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☆ Private jet flights in Europe soar to record levels — and most were ultra-short journeys
▼ + stars: | 2023-03-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

A private jet is landing over the snowy mountains of St. Moritz in Switzerland. Private jet emissions, which have a disproportionate impact on the environment, were found to have more than doubled in Europe in 2022. Analysis published Thursday by environmental campaign group Greenpeace showed the number of private jet flights in Europe last year rose by a whopping 64% to reach a record high of 572,806. The analysis found that the countries with the most private jet flights in Europe last year were the U.K., France and Germany. The most popular destinations for private jet flights in Europe in 2022 were the French Riviera city of Nice, France's capital of Paris and Switzerland's second-most populous city of Geneva.

☆ Energy agency chief warns transition to renewables is way off track, issues warning on stranded assets
▼ + stars: | 2023-03-28 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The current German coalition government is seeking to accelerate the country's transition away from fossil fuels and nuclear to renewable and sustainable production energy means. The global energy transition is off track to prevent the worst impact of the climate emergency, according to the head of the International Renewable Energy Agency, and a fundamental course correction is required to successfully pivot away from fossil fuels. It is widely regarded as a crucial global target because so-called tipping points become more likely beyond this level of global heating. Tipping points are thresholds at which small changes can lead to dramatic shifts in Earth's entire life support system. "We are off track," Francesco La Camera, director general of IRENA, told CNBC's "Squawk Box Europe" on Tuesday.

(Photo by HAZEM BADER / AFP) (Photo by HAZEM BADER/AFP via Getty Images)Israeli Prime Minister Benjamin Netanyahu on Monday agreed to suspend a planned judiciary reform until the next parliament session after nationwide protests paralyzed the country. Netanyahu agreed with one of his hard-right coalition partners, Itamar Ben-Gvir, that the judiciary overhaul bill would be given an extension to the next session to pass the reform through negotiations, NBC reported. As part of the agreement, a National Guard will be set up under Ben-Gvir's Ministry of National Security. The latest development indicates Netanyahu has not yet given up on the contentious reform bill, despite huge protests and widespread strikes. The prime minister — who is the longest-serving in Israel's history — was expected to announce a pause to the legislation on Monday, but the delivery of his statement was postponed three times, according to the Jerusalem Post.

☆ A 'greenwashing' crackdown in Europe hasn't gone down well. Here's what you need to know
▼ + stars: | 2023-03-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The European Commission, the EU's executive arm, published its so-called "Green Claims Directive" on Wednesday. The highly anticipated proposal seeks to establish an EU-wide methodology that will help to clean up the environmental claims marketplace. Today, most green claims are too good to be true and the proposal is… far from the real (green) deal. The EU's "Green Claims Directive" seeks to tackle this trend. "Green claims are everywhere: ocean-friendly t-shirts, carbon-neutral bananas, bee-friendly juices, 100% CO2-compensated deliveries and so on," said Frans Timmermans, executive vice-president for the European Green Deal.

☆ Europe’s rush to LNG could turn into ‘world’s most expensive and unnecessary insurance policy'
▼ + stars: | 2023-03-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

The Golar Tundra project is a key part of Italy's plan to reduce its reliance on Russian gas following the invasion of Ukraine. Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. "This is the world's most expensive and unnecessary insurance policy," said Ana Maria Jaller-Makarewicz, energy analyst for IEEFA Europe and author of the analysis. "Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. Boosting Europe's LNG infrastructure will not necessarily increase reliability — there's a tangible risk that assets could become stranded," Jaller-Makarewicz said.

☆ 'A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the line
▼ + stars: | 2023-03-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Fabrice Coffrini | Afp | Getty Imageswatch now"The Credit Suisse debacle will have serious ramifications for other Swiss financial institutions. A country-wide reputation with prudent financial management, sound regulatory oversight, and, frankly, for being somewhat dour and boring regarding investments, has been wiped away," Marenzi said. Credit Suisse traded up 3.5% during afternoon deals after ending Monday's session down a whopping 55%. Credit Suisse bond wipeoutUnder the terms of the emergency takeover, investors in Credit Suisse's additional tier-one bonds — widely regarded as a relatively risky investment — will see the value of their holdings slashed to zero. One euro was last seen trading at 0.9961 Swiss francs, weakening from 0.9810 when compared with March 14.

