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☆ Oil CEO says blaming the energy industry for the climate crisis ‘like blaming farmers for obesity’
▼ + stars: | 2023-12-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

watch nowDUBAI, United Arab Emirates —The chief executive of UAE-based energy firm Crescent Petroleum on Tuesday claimed that blaming the oil and gas industry for the climate crisis "is like blaming farmers for obesity." The burning of coal, oil and gas is by far the largest contributor to climate change, accounting for more than three-quarters of global greenhouse gas emissions. "Blaming the producers of oil and gas for climate change is like blaming farmers for obesity. U.N. Secretary-General António Guterres said that the announcement was "a step in the right direction" for Big Oil and showed that the fossil fuel industry was "finally starting to wake up." Others, including former U.S. Energy Secretary Ernest Moniz, believe that the participation of energy giants should be welcomed at events such as COP28.

Persons: Majid Jafar, CNBC's Dan Murphy, Sultan Ahmed Al Jaber, Abu, COP28, António Guterres, Jafar, We're, Ernest Moniz Organizations: United Arab Emirates —, UAE, Petroleum, Crescent Petroleum, Crescent Petroleum Co, Abu Dhabi National Oil Co, United Arab Emirates national, Expo, Bloomberg, Getty, Big Oil, U.S . Energy Locations: DUBAI, United Arab, Dubai, Abu Dhabi, United Arab Emirates, U.N, New York

☆ COP28: Fossil fuel industry has nearly quadrupled registrations at climate summit since last year, watchdog report says
▼ + stars: | 2023-12-05 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

The report was not able to count how many fossil fuel representatives are actually in attendance, though it has shown registration numbers have been increasing over the years. COP28 President Sultan Al Jaber, also an oil executive, has argued the fossil fuel industry should be involved in the summit. The analysis from the coalition, which this year organized under the name Kick Big Polluters Out, looked at the provisional list of COP participants to identify registrants with self-declared ties to fossil fuel companies or organizations with fossil fuel interests or foundations owned or controlled by a fossil fuel company. “The hallways and negotiating rooms of this climate conference are flooded with the largest number of fossil fuel lobbyists ever,” said Lili Fuhr, director of the fossil fuel energy program at the Center for International Environmental Law. Governments must “remain focused on delivering an outcome that supports and mandates a full phase out of fossil fuels while protecting public policy-making from fossil fuel interests,” she told CNN.

Persons: Sultan Al Jaber, ”, Lili Fuhr, Al Jaber Organizations: CNN, United Arab Emirates, Global, Dubai, United Nations, Center for International Environmental Law Locations: Dubai, Brazil, Egypt, COP27, COP28

In this year's gleaming host city of Dubai, billboards advertise the benefits of wind energy, climate ambition and Exxon Mobil's (XOM.N) carbon capture projects. This is seen by some as a sign of success and by others as a dangerous distraction from the business of combating climate change as over nearly three decades global oil demand, carbon emissions and temperatures have marched steadily upward. "It's a lobby fest where polluters can schmooze with politicians, all under the guise of tackling climate change," Pascoe Sabido, a researcher at the Corporate Europe Observatory, which scrutinizes corporate influence on policy-making, said. Delegates walk at the Dubai's Expo City during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 4, 2023. For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Exxon Mobil's, Pascoe Sabido, Alden Meyer, Meyer, Lisa Jacobson, Jacobson, Thaier, We're, –, Daniel Lund, Joko Widodo, COP28, Jake Schmidt, Darren Woods, General Antonio Guterres, Al Gore, Valerie Volcovici, Katy Daigle, Kate Abnett, Sarah McFarlane, Bernadette Christina, Richard Valdmanis, Alexander Smith Organizations: Exxon, Corporate, Observatory, United Nations, Business Council, Sustainable Energy, Global Strategic Communications Council, Change, United Arab Emirates, REUTERS, Natural Resources Defense, Exxon Mobil, Drillers, U.S, Reuters, Thomson Locations: DUBAI, Dubai, Berlin, The Hague, COP28, United Arab, Fiji, Indonesia, China, UAE

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, GM, Uber, Carvana, Nike, Palo Alto & more
▼ + stars: | 2023-12-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Wells Fargo downgrades Lululemon to equal weight from overweight Wells said in its downgrade of the stock that it sees less balanced risk/reward. Morgan Stanley downgrades Sea Limited to equal weight from overweight Morgan Stanley downgraded the Singapore-based tech conglomerate until its business outlook is clearer. Morgan Stanley upgrades Insulet to overweight from equal weight Morgan Stanley initiated the insulin pump therapy company and said it sees room for further gains. Wells Fargo reiterates Nike as overweight Wells says Nike is a top defensive pick for 2024. Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said Palo Alto shares have the poten tial to rise further.

