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“Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Political Cartoons View All 1215 ImagesFossil fuel prices are down from 2022 peaks, but “markets are tense and volatile," said the IEA in the report. “Some of the immediate pressures from the global energy crisis have eased, but energy markets, geopolitics, and the global economy are unsettled and the risk of further disruption is ever present,” it said. “We have solar, wind, nuclear power, electric cars.

Persons: Fatih Birol, “, ” Birol, Birol, ” Organizations: International Energy Agency, Associated Press, Hamas, Israel, Nations, IEA, AP Locations: FRANKFURT, Germany, Gaza, Europe, Ukraine, Israel, China

☆ UN committee deadlocked on climate disaster recovery fund
▼ + stars: | 2023-10-21 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Sultan Al Jaber, chief executive of the UAE's Abu Dhabi National Oil Company (ADNOC) and president of this year's COP28 climate summit gestures during an interview as part of the 7th Ministerial on Climate Action (MoCA) in Brussels on July 13, 2023. United Nations representatives failed to secure a deal during late-night talks on how to implement a reparations fund for climate disaster recovery in developing nations. The "loss and damage fund" would call on rich countries to finance the recovery of climate disasters that have wrecked developing nations and set them behind on their sustainability goals. The commitment to establish the fund was one of the highlight announcements of last year's UN Climate Conference, or COP27, after a series of down-to-the-wire negotiations. The 24-member committee met four times over the past week to settle on official recommendations for how to implement the fund.

Persons: Sultan Al Jaber, Sultan Al, Jaber, Layne, Ali Waqas Malik Organizations: Abu Dhabi National Oil Company, United Nations, UN Climate Conference, United, United Arab Emirates Locations: Abu Dhabi, Brussels, COP27, Pakistan, Egypt, Venezuela, United States, United Kingdom, United Arab, Antigua, Barbuda

☆ Pope Francis may attend global climate talks in Dubai
▼ + stars: | 2023-10-19 | by ( Philip Pullella | ) www.reuters.com time to read: +2 min

Pope Francis leads the weekly general audience in Saint Peter's Square at the Vatican, October 18, 2023. Vatican Media/Handout via REUTERS/File Photo Acquire Licensing RightsVATICAN CITY, Oct 19 (Reuters) - Pope Francis may attend the COP28 climate conference starting next month in Dubai, Vatican sources say, to drive home his recent appeal for action to curb global warming. It would be the first time a pope has attended a U.N. climate change conference since they began in 1995. Other Vatican sources put the probability that the pope would go to the Nov. 30-Dec. 12 event as high as 90 percent. Failure in Dubai, Francis said in the document, "will be a great disappointment and jeopardize whatever good has been achieved thus far".

Persons: Pope Francis, Francis, Cardinal Pietro Parolin, Joe Biden, Sultan al, Jaber, Philip Pullella, Deborah Kyvrikosaios Organizations: Vatican, Handout, REUTERS, CITY, State, Reuters, Catholic, Thomson Locations: Saint Peter's, Dubai, Vatican, Rome, el, Sheikh, Egypt, Glasgow, Scotland, Mongolia, French, Marseilles

☆ Extraordinary September heat means 2023 is now on track to be the warmest year on record
▼ + stars: | 2023-10-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

2023 is on course to be the hottest year on record, scientists warned on Thursday, following extraordinarily high temperatures in September and the hottest summer in human history. The European Union's Copernicus Climate Change Service (C3S) said global average temperatures for January through to September were 1.4 degrees Celsius higher than the preindustrial period of 1850 to 1900. This was just over 0.5 degrees Celsius higher than average and 0.05 degrees Celsius higher the equivalent period in 2016 — the current hottest year on record. Extreme heat is fueled by the climate crisis, the chief driver of which is the burning of fossil fuels. "This extreme month has pushed 2023 into the dubious honour of first place — on track to be the warmest year and around 1.4°C above preindustrial average temperatures."