The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. Credit Suisse shares collapsed by 60% at around 9:05 a.m. London time (5:05 a.m. Swiss authorities and regulators helped to facilitate the deal, announced Sunday, as Credit Suisse teetered on the brink. The size of Credit Suisse was a concern for the banking system, as was its global footprint given its multiple international subsidiaries. "This suggests that a substantial part of Credit Suisse's $570bn assets may be either impaired or perceived as being at risk of becoming impaired.

☆ World’s top climate scientists issue ‘survival guide for humanity,’ call for major course correction
▼ + stars: | 2023-03-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

The 1.5 degrees Celsius temperature threshold is widely recognized as crucial because so-called tipping points become more likely beyond this level. In short, our world needs climate action on all fronts — everything, everywhere, all at once. But it will take a quantum leap in climate action." He added, "In short, our world needs climate action on all fronts — everything, everywhere, all at once." "Climate justice is crucial because those who have contributed least to climate change are being disproportionately affected," said Aditi Mukherji, one of the 93 authors of this Synthesis Report.

☆ 'The weakest links are cracking': Investors consider possible Credit Suisse contagion
▼ + stars: | 2023-03-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

"But I would very strongly recommend sticking to high-quality companies — that means strong management, strong balance sheets, strong value proposition. Even before the shock collapse of two U.S. banks last week, Credit Suisse has been beset with problems in recent years, including money laundering charges and spying allegations. Credit Suisse management said Wednesday, however, that its latest step to secure a sizable funding deal showed "decisive action" to strengthen the business. Analysts at UBS, meanwhile, said market participants were "grappling with three interrelated but different issues: bank solvency, bank liquidity, and bank profitability." "In short, we think bank solvency fears are overdone, and most banks retain strong liquidity positions," they added.

☆ Russia's oil revenues fall sharply as the West's price cap starts to bite, IEA says
▼ + stars: | 2023-03-15 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Russia announced that it would cut oil production by 500,000 barrels per day in March after the West slapped price caps on Russian oil and oil products. The International Energy Agency on Wednesday said Russia's oil export revenues fell sharply in February, prompted by bans and price caps designed to curtail President Vladimir Putin's ability to finance the war in Ukraine. The IEA said Russia's estimated oil export revenues fell to $11.6 billion last month, down $2.7 billion from January when volumes were significantly higher. Revenues are already dwindling," the group said in its latest oil market report. The latest figures come shortly after the IEA said in mid-February that the West's oil war against Russia appeared to be having the "intended effect" despite surprisingly resilient production and exports in recent months.

Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Shares of Credit Suisse on Wednesday hit another all-time low for a second consecutive day, dropping by more than 24% at one point during the session. Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.

☆ UK's Sunak meets France's Macron in scramble to mend relations after Boris Johnson missteps
▼ + stars: | 2023-03-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

French President Emmanuel Macron welcomes British Prime Minister Rishi Sunak prior to the 36th Franco-British Summit at the Elysee Palace on March 10, 2023 in Paris, France. Sunak and Macron greeted each other at the Élysée Palace in Paris Friday morning. "The destinies of the United Kingdom and France are linked," Macron said via Twitter, as he welcomed Sunak to Paris. It is thought that Macron and Sunak will hold a press briefing shortly after the conclusion of the talks. Sunak and Macron have billed the summit as an opportunity to reset the strained cross-Channel relationship.

☆ A growing plastic smog is choking the world's oceans — and it shows no signs of slowing down
▼ + stars: | 2023-03-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

U.N. member states are scheduled to meet this spring with the aim of developing a legally binding instrument on plastic pollution. More than 170 trillion plastic particles weighing roughly 2 million metric tons are afloat in the world's oceans, according to new research, and that number could nearly triple by 2040 if no action is taken. The authors of the peer-reviewed research paper, published Wednesday in the PLOS ONE journal, warn that "cleanup is futile," if plastic continues to be produced at the current rate. They say this may reflect an exponential uptick in plastic production, fragmentation of existing plastic pollution or changes to terrestrial waste generation and management. The rate of plastic entering the world's oceans, without immediate action to reverse the current trend, was expected to increase roughly 2.6-fold from 2016 to 2040.

