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☆ IOTA launches $100 million entity in Abu Dhabi to create digital network
▼ + stars: | 2023-11-29 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

IOTA digital tokens will fund the investment. The foundation will be seeded with over $100 million in IOTA tokens, to be vested over the next four years, Schiener said. IOTA tokens on Tuesday traded at about $0.17, with a market capitalization of roughly $524 million, Coinmarketcap.com showed. The funds will be used to develop the IOTA network and accelerate its growth, Schiener said. IOTA will also start "tokenizing" assets, he said, a process in which ownership rights in land or buildings are represented as digital tokens and stored on a blockchain.

Persons: Satoshi bitcoin, Arnd, Dominik Schiener, Binance, Schiener, Hamad Sayah Al Mazrouei, Gertrude Chavez, Dreyfuss, Alden Bentley, Richard Chang Organizations: Swiss, Bity, REUTERS, IOTA, Wednesday, Abu Dhabi Global, United Arab, Registration, ADGM, Thomson Locations: Zurich, Switzerland, Abu Dhabi, United Arab Emirates, UAE, Europe, Germany

☆ Former Trump advisor says the U.S. economy is 'back to normal,' but markets may be jumping the gun on rate hikes
▼ + stars: | 2023-11-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The U.S. economy is "back to normal" for the first time in two decades, but the market is getting ahead of the likely pace of interest rate cuts, according to IBM Vice Chairman Gary Cohn. The central bank in September paused its historically aggressive monetary tightening cycle with the Fed funds rate target range at 5.25-5.5%, up from just 0.25-0.5% in March 2022. "You don't want to be early to leave when you're the last one to come to the party. "The economy will clearly turn down before the Fed had starts to cut interest rates, so I strongly believe that for the first half of '24, we will see no rate activity in the Fed. Maybe [in the third quarter], we'll start hearing rumblings of some forward guidance of lower rates."

Persons: Gary Cohn, Cohn —, Donald Trump, Cohn, CNBC's Dan Murphy Organizations: IBM, Federal Reserve, National Economic, Abu, Abu Dhabi Finance, Fed Locations: U.S, 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

☆ 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

☆ 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

☆ The U.S. needs 'bipartisan' leadership and a 'strong middle' politically, Ray Dalio says
▼ + stars: | 2023-11-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

As the U.S. gears up for its next presidential election in 2024, the country needs a "strong middle" political ground and bipartisan cooperation, according to Ray Dalio, founder of investment company Bridgewater. "If you bring the sides together in a bipartisan way, and you create a strong middle, that's what the country needs in order to be healthy, I believe," Dalio said Tuesday in conversation with CNBC's Dan Murphy onstage at the Abu Dhabi Finance Week. Two things are crucial for the U.S. in this process, Dalio said: Firstly, he assesses that those with extreme political views should be alienated. Secondly, the country needs to "bring together the smart moderates to work together, and then to be able to make important reforms" to enable addressing issues such as the wealth gap. Dalio expects the emergence of an alternative candidate to Trump among Republicans, as the party narrows down its final choice.

Persons: Ray Dalio, Dalio, CNBC's Dan Murphy, Louis, Dalio's, Joe Biden, Donald Trump, Biden Organizations: Bridgewater, Abu, Abu Dhabi Finance, Federal Reserve Bank of St, Democratic, Republican, The New York Times, Siena College, Trump, Republicans Locations: U.S, Abu Dhabi

☆ Ray Dalio hails the Gulf's 'renaissance states' amid a period of 'greater disorder' globally
▼ + stars: | 2023-11-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Ray Dalio speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. We're now talking about a renaissance state here that happens within this greater geopolitical and economic environment," Dalio told CNBC's Dan Murphy on Tuesday. The UAE "is a renaissance state," Dalio said. Amid higher oil prices in recent years, the region's mammoth sovereign wealth funds had ever more to spend. The region's combined 10 largest sovereign wealth funds managed some $4 trillion in early 2023, according to the Sovereign Wealth Fund Institute.

Persons: Ray Dalio, ABU, Dalio, CNBC's Dan Murphy, Dalio's Organizations: Forbes, Getty, United, United Arab Emirates, Bridgewater Associates, United Arab, CNBC, Abu, Abu Dhabi Finance, GCC, Gulf Cooperation, Dalio's Bridgewater Associates, Pensions & Investments, The, Dubai International Financial, Sovereign Wealth Fund, —, Saudi Arabia's Public Investment Fund Locations: New York City, Taylor, ABU DHABI, United Arab, Gulf, United Arab Emirates, Abu Dhabi, U.S, Singapore, The UAE, UAE, Saudi Arabia, Dubai, London, New York, France

