extreme heat across the globe, with July poised to be the hottest month in human history. Ruling party leader Jarosław Kaczyński described the bloc's green policies as "madness" and akin to "green communism." "At the moment, it looks like green parties are not doing going fantastically well. "The IRA is called an IRA, it is not called a climate act because there's no way that you could get Democrats and Republicans to agree on something called climate," Tocci said.

Persons: Henry Nicholls, Ron DeSantis, DeSantis, ESG, —, Kevin McCarthy, Drew Angerer, Nathalie Tocci, Tocci, U.N, António, Sadiq Khan's, Jarosław Kaczyński, Emmanuel Macron, Alexander De Croo, Ursula von der, Kenzo Tribouillard, Joe Biden's, Mark Rutte's, …, Jan Willem Erisman, Mateusz Morawiecki, Michal Hetmanski Organizations: Afp, Getty, Republican Gov, House, Biden, U.S, Capitol, Istituto, CNBC, Farmer, Movement, Internazionali, Belgian, Belgium's, IRA, BBB, Farmers, Anadolu Agency, Getty Images, Leiden University Locations: London, Marble, U.S, Europe, Florida, Washington ,, Italian, Poland, Ostend, European, Netherlands, The Hague, Polish, Warsaw

☆ Oil giant Shell posts sharp drop in second-quarter profit on weaker commodity prices
▼ + stars: | 2023-07-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Picture Alliance | Picture Alliance | Getty Imageswatch nowShares of the London-listed oil major slipped 2% on Thursday morning. 'Softening oil and gas environment'French oil major TotalEnergies also reported weaker-than-expected earnings on Thursday, posting second-quarter adjusted net income of $5 billion. TotalEnergies CEO Patrick Pouyanne said the firm's "robust" earnings came during a "favorable but softening oil and gas environment." Norwegian oil and gas giant Equinor had on Wednesday reported a 57% decline in year-on-year second-quarter profit as oil and gas prices slipped from last year's high levels. Oil and gas prices were under pressure in the first half of the year, however, as global economic jitters outweighed supply-demand fundamentals.

Persons: downgrades, Stuart Lamont, Patrick Pouyanne Organizations: Getty, RBC Brewin, Shell, BP, Exxon Mobil, Chevron Locations: London, Ukraine, U.S

An influential oil producers' alliance could collapse if unity dissolves around output policy, according to the managing partner of investing group Clean Energy Transition. The breakup of OPEC+, Lekander said, could send oil prices careening to as low as $35 per barrel. Oil prices, which are down sharply year-to-date, were trading slightly higher on Thursday afternoon. The OPEC+ group has sought to distance itself from accusations of cartel behavior, saying its policies target global supply inventories, rather than specific fixed prices. Nevertheless, some Middle East nations in the coalition, which heavily depend on fossil fuel revenues, list oil price assumptions and forecasts in their national budget plans.

Persons: Per Lekander, Lekander Organizations: OPEC, Brent, U.S, West Texas Locations: OPEC

A critical system of ocean currents could collapse much sooner than expected as a result of the deepening climate emergency, according to the findings of a new study, potentially wreaking havoc across the globe. The AMOC acts like a conveyor belt of currents carrying warm waters from north to south and back in a long and relatively slow cycle within the Atlantic Ocean. The circulation also carries nutrients necessary to sustain ocean life. For one, the NOAA says England would have a "much colder climate" if not for the warm waters of the Gulf Stream. The projected collapse of the AMOC is seen as a "major concern" because it is recognized as one of the most important tipping elements in the Earth's climate system.

Organizations: Nature Communications, National Oceanic, Atmospheric Administration, NOAA Locations: Europe, Florida, England

☆ Extreme summer heat in the U.S. and Europe ‘virtually impossible’ without climate change
▼ + stars: | 2023-07-25 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

More than 50 million Americans are set to bake under dangerously high temperatures this week, from California to Texas to Florida, as a heat wave builds across the southern United States. The heat waves stretching across North America and Europe this month would have been "virtually impossible" without the human-induced climate emergency, according to a new scientific study. Published Tuesday by the World Weather Attribution group, the study said heat waves are among the deadliest natural hazards with thousands of people dying from heat-related causes each year. Ever-increasing greenhouse gas emissions mean these events are not rare anymore, the study said. "Totally unsurprising but important result," Friederike Otto, a scientist and senior lecturer at the Grantham Institute for Climate Change in London, who contributed to the research, said via Twitter.

