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☆ 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

☆ ‘Life is like it is’: TotalEnergies CEO defends strategy despite calls to cut fossil fuel production
▼ + stars: | 2023-07-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

"Today, our society requires oil and gas … Why we are together, it is 80% of fossil fuels. The question is not fossil fuels, it is emissions, to lower the emissions." TotalEnergies CEO Patrick Pouyanne said the company had allocated nearly one-third of its capital expenditure to low-carbon technologies, with the remainder spent on oil and gas. Picture Alliance | Picture Alliance | Getty ImagesThe burning of fossil fuels, such as oil and gas, is the chief driver of the climate emergency. I know the scientists told us you should forget [fossil fuels] — but life is like it is.

Persons: TotalEnergies, CNBC's Dan Murphy, Patrick Pouyanne, Pouyanne, Antonio Guterres, That's Organizations: Getty, BP, Shell, TotalEnergies, Dutch, Protesters, Salle, Bloomberg Locations: Vienna, Austria, Ukraine, Paris

☆ World registers hottest day since records began — with fresh highs expected in the coming weeks
▼ + stars: | 2023-07-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Beijing recorded its third consecutive day of 40 degree Celsius weather, the first time since records began. The world's average temperature climbed to its highest level since records began on Tuesday, according to provisional data from U.S. researchers, underscoring the pressing need to slash greenhouse gas emissions fueling the climate emergency. The milestone comes just one day after global average temperatures topped 17 degrees Celsius for the first time in 44 years, when the data was first collected. The previous record of 16.92 degrees Celsius had stood since Aug. 14, 2016 — the warmest year ever recorded. "Do you remember yesterday's global surface air temperature record?

Persons: Bill McGuire, Leon Simons Organizations: Forbidden, University of Maine's, University College London, Twitter Locations: Beijing, U.S, China, Mexico

☆ El Niño has officially begun. UN says phenomenon likely to threaten lives, break temperature records
▼ + stars: | 2023-07-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Japan experienced its warmest spring on record this year, the national weather agency said June 1, as greenhouse gasses and El Niño combine to send temperatures soaring worldwide. El Niño has arrived. The U.N. weather agency on Tuesday declared the onset of the major climate phenomenon, warning its return paves the way for a likely spike in global temperatures and extreme weather conditions. "Early warnings and anticipatory action of extreme weather events associated with this major climate phenomenon are vital to save lives and livelihoods." The update follows a report from the National Oceanic and Atmospheric Administration in early June, which said El Niño conditions were present and "expected to gradually strengthen into the Northern Hemisphere winter."

Persons: Niño, El, Petteri Taalas Organizations: World Meteorological Organization, El, WMO, National Oceanic, Atmospheric Administration Locations: Japan, El

☆ Britain is now the only major economy where inflation is still rising
▼ + stars: | 2023-07-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

It comes as many major central banks start to consider bringing their aggressive interest rate hikes to an end as prices cool, even as inflation remains elevated. The move, which exacerbated fears of a mortgage catastrophe, marked a divergence from other major central banks that have been able to either slow or pause interest rate hikes. Year-on-year inflation, as measured by the consumer price index, slowed markedly to 6.5% in May, down from 7.4% in April. Core inflation, which excludes volatile food and food prices, declined at a much slower rate across 33 OECD countries, however, continuing a recent trend. Energy inflation, meanwhile, was found to have plunged to -5.1% in May when compared to the previous year, from 0.7% in April.

Organizations: OECD, LONDON, Organization for Economic Cooperation, Development, U.S ., Bank of England, Energy Locations: Paris, U.S, U.S . Canada, France, Germany, Italy, Japan, Britain, Netherlands, Norway, Costa Rica, Greece, Denmark, Hungary, Turkey

☆ What next for Wagner? Russia’s Putin battles to regain control after short-lived revolt
▼ + stars: | 2023-06-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Members of Wagner group looks from a military vehicle in Rostov-on-Don late on June 24, 2023. It marked what many regard as the greatest challenge to Russian President Vladimir Putin's authority in his more than two decades in power. Russian President Vladimir Putin meets with servicemen at the Kremlin in Moscow on June 27, 2023. At best, Granville said the Wagner Group was likely to be "a shadow of its former self" in Ukraine following the revolt. Russia's political crisisRussian Foreign Minister Sergey Lavrov on Friday dismissed questions about a political crisis.