☆ Files Suggest Climate Summit’s Leader Is Using Event to Promote Fossil Fuels
▼ + stars: | 2023-11-28 | by ( Hiroko Tabuchi | More About Hiroko Tabuchi | ) www.nytimes.com time to read: +1 min

As hosts of global climate talks that begin this week, the United Arab Emirates are expected to play a central role in forging an agreement to move the world more rapidly away from coal, oil and gas. But behind the scenes, the Emirates has sought to use its position as host to pursue a contradictory goal: to lobby on oil and gas deals around the world, according to an internal document made public by a whistle-blower. In one example, the document offers guidance for Emirati climate officials to use meetings with Brazil’s environment minister to enlist her help with a local petrochemical deal by the Abu Dhabi National Oil Company, the Emirates’ state-run oil and gas company, known as Adnoc. Emirati officials should also inform their Chinese counterparts that Adnoc was “willing to jointly evaluate international LNG opportunities” in Mozambique, Canada and Australia, the document indicates. LNG stands for liquefied natural gas, which is a fossil fuel and a driver of global warming.

Persons: Adnoc Organizations: United, Emirates, Abu, Abu Dhabi National Oil Company Locations: United Arab Emirates, Abu Dhabi, Mozambique, Canada, Australia

☆ High cost of capital a bane for energy transition ahead of COP28
▼ + stars: | 2023-11-28 | by ( Divya Chowdhury | ) www.reuters.com time to read: +2 min

REUTERS/Rula Rouhana Acquire Licensing RightsMUMBAI, Nov 28 (Reuters) - Advocates for the energy transition are concerned ahead of the COP28 summit in Dubai about the high cost of capital available to make change happen, as policymakers ratchet up their rhetoric on the need for tight monetary policy. COP28 is widely expected to focus on climate finance, specifically to build on the G20 nations' commitment to triple renewables deployment to about 11,000 gigawatts by 2030, which will need funds of around $4.5 trillion. Climate finance is going to be the "Achilles' heel" of COP28, said Vaibhav Chaturvedi, fellow at the Council on Energy, Environment and Water (CEEW). Linda-Eling Lee, head of the MSCI Sustainability Institute, said companies and investors cannot be expected to commit long-term capital to the energy transition if policymakers change track suddenly. Agreements on greater transparency in disclosures, along with innovations in finance, will help mobilise more private sector funds, Lee said.

Persons: Rula, Gauri Singh, IRENA, Vaibhav Chaturvedi, Chaturvedi, Linda, Eling Lee, Lee, Divya Chowdhury, Jan Harvey Organizations: Abu Dhabi Sustainability, REUTERS, Rights, International Renewable Energy Agency, Reuters Global Markets, Council, Energy, Bridgetown Initiative, World Bank, Bank, MSCI Sustainability Institute, Finance, Thomson Locations: UAE, Abu Dhabi, Rights MUMBAI, Dubai, Barbados, Bridgetown, Mumbai

☆ 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

☆ Room for improvement for Red Bull? Rivals hope not
▼ + stars: | 2023-11-27 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

Red Bull will hope to defend their titles in 2024, when there will be a record 24 races, with an even better car. "This car is going to go down in the history books as a very, very special car," Horner said of the RB19. Sergio Perez was eclipsed by his team mate, with plenty of speculation about his Red Bull future earlier in the year, yet still finished overall runner-up. "There is a Mount Everest to climb in order to catch up with Red Bull," Mercedes team boss Toto Wolff told reporters on Sunday. Despite their dominance, Red Bull took 'only' 14 poles from 22 races.

Persons: Horner, Abu, Max Verstappen, Red Bull, It's, Mercedes, Sergio Perez, he'll, Toto Wolff, Lewis Hamilton, Bull, Stefano Domenicali, McLaren, Ferrari's Charles Leclerc, Verstappen, Domenicali, Alan Baldwin, Pritha Sarkar Organizations: Bull, Prix, Red, Sky Sports, Thomson Locations: Abu Dhabi, Singapore, Red

The White House said it was sending a climate team, including Special Envoy John Kerry, climate adviser Ali Zaidi and clean energy adviser John Podesta. Biden has called climate change the “ultimate threat to humanity.”Earlier this month, he released an assessment on the state of climate change in America and said the issue was impacting all regions in the U.S. “Not just some, all,” he said. “Anyone who willfully denies the impact of climate change is condemning the American people to a very dangerous future,” he said. Under his tenure, the U.S. passed the Inflation Reduction Act, America’s most significant response to climate change, and pushed toward more clean energy manufacturing. The act aims to spur clean energy on a scale that will bend the arc of U.S. greenhouse gas emissions.