☆ China's energy transition sees 'staggering' progress on renewables — and a coal power boom
▼ + stars: | 2023-03-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

'A hot, still summer evening is the worry'The International Energy Agency said earlier this month that, while still rising, global carbon emissions may at least be reaching a plateau. Energy-related carbon emissions added less than 1% in 2022 to a new high of more than 36.8 billion tons. Comparatively, global emissions from energy gained by 6% in 2021. "Getting China's emissions to peak has an indispensable role in peaking and declining global emissions — and the success of the overall global effort," said Lauri Myllyvirta, lead analyst at CREA. In 2020, China's Xi announced plans for the world's second-largest economy to strive for peak carbon emissions in 2030 and for carbon neutrality by 2060.watch now

☆ Oil chief leading COP28 climate summit urges energy industry to 'up its game' to reduce emissions
▼ + stars: | 2023-03-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

"Alongside all industries, the oil and gas sector needs to up its game, do more and do it faster," Abu Dhabi National Oil Company CEO Sultan al-Jaber said during a keynote speech at CERAWeek. The chief executive of one of the world's biggest oil companies, who will lead talks at the COP28 climate summit later this year, called on the energy industry to "up its game" to reduce emissions. The head of the United Arab Emirates' state oil company was seen as a controversial choice to lead the COP28 climate talks in Dubai later this year. The UAE, the third largest producer of the OPEC oil alliance, will host the U.N.-brokered climate talks from Nov. 30 through to Dec. 12. The COP28 summit will see the first global stocktake since the 2015 Paris Agreement.

☆ British chip giant Arm chooses New York listing in a blow to London
▼ + stars: | 2023-03-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

City workers in Paternoster Square, where the headquarters of the London Stock Exchange is based, in the City of London, UK, on Thursday, March 2, 2023. British chip designer Arm, owned by Japan's SoftBank, and building materials group CRH intend to shun London and pursue stock market listings in the U.S., dealing a blow to the U.K.'s post-Brexit vision. Arm said in a statement Friday that it was seeking to pursue a U.S.-only listing this year. It comes shortly after CRH, one of the FTSE 100 's biggest companies, said it plans to move its primary stock market listing to New York. The news is likely to bolster fears that the U.K. stock market is losing out to international rivals.

☆ Denmark to abolish springtime public holiday to help meet NATO spending goal
▼ + stars: | 2023-03-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Denmark's 179-seat parliament voted by 95 to 68 to approve the government's proposal to scrap Great Prayer Day, a religious holiday that falls on the fourth Friday after Easter. Danish lawmakers voted to abolish a springtime public holiday from the national calendar and plan to use the savings to boost military spending. Denmark's 179-seat Parliament on Tuesday voted by 95 to 68 to approve the centrist coalition government's proposal to scrap Store Bededag, or Great Prayer Day, from next year. Great Prayer Day is a religious holiday that falls on the fourth Friday after Easter. The newly formed government said the cancellation of the public holiday would provide an additional 3 billion Danish krone (roughly $430 million).

☆ BP CEO defends spending plans as climate protesters block entrance to London energy conference
▼ + stars: | 2023-02-28 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Holding banners reading "Climate Criminals Enter Here" and "No New Oil," activists from climate action group Fossil Free London gathered outside the luxury hotel to protest BP's continued fossil fuel investment. "An energy system that works is one that provides energy that is secure and affordable as well as lower carbon — what's known as the energy trilemma," Looney said. "To solve it, action is clearly needed to accelerate the energy transition and at the same time, that transition has got to be orderly. We need to invest in the energy transition and — not or — we need to invest in today's energy system, which is predominantly an oil and gas system." The extraordinary scale of the oil and gas industry's earnings has renewed criticism and sparked calls for higher taxes.

☆ Telecom giant Ericsson says Europe’s industry structure is ‘probably unsustainable’
▼ + stars: | 2023-02-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Ericsson recently announced it is planning to cut 8,500 jobs as part of its cost-cutting measures. The chief executive of Swedish telecom company Ericsson on Monday warned Europe's industry structure is likely unsustainable, calling for consolidation across the region to boost competitiveness. The comments come shortly after the company, which is one of the world's biggest providers of 5G mobile networks, announced it is planning to cut 8,500 jobs as part of its cost-cutting measures. Asked how the region can address this issue, Ekholm replied, "You know my view on this, I do believe Europe needs to consolidate." Ekholm said in countries such as the U.S., China and India, consolidation had meant there were now just two or three operators nationwide.