Persons: Wagner, Roman Romokhov, Vladimir Putin's, Yevgeny Prigozhin, Vladimir Putin, Mikhail Tereshchenko, nationalize Wagner, Putin, Wagner Group's Prigiozhin, Alexander Lukashenko, that's, Pat Ryder, Faustin, BARBARA DEBOUT, Ryder, It's, Christopher Granville, Granville, Sergey Lavrov, Lavrov, Sergei Surovikin, Surovikin Organizations: AFP, Getty, Wagner Group, Kremlin, Russian Ministry of Defense's, Wagner, Russian Armed Forces, Belarusian, Analysts, CNBC, Pentagon, Central African, TS Lombard, Reuters, Associated Press Locations: Rostov, Ukraine, Moscow, Europe, U.S, Russia, Asipovichy, Belarus, Belarusian, Africa, Syria, BANGUI, Central African Republic, Bangui, France, AFP, Russian

☆ A shipping emissions showdown stands in the way of one of the biggest climate deals of the decade
▼ + stars: | 2023-06-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The IMO is expected to update its current target of halving shipping emissions by 2050, from 2008 levels, but many are concerned about the maritime regulator's appetite to embrace interim targets. There is a lot of outside pressure pushing on the IMO because it is the climate negotiation of the summer. Gregor Fischer | Getty Images News | Getty ImagesIf stringent abatement measures are not implemented, the IMO has warned that shipping emissions could jump by up to 50% by mid-century. The 1.5 degrees Celsius goal is recognized as a crucial global target because beyond this level, so-called tipping points become more likely. Stefan Rousseau - Pa Images | Pa Images | Getty ImagesAsked which delegates were likely to seek to block calls for tougher climate targets, Maggs replied, "I think there are, of course, the usual suspects.

Persons: Aoife O'Leary, Opportunity Green John Maggs, Maggs, Gregor Fischer, General Kitack Lim, " Lim, Stefan Rousseau Organizations: International Maritime Organization, Getty, Environment, Opportunity, Clean Shipping Coalition, CNBC, United, Chamber of Shipping, Associated Press, ICS Locations: London, decarbonize, Paris, Germany, Russia, Saudi Arabia, United Arab Emirates, Argentina, Brazil, India

☆ Shocked by the speed of the Wagner revolt, Russia's neighbors want to beef up NATO's eastern flank
▼ + stars: | 2023-06-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Petras Malukas | Afp | Getty ImagesThe fallout of the Wagner Group's short-lived armed rebellion has raised the alarm among Europe's Baltic countries. Speaking alongside his counterparts from Latvia and Estonia on Tuesday, Lithuanian Foreign Minister Gabrielius Landsbergis said that the speed of the Wagner uprising underscored the strategic importance of strengthening NATO's eastern flank. Germany has offered to send around 4,000 troops to Lithuania on a permanent basis to bolster NATO's eastern flank. Russia's full-scale invasion of Ukraine in February last year had already fueled concerns about the regional security of the Baltic region. Regional security concernsLatvia Foreign Minister Edgars Rinkevics described the Wagner rebellion as an example of "one evil fighting another evil."

Persons: Griffin, Silvestras, Petras Malukas, Wagner, Vladimir Putin's, Yevgeny Prigozhin, Alexander Lukashenko, Prigozhin, Gabrielius Landsbergis, Landsbergis, Malukas, Catherine Colonna, Jens Stoltenberg, Russia's, Mario Bikarski, Federica Reccia, Edgars Rinkevics, Rinkevics, Wagner Group's, Vladimir Putin, Sergei Shoigu, Gavriil Grigorov Organizations: Afp, Getty, Belarusian, Lithuanian, NATO, French, European Union, Economist Intelligence Unit, CNBC, Latvia, AFP Locations: Lithuanian, Pabrade, Lithuania, Baltic, Moscow, Latvia, Estonia, Russia, Paris, Belarus, Estonian, Germany, Vilnius, Ukraine, Belarusian, Russian

☆ How Wagner's short-lived mutiny could shape the direction of Russia's war in Ukraine
▼ + stars: | 2023-06-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Sergei Supinsky | Afp | Getty ImagesUkrainian forces can look to take advantage of the Wagner Group's short-lived armed rebellion, analysts said, with confusion among Russia's military leadership expected to considerably weaken their war effort. A weekend of mayhem has left observers of Russia's full-scale invasion of Ukraine questioning what could happen next. Tony Brenton, former British ambassador to Russia, agreed that the Wagner mercenary group had been the most effective component of Russia's military in Ukraine to date. watch nowUltimately, Barranco said the recent turn of events is likely to provide Ukraine's military leadership with something of an opportunity after more than 16 months of fighting. Head of the Wagner Group Yevgeny Prigozhin left the Southern Military District headquarters on June 24, 2023 in Rostov-on-Don, Russia.

