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☆ UAE's Masdar to develop 150 MW solar project in Angola
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 2 (Reuters) - Abu Dhabi Future Energy Company, known as Masdar, is planning to develop a 150 megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth, including jobs, the UAE state news agency WAM said on Saturday. Angola’s Ministry of Energy and Water and Masdar, the Gulf state's clean energy developer, signed a concession agreement to build and operate the ground-mounted solar power project in the Quipungo region of southern Angola, the statement said. The project is part of a wider commitment made by Masdar this year to develop 5 gigawatts (GW) of renewable energy projects across Angola, Uganda and Zambia. "Africa has what it takes to become the world’s renewable energy powerhouse," Sultan Al Jaber, COP28 president, said in the statement. Angola wants to increase its national electrification to around 60% by 2025; less than half of the population has access to electricity at present, the statement said.

Persons: WAM, Sultan Al Jaber, Rachna Uppal, Kevin Liffey Organizations: Abu Dhabi Future Energy Company, United, United Arab Emirates, Angola’s Ministry of Energy, Thomson Locations: DUBAI, Abu Dhabi, Angola, UAE, United Arab, Quipungo, Uganda, Zambia, Africa

☆ Satellites are the new climate police for oil and gas polluters
▼ + stars: | 2023-12-02 | by ( Catherine Boudreau | Erin Snodgrass | ) www.businessinsider.com time to read: +8 min

Fifty oil and gas companies pledged to zero out methane emissions by 2030 at the UN climate summit. Satellites are the next tool that will hold oil and gas companies accountable in their promise to cut methane emissions and slow global warming. Many state-owned oil companies signed on, including the UAE's Adnoc, as well as Saudi Arabia's Saudi Aramco. This, in turn, means oil and gas companies responsible for the plumes can be notified faster and potentially take action. The country's state-owned oil companies are also absent from the "decabonization charter" announced in Dubai.

Persons: Adnoc, Catherine Boudreau, Erin Snodgrass, Michael Bloomberg, Sultan Al Jaber, Peter Dejong, Fred Krupp, Bloomberg Philanthropies, Melanie Robinson, Robinson Organizations: ExxonMobil, Shell, Service, United, Saturday, Environmental Defense Fund, Bloomberg, UN, Summit, EDF, IEA, RMI, European Union, Environmental Protection Agency, EPA, EU, Russia —, World Resources Institute Locations: Saudi Aramco, Dubai, United Arab Emirates, Los Angeles, Saudi, Argentina, EU, Glasgow, Scotland, China, Russia

Signing on to the pledge were major national oil companies such as Saudi Aramco, Brazil's Petrobras and Sonangol, from Angola, and multi-nationals like Shell, TotalEnergies and BP. The pledge is a “smokescreen to hide the reality that we need to phase out oil, gas and coal,” said a letter signed by more than 300 civil society groups. Still, Mena said that self-reporting didn't go far enough to push oil and gas companies to make changes. Earlier this year, European Union negotiators reached a deal to reduce methane emissions from the energy industry across the 27-member bloc. In his speech, al-Jaber said oil and gas companies needed to do more to research solutions to Scope 3 emissions.

Persons: Sultan al, Jaber, ”, Jean Su, Fred Krupp, Bill Hare, Hare, Marcelo Mena, Mena, John Podesta, Abu Dhabi’s ADNOC Organizations: United Arab Emirates, Associated Press, Abu Dhabi National Oil Co, Saudi Aramco, Brazil's Petrobras, Sonangol, Shell, Center for Biological Diversity, Environmental, Environmental Defense Fund, U.S . Environmental Protection Agency, European Union, Gas, United Arab, Aramco, AP Locations: DUBAI, United Arab, United Nations, Abu Dhabi, Saudi, Angola, COP28, al, fracking, philanthropies, Chile, U.S, United States, United Arab Emirates, Saudi Arabia

☆ Biden and Xi are glaringly absent from the UN's climate summit. That doesn't bode well for the world.
▼ + stars: | 2023-12-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

World leaders are gathering in the UAE for the COP28 climate change summit. But President Joe Biden and Xi Jinping of China will be absent. But the leaders of the world's biggest polluting nations — President Joe Biden and China's leader Xi Jinping — will be conspicuous by their absence. AdvertisementA man walks past a COP28 sign during the United Nations climate summit in Dubai on December 1, 2023. Xi and Biden are doing little to signal their commitment to sharing the burden of reducing the climate crisis equally by not attending the summit, say critics.

