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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.

☆ BP rakes in quarterly profit of $8.2 billion as oil majors post another round of bumper earnings
▼ + stars: | 2022-11-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits, supported by high commodity prices and robust gas marketing and trading. The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and marked a significant increase from a year earlier, when net profit came in at $3.3 billion. Analysts polled by Refinitiv had expected third-quarter net profit of $6 billion. The world's largest oil and gas majors have reported bumper earnings in recent months, benefitting from surging commodity prices following Russia's invasion of Ukraine.

The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. In addition, intraday European gas prices even went negative at the start of the week — meaning that holders of natural gas paid buyers to take the cargo off their hands. Nikoline Bromander, analyst at consultancy Rystad Energy, said high output from wind power and political agreement within the EU on cooperative measures to reduce gas prices and consumption have contributed to lowering gas prices. Before Russia's invasion of Ukraine, the EU was obtaining about 40% of all its natural gas from Moscow. Several experts have warned that Europe's high storage levels were to a large extent achieved with Russian gas.

☆ Oil giant Shell plans to raise dividend as it reports third-quarter profit
▼ + stars: | 2022-10-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company's Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022. British oil major Shell reported a third-quarter profit Thursday, but lower refining and trading revenues marked an end to its run of record quarterly earnings. Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv. It also revealed plans to increase its dividend per share by around 15% for the fourth quarter 2022, to be paid out in March 2023. Shell warned in an update earlier this month, however, that lower refining and chemicals margins and weaker gas trading were likely to negatively impact third-quarter earnings.

☆ A timeline of what happens next following UK PM Liz Truss' resignation
▼ + stars: | 2022-10-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

It means Truss becomes Britain's shortest-serving prime minister in history and the third Conservative leader to quit in as many years. Her resignation kickstarts the search for a new leader at a time when the country faces a worsening cost-of-living crisis and a looming economic recession. As Conservative candidates race to gather the support of their colleagues, here's a look at how the process of finding the U.K.'s next prime minister is expected to work. Candidates vying to succeed Truss as prime minister have until 2 p.m. London time on Monday to gather the support of at least 100 Conservative Members of Parliament to run. In this scenario, Conservative members would take part in an online vote to choose the next leader of the party.

☆ Liz Truss' 'trickle-down economics' is dead. Now the UK faces an uncertain future
▼ + stars: | 2022-10-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Britain's Prime Minister Liz Truss holds a press conference in the Downing Street Briefing Room in central London on Oct. 14, 2022. Daniel Leal | Afp | Getty ImagesLONDON — Just six weeks into U.K. Prime Minister Liz Truss' tenure and the political future of yet another Conservative leader looks to be in jeopardy. The approach has been sharply criticized by U.K. political opponents — and even U.S. President Joe Biden — at a time when Britain faces a deepening cost-of-living crisis. However, analysts at political risk consultancy Eurasia Group assign only a 10% possibility that Truss is able to hold on as prime minister. "The consensus at Westminster is now that that the Prime Minister is so weak that she can do nothing without the assent of her Chancellor.

☆ 'Powerful explosions' triggered major gas leak on Russian pipelines, Danish police say
▼ + stars: | 2022-10-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 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." A preliminary investigation into gas leaks from two underwater pipelines connecting Russia to Germany found "powerful explosions" caused the damage, Copenhagen Police said Tuesday. A flurry of detonations on the Nord Stream 1 and 2 pipelines on Sept. 26 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.

☆ Ukraine’s Zelenskyy urges troops to take more prisoners; Russian plane crash death toll rises to 13
▼ + stars: | 2022-10-18 | by ( Sam Meredith | ) www.cnbc.com time to read: 1 min

Ukrainian youth activists protest at the Iranian embassy over the use of "Kamikaze" drones after an attack early this morning on Oct. 17, 2022 in Kyiv, Ukraine. Ukrainian President Volodymyr Zelenskyy condemned a new Russian drone strike, calling on international allies to help Kyiv strengthen its air defense systems after a day of drone attacks on cities in which at least four people are known to have died. Zelenskyy also urged Ukrainian troops to take more Russian prisoners, saying this would make it easier to free those held by Russia. His comments came shortly after Kyiv and Moscow carried out the largest prisoner swap of the war to date. Meanwhile, a senior Russian health official reportedly said 13 people have died as a result of a military aircraft crash into a residential building in the southern Russian town of Yeysk.