Persons: Sergei Supinsky, Wagner, Vladimir Putin's, Yevgeny Prigozhin, Alexander Lukashenko, Prigozhin, John Barranco, Wagner Barranco, Barranco, Tony Brenton, Brenton, CNBC's, Putin, Roman Romokhov, Oleksii Reznikov, Defense Lloyd Austin, Reznikov, Wagner Group Yevgeny Prigozhin Organizations: Afp, Getty, Belarusian, . Marine Corps, Strategy, Security, CNBC, Southern Military, Southern Military District, Ukrainian Defense, U.S, Defense, Twitter, Wagner Group, Stringer, Anadolu Agency Locations: Ukrainian, Russian, Kyiv, Ukraine, Moscow, British, Russia, Rostov, Belarus, Don, U.S, Bakhmut

☆ Mortgage catastrophe brews in Britain as millions are pushed toward insolvency
▼ + stars: | 2023-06-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

U.K. Prime Minister Rishi Sunak conceded shortly after the BOE's rate hike that the government's mission to halve inflation to 5% by the end of the year had recently become more difficult. There is intensifying pressure on Britain's government to do more to help struggling households, with the country's shadow finance minister warning of a "mortgage catastrophe" as millions are pushed to the brink of insolvency. The Bank of England last week hiked interest rates by 50 basis points to 5%, a bigger increase than many had expected. The BOE's 13th consecutive rate rise takes the base rate to the highest level since 2008. "The rise in interest rates to 5% will push millions of households with mortgages towards the brink of insolvency," said Max Mosley, an economist at NIESR.

Persons: Rishi Sunak, NIESR, Max Mosley Organizations: Bank of England, National Institute of Economic, Social Research Locations: Wales, England

☆ Cash and carbon cuts stall UN climate talks — setting the stage for a 'huge fight' at COP28
▼ + stars: | 2023-06-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) looks on during the opening session at the UNFCCC SB58 Bonn Climate Change Conference on June 05, 2023 in Bonn, Germany. The Bonn Climate Change Conference, which wrapped late Thursday, is designed to prepare decisions for adoption at the COP28 summit in the United Arab Emirates later this year. For many at the two-week-long event, the lack of progress on issues such as climate finance and the pace of cuts in carbon pollution left a lot to be desired. The UAE, the third-largest oil-producing member of the Organization of the Petroleum Exporting Countries, will host the COP28 summit from Nov. 30 to Dec. 12. WRI's Waskow said that, while the thorny issue of climate finance was not on the official agenda, "it clearly cast a shadow over the negotiations."

Persons: Simon Stiell, David Waskow, Waskow, WRI's Waskow Organizations: United Nations, Change, United Arab, World Resources Institute, Organization of, Petroleum Locations: Bonn, Germany, United Arab Emirates, UAE, Paris, Dubai

☆ 'A war for water': Europe sounds the alarm on water stress ahead of another extreme summer
▼ + stars: | 2023-06-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

A view of the practically empty swamp that supplied water to Fuente obejuna village in Cordoba, Spain on May 19, 2023. European lawmakers issued a stark warning about the region's growing water crisis ahead of another extreme summer, saying there is a pressing need to tackle issues such as scarcity, food security and pollution. Speaking at a European Parliament plenary session entitled "The Water Crisis in Europe" on Thursday, lawmakers called for increased action to preserve and improve water resources, already affected by several years of depleting groundwater levels as the climate crisis continues to intensify. "Some regions are suffering from water scarcity due to the droughts, while others are suffering from floods. "Let us not be the continent that learns the value of water after the well has run dry."

