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☆ EY CEO discusses the energy transition
▼ + stars: | 2023-12-01 | 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 EmailEY CEO discusses the energy transitionCarmine Di Sibio, Ernst and Young CEO, speaks to CNBC's Steve Sedgwick at COP28 in the United Arab Emirates.

Persons: Carmine Di Sibio, Ernst, Young, Steve Sedgwick Organizations: United Locations: COP28, United Arab Emirates

REUTERS/Mike Blake//File Photo Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - A United Nations-led effort to use space satellites to detect methane leaks from fossil fuel infrastructure has alerted governments to 127 major methane plumes across four continents since its launch at the start of this year. Environment Programme's (UNEP) Methane Alert and Response System (MARS) was created to support a 2021 global pledge by more than 150 countries to cut methane emissions by 30% by 2030. "Every kilogram of methane matters, but what we can see from our satellites is only the most outrageous of those emissions," said Manfredi Caltagirone, head of UNEP's International Methane Emissions Observatory. While satellites picked up more than 127 major plumes in 2023, some appeared short-lived and therefore too hard to trace, he said. Super-emitting events such as these are responsible for between 8% and 12% of methane emissions from the oil and gas industry.

Persons: Mike Blake, Manfredi Caltagirone, Caltagirone, Gloria Dickie, Barbara Lewis Organizations: REUTERS, Rights, United Nations, Programme's, UNEP, MARS, Thomson Locations: Pixley , California, U.S, Argentina, Dubai

☆ UN chief says ending fossil fuel use is only way to save burning planet
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

"We cannot save a burning planet with a fire hose of fossil fuels," Guterres said in a speech to the COP28 summit in Dubai. "The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. He urged fossil fuel companies to invest in a transition to renewable energy sources and told governments to help by forcing that change - including through the use of windfall taxes on industry profits. "I urge governments to help industry make the right choice – by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits," he said. Reporting by William James, editing by Elizabeth PiperOur Standards: The Thomson Reuters Trust Principles.

Persons: Lalla Hasna, Luiz Inacio Lula da Silva, Antonio Guterres, Simon Stiell, Guterres, William James, Elizabeth Piper Organizations: United Nations, Thomson Locations: DUBAI, Dubai

☆ 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

☆ Saudi Arabia's Vision 2030 is 'very clear' in what it wants to achieve, ACWA Power CEO says
▼ + stars: | 2023-12-01 | 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 EmailSaudi Arabia's Vision 2030 is 'very clear' in what it wants to achieve, ACWA Power CEO saysMarco Arcelli, ACWA Power CEO, discusses Saudi Arabia's Vision 2030 with CNBC's Dan Murphy at COP28 in the United Arab Emirates.

Persons: Marco Arcelli, CNBC's Dan Murphy Organizations: Saudi, ACWA, United Locations: COP28, United Arab Emirates

☆ COP28 DG says we need negotiated outcome, action agenda to achieve Paris climate target
▼ + stars: | 2023-12-01 | 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 EmailCOP28 DG says we need negotiated outcome, action agenda to achieve Paris climate targetCOP28 Director General Majid Al Sawadi discusses the announcement of the $30 billion Alterra fund and the agenda on the ground at the global climate change conference.

Persons: COP28, Majid Al Sawadi Locations: Paris

☆ Brazilian state launches mandatory tracking of cattle to stop deforestation
▼ + stars: | 2023-12-01 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

[1/2] A herd of cattle is seen at the Marupiara ranch in the city of Tailandia in the state of Para, Brazil March 17, 2020. The state government established the program in a decree published on Monday and sets the target of individual tracking of all 24 million cattle in Para by December 2026. Cattle ranching in Brazil is linked to nearly 24% of global annual tropical deforestation and approximately 10% of total global greenhouse gas emissions, the conservancy said. Para has Brazil's second biggest cattle herd behind the west-central state of Mato Grosso, according to government data. "The absence of full traceability in Para undermined their ability to attract legitimate investment into this sector."