Persons: C3S, Samantha Burgess, Burgess Organizations: Bolivian, United, United Arab Emirates Locations: Bahia, Lake Titicaca, Bolivia, Peru, Dubai, United Arab

☆ Pope Francis lambasts climate change skeptics and ‘irresponsible’ Western lifestyles
▼ + stars: | 2023-10-04 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +2 min

CNN —Pope Francis has made his strongest statement yet on the accelerating climate crisis, pinning blame on big industries and world leaders as well as “irresponsible” Western lifestyles, in a blistering statement on Wednesday. The pope leveled heavy criticism at climate change deniers and delayers. “Despite all attempts to deny, conceal, gloss over or relativize the issue, the signs of climate change are here and increasingly evident. Climate change will likely only get worse and ignoring it will heighten “the probability of extreme phenomena that are increasingly frequent and intense,” he wrote. The pope paid particular attention to the disproportionate responsibility of rich countries for climate change.

Persons: Pope Francis, ”, “ Regrettably, Laudato Organizations: CNN, Catholic Church Locations: United States, China, Dubai

“The world only, for whatever reason, views us as an oil-and-gas nation,” he said. “We have moved beyond oil and gas 20 years ago. We embraced the energy transition 20 years ago.”He added: “We don’t become passionate or ideological or so emotional. We’re results-driven.”Political Cartoons View All 1190 ImagesAl-Jaber, a 50-year-old longtime climate envoy, is a trusted confidant of UAE leader Sheikh Mohammed bin Zayed Al Nahyan. Addressing the world's reliance on crude oil, al-Jaber issued a challenge to the audience listening to him at Dubai's Museum of the Future: Tell him how to immediately stop the use of all fossil fuels.

Persons: “, Sultan al, Jaber, ”, Sheikh Mohammed bin Zayed Al Nahyan, He’s Organizations: United Arab Emirates, United, Abu Dhabi National Oil Co, General, Emirates, Dubai's Museum Locations: DUBAI, United Arab, United Nations, Abu Dhabi, UAE, al

☆ Brazil touts climate credentials as Amazon deforestation falls — but draws criticism over oil bet
▼ + stars: | 2023-09-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

It's welcome news for Lula, who has promised to achieve zero deforestation in the Amazon by 2030 and is seeking to repair his country's environmental reputation. The government, however, has received criticism over its plans to open new oil fields near the mouth of the Amazon River. Dave Benett | Getty Images Entertainment | Getty ImagesThe Amazon is critical in absorbing the planet's carbon dioxide — making it a vital bulwark in the fight against climate change. Txai Surui, an indigenous leader and activist from the Brazilian Amazon, welcomed the trend of falling Amazon deforestation but criticized Lula's administration for its willingness to potentially develop offshore oil. "How are you doing agreements about deforestation and all these things and yet you want to explore [for oil]?"

Persons: Michael Dantas, Luiz Inácio Lula da Silva, Lula, Jair Bolsonaro's, Guajajara, Bolsonaro, Sonia Guajajara, Txai Surui, Dave Benett, Buda Mendes, Rui Costa, Costa, Lula's, Surui, Brazil's, Brazil Luiz Inácio Lula da Silva, Andressa Anholete, Guillermo Lasso, Tipping, Brazil's Guajajara Organizations: Afp, Getty, CNBC, IBAMA, FUNAI, Indigenous Peoples, Petrobras, Reuters, Amazon, Nature Sustainability, U.N Locations: Manaquiri, Amazonas, London, Indigenous Peoples of Brazil, Annabel's, England, Brazil, Maracana, Rio de Janeiro, Buda, Planalto, Brasilia, Ecuador

☆ Man shot at protest over New Mexico conquistador statue
▼ + stars: | 2023-09-28 | by ( Andrew Hay | ) www.reuters.com time to read: +2 min

New Mexico resident Ryan Martinez, 23, was taken into custody as the suspected shooter after leaving the event in a car, said Rio Arriba County sheriff's office Major Lorenzo Aguilar. A Hopi Native American man from Seattle, Washington, was shot, according to Peixinho. The county halted the reinstallation of 16th-century Spanish conquistador Juan de Onate's statue planned for Thursday after protests over the return of the bronze figure, removed three years ago during nationwide anti-racism demonstrations. The Santa Fe New Mexican showed a picture of a man at the protest it identified as Martinez wearing a red MAGA hat. Onate is known for the 1599 massacre of a pueblo tribe, leading a group of Spanish settlers into what is now New Mexico.