Persons: Morgan Stanley, Mizuho, Wells, LULU, Roth, Evercore, Piper Sandler, Piper, NVDA, Goldman Sachs, Goldman, it's bullish, KeyBanc, Worthington Enterprises –, TD Cowen, Coinbase, underperform TD Cowen, Oppenheimer, Uber, Truist, Herc, Palo Organizations: West Bancorp, Bank of America, Union Pacific, US Bancorp, Motors, Mizuho, GM, UAW, UBS, Apple, Deutsche Bank downgrades Anheuser Busch InBev, Deutsche, Deutsche Bank, Airlines, Alaska, " Bank of America, Google, Walmart, Nvidia, AMD, European Partners, Coke, JPMorgan, of America, Magellan, MMP, Arrowhead Pharmaceuticals, Arrowhead Pharma, Worthington Steel, Worthington Industries, Worthington Enterprises, Barclays, Resources, Herc Holdings, United Rentals, Nike, Palo Alto, Palo Locations: China, Singapore, Indonesia

☆ COP28: Former U.S. energy secretary says he welcomes the participation of oil and gas companies
▼ + stars: | 2023-12-04 | 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: Former U.S. energy secretary says he welcomes the participation of oil and gas companiesErnest Moniz, former United States secretary of energy, says he's always believed that the fastest way to address the climate crisis is "building the biggest coalitions," which should include the "incumbent energy companies, and specifically the oil and gas companies."

Persons: Ernest Moniz, he's Locations: Former U.S, States

☆ China's emissions targets not robust enough, U.S. energy chief says
▼ + stars: | 2023-12-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

watch nowChina's current emissions reduction targets are not as strong as they need to be, U.S. Deputy Secretary for Energy David Turk said Monday. Climate Action Tracker, an independent scientific review project, currently rates China's climate targets as "highly insufficient," and the U.S.'s as "insufficient." Another example of a tough question that needed addressing, Turk said, was on Scope 3 emissions — a measurement of direct and indirection emissions. "Many oil and gas companies, their Scope 3 emissions are 10 times Scope 1 and Scope 2 combined. watch nowOil and gas companies are currently "making an awful lot of profit," but only 1% of spending globally for clean energy is coming from oil and gas companies, he said.

Persons: Energy David Turk, Turk, CNBC's Steve Sedgwick, I've, that's, John Kerry Organizations: Energy, United Nations, U.S, Exxon, CNBC Locations: U.S, Paris, China

☆ Al Gore Slams COP28 Climate Summit Host UAE, Says Its Emissions Soared
▼ + stars: | 2023-12-03 | by ( Dec. | At A.M. | ) www.usnews.com time to read: +2 min

By Valerie VolcoviciDUBAI (Reuters) - Climate advocate and former U.S. Vice President Al Gore on Sunday slammed the UAE - host of the COP28 climate summit - saying its position as overseer of international negotiations on global warming this year was an abuse of public trust. "They are abusing the public's trust by naming the CEO of one of the largest and least responsible oil companies in the world as head of the COP," Gore said. That data came from a coalition he co-founded called Climate TRACE, which uses artificial intelligence and satellite data to track carbon emissions of specific companies, Gore said. Gore urged delegates to agree to language in the final text issued at the summit to phase out fossil fuels, without caveats or mentions of carbon capture technology. "The current state of the technology for carbon capture and direct air capture is a research project," Gore said.

Persons: Valerie Volcovici DUBAI, Al Gore, Sultan al, Jaber, Gore, Darren Woods, There's, Valerie Volcovici, Will Dunham Organizations: Reuters, U.S, Sunday, Democratic Party's, Exxon Mobil Locations: UAE, Dubai

The hundreds of fossil fuel-connected people make up just a tiny share of the 90,000 people who registered to attend the climate summit known as COP28. “Let history reflect the fact that this is the Presidency that made a bold choice to proactively engage with oil and gas companies,” al-Jaber said. COP28 comes as the planet faces a mounting imperative to reduce greenhouse gas emissions. David Hone, Shell's chief climate adviser, is in Dubai for at least his 17th appearance at the annual climate talks. At the moment, it's preventing about 0.1% of the energy sector's carbon emissions from reaching the atmosphere, according to the IEA.