Persons: Pilar Olivares, Helder Barbalho, Jack Hurd, Ana Mano, Jake Spring, Jonathan Oatis Organizations: REUTERS, SAO PAULO, Nature Conservancy, conservancy, Para, Integrity, Tropical, Alliance, Thomson Locations: Tailandia, Para, Brazil, Mato Grosso, France, Spain, Norway, COP28

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsLONDON, Dec 1(Reuters) - The Ethereum blockchain's historical greenhouse gas emissions before a major software upgrade last year were equivalent to the yearly emissions of Honduras, a University of Cambridge study showed on Friday. From its launch in 2015 until the Merge, Ethereum's greenhouse gas emissions totalled 27.5 million tonnes carbon dioxide equivalent (MtCO2e), the study showed. Its current yearly emissions are around 2.8 kilotonnes carbon dioxide equivalent, the study found - around the same as five round-trip flights from London to New York. It is generally thought that blockchain is "a highly emitting technology," said Anna Lerner, executive director at the Ethereum Climate Platform, an organisation that seeks to use blockchain tech to accelerate climate finance. The annual emissions of Bitcoin, the largest blockchain and cryptocurrency, are therefore roughly equivalent to those of Cambodia in 2020, according to Climate Watch.

Persons: Dado Ruvic, Anna Lerner, Ethereum, Alexander Neumueller, Neumueller, Tom Wilson, Alexandra Hudson Organizations: REUTERS, University of Cambridge, Global, Climate Watch, Reuters, Alexandra Hudson Our, Thomson Locations: Honduras, Dubai, London, New York, Bitcoin, Cambodia

CNN —King Charles has worn a tie emblazoned with the Greek flag, just days after the British Prime Minister Rishi Sunak canceled a meeting with his Greek counterpart in a diplomatic dispute over the Parthenon Sculptures, also known as the Elgin Marbles. The King wore the tie while meeting world leaders – including Sunak – at the COP28 climate talks in Dubai on Friday. A Buckingham Palace source told CNN the tie was simply one from the King’s current collection and has made other recent appearances. Greek Prime Minister Kyriakos Mitsotakis was due to meet Sunak in London on Tuesday. However the meeting was abruptly canceled by Downing Street after Mitsotakis made comments during a television interview about the status of the Parthenon Sculptures, which are currently housed in the British Museum in London.

Persons: King Charles, Rishi Sunak, Sunak –, Kyriakos Mitsotakis, Mitsotakis, Lord Elgin, ”, Charles ’, Prince Philip of Greece, Queen Elizabeth II, Duke, Edinburgh Organizations: CNN, British, Elgin Marbles, Sunak, Downing, British Museum, BBC, CNN’s Royal, British Prime Locations: Dubai, Buckingham, London, Greece, British, Athens, Ottoman Empire, Corfu, Denmark

☆ COP28 Lines up New Climate Pledges - but Do They Work?
▼ + stars: | 2023-12-01 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +5 min

By Kate AbnettDUBAI (Reuters) - While the world's climate diplomats huddle over draft decisions to be made at the end of this year's U.N. climate summit, governments at COP28 are firing off a flurry of new promises for action. Among the expected pledges at COP28 are a goal to triple renewable energy capacity and initiatives on methane and coal power. These voluntary side deals have proliferated in recent years, even as global temperatures and greenhouse gas emissions continue to rise. Unlike official summit decisions, which must be passed by consensus among the nearly 200 countries, voluntary pledges can be made quickly, and boldly, without the worry of one party objecting. "They go much further than what you can do multilaterally," said Marc Vanheukelen, a former EU official who led the bloc's work on an international methane emissions pledge launched at the COP26 climate summit in 2021.