Persons: Juan de Onate, Mateo Peixinho, Ryan Martinez, Major Lorenzo Aguilar, Christina Castro, Juan de Onate's, Peixinho, Martinez, Onate, Andrew Hay, Josie Kao, Lincoln Organizations: University of New, Santa Fe, Red Nation, Thomson Locations: Spanish, Rio Arriba County, Espanola , New Mexico, U.S, New Mexico, Espanola, Seattle , Washington, University of New Mexico, Albuquerque, Santa, Mexican

☆ Six young people take 32 countries to court over wildfires and heat waves
▼ + stars: | 2023-09-27 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

CNN —The European Court of Human Rights will hear an “unprecedented” lawsuit on Wednesday, brought by six young people against 32 European countries accusing them of failing to tackle the human-caused climate crisis. It is the first climate case to be filed with the European Court of Human Rights and is the largest of a total of three climate lawsuits the court is hearing. If it passes procedural hurdles, the court could rule that states do not have human rights obligations when it comes to climate change. “That could be very damaging to other similar cases,” said Michael B. Gerrard, director of the Sabin Center for Climate Change Law at Columbia Law School. Climate litigation is an important tool, said Catherine Higham, coordinator of the Climate Change Laws of the World project at the London School of Economics.

Persons: David, ”, Gearóid Ó Cuinn, “, Catarina Mota, Mota, Cláudia Duarte Agostinho, Pablo Blazquez Dominguez, André dos Santos, –, Martim Duarte, Cláudia Duarte, Mariana Duarte, Marcelo Engenheiro, Michael B, Gerrard, ” Ó Cuinn, ” Gerrard, Gerry Liston, Liston, Catherine Higham Organizations: CNN, European, of Human, Global, Getty, Union, Sabin, Climate, Columbia Law School, London School of Economics, United Nations Locations: Portugal, GLAN, Pedrogao Grande, Leiria district, Norway, Russia, Switzerland, Turkey, United Kingdom, Greece –, Europe, Dubai

"The UK has been one of the real leaders in climate diplomacy and in their own emissions reductions," Ireland’s climate minister Eamon Ryan told Reuters. But according to the Climate Change Committee’s June 2023 progress report to parliament, to hit mid-way climate targets, Britain must quadruple its annual emissions reductions outside the electricity supply sector by 2030. He said he was changing the policy because previous governments had moved too quickly to set net zero targets, without securing the support of the public. Delaying net zero transition investments could prove politically popular, analysts observed, if an election was on the horizon. But "this framing only works if you think climate policy is a burden", said Bob Ward, a climate policy researcher at the London School of Economics and Political Science, adding that avoiding short-term costs was likely to lead to a greater bill for taxpayers down the road.

Persons: Eamon Ryan, Rishi Sunak, Bob Ward, Britain's, Simone Tagliapietra, Sunak’s, Philip Dunne, Susanna Twidale, Gloria Dickie, Kate Abnett, Elizabeth Piper, Ed Osmond, Alison Williams Organizations: Reuters, United Nations, London School of Economics, Political, Global, Thomson Locations: Britain, Ukraine, Poland, Slovakia, Netherlands, Brussels, U.S, London

☆ Climate Week can make me feel cynical but there are signs that change might be underway
▼ + stars: | 2023-09-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Yet global emissions have continued to climb since 2015 when countries agreed to curb warming. Yet global emissions have kept growing since 2015, when nearly 200 countries struck the Paris Agreement aimed at averting the most catastrophic effects of a warming planet. There's also more willingness to name the main driver of climate change: fossil fuels. President Joe Biden didn't attend the Climate Ambition Summit and instead sent the nation's climate envoy, John Kerry. Salt Lake City Mayor Erin Mendenhall, Montreal Mayor Valérie Plante, and Paris Mayor Anne Hidalgo have headlined events.