Persons: Energy Kadri Simson, Simson Organizations: Energy, EU Locations: Fuente obejuna, Cordoba, Spain, Europe, France

Global oil demand growth will trickle nearly to a halt in the coming years and peak this decade, according to the International Energy Agency, with Chinese consumption set to slow down after an initial pent-up recovery. "The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance," IEA Executive Director Fatih Birol said in a statement. Annual demand growth, however, will thin down from 2.4 million barrels per day this year to 400,000 barrels per day in 2028. Global supply capacity will rise by 5.9 million barrels per day to 111 million barrels per day by 2028 in IEA estimates, with growth lulling amid a U.S. slowdown. This will lead to a spare capacity cushion of 4.1 million barrels per day, focused in OPEC heavyweights Saudi Arabia and the UAE.

Persons: Fatih Birol Organizations: International Energy Agency, Organization of, Petroleum, U.S, Global, Saudi, IEA Locations: OPEC, Saudi Arabia, UAE, Russian, Russia

☆ Shell boosts dividend by 15%, maintains oil output through to 2030
▼ + stars: | 2023-06-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

British oil major Shell on Wednesday announced plans to boost returns to shareholders and keep oil output steady, as part of its strategy to simplify the group's business and improve investor confidence. This includes raising the dividend per share by an expected 15% from the second quarter and executing at least $5 billion of share buybacks in the second half of the year. "Performance, discipline, and simplification will be our guiding principles as we allocate capital to enhance shareholder distributions, while enabling the energy transition," said Shell CEO Wael Sawan. The British oil major reported a record annual profit of nearly $40 billion for 2022. The firm on Wednesday announced capital spending will be reduced to $22 billion to $25 billion per year for 2024 and 2025, respectively.

Persons: Shell, Wael Sawan Organizations: Shell, Wednesday, Markets Locations: New York, U.S, London

☆ Shares of Manchester United briefly pop 16% after Qatar media hints at takeover bid ‘success'
▼ + stars: | 2023-06-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

A statue of George Best, Denis Law and Bobby Charlton standing outside Old Trafford, home of Manchester United in Manchester, England. Shares of Manchester United rose as much as 16% in premarket trading on Tuesday after Qatari media suggested Sheikh Jassim bin Hamad al-Thani was likely to succeed with his takeover bid. Al-Watan is co-owned by Hamad bin Jassim bin Jaber al-Thani. Shares of Manchester United, which exclusively trade on the New York Stock Exchange, were around 4% higher at 3:15 a.m. "All the news received indicates the success of Sheikh Jassim bin Hamad bin Jassim's acquisition of Manchester United, and the announcement of the deal will be very soon," he said.

Persons: George Best, Denis Law, Bobby Charlton, Sheikh Jassim bin Hamad, Thani, Qatar's, Sheikh Jassim, Hamad bin Jassim bin Jaber, Jim Ratcliffe, Fahad, Glazer, Ratcliffe Organizations: Manchester United, Watan, Premier League soccer, New York Stock Exchange, Twitter, Al, Al Watan Locations: Old Trafford, Manchester, England, Qatar's Al, Thani

Silvio Berlusconi, the billionaire media mogul who served as Italian prime minister multiple times between 1994 and 2011, has died. Berlusconi died at the San Raffaele Hospital in Milan, according to local media. Berlusconi's extensive political career included appointments as Italian prime minister from 1994 to 1995, 2001 to 2006 and 2008 to 2011. His Forza Italia party is currently a junior partner in Prime Minister Giorgia Meloni's ruling right-wing coalition. The former Italian leader had promised — but failed — to sell his assets in the media company when he was prime minister.

Persons: Silvio Berlusconi, Berlusconi, Giorgia Meloni's, —, Karima Organizations: San Raffaele Hospital, CNBC, Forza Italia, Italian soccer, AC Milan, Italy's Locations: Milan, Italian

☆ Ukraine's dam disaster is 'unlikely' to derail its plans for a counteroffensive against Russia
▼ + stars: | 2023-06-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Ukraine accused Russian forces of blowing up the dam, while the Kremlin denied the attack and said Kyiv intentionally sabotaged the dam to distract attention from its counteroffensive. The dam breach comes amid months of buildup to Ukraine's counteroffensive, a phase of the war that many see as potentially pivotal in Kyiv's pursuit of victory. A spokesperson for the General Staff of the Ukrainian Armed Forces on Friday, however, dismissed reports that a counteroffensive had begun, according to Reuters. Ukraine's government has repeatedly said there will be no public announcement of the start of the counteroffensive. Andrius Tursa, central and Eastern Europe advisor at Teneo, a political risk consultancy, said the destruction of the Nova Kakhovka dam may alter Ukraine's offensive plans — but was "unlikely to derail" them.