Persons: Joe Biden, Xi, King Charles, Pope Francis, Xi Jinping, LUDOVIC MARIN, Biden, Kamala Harris, John Kerry, Xie Zhenhua, Tom Evans, Evans, Sultan Al Jaber, Kerry Organizations: Service, United Arab Emirates, White, Sunday, US, Democratic, APEC, BBC, Climate, Business, Sierra Club Locations: UAE, China, United Nations, Dubai, Biden's, Xi, San Francisco

☆ UAE seeks to silence critics with $30-billion climate fund pledge with BlackRock, Brookfield
▼ + stars: | 2023-12-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Sultan Ahmed Al Jaber, President of the UNFCCC COP28 Climate Conference, attends a press conference following the opening session of the conference on November 30, 2023 in Dubai, United Arab Emirates. The United Arab Emirates on Friday said it would contribute $30 billion to a new climate-oriented fund, with finance juggernauts BlackRock, Brookfield and TPG stepping in as inaugural launch partners. Its activity will center on areas including the energy transition, industrial decarbonization and climate technology. The announcement was made on the second day of the COP28 climate summit in the UAE. COP28 President Sultan al-Jaber, who also serves as chief executive of the Abu Dhabi National Oil Company (ADNOC), will chair the board of Alterra.

Persons: Sultan Ahmed Al Jaber, Sultan al, Jaber Organizations: Conference, United Arab Emirates, United, juggernauts BlackRock, TPG, Global, Abu Dhabi National Oil Company Locations: Dubai, United Arab, Brookfield, Latin America, Asia, Africa, Oceania, UAE, Abu Dhabi

[1/2] World leaders and delegates walk at Dubai's Expo City ahead of the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. Away from the main stage, delegations and technical committees set to work on Friday with the mammoth task of assessing their progress in meeting global climate targets, specifically the Paris Agreement goal of limiting global warming to within 2 degrees Celsius above preindustrial temperatures. The United Nations on Friday published its first draft for what could serve as a template for a final agreement from the COP28 summit, which ends Dec. 12. The summit also clinched an early victory by adopting a new fund to help poor nations cope with costly climate disasters. ___For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Thomas Mukoya, Britain's King Charles, Antonio Guterres, William Ruto, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Valerie Volcovici, William James, Katy Daigle, Miral Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, Saudi, United Arab, Reuters, Thomson Locations: Dubai, United Arab, Paris, United Arab Emirates

☆ COP 28 Climate Summit Global Warming Talks Begin Amid Deep Tensions
▼ + stars: | 2023-12-01 | by ( David Gelles | ) www.nytimes.com time to read: +3 min

PinnedWorld leaders are gathering in Dubai for an annual United Nations climate summit and calling for urgent action to slow down global warming. Greenhouse gas emissions, mainly driven by the burning of fossil fuels, have now warmed the planet by about 1.2 degrees Celsius above preindustrial levels. While many developed countries are installing more wind and solar power, global greenhouse gas emissions and fossil fuel demand continue to rise. Another big issue on the table is an international effort to limit emissions of methane, a potent greenhouse gas. The president of the proceedings, Sultan Al Jaber, is the head of the Emirates’ state oil company, Adnoc.