Persons: execs, I've, General António Guterres, Alden Meyer, —, Meyer, There's, Gavin Newsom, Sultan Al Jaber, Al Jaber, Al Jaber's, Joe Biden didn't, John Kerry, Biden would've, Erin Mendenhall, Montreal Mayor Valérie Plante, Paris Mayor Anne Hidalgo, Yvonne Aki Organizations: Service, United Nations, Ambition, California Gov, United Arab Emirates, Associated Press, UN, Montreal Mayor, Paris Mayor Locations: Wall, Silicon, New York City, Paris, China, India, Russia, Japan, Colombia, Panama, Brazil, California, Dubai, UAE's, UAE, Alaska, Salt Lake, COP28, Africa

LONDON (AP) — Prime Minister Rishi Sunak is preparing to water down some of Britain's environmental commitments on Wednesday, saying the country must fight climate change without penalizing workers and consumers. “For too many years, politicians in governments of all stripes have not been honest about costs and trade-offs," Sunak said. U.K. greenhouse gas emissions have fallen by 46% from 1990 levels, mainly because of the almost complete removal of coal from electricity generation. The government had pledged to reduce emissions by 68% of 1990 levels by 2030 and to reach net zero greenhouse gas emissions by 2050. Automakers, who have invested heavily in the switch to electric vehicles, expressed frustration at the government's apparent change of plan.

Persons: Rishi Sunak, Sunak, backtrack, Prince William —, Doug Parr, ”, Parr, Mike Hawes, Lisa Brankin, Tara, Hargreaves Lansdown, ” Copp, Sadiq Khan, “ We’re, Suella Braverman, Alok Sharma Organizations: —, Conservative Party, United Nations General Assembly, Greenpeace, Society of Motor Manufacturers, Traders, Ford, ” Britain's, Labour, London’s Labour, BBC Locations: Britain, New York, London Uxbridge, Glasgow

☆ Rishi Sunak’s plans to delay climate targets attacked, as UK government pushes anti-green drive
▼ + stars: | 2023-09-20 | by ( Rob Picheta | ) edition.cnn.com time to read: +7 min

In an attack on his own Conservative predecessors as prime minister, Sunak said: “You don’t reach net zero simply by wishing it. The Climate Change Committee, the government’s independent adviser on climate change, published a report in June that criticized the UK’s net zero plans and said there was not enough urgency to reach the country’s goals. Britain is legally required to have reached net zero – meaning the country would remove from the atmosphere at least as much planet-warming pollution as it emits – by 2050. Johnson’s comments led a chorus of concerns from within Sunak’s Conservative party at the plans, which were apparently hurriedly brought forward after Tuesday’s leaks to the media. British businesses also criticized Sunak’s plans on Wednesday.

Persons: Rishi Sunak, Sunak, ” Boris Johnson, ” Johnson, ”, Dan Kitwood, pushback Sunak, “ We’ve, ” Sunak, “, … I’ve, Alok Sharma, ” Sharma, Chris Skidmore, Rob Picheta, Mike Childs, Sunak’s, Lisa Brankin, Ed Matthew, ” “ Organizations: London CNN, United, Conservative, Labour, “, Sunak’s Conservative, BBC, PA Media, London's Labour, CNN, Ambition, UN, Ford, European Union Locations: Britain, United Kingdom, Glasgow, Sunak’s, London, Uxbridge, South Ruislip, New York, United States, China

☆ The UK is delaying the switch to electric cars. Automakers are furious
▼ + stars: | 2023-09-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

A relaxation of 2030 would undermine all three,” Ford (F) UK chair Lisa Brankin said in a statement. “We and the whole automotive industry [need] clarity on the [EV] topic,” the German carmaker said in a statement shared with CNN. ‘Confusion’ will delay switch to EVsThe UK auto industry has been clawing its way back from rock bottom after car manufacturing hit a 66-year low in 2022. Reducing emissions from road transport “is the only way that you will achieve net zero,” Hawes told the BBC. The government’s own independent adviser on climate policy, the Climate Change Committee shares that view.

Persons: carmakers, Rishi Sunak, Sunak, “, ”, Sunak’s, ” Ford, Lisa Brankin, Brankin, carmaker, Mike Hawes, ” Hawes, Jobs, Sadiq Khan, ” Sunak, “ We’re, Alok Sharma, Simon Clarke, EVs, — Gemma Blundell, Doyle, Anna Cooban, Laura Paddison, Rob Picheta Organizations: London CNN, BMW, Oxford, Swindon, CNN, Fiat, Peugeot, Fiat Chrysler, France’s, India’s Tata Group, Society of Motor Manufacturers, Traders, BBC, Conservative Party, Labour Party’s London, Conservative Locations: Germany, France, Spain, Italy, Canada, Sweden, Ellesmere Port, Liverpool, Britain, London, Glasgow