Persons: Kate Abnett DUBAI, Marc Vanheukelen, Jonathan Banks, Laurie van der, OCI, It's, Erin Matson, Luiz Inácio Lula da Silva, Matson, Kate Abnett, Tommy Wilkes, Katy Daigle, Jon Boyle Organizations: Reuters, EU, Global, Air Task Force, Bank, U.S, Change, WWF, Rainforest Alliance, Climate Locations: COP28, Glasgow, U.S, Nigeria, Canada, The U.S, China, Russia, COP26, Britain, France, United States, Italy, Germany, Brazil

☆ UAE's Alterra climate fund will drive investment in the developing world: COP28 director-general
▼ + stars: | 2023-12-01 | 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 EmailUAE's Alterra climate fund will drive investment in the developing world: COP28 director-generalThe UAE's new $30 billion Alterra climate fund will "drive investment in the developing world and global south," COP28 Director-General Majid al-Suwaidi tells CNBC's Dan Murphy.

Persons: Majid al, CNBC's Dan Murphy

President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan attends the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, announced on Friday the establishment of a $30 billion climate fund that aims to attract $250 billion of investment by the end of the decade. Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency. ALTÉRRA has also committed to invest $2 billion into its second Brookfield Global Transition Fund. ALTÉRRA was established by Lunate, a newly set up Abu Dhabi-based alternative investment manager with over $50 billion in assets.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Amr Alfiky, Sheikh Mohammed Bin Zayed Al Nahyan, ALTÉRRA, BlackRock, Abu, Sheikh Tahnoon bin Zayed Al Nahyan, William James, Nadine Awadalla, Al Sayegh, Tommy Reggiori Wilkes, Susan Fenton, Sharon Singleton, Miral Organizations: United, United Nations, Change, United Arab Emirates, REUTERS, Rights, BlackRock, TPG, Brookfield Asset Management, Transition, Lunate, Chimera Investment, Reuters, Thomson Locations: United Arab Emirates, Dubai, United Arab, COP28, Brookfield, Abu Dhabi, UAE

☆ CNBC Daily Open: A cooling economy does not mean it's falling off a cliff
▼ + stars: | 2023-12-01 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Headline inflation was flat on the month and at a 3% rate for the 12-month period, the release also showed. Energy prices fell 2.6% on the month, helping keep overall inflation in check, though food prices rose 0.2%.

Persons: Dow, Dow Jones, Nelson Peltz, Ike Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza Organizations: CNBC, Dow Jones Industrial, Nasdaq, Big Tech, Federal Reserve, Commerce Department, Energy, of, Petroleum, OPEC, Disney, Marvel, Sky, Peltz, United Arab Locations: OPEC, Saudi Arabia, Brazil, COP28, United Arab Emirates, COP27, Egypt

☆ Volvo Cars deputy CEO: We're doubling down on our climate action
▼ + stars: | 2023-12-01 | 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 EmailVolvo Cars deputy CEO: We're doubling down on our climate actionJavier Varela, deputy CEO of Volvo Cars, speaks to CNBC's Steve Sedgwick at COP28 in the United Arab Emirates.

Persons: Javier Varela, Steve Sedgwick Organizations: Volvo, United Locations: COP28, United Arab Emirates

☆ Opinion | Bill Gates: Fighting Climate Change Should Be Affordable. The Rich Can Make It So.
▼ + stars: | 2023-12-01 | by ( Bill Gates | ) www.nytimes.com time to read: +2 min

The other says we’re all going to be fine because we already have everything we need to solve climate change. But to overcome climate change, we need rich individuals, companies and countries to step up to ensure green technologies are affordable for everyone, everywhere — including less wealthy countries that are large emitters, like China, India and Brazil. Let’s start with what rich individuals, like me, can do to help. They should be investing in companies that are developing transformative green solutions — especially solutions that have potential but are currently underfunded, including green hydrogen and carbon management. Very wealthy individuals should also be making changes to their lifestyles to bring their emissions close to zero.