Persons: King Charles III, Mia Mottley, Volodymyr Zelensky, William Ruto, Isaac Herzog of Israel, Mahmoud Abbas, Sultan Al Jaber, Al Jaber, ”, “ Organizations: Palestinian, United Arab, Emirates, Adnoc Locations: Dubai, United Nations, Barbados, Ukraine, Kenya, Gaza, United Arab Emirates

DUBAI, Dec 1 (Reuters) - A member of the main advisory board of the COP28 climate summit resigned on Friday over reports that the UAE presidency used the meeting to secure new oil, gas deals, according to her resignation letter seen by Reuters. Hilda Heine, former president of the low-lying, climate vulnerable Marshall Islands, said reports that the UAE planned to discuss possible natural gas and other commercial deals ahead of U.N. climate talks were "deeply disappointing" and threatened to undermine the credibility of the multilateral negotiation process. "These actions undermine the integrity of the COP presidency and the process as a whole," Heiner wrote in the letter she sent to COP President Sultan al-Jaber. She added that the only way for Jaber to restore trust in the process was to "deliver an outcome that demonstrates that you are committed to phasing out fossil fuels." Reporting by Valerie Volcovici; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Hilda Heine, Heiner, Sultan al, Jaber, Valerie Volcovici, Susan Fenton Organizations: Reuters, Thomson Locations: DUBAI, UAE, Marshall, U.N

WHAT'S HAPPENED SINCE THE LAST ONEThe world has gotten hotter since last year’s conference in Egypt. Burning fossil fuels that sends carbon into the atmosphere remains the main cause of global warming, and production continues to grow. Climate campaigners say efforts to develop wind, solar and other alternative energies are not going fast enough. Global warming has vast implications: It can upend local economies, worsen weather patterns, drive people to migrate, and cause havoc for Indigenous peoples who want to retain their traditional cultures, among many other impacts. Many want to know if oil-rich Gulf states will pony up more money to help developing countries adapt to climate change and switch to greener technologies.

Persons: ”, Petteri Taalas, Daniel, Hurricane Otis pummeled, King Charles, Narendra Modi, John Kerry, Olaf Scholz, Pope Francis, Sultan al, Jaber, Antonio Guterres Organizations: United Arab Emirates, Hamas, United, 28th “ Conference, Hurricane Otis, Indian, Cargill, AP Locations: DUBAI, United Arab, Israel, Dubai, United Arab Emirates, COP28, WHAT'S, Egypt, Brazil, India, Libya, Hurricane Otis pummeled Mexico, Europe, Paris, Abu Dhabi, Tokyo, Tegucigalpa, Timbuktu, Ukraine, Gaza, Antarctica, Argentina, Uruguay, ___

☆ What to watch at COP28 on Friday?
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

United Arab Emirates Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber speaks during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, November 30, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - This year's COP28 climate summit, being held in the glitzy Middle East city of Dubai, clicks into its first full day of scheduled events on Friday. Britain's King Charles III, who has spent decades working on environmental issues, is expected to address the conference. A second day of leaders' speeches is planned for Saturday. The summit's opening on Thursday featured pleas by the COP28 president, Sultan Ahmed al-Jaber, for all parties to work together toward a consensus on the future of fossil fuels.

Persons: Sultan Ahmed Al Jaber, Amr Alfiky, Britain's King Charles III, William Ruto, Tayyip Erdogan, Volodymyr Zelenskiy, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Katy Daigle, Lisa Shumaker Organizations: United Arab Emirates Minister of Industry, Advanced Technology, United Nations, Change, United Arab Emirates, REUTERS, Rights, Kenyan, Saudi, Thomson Locations: Dubai, United Arab, East

CNN —The United States is receiving criticism for contributing an “embarrassing” amount of money to a new climate fund adopted Thursday at the COP28 talks in Dubai, offering a pledge more than five times lower than the United Arab Emirates . Some countries pledged money to the fund right after it was agreed. Money from rich nations must now begin flowing into the fund, they said. Several wealthy nations, including the United States, have been reluctant to tie countries’ obligations to their historic emissions. It’s also been contentious because wealthy nations have expressed concern that paying for such a fund could be seen as admission of climate liability.