Persons: Joe Biden, John Kerry, Ali Zaidi, John Podesta, “, ”, Angelo Fernández Hernández, ” Biden, It's, al, Jaber, Biden Organizations: WASHINGTON, White, United Nations, “ Conference, United Arab Emirates, Abu Dhabi National Oil Co Locations: Dubai, Africa, Ukraine, Israel, Eastern Europe, Abu Dhabi, America, U.S

☆ COP28 host UAE planned to use the event to make oil deals, leaked notes suggest
▼ + stars: | 2023-11-27 | by ( Angela Dewan | Rosa Rahimi | ) edition.cnn.com time to read: +7 min

The UAE has already been at the center of widespread criticism for appointing its top oil and gas chief to preside over COP28. The US, China, France, Germany and the UK are among the countries with briefing notes published by the Centre for Climate Reporting. The briefing notes read as would be expected for such meetings, until the end of each country’s notes, where suggestions to promote ADNOC and Masdar are included. The notes did not suggest oil and gas projects would be discussed with all those countries. For the US, for example, the briefing notes touch on potential renewable energy deals, saying Masdar hoped to grow its presence in the US by carrying out “acquisitions” in the short term.

Persons: Sultan Al Jaber —, Al Jaber, ADNOC, Al Jaber helms, Masdar, ”, Kaisa Organizations: CNN, United, Emirates ’, Climate, Abu, Abu Dhabi National Oil Company, BBC, Centre, UN, UNFCCC, Greenpeace International Locations: Abu Dhabi, UAE, China, France, Germany, Russia, Ukraine, Mozambique, Canada, Australia, Venezuelan, Azerbaijan, Europe, Egypt, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Switzerland

Here are some of the main players and negotiating blocs involved in the COP28 conference starting Nov. 30 in Dubai. In climate negotiations, Beijing argues that wealthy developed countries like the United States, the biggest historical CO2 emitter, should move first and fastest in climate policy and finance. Despite having the world's second largest economy after the United States, China considers itself as a developing nation in the climate talks. But U.S. delegates will face pressure for climate finance after Washington pledged no new climate cash to the United Nations this year. AFRICAN GROUP OF NEGOTIATORSAfrican countries will be pushing at COP28 for climate finance and financial mechanisms to speed up green energy projects.

Persons: Rula, Kate Abnett, Katy Daigle, Josie Kao Organizations: Abu Dhabi Sustainability, REUTERS, UNITED, Washington, United Nations, EU, GROUP, Marshall, European Union, Thomson Locations: UAE, Abu Dhabi, Dubai . CHINA China, China, Beijing, United States, U.S, Union, United, United Kingdom, London, Brazil, South Africa, India, Saudi Arabia, CHINA, Kenya, Ethiopia, Senegal, Mozambique, Vanuatu, Costa Rica

☆ 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

Learn moreLooking for help on how to watch the Abu Dhabi F1 live stream for free? For anyone outside the free live stream countries listed below, geo-restrictions will block you from watching online unless you use a VPN to unlock them. Where to Watch a free Abu Dhabi F1 live streamThis weekend's simplest option for a free F1 live stream is using a VPN to tune into one of the free European streams mentioned above. Turn it on and set it to a country with a free live stream. Sling TV Subscription Sling is one of the most affordable live TV streaming services around.

Persons: we've, Alonso, Sainz, Leclerc, Russell aren't, We've, ExpressVPN, you'll, it's Organizations: Abu Dhabi, Abu, BBC, RTL, AWST, US ESPN, ESPN, Pro Locations: Abu Dhabi, Orf1, Austria, Belgium, Luxembourg, TV's

☆ Max Verstappen ends record-breaking season with Abu Dhabi Grand Prix win
▼ + stars: | 2023-11-26 | by ( Aimee Lewis | ) edition.cnn.com time to read: +2 min

CNN —And so the curtain falls on a Formula One season dominated by Max Verstappen and his Red Bull team, with the Dutchman securing a record-extending 19th victory of the year at the Abu Dhabi Grand Prix. Never before has the sport seen a driver win with such regularity and ease, the three-time world champion again comfortably crossing the finishing line first at the season-ending race at the Yas Marina Circuit. Verstappen led from start to finish to secure his fourth win on the trot in Abu Dhabi. “It was an incredible season,” Verstappen told reporters. At one point, it seemed probable rather than possible that the team would win every race of the season, an outcome that faded away when Ferrari’s Carlos Sainz won the Singapore Grand Prix.

Persons: Max Verstappen, Lewis Hamilton, Michael Schumacher, Verstappen, Ferarri’s Charles Leclerc, Sergio Perez –, ” Verstappen, Ferrari’s Carlos Sainz, Bull Organizations: CNN, Red Bull, Grand Prix, Yas Marina Circuit, Singapore, Prix, Las Vegas Locations: Abu, Grand, Abu Dhabi

☆ Formula One set to change sprint format for 2024
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

The governing FIA said on Friday its Sporting Advisory Committee would present a final proposal to the F1 Commission in January. "The Commission gave overall support for an update to the sprint format for 2024 to further rationalise the weekend by separating Sprint activities from those for the Grand Prix," the FIA said in a statement. Six of this year's 22 rounds were sprint weekends, including the Qatar Grand Prix in which Red Bull's Max Verstappen clinched his third world title on a Saturday. The current format has qualifying for the grand prix on Friday with sprint qualifying and standalone race filling Saturday's schedule. Points could be awarded more widely for the sprint race, with a possible reverse grid element also under consideration.