Persons: Rai Rogers, —, Friederike Otto Organizations: Grantham Institute, Twitter Locations: Las Vegas , Nevada, California, Texas, Florida, United States, North America, Europe, China, U.S, Mexico, London

☆ Extreme heat in Europe is becoming the new normal — prompting tourists toward cooler destinations
▼ + stars: | 2023-07-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Tourists are evacuated as huge wildfire rages across Greece's Rhodes island on July 22, 2023. Sweltering conditions across southern Europe could accelerate a burgeoning trend among holidaymakers, as more tourists prioritize milder temperatures or off-season travel to avoid spending their time away in oppressive heat. Europe is currently experiencing some of the hottest temperatures of the summer so far, with yet another heatwave expected to push the mercury close to record-breaking levels in the coming days. The southern European country was followed closely by France (7%), Italy (7%), Greece (5%) and Croatia (5%). The popularity of Mediterranean vacation destinations, however, dropped by 10% compared to last year, when Europe experienced its hottest summer on record.

Organizations: European Travel Commission, ETC Locations: Greece's Rhodes, Europe, Greece, Spain, Sardinia, Sicily, Italy, Brussels, France, Croatia

☆ Europe braces for yet another heatwave as Greek PM warns 'hard times are clearly not over yet'
▼ + stars: | 2023-07-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Atop the Acropolis ancient hill, tourists visit the Parthenon temple during a heat wave on July 20, 2023 in Athens, Greece. The Acropolis of Athens and other archaeological sites in Greece announced reduced opening hours due to the heatwave conditions. Europe is set for another heatwave in the coming days, pushing temperatures back toward record levels as an oppressive "heat dome" expands over the southern half of the continent. Scientists say the recent spate of heat records reaffirms the increasing urgency to slash greenhouse gas emissions as quickly and as deeply as possible. A heat dome occurs when a high-pressure circulation in the atmosphere acts likes a lid or a cap, trapping hot air in place and creating vast areas of sweltering heat.

Persons: heatwaves Organizations: European Centre Locations: Athens, Greece, Europe, U.S, China, Spain, Sardinia, Sicily, Italy

☆ Wheat prices soar for a third day as Russia-Ukraine tensions stoke fears of major food crisis
▼ + stars: | 2023-07-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Known as the world's "bread basket," Ukraine grows far more wheat than it consumes and it's exports contribute to global food security, especially in African countries, which now fear food shortages. Wheat prices rose on Thursday after Russia threatened to treat ships heading for Ukrainian ports as military cargo carriers, deepening fears of a global food security crisis. It follows a jump of 8.5% in the previous session, the biggest daily gain in more than a year, on mounting geopolitical tensions. Wheat prices remain well below the peak levels of 1,177.5 cents per bushel reached in May of last year, however. European Union foreign policy chief Josep Borrell said Thursday that Russia's decision to pull out of the pact would imperil global food security.

Persons: António Guterres, Josep Borrell, Borrell Organizations: Chicago Board of Trade, Initiative, Union Locations: Ukraine, Russia, EU

☆ EU sends water bombers to battle Greece wildfires as Rome shatters temperature record
▼ + stars: | 2023-07-19 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

A Canadair CL-415 sprays water during a wildfire in the village of Pournari, near Athens, on July 18, 2023. The European Union sent four Canadair water bombers to help Greece fight wildfires that have been raging for a third day on Wednesday, while authorities warned of another extraordinary heatwave. It comes as scorching heat continues to grip southern Europe, with temperatures in Spain, France and Italy climbing to fresh record highs. Mercury levels in Girona in Spain's Catalonia region hit a record 45 degrees Celsius, while temperatures in Verdun in northeast France reached 40.6 degrees Celsius for the first time. Europe's hottest-ever recorded temperature is believed to have been 48.8 degrees Celsius, logged near the ancient city of Syracuse on the coast of Sicily in August 2021.