Persons: Andrius, Tursa Organizations: Kremlin, CNBC, NBC, General Staff, Ukrainian Armed Forces, Reuters Locations: Donetsk region, Russian, Ukraine, Kyiv, Eastern Europe, Nova, Crimea

☆ 'Fight has only just begun': Climate activist Greta Thunberg holds her final school strike
▼ + stars: | 2023-06-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Swedish climate activist Greta Thunberg on Friday took part in her final school strike, signing off after 251 consecutive weeks of demonstrations with a warning that "the fight has only just begun." "Today, I graduate from school, which means I'll no longer be able to school strike for the climate," Thunberg said on Twitter. "This is then the last school strike for me, so I guess I have to write something on this day." Just as she did in August of that year, Thunberg marked her final school strike by protesting with a handmade sign that translated to read, "School strike for climate." Initially a one-person demonstration, Thunberg's act would go onto inspire a global protest for climate action.

Persons: Thunberg, Greta Thunberg, Donald Trump, Scott Morrison Organizations: Twitter, Australian

☆ Not a question of money: Soccer legend Lionel Messi chooses Inter Miami in blow to Saudi Arabia
▼ + stars: | 2023-06-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Messi on Wednesday announced he will sign for Major League Soccer side Inter Miami, choosing the United States as his next destination over a Barcelona reunion or blockbuster deal to play in Saudi Arabia. Argentine superstar Lionel Messi, widely regarded as one of the greatest soccer players of all time, has spurned a highly lucrative offer from Saudi Arabia, choosing to instead ply his trade with Major League Soccer club Inter Miami. It always appeared unlikely, however, given the club's longstanding problem of getting to grips with La Liga's Financial Fair Play rules. "I made the decision that I'm going to go to Miami," Messi revealed in an interview with Spanish news outlets Mundo Deportivo and Sport, according to a translation. He added: "Obviously, with the same responsibility and desire to want to win and to always do things well.

Persons: Messi, Lionel Messi, Germain, Unexpectedly, he'd, I'm Organizations: Wednesday, Major League Soccer, Inter Miami, Al, Paris Saint, Miami, Spanish, Mundo Deportivo, Sport, U.S Locations: United States, Barcelona, Saudi Arabia, Argentine, Spanish, Argentina, Hilal, Miami, Europe

☆ Oil giant Shell's UK ad campaign banned for being 'likely to mislead' consumers
▼ + stars: | 2023-06-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Britain's advertising regulator has banned an ad campaign promoting the green initiatives of Shell, saying the marketing of the oil giant's lower emissions energy products was "likely to mislead" consumers. All published in 2022, the ads sought to raise awareness of the range of Shell's energy products under a campaign tagline of "The U.K. is ready for cleaner energy." The Advertising Standards Authority said Tuesday that, following an investigation, it had concluded that the ad campaign may lead people to overestimate the firm's investment in clean energy. "We strongly disagree with the ASA's decision, which could slow the UK's drive towards renewable energy," a company spokesperson said. The ASA ruling noted that Shell believed the ads "accurately represented" the range of lower emissions energy products and services it offers and that any mention of the firm's high-carbon products would have been "counterproductive."

Persons: Shell Organizations: Shell, Shell YouTube, Standards Authority, ASA Locations: Bristol, England

☆ The destruction of a major Ukrainian dam could have grave consequences. Here’s what we know so far
▼ + stars: | 2023-06-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

A partially flooded area of Kherson on June 6, 2023, following damage sustained at the Kakhovka hydroelectric dam. "The destruction of the Kakhovka hydroelectric power plant dam only confirms for the whole world that they must be expelled from every corner of Ukrainian land. "As a result of detonation of the engine room from the inside, the Kakhovskaya [hydroelectric power plant] was completely destroyed. 'No immediate risk' to Zaporizhzhia nuclear plantThe U.N.'s nuclear watchdog said it was closely monitoring the situation at Zaporizhzhia nuclear power plant. Zaporizhzhia Nuclear Power Plant, Europe's largest nuclear power station.