☆ British finance minister races back to London as pressure builds for another policy U-turn
▼ + stars: | 2022-10-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

LONDON — U.K. Finance Minister Kwasi Kwarteng cut short his visit to the International Monetary Fund this week, dashing back to London amid reports Prime Minister Liz Truss is considering a U-turn on parts of her government's market-rocking tax cuts. Reuters reported, citing unnamed sources, that the finance minister planned to meet with colleagues to work on the government's medium-term budget plan. Kwarteng's abrupt departure from a series of international finance meetings in Washington, D.C. comes amid a growing political backlash against the Conservative government's proposed tax cuts. The British pound rose by 2% to trade at $1.1319 on Thursday, shrugging off stronger-than-expected U.S. inflation data. Meanwhile, long-dated U.K. government bonds — known as gilts — rallied on Friday morning, with 30-year yields trading at 4.38%.

☆ Europe is still quietly importing Russian nuclear energy
▼ + stars: | 2022-10-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

On presenting its latest sanctions package, the European Commission did not propose targeting the trade of Russian nuclear fuel. Hungary and Bulgaria were the most vocal in opposing sanctions on Russian uranium and other nuclear tech last week, according to Rodrigo. "Russian nuclear terror requires a stronger response from the international community - sanctions on the Russian nuclear industry and nuclear fuel," Zelenskyy said via Twitter at the time. Mikhail Metzel | Afp | Getty ImagesThere are 18 Russian nuclear reactors in Europe, in countries including Finland, Slovakia, Hungary, Bulgaria and the Czech Republic. How 'green' is nuclear energy?

☆ British pound jumps on reports UK government may reverse parts of its tax-cutting proposals
▼ + stars: | 2022-10-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In this photo illustration, the British pound is seen displayed. LONDON — Sterling jumped against the U.S. dollar on Thursday following multiple reports that the British government is in talks to scrap parts of its unfunded package of tax cuts. The British pound traded 1.5% higher at $1.1269 during afternoon deals in London, before paring gains on robust U.S. inflation data. Long-dated U.K. government bonds — known as "gilts" — rallied sharply, pushing yields down to just over 4.41%. Truss and Kwarteng have both insisted the government's proposals are necessary to get the economy growing.

☆ Leak detected on another Russian pipeline connecting to Europe, but Poland says it looks accidental
▼ + stars: | 2022-10-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

PERN said pumping on the damaged Druzhba line, which delivers oil to Germany, was immediately switched off and the scene had been secured. Polish pipeline operator PERN said Wednesday that a leak detected on one of its Druzhba pipelines bringing oil from Russia to Europe was likely caused by an accident. The leak was detected on Tuesday evening on one of the two lines of the Western section of the pipeline, PERN said in a statement. PERN said pumping on the damaged line, which delivers oil to Germany, was immediately switched off and the scene had been secured. The Druzhba pipeline, which translates as "friendship" in Russia, is one of the biggest oil pipeline networks in the world, delivering crude from Russia to much of central and eastern Europe including Germany, Austria, the Czech Republic, Hungary, Belarus, Poland and Slovakia.

☆ All you need to know about the Nord Stream gas leaks — and why Europe suspects 'gross sabotage'
▼ + stars: | 2022-10-11 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

An initial crime scene investigation last week into what caused the gas leaks on the Nord Stream 1 and 2 pipelines reinforced suspicions of "gross sabotage." The explosions triggered four gas leaks at four locations — two in Denmark's exclusive economic zone and two in Sweden's exclusive economic zone. Neither of the Nord Stream pipelines was transporting gas at the time of the blasts, although they both contained pressurized methane — a potent greenhouse gas. A satellite image of the Nord Stream leak in the Baltic Sea, captured on Sept. 26, 2022. Environmental impactThe unexplained Nord Stream gas leaks pose serious questions about the incident's environmental impact.

