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☆ The world's in a 'polycrisis' — and these countries want to quash it by looking beyond GDP
▼ + stars: | 2022-12-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +11 min

Mostly led by women, Finland, Iceland, Scotland, Wales and New Zealand are all members of the Wellbeing Economy Governments partnership. "Which I think is why we're seeing such growing interest in the well-being economy approach, both here in Scotland and around the world." A post-growth society is one that resists the demand for constant economic growth. Mostly led by women, Finland, Iceland, Scotland, Wales and New Zealand are all members of the Wellbeing Economy Governments partnership. 'GDP is not a way to measure richness'The push to look beyond economic growth comes at a time of growing calls to end fossil fuel production worldwide.

☆ Europe’s energy grids face first major winter stress test as Arctic blast takes hold
▼ + stars: | 2022-12-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

LONDON — Temperatures in Northern Europe are expected to fall sharply over the coming days as cold air blows in from the Arctic, posing the first major winter test of the region's energy grids. The projected cold snap is thought to represent a significant stress test for Europe's fragile energy market systems. The latest data from industry group Gas Infrastructure Europe shows the EU's gas storage is estimated to be roughly 90% full. Energy analysts told CNBC that while Europe's gas storage levels were in a relatively strong position for winter, southern Germany may be "particularly vulnerable" to freezing temperatures partly due to nuclear outages in France. The U.K. could face problems early next year too if energy exports from the EU fall.

☆ OPEC+ agrees to stick to its existing policy of reducing oil production ahead of Russia sanctions
▼ + stars: | 2022-12-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to stick to its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the end of 2023. Energy analysts had expected OPEC+ to consider fresh price-supporting production cuts ahead of a possible double blow to Russia's oil revenues. The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good. Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November.

☆ Kremlin says Putin open to talks; Zelenskyy aide says up to 13,000 Ukrainian soldiers killed in war
▼ + stars: | 2022-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

An elderly woman looks at damaged caused by overnight Russian shelling of a residential building on Dec. 1, 2022 in Kherson, Ukraine. Between 10,000 and 13,000 Ukrainian soldiers have been killed in the war with Russia so far, according to a reported estimate from Ukrainian presidential aide Mykhailo Podolyak. Meanwhile, Ukraine's regional heads said in an update that Russian forces launched a missile attack on an infrastructure facility in the southeastern city of Zaporizhzhia. Kremlin spokesperson Dmitry Peskov reportedly said Russian President Vladimir Putin remains open to talks over a possible settlement deal. That comes shortly after U.S. President Joe Biden said he would be prepared to meet Putin if he was looking for a way to end the war.

☆ OPEC+ to consider deeper oil output cuts ahead of Russia sanctions and proposed price cap
▼ + stars: | 2022-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The highly anticipated meeting comes ahead of potentially disruptive sanctions on Russian oil, weakening crude demand in China and mounting fears of a recession. Concern that an outright ban on Russian crude imports could send oil prices soaring, however, prompted the G-7 to consider a price cap on the amount it will pay for Russian oil. "The other factor OPEC will need to consider is indeed the price cap," Galimberti said. The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good. The energy alliance recently hinted it could impose deeper output cuts to spur a recovery in crude prices.

☆ European markets set to open lower as investors await U.S. payrolls data
▼ + stars: | 2022-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

European markets were poised to open lower on Friday as investors closely monitored news from China over its zero-Covid policy and looked ahead to U.S. non-farm payrolls data. Britain's FTSE 100 index, France's CAC and Germany's DAX were all forecast to open slightly lower, according to data from IG. Stocks in Japan led losses, with the Nikkei 225 last seen 1.6% lower and the Topix falling 1.6%. Stateside, S&P 500 futures were slightly lower as market participants looked ahead to the November jobs report. Economic data including the Labor Department's report on non-farm payrolls, the unemployment rate and hourly wages are due at 8:30 a.m.

☆ Goldman Sachs' Currie says oil stocks are trading 'far below' their long-term trend
▼ + stars: | 2022-11-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of energy companies could surprise markets and continue to rise, according to Goldman Sachs' head of commodities research, despite a recent fall in crude prices. Jeff Currie told CNBC that historically, stocks in the sector have traded at a higher premium to crude oil prices compared to current price levels . "There is a catch-up game going on between oil prices and ... equities," Currie said Tuesday. Spot oil prices and energy stocks tend to move in tandem. OPEC+ has recently hinted it could impose deeper output cuts to spur a recovery in crude prices .