LONDON (AP) — Prime Minister Rishi Sunak announced Wednesday that he’s delaying by five years a ban on new gas and diesel cars that had been due to take effect in 2030, watering down climate goals that he said imposed “unacceptable costs” on ordinary people. U.K. greenhouse gas emissions have fallen by 46% from 1990 levels, mainly because of the almost complete removal of coal from electricity generation. The government had pledged to reduce emissions by 68% of 1990 levels by 2030 and to reach net zero by 2050. Automakers, who have invested heavily in the switch to electric vehicles, expressed frustration at the government’s change of plan. Ford U.K. head Lisa Brankin said the company had invested 430 million pounds ($530 million) to build electric cars in Britain.

Persons: Rishi Sunak, Sunak, ”, Boris Johnson, backtrack, Prince William —, Will McCallum, Lisa Brankin, Richard Burge, Tara, Hargreaves Lansdown, Clee, Sadiq Khan, Alok Sharma, Peter Cox Organizations: —, Conservative Party, Former, United Nations General Assembly, Greenpeace, Ford, London Chamber of Commerce and Industry, Britain’s Conservatives, Labour, London’s Labour, BBC, Global Systems Institute, University of Exeter Locations: New York, Britain, London Uxbridge, Glasgow

He has sought to boost Brazil's cred with each state visit and speech, one multilateral forum after another. PUSHING FOR GLOBAL GOVERNANCE — BRAZIL-STYLEDuring Lula’s travels, he has pushed for global governance that gives greater heft to the Global South and advocating diminishing the dollar’s dominance in trade. After the International Criminal Court issued a warrant for Russian President Vladimir Putin's arrest, Lula said he would review Brazil's membership in the court. Some in Washington had initially hoped Lula could be helpful in advancing a shared agenda in Venezuela, Winter said. As they stood embracing, Lula remained seated while applauding a few feet away and nearly out of the camera frame.

Persons: Luiz Inacio Lula da Silva's, Brazil —, —, Lula, Bolsonaro, ”, Oliver Stuenkel, Getulio Vargas, Ukraine’s, Vladimir Putin's, “, Brian Winter, Biden, Winter, ” Biden, Jake Sullivan, Narendra Modi, Saudi Crown Prince Mohammed bin Salman, Cuba “, ” Lula, Nicolás Maduro, LULA, Lula isn't, Modi, Thomas Traumann, Azali Assoumani, Assoumani's, Paulo Peres, Said Peres, Eleónore Hughes, Madhani, David Biller Organizations: UNITED NATIONS, —, General, Getulio, Getulio Vargas Foundation, Global, . National, Bolsonaro, Indian, Saudi Crown, Biden, Federal University of Rio, . Security, Associated Press Locations: Brazil, United States, China, Italy, India, Argentina, Angola, Sao Paulo, — BRAZIL, Washington, Western Europe, U.S, York, Americas, New York, Ukraine, New Delhi, Cuba, Havana, Venezuela, ”, Brazilian, Federal University of Rio Grande do Sul, Rio de Janeiro

NEW DELHI (AP) — G20 leaders agreed Saturday to triple renewable energy and try to increase the funds for climate change-related disasters but maintained the status quo with regards to phasing out carbon spewing coal. Even at the last meeting of the G20 climate ministers before the summit, disagreements had remained. Global leaders and climate experts say the declaration had largely taken the conversation forward, setting the stage for an ambitious climate agreement when they meet at the global climate conference, COP28, in Dubai later this year. For the first time, the G20 countries agreed on the amounts required to shift to clean energy. “However, it’s disappointing that the G20 could not agree on phasing down fossil fuels.”"Increasing renewables and reducing fossil fuels need to necessarily happen together – we need stronger bolder action from leaders on both.

Persons: Amitabh Kant, al, Jaber, ”, Harjeet Singh, Singh, Madhura Joshi Organizations: DELHI, Indian, Global, Climate Action, Global Energy Monitor, AP Locations: Dubai, Mumbai

☆ ‘A rapidly closing window:’ Major UN report offers sobering assessment of world’s climate efforts
▼ + stars: | 2023-09-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The fight to secure a livable future for everyone on Earth requires much more urgent climate action — and only transformational changes will be enough to get back on track. That was the sobering assessment from the technical dialogue of the United Nations' first-ever "global stocktake," a critically important process which looks at what countries have done to prevent a climate catastrophe. The overarching synthesis report, published Friday, lays the foundation for the upcoming COP28 climate conference in the United Arab Emirates later this year. "There is a rapidly closing window of opportunity to secure a liveable and sustainable future for all." The U.N.'s global stocktake was designed under the Paris Agreement as part of a global effort to accelerate climate action.