Persons: Bob Deans, Deans, Sultan al, Jaber, “, ” al, COP28, TotalEnergies, Paul Naveau, Patrick Pouyanné, ” Naveau, Naveau, Shell, that's, ”, Arthur Lee, David Hone, Hone, Rachel Rose Jackson Organizations: The United Nations, U.S, Resources Defense, United Arab Emirates, Global, Coalition, Shell, TotalEnergies, BP, AP, Nations, UN, didn't, ”, International Energy Agency, IEA, Chevron, Corporate Locations: United Nations, Dubai, Chevron, Shell's

Former U.S. Vice President Al Gore speaks during an interview with Reuters at the United Nations Climate Change Conference (COP28), in Dubai, United Arab Emirates, December 3, 2023. REUTERS/Amr Alfliky Acquire Licensing RightsDUBAI, Dec 3 (Reuters) - Climate advocate and former U.S. Vice President Al Gore on Sunday slammed the UAE - host of the COP28 climate summit - saying its position as overseer of international negotiations on global warming this year was an abuse of public trust. "They are abusing the public's trust by naming the CEO of one of the largest and least responsible oil companies in the world as head of the COP," Gore said. That data came from a coalition he co-founded called Climate TRACE, which uses artificial intelligence and satellite data to track carbon emissions of specific companies, Gore said. "The current state of the technology for carbon capture and direct air capture is a research project," Gore said.

Persons: Al Gore, Amr Alfliky, Sultan al, Jaber, Gore, Darren Woods, There's, Valerie Volcovici, Will Dunham Organizations: U.S, Reuters, United Nations, Change, United Arab Emirates, REUTERS, Rights, Sunday, Democratic Party's, Exxon Mobil, Thomson Locations: Dubai, United Arab, UAE

DUBAI, United Arab Emirates (AP) — With Planet Earth running a fever, U.N. climate talks focused Sunday on the contagious effects on human health. “Climate change doesn’t need to be on a death certificate for us to be confident that climate change is causing deaths,” Diarmid Campbell-Lendrum, WHO’s head of climate and health, said. Dubai, the largest city in oil-rich United Arab Emirates, often faces higher levels of air pollution than other places on Earth due to its location — and haze is common. The Dubai government, on its web site devoted to the environment, listed its Air Quality Index level mostly at “good” on Sunday. Switzerland-based IQAir, a technology company that sells air-quality monitoring products, listed Dubai as the city with the 18th-worst air quality in the world with “moderate” air quality levels as of noon local time on Sunday.

Persons: Tedros Adhanom Ghebreyesus, ”, —, Antonio Guterres, Guterres, John Kerry, ” Kerry, Vanessa, Tedros, Diarmid Campbell, ” Diarmid Campbell, Jon Gambrell, Peter Prengaman Organizations: United Arab Emirates, Health Organization, Conference, WHO, United, Associated Press, AP Locations: DUBAI, United Arab, Dubai, U.N, —, U.S, United Arab Emirates, Persian, Switzerland

☆ How America racked up a $1 trillion credit card bill
▼ + stars: | 2023-12-03 | by ( Delon Thornton | ) www.cnbc.com time to read: +1 min

Americans have accumulated a record-breaking $1 trillion in credit card debt. This comes as the Federal Reserve's interest rate hikes have caused average interest rates for credit cards to spike to more than 22%. Rates on retail credit cards are even higher, nearing 29% on average. However, big box retailers like Macy's and Nordstrom have issued warnings about a slowdown in repayments on their credit cards over the summer, highlighting a potential risk to retail revenue this holiday season. Watch the video above to find out more about how Americans' credit card debt ballooned past the $1 trillion threshold, and whether U.S. consumers can keep spending enough to keep a looming recession at bay.

Persons: Tedd Rossman, Nordstrom Organizations: National Retail Federation

☆ 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

☆ At COP28, US announces rule to slash powerful planet-warming gas by nearly 80%
▼ + stars: | 2023-12-02 | by ( Ella Nilsen | ) edition.cnn.com time to read: +4 min

The oil and gas industry is one of the main sources of global methane emissions, according to the International Energy Agency. The new US rule, which will be implemented by the EPA, is expected to slash methane emissions by nearly 80% through 2038, compared to what they would have been without the rule. The rule will crack down on methane leaks from industry in several ways. It will also rely on independent, third-party monitoring – using satellites and other remote-sensing technology – to find very large methane leaks. “The easiest way to stop that pollution is to stop sending it to flares in the first place.