Organizations: Canadair CL, European Union, Canadair, Mercury, World Meteorological Organization Locations: Pournari, Athens, Greece, Europe, Spain, France, Italy, Rome, Girona, Spain's Catalonia, Verdun, Syracuse, Sicily

☆ Soaring temperatures in Europe near record as wildfires rage in Greece and Swiss Alps
▼ + stars: | 2023-07-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

An unrelenting heatwave stretching across southern Europe is expected to push temperatures close to a record on Tuesday, with emergency workers in Spain, Greece and the Swiss Alps battling to contain wildfires. Italy, Spain and Greece are all forecast to see the mercury shoot above 40 degrees Celsius (104 Fahrenheit) as a second heatwave of the summer engulfs the region. Sardinia and Sicily could see temperatures peak at around 46 degrees Celsius on Tuesday, according to Italian weather news service Meteo.it. Europe's hottest-ever recorded temperature is believed to be 48.8 degrees Celsius, logged near the ancient city of Syracuse on the coast of Sicily in August 2021. The World Meteorological Organization believes this record could be broken in the coming days as the heatwave is expected to intensify.

Organizations: Swiss, World Meteorological Organization, U.S Locations: Athens, Europe, Spain, Greece, Italy, Sardinia, Sicily, Syracuse, China

☆ Wheat prices surge after Russia axes grain deal. And it's not good news for the world's food supply
▼ + stars: | 2023-07-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Farmers use harvesting vehicles to harvest grain in Stavropol Krai, one of Russia's most important agricultural lands is seen in Stavropol, Russia on July 16, 2023. Hours before the agreement's expiry, Russia said Monday that it would not renew the Black Sea Grain Initiative. The Black Sea Grain Initiative has been repeatedly elongated in short increments, amid increasing discontent from Russia over perceived restrictions that limit the full dispatch of its own grain and fertilizer exports. Wheat prices remain well below the peak levels of 1177.5 cents per bushel reached in May last year, however. Corn futures soared to a high of 526.5 cents per bushel, while soybean futures surged to a high of 1,388.75 cents per bushel.

Persons: Dmitry Peskov, Vladimir Putin, Cyril Ramaphosa Organizations: United Nations, Initiative, South Locations: Stavropol Krai, Stavropol, Russia, Turkey, Ukraine, Russian

☆ Italy warns ‘peak of the heat is coming,’ issues red alert for 16 cities as temperatures soar
▼ + stars: | 2023-07-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Meteorologists in Italy on Monday warned that a period of fierce heat is expected to peak in the coming days, shortly after policymakers issued hot weather red alerts for 16 cities nationwide. The capital of Rome, Florence and Bologna are among some of the areas affected by an intense and prolonged heatwave. It comes as temperatures approach record-breaking levels in countries across southern Europe, with forecasters warning the highest level ever recorded in European history could be topped. "The African anticyclone continues to dominate the weather scenario, with a heat wave destined to persist for many more days," Italian weather news service Meteo.it said on Monday. Scientists at the European Space Agency, which monitors land and sea temperatures, believe the record could be broken again in the coming days.

Persons: wets, Meteo.it Organizations: Monday, European Space Agency Locations: Piazza Duomo, Catania, Italy, Rome, Florence, Bologna, Europe, Syracuse, Sicily

☆ 'Under no circumstances': John Kerry rules out U.S. paying climate reparations to low-income countries
▼ + stars: | 2023-07-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

U.S. climate envoy John Kerry ruled out paying into a global fund to help poorer nations stricken by the devastating impacts of the climate emergency, saying that "under no circumstances" would the White House consider delivering on reparations. It comes at a time when countries acutely vulnerable to climate-fueled disasters are pushing for wealthy nations — that have the greatest historic responsibility for the climate crisis — to pay for past greenhouse gas emissions. It remains unclear, however, exactly how much richer countries will pay into the fund. Climate reparations is a highly divisive and emotive issue that is seen as a fundamental question of climate justice. Asked during a hearing before a House of Representatives foreign affairs oversight subcommittee on Thursday whether he intended for the U.S. to pay climate reparations, Kerry replied, "No, under no circumstances."