☆ ‘This is serious’: JPMorgan's Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months
▼ + stars: | 2022-10-10 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Dimon said in June that he was preparing the bank for an economic "hurricane" caused by the Federal Reserve and Russia's war in Ukraine. JPMorgan Chase CEO Jamie Dimon on Monday warned that a "very, very serious" mix of headwinds was likely to tip both the U.S. and global economy into recession by the middle of next year. "These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they're likely to put the U.S. in some kind of recession six to nine months from now," Dimon said. His comments come at a time of growing concern about the prospect of an economic recession as the Federal Reserve and other major central banks raise interest rates to combat soaring inflation. Speaking to CNBC last month, Chicago Federal Reserve President Charles Evans said he's feeling apprehensive about the U.S. central bank going too far, too fast in its bid to tackle high inflation rates.

Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia. Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia, particularly as Biden hinted Congress would soon seek to rein in the Middle East-dominated group's influence over energy prices. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. "In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices," the White House said. While the group likes to say they keep politics out of their decisions, there's no denying that there are potential ramifications to this beyond the oil price.

☆ Nearly half of the coal industry is still on an expansion course in 'reckless’ mining rush
▼ + stars: | 2022-10-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The burning of fossil fuels such as coal, oil and gas is the chief driver of the climate crisis. An annual update from Urgewald and 40 partner NGOs published Thursday found that 490 of the 1,064 companies on its Global Coal Exit List were pursuing new coal power plants, coal mines or new coal transport infrastructure. The research, which represents the world's most comprehensive public database on the coal industry, said less than 3% of those surveyed had announced timely coal exit dates. "Pursuing new coal projects in the midst of a climate emergency is reckless, irresponsible behavior," said Heffa Schuecking, director of Urgewald. To be sure, the burning of fossil fuels such as coal, oil and gas is the chief driver of the climate crisis.

☆ OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure
▼ + stars: | 2022-10-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Oil prices have fallen to roughly $80 from over $120 in early June amid growing fears about the prospect of a global economic recession. OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day from November. Energy market participants had expected OPEC+, which includes Saudi Arabia and Russia, to impose output cuts of somewhere between 500,000 barrels and 2 million barrels. Oil prices have fallen to roughly $80 a barrel from more than $120 in early June amid growing fears about the prospect of a global economic recession. "In short, OPEC+ is prioritising price above stability at a time of great uncertainty in the oil market."

Oil prices rose around 4% on Monday morning. Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. "A further uptick in trading activity coupled with tightening near-term oil fundamentals could well push oil prices back to $100/bbl," Brennock said in a research note. Storage tanks and oil processing facilities operate beside the Arabian Sea at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. The upcoming OPEC+ meeting in Vienna will result in an oil production cut "of some historic kind", said CIO of Pickering Energy Partners, Dan Pickering.

☆ Spain says Nord Stream gas leaks likely a deliberate act — and points the finger at Russia
▼ + stars: | 2022-09-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

BORNHOLM, DENMARK - SEPTEMBER 27: Danish Defense shows the gas leaking at Nord Stream 2 seen from the Danish F-16 interceptor on Bornholm, Denmark on September 27, 2022. Spanish Energy Minister Teresa Ribera said Thursday that the damage caused to the two subsea Nord Stream gas pipelines was likely an intentional attack linked to the Russian government. The cause of the gas leaks is not yet known. The Nord Stream 1 and 2 gas pipelines connect Russia to Germany via the Baltic Sea. Seismologists on Monday reported explosions in the vicinity of the unusual Nord Stream gas leaks, which are situated in international waters but inside Denmark's and Sweden's exclusive economic zones.

☆ Fed’s Evans says he’s getting a little nervous about going too far, too fast with rate hikes
▼ + stars: | 2022-09-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Chicago Federal Reserve President Charles Evans says he's feeling apprehensive about the U.S. central bank raising interest rates too quickly in its quest to tackle runaway inflation. His comments come shortly after a slew of top Fed officials said they would continue to prioritize the fight against inflation, which is currently running near its highest levels since the early 1980s. The central bank raised benchmark interest rates by three-quarters of a percentage point earlier this month, the third consecutive three-quarter point increase. Fed officials also indicated they would continue raising rates well above the current range of 3% to 3.25%. Asked about investor fears that the Fed didn't seem to be waiting long enough to adequately assess the impact of its interest rate hikes, Evans replied, "Well, I am a little nervous about exactly that."