Persons: Dmitry Peskov, Volodymyr Zelenskyy, Zelenskyy, Ukrhydroenergo, Nova Kakhovka, Peter Stano, Jens Stoltenberg, meanwhile, Rafael Grossi, Grossi, Carl Court Organizations: Anadolu Agency, Getty, Google, Tass, CNBC, NBC News, Internal Affairs Ministry, Afp, National Security and Defense Council, European Commission, Ukraine, European Union, NATO, Twitter, International Atomic Energy Agency, IAEA, Carl Locations: Russian, Ukraine's Kherson, Ukraine, Nova Kakhovka, Moscow, Nova, Crimean, Russia, Kherson, Ukrainian, Estonia, Lithuania, Latvia

☆ Europe is struggling with a precarious water situation ahead of another drought-riven summer
▼ + stars: | 2023-06-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

European policymakers are battling to get to grips with a growing water crisis ahead of what researchers fear could be yet another climate crisis-fueled summer of drought. Water resources in Europe are growing increasingly scarce because of the deepening climate emergency, with record-breaking temperatures through spring and a historic winter heatwave taking a visible toll on the region's rivers and ski slopes. Reservoirs in Mediterranean countries like Italy have fallen to water levels typically associated with summer heatwaves in recent weeks, threatening agricultural production, while protests have broken out over water shortages in both France and Spain. It comes as temperatures are poised to climb through summer and many fear Europe's already "very precarious" water problem could get even worse. "We are actually getting problems with the water supply here — we have to think about this."

Persons: Europe's, Torsten Mayer Organizations: Arenas, Arenas del Rey, Austria's University of Graz, European Union, University of Graz Locations: Arenas del, Granada, Spain, Europe, Italy, France, Germany, Austria

☆ UAE oil chief is ‘the perfect person’ to lead UN climate talks, COP28 director general says
▼ + stars: | 2023-06-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The UAE will host the COP28 climate summit from Nov. 30 through to Dec. 12. The director general of COP28 on Thursday defended the appointment of oil executive Sultan al-Jaber, describing the Abu Dhabi National Oil Company CEO as the "perfect person" to lead the climate talks. The UAE, the third-largest oil-producing member of the OPEC alliance, will host the COP28 climate summit from Nov. 30 through to Dec. 12. Asked by CNBC's Dan Murphy to respond to the calls to remove al-Jaber as president-designate of the summit, COP28 Director General Majid al-Suwaidi said: "This is a discussion that we've seen a lot in the media. "As the UAE we've been really focused on how do we deliver the results we need for COP28 and I know that Dr. Sultan is the perfect person to do that.

Persons: Sultan al, Jaber, COP28, Joe Biden, Ursula von der Leyen, Bernie Sanders, Elizabeth Warren, CNBC's Dan Murphy, Majid al, Suwaidi, we've, —, they're, Sultan Organizations: Abu, Abu Dhabi National Oil Company, European, United, U.S, UAE we've Locations: UAE, COP28, Abu Dhabi, United Arab Emirates

☆ World's biggest investment fund says firms mismanaging climate risk could face exclusion from next year
▼ + stars: | 2023-05-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesNorway's $1.4 trillion sovereign wealth fund says it is prepared to start dropping companies for mismanaging climate risk starting next year, adding to the decarbonization pressure that activist shareholders are already piling on firms. It comes shortly after the world's the biggest investment fund said it would vote for shareholder proposals at Chevron and Exxon Mobil's respective annual meetings on Wednesday. Norway's oil fund had refused to back similar shareholder proposals tabled in recent weeks at European oil majors, such as BP and TotalEnergies. Palpable frustrationNorway's oil fund has invested in more than 9,000 companies in 70 countries around the world and acknowledges that "companies care how we vote at AGMs." Bloomberg | Bloomberg | Getty Images

Persons: Carine Smith Ihenacho, Carine Smith, Ihenacho Organizations: Bloomberg, Getty, Chevron, Exxon Mobil's, Norges Bank Investment Management, CNBC, Protesters, Salle Locations: U.S, Paris

☆ A 'Big Short' investor sees financial disaster brewing in housing markets — again
▼ + stars: | 2023-05-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

A 'Big Short' investor fears an often-overlooked climate risk could see history repeating itself in the housing market. He helped two of the protagonists of Michael Lewis' bestselling book "The Big Short" bet against the mortgage market in the lead-up to the 2008 economic collapse. Now, Burt believes the mortgage market is underestimating another systemic issue: flood risk. If realized, he warns the fallout could resemble the massive correction seen during the global financial crisis. So, why does the U.S. housing market seem to be underestimating the cost of flooding?

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