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☆ 'Golden era' for Britain and China’s relationship is over, UK PM Rishi Sunak says
▼ + stars: | 2022-11-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Sunak's comments come shortly after groups of people across China held public demonstrations to protest the country's stringent zero-Covid policy. U.K. Prime Minister Rishi Sunak said the so-called "golden era" of relations with China was over, warning that Beijing's move toward even greater authoritarianism posed a systemic challenge to Britain's values and interests. "Let's be clear, the so-called 'golden era' is over," Sunak said Monday in his first major foreign policy speech. His reference to the "golden era" for the U.K.-China relationship echoed comments made by former U.K. Finance Minister George Osborne in 2015, who had claimed Britain could be China's "best partner in the West." His comments come shortly after public demonstrations were held across China to protest the country's stringent zero-Covid policy.

☆ Ukraine says Russian missile strike on hospital killed newborn; Zelenskyy promises winter shelters
▼ + stars: | 2022-11-23 | by ( Sam Meredith | ) www.cnbc.com time to read: 1 min

Ukrainian President Volodymyr Zelenskyy said in his overnight address that winter shelters with basic services including heat, water and a first-aid kit would be freely available to citizens across the country. He said these "invincibility" centers would be necessary to support people in the event of further Russian attacks on the country's energy system. More than 4,000 centers have been prepared so far, Zelenskyy said. "I am sure [that] by helping each other, we will all be able to get through this winter together," he added. — Sam Meredith

☆ U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips challenged over ‘secretive’ tax practices
▼ + stars: | 2022-11-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Oxfam on Monday filed shareholder resolutions against U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips, saying a lack of transparency over their global tax practices poses a material risk for long-term investors. The international relief charity said the companies' tax practices undermine the public's interest in a fair tax system — especially in Global South countries "with the greatest tax revenue needs." "Exxon, Chevron, and ConocoPhillips's threadbare tax disclosures leave investors, watchdog groups, and the general public in the dark about the companies' secretive tax practices," Daniel Mulé, policy lead on extractive industries and tax at Oxfam America, said in a statement. Chevron, Exxon Mobil and ConocoPhillips were not immediately available to comment when contacted by CNBC. It comes amid a broader push for greater tax transparency from large corporations, particularly as people around the world feel the squeeze of a cost-of-living crisis.

☆ New global climate deal struck at conference in Egypt
▼ + stars: | 2022-11-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Climate reparations, or "loss and damage" funding, is a highly divisive and emotive issue that is seen as a fundamental question of climate justice. Government ministers and negotiators from nearly 200 countries finally secured an agreement Sunday aimed at keeping a critically important global heating target alive. The new political deal reaffirms efforts to limit global temperature rise to the crucial temperature threshold of 1.5 degrees Celsius above pre-industrial levels and the creation of a new "loss and damage" fund that would compensate poor nations that are victims of extreme weather worsened by climate change. Delegates struggled to build consensus on an array of issues, even as a flurry of U.N. reports published ahead of the conference made clear just how close the planet is to irreversible climate breakdown. The summit made history as the first to see the topic of loss and damage funding formally make it onto the COP27 agenda.

☆ Traces of explosives found at site of Russian pipeline leaks, Sweden says
▼ + stars: | 2022-11-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Climate scientists described the shocking images of gas spewing to the surface of the Baltic Sea as a "reckless release" of greenhouse gas emissions that, if deliberate, "amounts to an environmental crime." Sweden's prosecutor's office said Friday that an investigation into gas leaks from two underwater pipelines connecting Russia to Germany found traces of explosives, confirming that it is a case of "serious sabotage." Swedish and Danish investigators are investigating a flurry of detonations on the Nord Stream 1 and 2 pipelines on Sept. 26 that sent gas spewing to the surface of the Baltic Sea. The explosions triggered four gas leaks at four locations: two in Denmark's exclusive economic zone and two in Sweden's exclusive economic zone. Many in Europe suspect the Nord Stream gas leaks were the result of an attack, particularly as it occurred during a bitter energy standoff between the European Union and Russia.

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

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

☆ 'Profoundly disturbing': The PR firm for the COP27 climate summit has a long history with Big Oil
▼ + stars: | 2022-11-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

"Hill and Knowlton is the main lobbying communications firm for the oil industry," said Duncan Meisel, campaign director at Clean Creatives, a U.S.-based group working to disentangle the PR industry from the fossil fuel sector. "Any PR firm that is actively supporting to promote [a] narrative of continued fossil fuel expansion under any circumstances is a problem," Muffett told CNBC via telephone. watch nowIt comes at a time of growing momentum for calls to end fossil fuel production worldwide. U.N. Secretary-General Antonio Guterres recently called out what he described as the "massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny." "Fossil fuel interests need to spend less time averting a PR disaster — and more time averting a planetary one."