Persons: Sultan Al Jaber, ”, Ani Dasgupta, Dasgupta, ” “, ” Dasgupta, Mohamed Adow, ” Adow, “, Biden, John Kerry, ” Tom Evans, ” Evans, “ they’re, It’s, Al Jaber —, ADNOC —, Al Jaber Organizations: CNN, United, United Arab Emirates, World Bank, Japan, World Resources Institute, Republican, Republicans, US Locations: United States, Dubai, United Arab Emirates, United Arab, Germany, UAE, COP28, Egypt

☆ Impossible not to be disappointed at failure to meet Paris goals, says former UNFCCC advisor
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailImpossible not to be disappointed at failure to meet Paris goals, says former UNFCCC advisorTom Rivett-Carnac, former executive advisor at the UNFCCC (United Nations Framework Convention on Climate Change), discusses how countries are attempting to meet their nationally determined contributions, and explains what COP28 chief Sultan Al Jaber can do to restore credibility after allegations that he planned to use the event to make oil deals.

Persons: Tom Rivett, Sultan Al Jaber Organizations: Paris, UNFCCC, United Nations

Greenhouse gas emissions from burning fossil fuels are the biggest cause of climate change. "We have a world which has more fossil fuels than ever," said Ani Dasgupta, president of the World Resources Institute, a climate NGO. U.S. officials and others are hopeful a recent climate deal between the U.S. and China may also set a positive tone for the talks. Another test is whether wealthy nations announce money for the fund at COP28 - to the tune of hundreds of millions of dollars. "Speaking from previous experience, unfortunately most of the global agreements, most of the global climate related pledges went uncompleted," said Najib Ahmed, National Consultant at Somalia's Climate Ministry.

Persons: Sultan al, Jaber, ADNOC, Ani Dasgupta, Narendra Modi, Britain's King Charles, Joe Biden, Gayane, Najib Ahmed, Valerie Volcovici, Josie Kao Organizations: OPEC, United Nations, International Energy Agency, BBC, World Resources Institute, Indian, European Union, Reuters, U.S, FINANCE, EU, Climate Ministry, “, Thomson Locations: Paris, France, WASHINGTON, BRUSSELS, Dubai, UAE, U.S, China, India

☆ COP28 leader hits back at allegations he used climate talks to strike oil deals
▼ + stars: | 2023-11-29 | by ( Angela Dewan | ) edition.cnn.com time to read: +2 min

CNN —The COP28 president-designate Sultan Al Jaber has strongly denied accusations that his team sought to use the international climate talks in Dubai to strike fossil fuel deals for the UAE’s state-owned oil and gas company. Al Jaber also runs the Abu Dhabi National Oil Company (ADNOC). “These allegations are false, not true, incorrect, and not accurate,” he said at a press conference in Dubai on Wednesday. Al Jaber emphasized that all of his meetings with officials were squarely focused on his COP28 agenda. He added that he was often given conflicting advice on whether he should engage with oil and gas companies in his role.

Persons: Sultan Al Jaber, Al Jaber, ” Al Jaber, ”, ‘, ’ ” Organizations: CNN, Climate, Abu, Abu Dhabi National Oil Company Locations: Dubai, Abu Dhabi, UAE

☆ A showdown is brewing over money, oil and carbon. Here's what's at stake at the COP28 climate summit
▼ + stars: | 2023-11-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +8 min

Global temperatures and greenhouse gas emissions continue to break records, with no continent left untouched by more frequent and intense extreme weather events. MoneyClimate finance is always a hotly debated talking point at the U.N. summit and COP28 promises to be no different. She anticipated three main debates around the use of oil, gas and coal — the burning of which is the chief driver of the climate crisis. "So, one is this 'phase out' or 'phase down' [of fossil fuels]. There is no credible scenario where CCS will allow continued use of fossil fuels, let alone expanding oil and gas.