Persons: John Kerry, Kerry, Brian Mast

☆ Nobel Prize-winning economist says there’s no need for the Fed to keep hiking interest rates
▼ + stars: | 2023-07-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

watch nowNobel Prize-winning economist Christopher Pissarides believes there's no need for the Federal Reserve to keep raising interest rates in the coming months, saying policymakers at the U.S. central bank should instead look to take a breather in the battle against inflation. His comments come shortly after data on Wednesday showed U.S. inflation fell sharply to a two-year low of 3% in June. The reading appeared to underscore the Fed's relative success in containing price rises following a rapid increase in interest rates. "I don't expect anything to happen to make them want to increase interest rates more, but I would definitely wait this time," he added. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023.

Persons: Christopher Pissarides, CNBC's, Pissarides, Jerome Powell, Mandel Ngan Organizations: Federal Reserve, U.S, Wednesday, Fed, London School of Economics, Economic Sciences, AFP, Getty Locations: Washington ,, Europe, States

☆ IEA trims oil demand forecast for the first time this year on 'persistent' economic headwinds
▼ + stars: | 2023-07-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. The International Energy Agency on Thursday cut its global oil demand growth forecast for the first time this year, primarily citing a worsening economic outlook that weighs "especially heavy" on wealthy countries. The world's leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day. China is set to account for 70% of the demand growth increase, the IEA said. This forecast nevertheless represents a downward revision of 220,000 barrels per day from last month's report, when the IEA predicted an increase of 2.4 million barrels per day of worldwide growth.

Organizations: International Energy Agency, IEA, Federal, Brent, U.S, West Texas Locations: Yantai Port, Shandong Province, China, London

☆ Europe sizzles as a heatwave sweeps the continent, pushing temperatures close to record levels
▼ + stars: | 2023-07-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The record for the highest temperature in European history was broken in August 2021, when 48.8C was registered in Floridia, a town in Italy's Sicilian province of Syracuse. In Italy, meanwhile, temperatures could soon reach as high as 48 degrees Celsius on the islands of Sardinia and Sicily. Scientists at the European Space Agency said that record could be broken again in the coming days. The Italian Meteorological Society (SMI), meanwhile, told CNBC that it was not yet possible to forecast whether Europe's temperature record would soon be equaled or surpassed. Researchers say global heating is strongly increasing the odds of heatwaves such as the one currently sizzling in countries across Europe.

Persons: 48.8C Organizations: European Space Agency, Italian Meteorological Society, CNBC Locations: Tempio Pausania, Sardinia, Italy, Floridia, Italy's Sicilian, Syracuse, Europe, Spain, France, Greece, Croatia, Turkey, Sicily, Rome, Florence, Bologna

☆ Bank of England warns of mortgage agony, says monthly costs could jump £500 for some
▼ + stars: | 2023-07-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The Bank of England warned already struggling homeowners could see monthly mortgage repayments rise sharply in the coming months, but stressed households today are not nearly as indebted as they were in the run-up to the global financial crisis. U.K. households are currently being impacted by a cost-of-living crisis and higher interest rates as their fixed-rate mortgage deals expire. Almost 1 million people, meanwhile, were projected to see their monthly mortgage costs jump by more than £500 over the same timeframe. The central bank's report comes shortly after the U.K.'s average 2-year fixed mortgage rate rose to its highest level since 2008, deepening fears of an impending "mortgage catastrophe." This key mortgage rate came in at 6.66% on Tuesday, notching its highest level for 15 years.