☆ One year on, Russia's war in Ukraine ramps up fears over Europe's next security 'soft spot'
▼ + stars: | 2023-02-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +8 min

Speaking at the World Economic Forum in Davos, Switzerland, North Macedonia President Stevo Pendarovski said that, aside from Kyiv, he believed that the Western Balkan region was the "soft spot" of Europe's security architecture. For sure, the Western Balkans is a second battleground for Russia in terms of foreign interference and information manipulation. Bloomberg | Bloomberg | Getty ImagesĆerimagić said Russia's war in Ukraine provides Europe with a clear opportunity to cement stability in the Western Balkans. "For sure, the Western Balkans is a second battleground for Russia in terms of foreign interference and information manipulation. watch nowNorth Macedonia's Pendarovski last month described the U.S. as a "key player" in supporting Western Balkan countries through Russia's war in Ukraine.

☆ The return of El Nino could make the world even hotter — endangering a critical climate threshold
▼ + stars: | 2023-02-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The El Nino Southern Oscillation system is composed of El Nino and La Nina — two opposite states of fluctuation in the Earth's climate system, which can have significant consequences on weather, wildfires, ecosystems and economies across the world. An El Nino event is declared when sea temperatures in the tropical eastern Pacific rise 0.5 degrees Celsius above the long-term average. The warmest year ever recorded, 2016, started off with a powerful El Nino that helped to boost global temperatures. This lagged effect is why forecasters believe 2024 could be the first year that humanity surpasses 1.5 degrees Celsius. Weather conditions are likely to be drier than average in Indonesia during an El Nino event as rainfall moves out to the Pacific Ocean.

☆ Shell’s board of directors sued over climate strategy in a first-of-its-kind lawsuit
▼ + stars: | 2023-02-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Shell's directors are being personally sued for allegedly failing to adequately manage the risks associated with the climate emergency in a first-of-its-kind lawsuit that could have widespread implications for how other companies plan to cut emissions. Environmental law firm ClientEarth, in its capacity as a shareholder, filed the lawsuit against the British oil major's board at the high court of England and Wales on Thursday. It alleges 11 members of Shell's board are mismanaging climate risk, breaching company law by failing to implement an energy transition strategy that aligns with the landmark 2015 Paris Agreement. "The shift to a low-carbon economy is not just inevitable, it's already happening. Yet the Board is persisting with a transition strategy that is fundamentally flawed, leaving the company seriously exposed to the risks that climate change poses to Shell's future success — despite the Board's legal duty to manage those risks," Benson said.

☆ Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
▼ + stars: | 2023-02-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Exxon Mobil's 2022 haul of $56 billion marked a historic high for the Western oil industry. Chicago Tribune | Tribune News Service | Getty ImagesThe West's five largest oil companies raked in combined profits of nearly $200 billion in 2022, intensifying calls for governments to impose tougher windfall taxes. Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries. His comments came shortly after Shell reported its highest-ever annual profit of nearly $40 billion, comfortably surpassing its previous record of $28.4 billion in 2008. watch nowThe CEO of Saudi Aramco, the world's largest energy company, has previously warned about the dangers of pressuring oil companies through higher taxes.

☆ BP posts record 2022 earnings to join Big Oil profit bonanza
▼ + stars: | 2023-02-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. Analysts polled by Refinitiv had expected net profit of $27.6 billion for full-year 2022. BP said its previous annual profit record was $26.3 billion in 2008. For the fourth quarter, BP posted net profit of $4.8 billion, narrowly beating analyst expectations of $4.7 billion. Before that, U.S. oil giant Exxon Mobil reported a $56 billion profit for 2022, marking a historic high for the Western oil industry.

☆ New Western measures aim to turn up the heat on Putin’s oil revenues. Analysts are underwhelmed
▼ + stars: | 2023-02-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The West's latest attempt to ramp up its oil war against Russia may cause some market dislocation, but some energy analysts remain far from convinced that the restrictions will constitute a "transformative event." An EU ban on Russian oil product imports came into effect on Feb. 5, following similar restrictions on EU crude oil intake, implemented on Dec. 5. The price cap coalition, which is composed of Australia, Canada, the EU, Japan, the U.K. and the U.S., seeks to deplete Russian President Vladimir Putin's war chest amid Moscow's ongoing hostilities in Ukraine. Some analysts warned that the measures could cause "significant market dislocations" and that the EU embargo was more complex and more disruptive than what had come before. "This will bring us basically into the same story that we had with the oil price cap back in December.

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