Organizations: United Nations, United Arab Locations: Farkadona, Karditsa, Greece, United Arab Emirates, Dubai, Paris, COP28

☆ Hundreds of millions pledged for African carbon credits at inaugural climate summit
▼ + stars: | 2023-09-04 | by ( Duncan Miriri | ) www.reuters.com time to read: +5 min

Companies Climate FollowVitol SA FollowNAIROBI, Sept 4 (Reuters) - An initiative to boost Africa's carbon credit production 19-fold by 2030 drew hundreds of millions of dollars of pledges on Monday as Kenyan President William Ruto opened the continent's first climate summit. In one of the most anticipated deals, the United Arab Emirates (UAE) committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI). "There hasn't been any success for an African country in attracting climate finance," said Bogolo Kenewendo, a United Nations climate adviser and former trade minister in Botswana. Many African campaigners have opposed the summit's approach to climate finance, and about 500 people marched in downtown Nairobi on Monday to protest. They say carbon credits are a pretext for continued pollution by wealthier countries and corporations, who should instead pay their "climate debt" through direct compensation and debt relief.

Persons: William Ruto, Ruto, Bogolo Kenewendo, Bogolo, Kevin Kariuki, Patricia Scotland, Esa Alexander, we've, Hassan Ghazali, Britain, Sultan Al Jaber, COP28, Duncan Miriri, Simon Jessop, Jefferson Kahinju, Aaron Ross, Hereward Holland, Angus MacSwan, Susan Fenton Organizations: United Arab Emirates, Africa Carbon Markets, United, African Development Bank, Reuters, International Monetary Fund, REUTERS, Climate Asset Management, HSBC Asset Management, Debt, Green, Thomson Locations: NAIROBI, UAE, Nairobi, Africa, United Nations, Botswana, Muloza, Mozambique, Blantyre, Malawi, Liberia, Tanzania, Germany, Kenya

☆ Oil giant led by COP28 boss to spend an ‘eyewatering’ $1 billion a month on fossil fuels this decade, Global Witness says
▼ + stars: | 2023-09-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

UAE oil giant ADNOC — run by the president of the COP28 climate conference — is expected to spend more than $1 billion every month this decade on fossil fuels, according to new analysis by international NGO Global Witness. It comes ahead of the COP28 climate summit, with Dubai set to host the U.N.'s annual conference from Nov. 30 through to Dec. 12. The person overseeing the talks, Sultan al-Jaber, is chief executive of ADNOC (the Abu Dhabi National Oil Company) — one of the world's largest oil and gas firms. His position as both COP28 president and ADNOC CEO caused dismay among civil society groups and U.S. and EU lawmakers, although several government ministers have since defended his appointment. It means that ADNOC is forecast to spend nearly seven times more on fossil fuels through to 2030 than it does on "low-carbon solution" projects.

Persons: Sultan Al Jaber, Sultan al, Jaber Organizations: Abu Dhabi National Oil Company, UAE, Global, ADNOC, CNBC Locations: Abu Dhabi, Brussels, Dubai, Paris

In climate negotiations, "loss and damage" refers to existing costs incurred from climate-fueled weather impacts, such last year's devastating Pakistan flooding. The U.S. is part of a 24-country committee deciding how the fund will work before the COP28 climate summit in Dubai can officially adopt it this year. Both voted to approve new funding arrangements under the condition that the fund not be about liability for rich countries and compensation. Instead, both Washington and Brussels say the fund should be filled from myriad sources including industry taxes, philanthropic donations or other schemes. The world’s least developed nations want the fund to be limited to the neediest nations.