Persons: CNN —, Biden, Michael Regan, Ali Zaidi, Regan, Harris, Zaidi, Carrie Jenks, Jon Goldstein, ” Goldstein Organizations: CNN, White, International Energy Agency, Biden, Harris Administration, Harvard Law School’s, Energy Law, “, Environmental Defense Fund Locations: Dubai

☆ COP28: Exxon Mobil CEO rebuffs IEA criticism of carbon capture strategy
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +3 min

Darren Woods, CEO of ExxonMobil, reacts at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. "So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar. The future role of carbon capture technology and fossil fuels is a key issue at the conference. Exxon has announced $17 billion of investment in its low carbon business, which includes carbon capture, and has argued that greenhouse gas emissions are the problem causing climate change, not the fossil fuels themselves. Woods declined to provide details of the contracts, but said U.S. subsidies in last year's Inflation Reduction Act of up to $85 a ton for carbon capture and sequestration would make the investments profitable.

Persons: Darren Woods, Carlos Barria, Woods, EVs, We're, Richard Valdmanis, Katy Daigle Organizations: ExxonMobil, Economic Cooperation, REUTERS, Rights, Exxon Mobil, International Energy, Reuters, Exxon, IEA, Thomson Locations: Asia, San Francisco , California, U.S, Dubai, Gulf of Mexico, United States

☆ Trump’s avalanche of dishonesty: Fact-checking 102 of his false claims from this fall
▼ + stars: | 2023-12-01 | by ( Daniel Dale | ) edition.cnn.com time to read: +111 min

Below is a fact check of 102 of Trump’s false claims from the 12 speeches. But contrary to Trump’s claim, it’s not true that people had been attempting for decades to create such an initiative. Trump’s aid to farmersIn speech after speech, Trump claimed that he had given US farmers $28 billion from China. Even if the poll result is off, it’s clear that Trump’s claim that “nobody wants them” is not true. He said he was an airline pilot.”Facts First: Trump made a false claim while mocking Biden for making false claims.