Persons: BOE Organizations: Bank of England Locations: Ruskin Park, Lambeth, London, England

at the 2023 NATO Summit seen next to the Main Media Center, in Vilnius, Lithuania, in Vilnius, Lithuania, on July 12, 2023. "We will stand with Ukraine as it defends itself against Russian aggression, for as long as it takes." The G7 said it would also seek to bolster Ukraine's economic stability, including through recovery efforts, "to create the conditions conducive to promoting Ukraine's economic prosperity." The countries vowed to provide technical and financial support for Ukraine's immediate needs as a result of Russia's full-scale invasion. Moscow sharply criticized the G7's security pledges to Ukraine.

Persons: Dmitry Peskov, Putin, Rishi Sunak Organizations: Summit, Main Media Center, UN, Ukrainian, Kremlin, Google, London, NATO Locations: Ukraine, Vilnius, Lithuania, Moscow, Russia, Europe

Thai Prime Minister Prayuth Chan-ocha speaks with members of the press after casting his vote in the Thai General Election on May 14, 2023 in Bangkok, Thailand. Thai Prime Minister Prayuth Chan-ocha on Tuesday said he will retire from politics, nine years after the former general seized power in a military coup. His announcement comes ahead of a much-anticipated vote for Thailand's new prime minister this Thursday. Chan-ocha said he would stay in a caretaker role until a new prime minister is elected. This backing nevertheless falls short of the 376 votes that party leader Pita Limjaroenrat to stake his claim as Thailand's next prime minister.

Persons: Prayuth Chan, Chan, ocha, Pita Limjaroenrat, Limjaroenrat Organizations: Thai, United Thai Nation, Thai Sang Chart Party, Facebook Locations: Thai, Bangkok, Thailand

☆ Mortgage rates in Britain hit 15-year high — with many fearful there's more misery to come
▼ + stars: | 2023-07-11 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

It means mortgage costs are now at their highest level since August 2008 during the global financial crisis. The average 5-year mortgage rate rose to 6.17% on Tuesday, Moneyfacts said, a marginal increase from Monday but still some way off the 6.51% level reached on Oct. 20. U.K. mortgage costs, which had staged a recovery in the months following the "mini-budget" crisis, have soared recently following 13 consecutive rate hikes by the Bank of England. Most recently, the central bank increased rates by 50 basis points to 5%, a bigger increase than many had expected. Renters, too, are likely to see their payments increase as buy-to-let landlords pass on higher mortgage repayments.

Persons: Kwasi, Moneyfacts, Andrew Bailey Organizations: Financial, Authority, London Borough, Finance, Bank of England Locations: Enfield, England, London

☆ Dutch PM Mark Rutte says he won't run for fifth term after government collapses
▼ + stars: | 2023-07-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Mark Rutte said he will not run for a fifth term as the Dutch prime minister. Dutch Prime Minister Mark Rutte announced on Monday that he won't run for a fifth term in office after handing in the resignation of his cabinet Friday, bringing an end to the country's fragile four-party coalition government. The only answer is the Netherlands," Rutte said in a speech in parliament, according to Reuters. Rutte's announcement comes shortly after he last week said that his four-party coalition government had collapsed over "irreconcilable" differences on immigration policy. The prime minister and his government will remain in post until a new ruling government is chosen.

Persons: Mark Rutte, there's, Rutte Organizations: People's Party for Freedom and Democracy, Reuters, Rutte's VVD, Christian Democratic Appeal, Christian Union Locations: Netherlands, The Hague

☆ Ukraine war live updates: Zelenskyy calls for ‘concrete’ steps on NATO bid; death toll in Lviv attack rises to 10
▼ + stars: | 2023-07-07 | by ( Sam Meredith | ) www.cnbc.com time to read: 1 min

Ukrainian President Volodymyr Zelenskyy called for a clear signal from NATO that Kyiv will be able to join the military alliance when the war ends, saying the 30-member group's open door policy is not enough. His comments come ahead of a two-day summit of NATO leaders in Vilnius, Lithuania next week. Elsewhere, the death toll from a Russian missile strike on Ukraine's western city of Lviv rose to 10, according to the city's mayor. Emergency workers were said to be working to free the deceased from the rubble of an apartment building, following an attack far from the front line of the war.

Persons: Volodymyr Zelenskyy Organizations: NATO Locations: NATO, Vilnius, Lithuania, Russian, Lviv

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