Persons: Sean Gallup, HENRY NICHOLLS, Henry Nicholls, COP28, Alex Scott, Rich, Sultan al, Jaber, LUIS TATO, Luis Tato, Melanie Robinson, Robinson, Sultan Al Jaber, Francois Walschaerts Organizations: AG, Getty, United Arab Emirates, InterContinental, Fossil, Energy Intelligence, Afp, Organization for Economic Cooperation, Development, Getty Images, Abu, Abu Dhabi National Oil Company, Climate, World Resources Institute, CNBC, CCS Locations: Salzgitter, Germany, Dubai, Bonn, COP28, London, AFP, E3G, Egypt, COP27, UAE, Garissa, Africa, El Nino, Abu Dhabi, WRI, Brussels

Darren Woods, CEO of ExxonMobil, speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsHOUSTON, Nov 29 (Reuters) - Exxon Mobil Corp (XOM.N) Chief Executive Darren Woods is making plans to attend the COP28 climate summit in Dubai next week, two people familiar with the matter said, in what would mark a first for an Exxon CEO, if confirmed. Woods is expected to advocate that reducing carbon emissions should be a priority in addressing climate change, rather than reducing oil production. "We commit to solving the world’s energy and emissions challenges simultaneously," Darren Woods said at the APEC CEO summit earlier this month. Exxon says technology advancements allowed it to join the initiative and that the decision guards no relation with Pioneer's acquisition.

Persons: Darren Woods, Carlos Barria, Woods, Sultan al, Jaber, Exxon's, Matt Kolesar, Sabrina Valle, Sarah McFarlane, Josie Kao, Aurora Ellis Organizations: ExxonMobil, Economic Cooperation, REUTERS, Rights, Exxon Mobil Corp, Exxon, APEC, Abu, Abu Dhabi National Oil Company, United, Natural Resources, Gas Methane Partnership, Reuters, United Nations Environment Programme, Shell, BP, Conoco, Chevron, Thomson Locations: Asia, San Francisco , California, U.S, Dubai, Abu Dhabi, United Nations, OGMP, Occidental

☆ COP28 host UAE lashes out at ‘fake news’ on eve of the major UN climate summit
▼ + stars: | 2023-11-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The Blue Zone entrance at the Dubai Exhibition Center ahead of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on Wednesday, Nov. 29, 2023. More than 70,000 politicians, diplomats, campaigners, financiers and business leaders will fly to Dubai to talk about arresting the world's slide toward environmental catastrophe. Photographer: Annie Sakkab/Bloomberg via Getty ImagesDubai, UNITED ARAB EMIRATES — The United Arab Emirates on Wednesday hit back at what it described as "fake news" designed to undermine its work as the host of the COP28 climate conference. "This press release was not issued by the COP28 team, has no basis in truth, and must be entirely disregarded as fake news," the official COP28 UAE account said Wednesday in a post on X, formerly known as Twitter. "Official COP28 news will only be published via our verified social media and our press office," it added.

Persons: Annie Sakkab, COP28, Sultan Al, Jaber Organizations: Dubai Exhibition Center, Expo, Bloomberg, Getty Images, UNITED, EMIRATES, United, United Arab Emirates, United Nations, Abu Dhabi National Oil Co, Al Locations: Dubai, United Arab Emirates, Getty Images Dubai, United Arab, UAE, Abu Dhabi

DUBAI, Nov 29 (Reuters) - Sultan Al Jaber, the incoming president of the United Arab Emirates-hosted COP28 climate summit, on Wednesday rejected accusations the host country planned to discuss natural gas and other commercial deals in meetings linked to the U.N. talks. The BBC and the Centre for Climate Reporting (CCR) on Monday said leaked briefing documents prepared for Jaber showed plans to discuss fossil fuel deals with 15 countries. And it's an attempt to undermine the work of the COP28 presidency," Jaber told a news conference, his first public remarks following the BBC report. "I promise you, never ever did I see these talking points that they refer to or that I ever even used such talking points in my discussions." Jaber has presented himself as a mediator between both sides of the fossil fuel divide, with a healthy desire to include the oil and gas industry in the climate debate.