Persons: Donald Trump, –, Trump, Joe Biden, Biden, Ron DeSantis, Nikki Haley, “, ”, Mexico’s, ‘ Trump, Defense Department –, ” Theresa Cardinal Brown, CNN’s Priscilla Alvarez, ” Trump, I’ve, Todd Harrison, Harrison, It’s, Trump’s, ” Ben Cahill, Nobody, Jimmy Carter’s, Barack Obama, isn’t, El Salvador –, Obama, we’d, Obama’s, Webster, Covid, Wuhan ”, They’d, they’d, you’d, Scott Gottlieb, ” Gottlieb, Trump Trump, it’s, Abraham, Aaron David Miller, Miller, Dana El Kurd, Qasem Soleimani, they’ve, we’re, We’re, ’, Iran haven’t, ” Matt Smith, Biden’s, Smith, Ali Vaez, Kpler, Biden Trump, Iran “, Democrats ”, that’s, Jimmy Carter, Carter “, Carter, ‘, Hillary Clinton, Kari Lake, Bill Gates, Gates, ” Chris Wallace, Chris Wallace, Hunter Biden, “ Chris Wallace, ‘ He’s, ‘ ” Trump, Wallace, “ you’re, “ Biden, ‘ You’re, Wallace interjected, Rather, you’ve, ’ ” Pavel Molchanov, Raymond James &, ” Molchanov, Tim Woody, Woody, autoworkers, CNN’s Ella Nilsen, Joe Biden’s, Erin Mellon, Gavin Newsom, Mellon, ” Vonette Fontaine, Biden “, CNN’s Matt Egan, Egan, ” Biden, Europe Trump, United Kingdom “, Brent, Pavel Molchanov, Raymond James, Patrick De Haan, GasBuddy, De Haan, Matt Smith, Matt Egan, Afghanistan Trump, we’ve, Krista Wiegand, Wiegand, ” Netanyahu, Benjamin Netanyahu, Israel, Qasem, Bibi, Netanyahu, Soleimani, Asad, Mark Milley, Hezbollah Trump, Steven Cheung, John Kirby, Cheung, Kirby, Iran’s, ” Ali Vaez, Joseph Amon, Washington –, Faiq Zidan, Zidan’s, Zidan, Abu Mahdi al, China Trump, Ukraine Trump, Letitia James, James, Attorney Alvin Bragg, Matthew Colangelo, You’re, Bragg, Colangelo, Tanya Chutkan, I’m, Jack Smith, Bill Clinton, That’s, everybody’s, Letitia James –, Al Capone’s, Al Capone, Capone, Brad Schwartz, CNN couldn’t, Schwartz, Eliot Ness, MAGA, “ MAGA, …, White, CNN’s Fareed Zakaria, Inflation Trump, Bacon, Joe, PolitiFact, Trump . Howard Gleckman Organizations: Washington CNN —, CNN, Republican, Trump Trump, Republican Jewish Coalition, Department, ISIS, Trump’s, Democratic, Congress, Defense Department, former Defense Department, Center, US Customs, Trump, American Enterprise Institute, Air Force, Army, Navy, Marine Corps, Strategic Petroleum Reserve, Energy Security, Center for Strategic, International Studies, US, IHS, Islamic, The State Department, Customs Enforcement, Policy Institute, ICE, El Salvador, ”, Merriam, The New York Times, Food and Drug Administration, FDA, Abraham Accords, United Arab Emirates, West Bank, Hezbollah, State Department, Carnegie Endowment, International, Arab Center Washington DC, Islamic Revolutionary Guards Corps Quds Force, Obama, US International Trade Commission, Washington Post, U.S . International Trade Commission, New England lobstermen, England lobstermen, Americas, Crisis, government’s Energy, Administration, Washington Free Beacon, Energy Information Administration, Democrats, Biden, Electoral, Georgia, Michigan, Carter, Democrats can’t, Republicans, Alabama, Arizona, Fox News, ” Energy, Oceanic, Atmospheric Administration, NOAA, Wildlife, Alaska Industrial Development, Export Authority, Raymond James & Associates, Wilderness Society, Cox Automotive, Pew Research Center, New York Times, National Oceanic, California Gov, California, American Petroleum Institute, Union, West, Energy, American Automobile Association, AAA, GasBuddy, New Hampshire, Houston, Keystone XL, Obama administration’s State Department, –, Foreign, Military, DoD, Afghan, Defense, Policy, Taiwan News, “, University of Tennessee’s Center for National Security, Foreign Affairs, Israeli, NBC, Jerusalem Post, Yahoo, Pentagon, ” CNN, Joint Chiefs, Staff, Post, National Security, Group, US government’s Defense Intelligence Agency, Narcotics Bureau, Global Health, Drexel University Dornsife School of Public Health, Justice Department, Washington, Judicial, Popular Mobilization Forces, Customs and, Middle East, Customs, Protection, CBP, Border Protection, Kiel Institute, European Union, New York, New, ExxonMobil, Trump University, Trump Foundation, Manhattan, Attorney, federal Justice Department, Department of Justice, Washington DC, Presidential Records, Presidential, Mar, Biden White, MAGA Republicans, Inflation, Heritage Foundation, Trump ., Brookings Tax, Urban Institute Locations: New Hampshire, New York City, Saudi, Florida, al Qaeda, New York, Texas, Iowa, Mexico, “, U.S, Houston, Iraq, Israel, Tel Aviv, Jerusalem, Nord, Germany, Russian, Trump’s, Russia, Ukraine, Europe, Guatemala, Honduras, El Salvador, El, Washington, ”, ” In Texas, Covid, China, Wuhan, Italy, France, Abraham, Bahrain, Morocco, Sudan, Gaza, Lebanon, Syria, Iran, Yemen, Libya, Palestine, Afghanistan, Somalia, Pakistan, New England, England, Kpler, Malaysia, Oregon, Alabama, Maricopa County, Arizona, Arizona’s, Moscow, Alaska, East, South Carolina, California, “ California, West Virginia, Virginia, United Kingdom, West Texas, “ U.S, Los Angeles, Venezuela, Mississippi , Louisiana, Canada, United States, Paris, Taiwan, “ China, Iranian, that’s, –, Singapore, Iraqi, San Diego, Kiel, York, Manhattan, York’s, Chicago, Philadelphia, Georgia, Qaeda

☆ 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

LITTLETON, Colorado, Nov 30 (Reuters) - Over 60% of global electricity generated so far in 2023 was produced by fossil fuels, despite the ongoing aggressive roll-out of renewable energy sources in every major economy. Fossil fuels remain the primary source of global electricity despite steep gains in clean power outputBut with the energy systems of so many influential countries still so dependent on fossil fuels, there is little chance that COP28 meetings will yield the kind of bold power sector overhauls that ardent climate activists may hope for. Global electricity generation by sourceCoal's staying power as the main pillar of the global electricity generation system is at odds with widely held assumptions that coal is being phased out of power systems due to plant closures seen in Western economies in recent years. GAS ON THE UPNatural gas has the second largest share of electricity generation globally, accounting for around 22.6% of total generation so far this year. RENEWABLE REPLACEMENTSWorldwide, electricity generation from renewable sources has grown at nearly triple the pace of fossil fuels since 2019, providing a boost to supporters of the energy transition away from fossil fuels.