Persons: We’re Organizations: Let’s Locations: COP28, Dubai, China, India, Brazil

☆ Japan to stop building unabated coal power plants, PM Kishida tells COP28
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Thaier Al Sudani Acquire Licensing RightsTOKYO, Dec 1 (Reuters) - Japan will stop building new coal power plants that do not have emission reduction measures in place, Prime Minister Fumio Kishida told the COP28 climate summit in Dubai on Friday. "In line with its pathway to net-zero, Japan will end new construction of domestic unabated coal power plants, while securing a stable energy supply," Kishida said. Japan will also try to decrease its reliance on currently operational coal plants, he said, without elaborating further. The official, who declined to be named, said Japan may build abated coal power plants should the technology emerge. About 25% of Japan's electricity was generated by nuclear power in 2010, a year before a giant earthquake and tsunami caused a triple-core meltdown at the Fukushima nuclear power plant and initially displaced some 470,000 people.

Persons: Fumio Kishida, Al Sudani, Kishida, Ember, Sakura Murakami, Ekaterina Golubkova Organizations: Japan's, United Nations, Change, United Arab Emirates, REUTERS, Rights, Thomson Locations: Dubai, United Arab, Japan, United States, China, India, Tokyo

☆ Britain's King Charles to push for global action on climate in COP28 speech
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Countries, however, are divided over the future of fossil fuel - the burning of which is the main cause of climate change. The monarchy has been under pressure to reduce its carbon footprint, though emissions have decreased under King Charles. King Charles will be among world leaders attending the climate talks, known as COP28, in Dubai, the United Arab Emirates. King Charles is attending on behalf of the British government and following an invitation from the host nation, the UAE. On Thursday, King Charles met with Gulf state's president, Sheikh Mohamed bin Zayed Al Nahyan, at the COP28 summit site.

Persons: Britain's King Charles, King Charles, Rishi Sunak, Narendra Modi, Sheikh Mohamed bin Zayed Al Nahyan, Charles, Alexander Cornwell, Josie Kao Organizations: Carbon, United Arab, Organization of, Petroleum, United, United Arab Emirates, Britain's, India's, Gulf state's, Thomson Locations: DUBAI, United Arab Emirates, Dubai, United Arab, UAE, United Kingdom, France

☆ A Tense Climate Summit Begins Against a Backdrop of War and Record Heat
▼ + stars: | 2023-12-01 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: +1 min

With dire warnings of planetary catastrophe and urgent pleas to protect vulnerable populations, world leaders on Friday implored one another to stop burning fossil fuels and swiftly reduce the greenhouse gas emissions that are `dangerously heating the planet. “We cannot save a burning planet with a fire hose of fossil fuels,” António Guterres, the U.N. secretary general, said. “We must accelerate the just, equitable transition to renewables.”The annual meeting, known as COP28, comes near the end of what scientists forecast will be the hottest year in recorded history. 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. Floods, fires, droughts and storms made worse by climate change are unleashing destruction around the world.

Persons: António Guterres, “ Organizations: United Nations Locations: Dubai, United Arab Emirates

Italy's Prime Minister Giorgia Meloni addresses her speech during the question time at the upper house of parliament in Rome, Italy November 23, 2023. REUTERS/Remo Casilli Acquire Licensing RightsROME, Dec 1 (Reuters) - Italy will provide 100 million euros ($108.91 million) to a new fund to help poor countries cope with "loss and damage" due to climate change, Prime Minister Giorgia Meloni said on Friday, adding she would invest 70% of her 4.2-billion euro Climate Fund in Africa. "We are contributing to the loss and damage fund with 100 million euros to help achieve the goals of this COP28," she told an event at the COP28 climate conference in Dubai. Italy's Climate Fund is part of a commitment by rich countries to funnel at least $100 billion a year in developing economies through green transition projects under the form of state guarantees, loans and equity investments. In late 2021, under Meloni's predecessor Mario Draghi, Italy set aside 840 million euros per year between 2022 and 2026 for the programme plus an additional annual endowment of 40 million euros starting from 2027.