Persons: Sultan Al Jaber, Jaber, Yousef Saba, Barbara Lewis Organizations: United Arab, BBC, Climate Reporting, Abu Dhabi National Oil Company, Organization of, Petroleum, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, UAE

The world is heading for considerably less warming than projected a decade ago, but that good news is overwhelmed by much more pain from current climate change than scientists anticipated, experts said. Even though emissions of heat-trapping gases are still rising every year, they’re rising more slowly than projected from 2000 to 2015. “It requires the tearing out the poisoned root of the climate crisis: fossil fuels,” said United Nations Secretary-General Antonio Guterres. Guterres, numerous climate scientists and environmental activists all say what’s needed is a phase-out — or at the very least a phase-down — of coal, oil and gas. “This is throwing the global energy transition and humanity’s future into question.”___Read more of AP’s climate coverage at http://www.apnews.com/climate-and-environment.

Persons: That’s, It’s, ”, Niklas Hohne, Bill Hare, Rob Jackson, Ani Dasgupta, ” Dasgupta, Hare, Anne Olhoff, “, ” Jackson, Melanie Robinson, that’s, Johan Rockstrom, Antonio Guterres, Sultan al, Jaber, Greta Thunberg, Adnan Amir, ’ ’, Majid Al Suwaidi, we’ve, Institute’s Hohne, Al Jaber, ” Hohne, Dasgupta, can’t, Inger Andersen, ” ___ Read, Seth Borenstein Organizations: United Nations, United Nations Environment, NewClimate, Stanford University, Project, Resources, UNEP, World Resources Institute, Potsdam Institute, Climate Research, Center for Biological Diversity, Biden Administration, Twitter, AP Locations: Dubai, Paris, Europe, Pakistan, Libya, Arab Emirates, ”, al, greenwashing, Russia, Ukraine

☆ ADNOC German oil deal has bad timing, good logic
▼ + stars: | 2023-11-28 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Abu Dhabi National Oil Company (ADNOC), the state-owned Abu Dhabi oil giant he runs, is considering a bid for BASF-owned (BASFn.DE) Wintershall Dea, at a potential $11 billion valuation. The UAE firm is already in talks to buy chemical company Covestro (1COV.DE), Wintershall’s German compatriot, for $12 billion. Abu Dhabi's oil riches mean the UAE firm has the wherewithal to pay 5.5 billion euros for BASF’s Wintershall stake. Any deal could value Wintershall Dea at more than 10 billion euros ($11 billion), Bloomberg reported. BASF holds a 72.7% stake in Wintershall Dea.

Persons: Toru Hanai, Wintershall, Jaber, It’s, Austria’s, Abu, LetterOne, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Abu Dhabi National Oil Company, BASF, The, Shell, Russian, Reuters Graphics Reuters, Abu, National Oil Company, Bloomberg, Wintershall Dea . Investment, Thomson Locations: Gastech, Chiba, Japan, Abu Dhabi, The UAE, Germany, Norway, UAE, Europe, United Kingdom, Abu, Russia, Wintershall Dea

Scientists have said carbon removal is needed to keep climate goals alive. Otherwise, the enormous price tag for world-scale carbon removal would need to fall to governments if there is any chance of these projects surviving. A major concern is that DAC technology is both expensive and unproven at scale. More mature carbon capture and storage (CCS) technology, which traps emissions at a point source like a smokestack, also requires a rapid scale up to make a difference. Their money will be made instead by marketing carbon removal credits to corporations not involved in fossil fuels that wish to offset unavoidable emissions, or to governments seeking to stay on track with climate targets.

Persons: Climeworks, ”, Vikrum Aiyer, Sultan al, Jaber, Vicki Hollub, Mike Avery, Christoph Gebald, Richard Valdmanis, Marguerita Choy Organizations: Reuters, REUTERS, Occidental Petroleum, BlackRock, U.S ., Occidental, 28th United, OPEC, United Arab, International Energy Agency, IEA, Global CCS Institute, Stratos, DAC, Department of Energy, Thomson Locations: Tracy , California, Texas, In Louisiana, 28th United Nations, Dubai, United Arab Emirates, Louisiana, Iceland, California, U.S, UAE, Occidental