☆ 'Not for the faint-hearted': COP27 delegates battle a growing list of logistics nightmares
▼ + stars: | 2022-11-11 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Around 35,000 delegates from nearly 200 countries are expected to convene on the southern tip of Egypt's Sinai Peninsula to discuss collective action on how to tackle the climate emergency. It may, perhaps, also become known for the growing list of infrastructure woes at this year's flagship U.N. climate summit. Around 35,000 delegates from nearly 200 countries are expected to convene on the southern tip of Egypt's Sinai Peninsula to discuss collective action on how to tackle the climate emergency. A sewage pipe on Wednesday evening appeared to burst near the exit of the Blue Zone, a U.N.-managed space where negotiations are held. It's not for the faint-hearted," Lena Thiede, an environmental and climate policy expert at German investment firm Planet A Ventures, told CNBC from the Blue Zone on Thursday.

☆ ‘A twisted joke’: UN’s flagship climate summit sees sharp jump in fossil fuel industry delegates
▼ + stars: | 2022-11-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The sharp jump in attendees associated with some of the world's biggest polluting oil and gas giants at COP27 is thought to reflect the rise in the influence of the fossil fuel industry to shape the debate. SHARM EL-SHEIKH, Egypt — More than 600 fossil fuel industry delegates have been registered to attend the COP27 climate talks in Egypt, according to analysis from campaign groups, reflecting an increase of over 25% from last year. The sharp jump in attendees associated with some of the world's biggest polluting oil and gas giants at the U.N.'s flagship climate conference is thought to reflect the rise in the influence of the fossil fuel industry to shape the debate. An analysis of data from the U.N.'s provisional list of named attendees by campaign groups Corporate Accountability, Corporate Europe Observatory and Global Witness found that 636 fossil fuel lobbyists had been registered to take part in the talks. It means that more fossil fuel lobbyists are represented at the two-week-long summit than any single country besides the United Arab Emirates, which has 1,070 delegates registered compared to 176 last year.

☆ Fraying U.S.-China relations could have huge implications for Earth
▼ + stars: | 2022-11-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Xinhua News Agency | Xinhua News Agency | Getty ImagesSHARM EL-SHEIKH, Egypt — Fraying diplomatic tensions between the U.S. and China are a big concern at the COP27 climate summit. However, many fear tensions between Washington and Beijing could make climate cooperation at COP27 extremely difficult. We say it is just on climate change, but we know that climate change is really at the center of everything in society." Biden is expected to join a 16-member delegation of senior officials at COP27 later this week to "advance the global climate fight." "And there is no solution to the problem of climate change without China, without Russia, without India, without … large economies being at the table," Kerry said.

☆ 'This is not going to stop': Pakistan says apocalyptic flooding shows the need for reparations
▼ + stars: | 2022-11-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Reparations, or "loss and damage" funding, are seen as a fundamental question of climate justice. The decision to include loss and damage funding as an agenda item, which was proposed by Pakistan, was preceded by 48 hours of talks. He now hopes the international community can find a way to collectively address financing for loss and damage. U.S. climate envoy John Kerry said Washington would not be "obstructing" talks on loss and damage in Sharm el-Sheikh. We are talking about the reality outside these conference walls," Singh told CNBC.

☆ World leaders insist Russia's war in Ukraine must be a reason to act even faster on climate
▼ + stars: | 2022-11-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

SHARM EL-SHEIKH, Egypt — World leaders took to the stage on the opening days of the U.N.'s flagship climate summit to insist Russia's onslaught in Ukraine must not derail urgent and collective action to prevent catastrophic global heating. World leaders on Monday and Tuesday convened in Egypt's Red Sea resort town of Sharm el-Sheikh to deliver national statements on the battle to secure a livable future. "Climate security goes hand in hand with energy security," U.K. Prime Minister Rishi Sunak said at the U.N.-brokered talks. Russian President Vladimir Putin's "abhorrent war in Ukraine and rising energy prices across the world are not a reason to go slow on climate change. They are a reason to act faster," Sunak said on Monday.