Persons: Giorgia Meloni, Remo Casilli, Rome, Mario Draghi, Gilberto Pichetto Fratin, William Maclean Organizations: Italy's, REUTERS, Rights, Fund, Energy, Reuters, Treasury, Thomson Locations: Rome, Italy, Africa, Dubai

☆ Bill Gates warns the world is likely to smash through a critical warming threshold
▼ + stars: | 2023-12-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Bill Gates arrives for a press conference to launch the Global Polio Eradication Initiative at the European Commission's Berlaymont headquarters in Brussels on October 11, 2023. Dubai, UNITED ARAB EMIRATES — Billionaire philanthropist Bill Gates on Friday said the world is likely to overshoot a critical temperature threshold that scientists have long warned could bring dangerous and potentially irreversible impacts on people, wildlife and ecosystems. However, the Microsoft co-founder said any headway in the climate fight would likely not be enough to prevent 2 degrees Celsius of global warming. His comments come as policymakers and business leaders convene in Dubai for the United Nations' biggest and most important annual climate summit. "There is not some binary cut-off where at a certain temperature everything is horrible," Gates said on Friday.

Persons: Bill Gates, CNBC's Tania Bryer, Gates, we've, we'll Organizations: UNITED, EMIRATES — Billionaire, United, United Arab Emirates, Microsoft, United Nations Locations: Brussels, Dubai, United Arab

☆ What are they saying at the U.N. climate summit?
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +4 min

Here are the latest comments:KENYA PRESIDENT WILLIAM RUTO:"The long standing adversarial dynamic between global north and global south proves practically counterproductive. Climate change does not respect artificial distinctions, traditional boundaries or old antagonisms. "We must resolve that every country shall fulfil the climate targets it is setting for itself and the commitments it is making." U.N. SECRETARY-GENERAL ANTONIO GUTERRES:"We cannot save a burning planet with a fire hose of fossil fuels... The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Antonio Guterres, Britain's King Charles, WILLIAM RUTO, NARENDRA MODI, LUIZ INACIO LULA DA SILVA, KING CHARLES III, GENERAL ANTONIO GUTERRES, William James, Elizabeth Piper, Katy Daigle, Richard Valdmanis Organizations: United, United Nations, Change, United Arab Emirates, KING, GENERAL, Reuters, Thomson Locations: United Arab Emirates, Dubai, United Arab, DUBAI, KENYA, Gaza

[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

☆ Clash Over Climate Tipping Points and Fossil Fuels’ Future at COP28
▼ + stars: | 2023-11-30 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

This year is the hottest on record, and evidence is growing that climate systems are hitting dangerous tipping points. That backdrop is intensifying a fight over the future of fossil fuels that is set to dominate the annual United Nations climate conference over the next two weeks. New studies have found that several tipping points—from a collapse of Atlantic Ocean currents to drying of the Amazon rainforest—could be passed sooner than anticipated, some around the middle of this century. Loss of much of the West Antarctic ice sheet may already be unavoidable. Global temperatures, meanwhile, set record highs this year, the U.N.’s World Meteorological Organization said Thursday.

Organizations: United Nations, Meteorological Organization Locations: United

☆ COP28 Talks Reach Deal on Much-Debated Climate-Damage Fund
▼ + stars: | 2023-11-30 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

Delegations from countries around the world are gathering in Dubai for COP28, which began on Thursday. Photo: amr alfiky/ReutersGovernments have reached an agreement on the architecture of a United Nations fund to pay for climate-related damage in poor countries, ending a year of contentious talks over where the fund will be located, which countries should benefit and who should finance it. Negotiators from more than 190 governments approved the deal on Thursday at the start of the COP28 climate summit in Dubai, lending momentum to U.N. talks aimed at speeding up global efforts to prevent the worst effects of global warming.

Persons: amr alfiky Organizations: Reuters Governments, United Locations: Dubai, COP28, United Nations

☆ What’s at Stake at COP28 in Dubai
▼ + stars: | 2023-11-30 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

More than 190 governments are gathering in Dubai starting Thursday for the United Nations’ annual two-week summit where nations attempt to forge a collective response to the problem of climate change. This year, four topics are expected to dominate the negotiations: a report on the worldwide implementation of the landmark Paris accord called the “global stocktake,” the future of fossil fuels, climate finance for poorer countries and the setting up of a fund to pay for climate damage.

Organizations: United Nations Locations: Dubai, Paris

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