"This COP we need to see accelerated action from all parties," Matt Bell, EY Global Climate Change and Sustainability Services Leader, said. The business and finance sectors have long called for a global carbon emissions price that they say would level the playing field for polluters and make the switch to low-carbon more cost-effective. Confidence in voluntary carbon markets has fallen this year as critics question the environmental credibility of projects. "The last 10% of a (corporate) carbon reduction plan will always include some carbon removal credits," Leggett said, adding that "the market needs clarity on what that means." Reporting by Simon Jessop and Tommy Reggiori Wilkes; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Matt Bell, Bell, Sultan Al Jaber, Virginie Derue, Katherine Dixon, Victoria Leggett, Leggett, Simon Jessop, Tommy Reggiori Wilkes, Barbara Lewis Organizations: REUTERS, United Nations, Sustainability Services, Reuters, ESG Research, AXA Investment, Accenture, Bain & Company, UBP, Thomson Locations: Dunkirk, France, Dubai, COP28, Paris, China, United States

The United States, European Union and many climate-vulnerable countries are insisting on a final COP28 deal that commits countries to phase out fossil fuels. While the International Energy Agency says these emissions-abatement technologies are crucial for meeting global climate goals, they are also expensive and not currently used on a large scale. But the EU and some climate-vulnerable countries insist on pairing this pledge to boost renewables with phasing out fossil fuels, setting up a clash. FINANCING FOR THE COSTS OF CLIMATE CHANGETackling climate change and its consequences will take an astonishing amount of investment - far more than the world has budgeted so far. At COP28, countries will be tasked with setting up a "loss and damage" fund to help with this, which developing nations say should unlock at least $100 billion by 2030.

Persons: Sultan al, Jaber, Kate Abnett, Katy Daigle, Josie Kao Organizations: European, COP28, International Energy Agency, European Union, EU, U.S, United Arab Emirates, Thomson Locations: Dubai, Paris, COP26, United States, European Union, Russia, UAE, EU, China, COP28

☆ The UAE planned to use the global climate summit it's hosting as a chance to strike new oil and gas deals, BBC report says
▼ + stars: | 2023-11-27 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

The UAE is hosting the COP28 climate change summit. The BBC reported it planned to make secret oil and gas deals. Among them, UAE COP28 planning officials intended to discuss liquefied natural gas development projects by UAE state energy firm Adnoc with China, the BBC reported. The UAE in a statement to the BBC did not deny that it planned on holding oil and gas deal talks, and said "private meetings are private." Leaders from nearly 200 countries are gathering in the UAE on Thursday for the COP28 summit.

Persons: Sultan al, Jaber, Dr Jaber, Adnoc, it's Organizations: BBC, Service, United Arab Emirates, Center, Climate, UAE, UN Locations: UAE, Gulf, China, Colombia, Masdar

☆ UAE reportedly planned to use COP28 climate summit to lobby for oil and gas deals
▼ + stars: | 2023-11-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The president of the upcoming COP28 climate change Sultan Ahmed al-Jaber speaks during the Abu Dhabi International Petroleum Exhibition at ADNEC Exhibition Center October 2, 2023. Jaber told an Abu Dhabi oil conference on October 2, 2023, that the fossil fuel industry would play an essential role in addressing the climate crisis. Al-Jaber was the founding CEO of Abu Dhabi state-owned renewable energy firm Masdar. CCR, which has received funding from the likes of Greenpeace and Rockefeller Philanthropy Advisors, said it was able to verify the accuracy of the leaked documents via an unnamed whistleblower. The United Nations Framework Convention on Climate Change did not immediately respond to a CNBC request for comment on the leaked documents.

Persons: Ahmed al, Jaber, Ryan LIM, RYAN LIM, Al, ADNOC, Masdar Organizations: Abu, Abu Dhabi International Petroleum, Exhibition, Getty, United Arab, Abu Dhabi National Oil Company, Al, Centre, Climate Reporting, BBC, CCR, Greenpeace, Rockefeller Philanthropy Advisors, CNBC, United Nations Locations: Abu Dhabi, AFP, United Arab Emirates, Masdar, China, Egypt, United, Dubai

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