☆ Bank of England says it won't hesitate to hike rates after pound falls to historic low
▼ + stars: | 2022-09-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Analysts expect the Bank of England may need to raise interest rates more aggressively following market turbulence on Monday morning. LONDON — The Bank of England on Monday said it is monitoring financial market developments "very closely" after a dramatic morning of turmoil saw the British pound fall to an all-time low against the U.S. dollar. The U.K. currency pared some of its losses through the session but extended its fall versus the dollar immediately after the Bank of England's statement. "The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets," Bank of England Governor Andrew Bailey said in a statement. "The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term," Bailey said.

☆ Putin's 'incredibly dangerous' nuclear threats raise the risk of an unprecedented disaster
▼ + stars: | 2022-09-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Putin’s threats increase the risk of escalation to a nuclear conflict drastically. Beatrice Fihn, Nobel laureate and executive director of the International Campaign Against Nuclear Weapons, urged political leaders to renew efforts to get rid of all nuclear weapons by signing and ratifying the Treaty on the Prohibition of Nuclear Weapons. Beatrice Fihn, Nobel laureate and executive director of the International Campaign Against Nuclear Weapons, told CNBC that Putin's "incredibly dangerous and irresponsible" threats drastically increase the risk of escalation to a nuclear conflict. Fihn called for the international community to "unequivocally condemn any and all nuclear threats" and urged political leaders to renew efforts to get rid of all nuclear weapons by signing and ratifying the Treaty on the Prohibition of Nuclear Weapons. 'No going back'Max Hess, a fellow at the Foreign Policy Research Institute think tank, described Putin's nuclear threats as a "very significant announcement."

☆ Russia arrests over 1,300 as anti-war protests erupt over Putin's partial military call-up
▼ + stars: | 2022-09-22 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Russian police officers block the street during an unsanctioned anti-war protest rally at Arbat street, on Sept. 21, 2022, in Moscow, Russia. More than 1,300 people have been arrested in Russia following President Vladimir Putin's call-up of extra forces to fight in Ukraine, according to independent human rights group OVD-Info. Prices of one-way flights out of Russia surged after Putin's announcement and images on social media appeared to show long queues at border posts. Russia has not yet declared war on Ukraine, despite having invaded in February, and it calls its invasion a "special military operation." Russian Defense Minister Sergei Shoigu said the mobilization of troops would see 300,000 additional personnel called up to serve in the military campaign in Ukraine.

☆ COP26 had big ambitions — here's why it fell short
▼ + stars: | 2021-11-19 | by ( Tom Chitty | Sam Meredith | ) www.cnbc.com time to read: +1 min

"I apologize for the way this process has unfolded, and I am deeply sorry." Speaking after the Glasgow Climate Pact had been agreed by nearly 200 countries, Alok Sharma, the U.K.'s COP26 president, captured the feeling of disappointment held by many inside the conference center. China and India, which are among the world's biggest burners of coal, had amended the language in the pact from a "phase out" of coal to a "phase down." It's a far cry from the crucial 1.5 degrees Celsius rise that would limit the worst effects of the climate emergency, a target dating from the landmark 2015 Paris Agreement. Watch the video above to find out what happened in Glasgow and why COP26 struggled to achieve its aims.

Persons: Alok Sharma, It's, COP26 Locations: Glasgow, China, India, Paris

☆ 'Major milestone': US could become a sustained net oil exporter as soon as next year, IEA says
▼ + stars: | 2019-12-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018. The International Energy Agency (IEA) believes the U.S. is on track to become a sustained net oil exporter in either late 2020 or early 2021, after briefly achieving this "major milestone" earlier in the year. In September, the U.S. exported 89,000 barrels per day (b/d) more petroleum (crude oil and other petroleum products) than it imported, according to official data published earlier this month. "On a historic note, in September, the United States momentarily became a net oil exporter… This is a major milestone on its path to becoming a sustained net exporter, which is likely to be late in 2020 or early in 2021," the IEA said in its closely-watched report published on Friday. "However, this does not mean that energy independence has been achieved: The United States remains a major crude oil importer."

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