Persons: Gavin Maguire, Christopher Cushing Organizations: United Nations, Global, Reuters, Thomson Locations: LITTLETON , Colorado, United States, China, India, Japan, Poland, Turkey, Dubai, Europe, North America, Asia, Indonesia, Philippines, Germany, South Korea

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

This year is “virtually certain” to be the hottest year in recorded history, the World Meteorological Organization announced on Thursday at COP28, the United Nations climate summit in Dubai where delegates from nearly 200 countries, including many heads of state and government, have gathered. The organization said 2023 has been about 1.4 degrees Celsius, or about 2.5 degrees Fahrenheit, above the global average preindustrial temperature from 1850 to 1990. The past nine years have collectively been the warmest in 174 years of recorded scientific observations, with the previous single-year records set in 2020 and 2016. This comes in addition to record greenhouse gas concentrations, sea levels and concentrations of methane. “It’s a deafening cacophony of broken records,” Petteri Taalas, the secretary general of the World Meteorological Organization, said in Dubai.

Persons: ” Petteri Taalas Organizations: World Meteorological Organization Locations: COP28, United Nations, Dubai

☆ Big Oil Bets on Hot Air in Climate Talks
▼ + stars: | 2023-11-29 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

The closing plenary at the COP27 climate summit in Sharm El Sheikh, Egypt, last year. Photo: MOHAMED ABD EL GHANY/REUTERSOil-and-gas companies are banking on a glacial pace of progress on cutting fossil-fuel use in this year’s round of climate negotiations—and they may well get it. Climate Change Conference, COP28, begins Thursday with an oily twist. It is being hosted by the United Arab Emirates, which pumps more than 3 million barrels of oil a day. is a member, will have a pavilion at the climate summit for the first time.

Persons: Sharm El Sheikh, MOHAMED ABD EL GHANY Organizations: REUTERS, United Arab Emirates, of, Petroleum Locations: Sharm El, Egypt

☆ JP Morgan Will ‘Punch Back’ on Texas’ Efforts to Limit Its Business
▼ + stars: | 2023-11-29 | by ( The New York Times | ) www.nytimes.com time to read: 1 min

We financed more oil and gas companies in the world than just about anybody else, which I’m proud of. The best companies, the cleanest companies, they’re reducing the oil and gas. They’re reducing the methane. And yes, we’re also one of the biggest green financiers in the world — solar, wind, all the R&D taking place. There will be consequences to Texas because we bank their cities, schools, states, hospitals, companies — 30,000 employees.

Persons: we’re Locations: Texas

☆ Insight: Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +10 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. A CCF official said energy and fossil fuels stocks make up between 3.5% and 6% of archdiocese investment funds, and that CCF uses its shareholder status to press for corporate environmental improvements. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Dan DiLeo, Peter Marlow, Remo Casilli, Anne, Marie Welsh, William Lori, Bernard Hebda, Saint, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Minneapolis, Catholic Community Foundation of Minnesota, CCF, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Saint Paul, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ 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

☆ 'Tax the bad' to boost climate finance, COP28 panel advises
▼ + stars: | 2023-11-29 | by ( Mark John | ) www.reuters.com time to read: +4 min

[1/3] A general view shows Marathon Petroleum's refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, U.S., March 9, 2022. Higher carbon taxes - including levies on emissions from the maritime and aviation sectors - should be among options COP28 studies, the panel recommended. Subsidies for fossil fuels totalled $1.3 trillion, and substantially more if counting the societal cost of dealing with emissions and pollution. Co-chair Nicholas Stern, professor at LSE/Grantham Research Institute, said there was a compelling case for energy companies to make voluntary contributions. "I think that moral obligation is something that will be emphasised at COP28, and indeed before and after," he said.

Persons: David Ryder, Amar Bhattacharya, Vera Songwe, Nicholas Stern, Mark John, Barbara Lewis Organizations: REUTERS, Summit, United Arab, Brookings, Center, Sustainable Development, Investments, World Bank, LSE, Grantham Research Institute, Aviation, Thomson Locations: Ukraine, Anacortes , Washington , U.S, Dubai, United Arab Emirates, Paris, COP28, China

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