☆ Sinking Pacific island nation issues historic call for treaty to phase out fossil fuels
▼ + stars: | 2022-11-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

SHARM EL-SHEIKH, Egypt — The South Pacific island nation of Tuvalu on Tuesday urged countries at the COP27 climate summit to establish a global treaty to phase out the use of fossil fuels. "We, therefore, unite with a hundred Nobel Peace Prize laureates and thousands of scientists worldwide and urge world leaders to join the Fossil Fuel Non-Proliferation Treaty to manage a just transition away from fossil fuels." Tuvalu follows in the footsteps of its Pacific neighbors in making the call for a fossil fuel non-proliferation treaty. The statement Tuesday comes at a time of growing momentum for calls to end fossil fuel production worldwide. Oil and gas giants, meanwhile, have reported record profits at a time of high energy costs and a cost-of-living crisis.

☆ Billionaires emit a million times more greenhouse gases than the average person: Oxfam
▼ + stars: | 2022-11-08 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The investments of 125 billionaires cause 393 million tonnes of carbon dioxide emissions each year according to a report published by global poverty charity Oxfam. The investments of 125 billionaires produce 393 million metric tonnes of carbon dioxide emissions every year, according to a report by Oxfam. The billionaires included in the study have a collective $2.4 trillion stake in 183 companies, which averages out at 3 million metric tonnes of carbon dioxide emitted per billionaire, per year. People outside the world's wealthiest 10% emit an average of 2.76 metric tonnes of carbon dioxide annually. The report by Oxfam analyzed how 125 of the world's richest people had invested their money and looked at the carbon emissions of those investments.

☆ Jailed British-Egyptian activist escalates hunger strike by refusing water as COP27 gets underway
▼ + stars: | 2022-11-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

SHARM EL-SHEIKH, Egypt — Jailed British-Egyptian citizen Alaa Abdel-Fattah stepped up his hunger strike by refusing water, ratcheting up fears for the life of one of the country's leading rights activists just as world leaders arrive in Egypt for the start of the COP27 climate summit. Amnesty International chief Agnes Callamard said Sunday that authorities had less than three days to save Abdel-Fattah's life, warning that failure to intervene would overshadow the U.N.'s flagship climate conference. The 40-year-old has stopped drinking water in a desperate attempt to pressure Egyptian authorities to allow him U.K. consular access. The escalation of Abdel-Fattah's hunger strike has prompted grave concerns for the prominent human rights activist and writer, who had consumed just 100 calories a day for more than 200 days. Egypt is hosting the COP27 climate summit in the Red Sea resort town of Sharm el-Sheikh through to Nov. 18.

☆ Where's the money? COP27 climate summit opens with a rallying call for rich nations to pay up
▼ + stars: | 2022-11-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

The COP27 summit sees delegates from nearly 200 countries gather in Egypt's Red Sea resort town of Sharm el-Sheikh for talks on how to address the climate crisis. Climate finance, as it has done since the first U.N. climate conference in 1995, will once again play a pivotal role. Climate reparations, sometimes referred to as "loss and damage" payments, are widely expected to dominate the COP27 talks. Indeed, for the first time ever, the topic of loss and damage finance formally made it onto the COP27 agenda. "AOSIS is here to agree to the establishment of a new Loss and Damage Response Fund at COP27 that is operational by 2024.

☆ An extraordinary comeback for Brazil’s Lula sees a new ‘pink tide’ take shape in Latin America
▼ + stars: | 2022-11-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Political analysts said Lula's victory marked the most symbolic shift in a political movement that has seen the region's right-wing governments replaced by leftist leaders. A remarkable return to the presidency for Brazil's Luiz Inácio Lula da Silva heralds a new so-called "pink tide" in Latin America, but political analysts say the latest leftist resurgence is very different from the one that swept into power in the 1990s. It marked an extraordinary political comeback for the 77-year-old former metalworker, who was jailed in 2017 in a sweeping graft investigation following a two-term 2003-2010 presidency. Speaking at his campaign headquarters after securing victory, Lula described his return to office as a "resurrection." Political analysts said Lula's victory marked the most symbolic shift in a political movement that has seen the region's right-wing governments replaced by leftist leaders.

The COP27 climate summit gets underway in Egypt from Nov. 6. Climate Change Conference will see more than 30,000 delegates convene in the Red Sea resort town of Sharm el-Sheikh to discuss collective action on the climate emergency. Loss and damage funding, meanwhile, is recognized by many as the third pillar of international climate policy. Kerry's openness to talks on loss and damage funding marked an abrupt change in tone from just one month earlier. Singh said political mobilization over loss and damage funding makes COP27 the most important COP yet.

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