Persons: Akhtar Soomro, that's, ”, Sue Biniaz, Biniaz, Christina Chan, “, “ That’s, Avinash Persaud, Mia Mottley, Persaud, Dileimy Orzoco, Valerie Volcovici, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, . State Department, Reuters, The, State Department, EU, Nonprofit, Thomson Locations: Sehwan, Pakistan, U.S, Washington, The U.S, Dubai, Dominican Republic, Paris, Brussels, China, Barbados, Philippines

☆ JPMorgan executive explains why decarbonization is a megatrend that business can't ignore
▼ + stars: | 2023-08-22 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

"It doesn't matter whether you're an energy client, or a consumer products client, or a retail client, there is something about this megatrend that is going to impact your business model, your business," Variankaval told CNBC. Right now, Variankaval says, it's too soon to know exactly which climate tech companies are going to the winners and losers. It's a multi decade-long process," Variankaval told CNBC. In some segments of climate tech, there are debates about which solutions are better than others that take on a near religious fervor. So you need to diversify in terms of technologies, but also in time horizons," Variankaval told CNBC.

Persons: Rama Variankaval, decarbonization, Variankaval, Megatrend, —, Joe Biden, Sen, Joe Manchin, Chuck Schumer, James Clyburn, Frank Pallone, Kathy Catsor, Drew Angerer, Biden, signe, It's, it's, That's, We're Organizations: JP Morgan Securities LLC, Aspen, Bloomberg, Getty, JPMorgan Chase, CNBC, JPMorgan, United Nations, Carbon, SC, White, Federal Reserve Locations: Miami Beach , Florida, Paris, decarbonization, United

☆ The UK once vowed to be a global climate leader. Now Rishi Sunak is stoking a culture war on green policies
▼ + stars: | 2023-08-01 | by ( Rob Picheta | ) edition.cnn.com time to read: +8 min

Since becoming prime minister, critics say he has diminished the UK's standing as a leader on the climate. A Just Stop Oil protester disrupts a match at July's Wimbledon Championships. Foreign Office minister Zac Goldsmith resigned in June, lambasting Sunak’s climate policies. A North Sea oil rig off the coast of Scotland. Sunak's decision to expand drilling in the North Sea was criticized by climate experts.

Persons: Boris Johnson, Queen Elizabeth II, Rishi Sunak’s, Sunak, DANIEL LEAL, ” Luke Murphy, they’ve, Murphy, ”, “, We’ve, ” Murphy, Steve Tuckwell, Tuckwell, Hannah Mckay, Grant Shapps, Keir Starmer, ” Tim Bale, “ Uxbridge, ” Bale, Sadiq Khan, Khan nodded, Rishi Sunak, Zac Goldsmith, Chris Skidmore, ” Skidmore, – Organizations: London CNN, Telegraph, Getty, CNN, Conservative Party, Conservatives, Labour Party, July's Wimbledon, Reuters, Energy, Queen Mary University in, “, Office, National Statistics, London’s, Foreign, Conservative, Uxbridge Locations: Britain, Glasgow, North, Sunak, Uxbridge, London, Queen Mary University in London, Europe, lambasting, Scotland

☆ UAE oil giant raises climate goal ahead of key UN summit
▼ + stars: | 2023-07-31 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

The United Arab Emirates supplies nearly 3% of global oil, which is a major source of greenhouse gases. ADNOC said its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, which is among the lowest in the world. On Monday, it said it aimed to cut carbon intensity by 25% by 2030. Intensity-based targets measure the amount of GHG emissions per unit of energy or barrel of oil and gas produced. It said on Monday its 2022 methane intensity was about 0.07% and its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, its first such disclosures.

Persons: Sultan, Jaber, ADNOC, Yousef Saba, Hadeel Al Sayegh, Ron Bousso, Nadine Awadalla, Louise Heavens, Alexander Smith Organizations: Abu Dhabi National Oil Company, United Arab Emirates, Dubai, United, Saudi Aramco, U.S, Exxon, Aramco, Thomson Locations: DUBAI, Abu Dhabi, UAE, United Nations, Saudi

The principle is that nature is an unpaid worker providing services, like carbon sequestration, soil retention, water filtration, replenishing raw materials and more. It is providing an invisible subsidy to world economies. Take carbon pricing. Poor countries that have abundant natural resources are loaning their economic resources, like the carbon-sequestering value of their rainforests, to rich countries without compensation. Why add such a pricing structure when economies can exploit nature for free?

Persons: John Kerry, ” It’s Organizations: Democratic, Resilience Locations: Democratic Republic of, Congo

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