Persons: Stefano Rellandini, ABU, Max Verstappen, Red, Christian Horner, Alan Baldwin, Ed Osmond Organizations: Prix, FiA, REUTERS, FIA, Sporting, F1, Sprint, Qatar, Red Bull, F1 Commission, Thomson Locations: Monza, Italy, ABU DHABI, Qatar, London

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 21, 2023. The pan-European STOXX 600 (.STOXX) rose 0.4% to close out the week with a 0.9% gain as investors focused on corporate earnings and the prospect of rate cuts. Euro zone government bond yields were set to close the week higher as investors balanced recession fears against comments from European Central Bank policymakers pushing against market expectations for rate cuts in 2024. For the week, real estate (.SX86P) shares lagged while media (.SXMP) and retail stocks (.SXRP) were the top performers. Reporting by Ankika Biswas and Bansari Mayur Kamdar in Bengaluru; Editing by Sonia Cheema, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Wintershall, they're, Giles Coghlan, Coghlan, Christian Lindner, Germany's DAX, Ankika Biswas, Bansari, Sonia Cheema, Kirsten Donovan Organizations: REUTERS, Staff, BASF, U.S, European Central Bank, Shoppers, Bloomberg News, Abu, Abu Dhabi National Oil Co, Barclays, German, Thomson Locations: Frankfurt, Germany, Europe, Abu Dhabi, Israel, Bengaluru

☆ Chinese electric car giant BYD launches its popular Han sedan in the Middle East
▼ + stars: | 2023-11-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BYD's Han electric car, pictured here at the 2021 Shanghai auto show, is one of the most popular new energy vehicles in China. BEIJING — Chinese electric car company BYD said Friday that it launched its flagship Han sedan in the United Arab Emirates this week. In June, Chinese electric car startup Nio announced it received $738.5 million from a fund owned by the Abu Dhabi government. BYD said it opened a showroom in Dubai Festival City as part of a collaboration with Al-Futtaim Electric Mobility Company. In March, a press release said Al-Futtaim would represent BYD in the UAE, the first country in the Middle East to have BYD cars on the road.

Persons: BYD Organizations: United, Dubai Festival City, Al, Futtaim Electric Mobility Company Locations: Shanghai, China, BEIJING, United Arab Emirates, UAE, Europe, Saudi Arabia, Abu Dhabi, Dubai

☆ COP28: Sultan Al Jaber, UAE’s oil chief, is proving popular in the developing world, despite criticisms from the West
▼ + stars: | 2023-11-24 | by ( Elizabeth Wells | ) edition.cnn.com time to read: +8 min

But long-promised finance from rich countries to help it make a green transition simply hasn’t arrived, President Wavel Ramkalawan told CNN in May. But Al Jaber’s decision to focus on increasing finance to help developing countries shift to renewable energy is helping his popularity in the Global South. A 2022 UN-backed report calculated developing countries will need about $2 trillion a year by 2030. “We have seen the West only being extractive and very opportunistic, and actually kept developing countries dependent on fossil fuels,” he said. “It needs to buy more time to diversify its economy further and wants to capitalize on its energy resources for as long as possible,” Vakil told CNN.

Persons: hasn’t, Wavel Ramkalawan, “ We’re, ” Ramkalawan, “, Al Jaber, Al Jaber’s, COP28, ” Al Jaber, Sultan Al Jaber, Abu, Christopher Pike, ADNOC, William Ruto, Masdar, Al Jaber —, ” Ruto, Simone Boccaccio, it’s, Harjeet Singh, Sanim Vakil, ” Vakil, ” Organizations: CNN, UN, Dubai, Abu, Abu Dhabi National Oil Company, US, COP28, Abu Dhabi International Petroleum Exhibition, Bloomberg, Kenyan, UAE, Climate, North Africa, Chatham House Locations: Seychelles, Canadian, Africa, Abu Dhabi, Dubai, UAE, Kenya, Egypt, Turkana, UN

☆ Brazil signs on to global climate deal to triple renewable energy
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

A spokesperson for Brazil's Foreign Ministry confirmed the country has decided to join the pact. Brazil is already a major player in renewable energy. While Brazil supports tripling renewables globally, mathematically it is not possible domestically, a Foreign Ministry spokesperson said. "Brazil won't be able to triple its own renewable energy because it's already very high, but Brazil is once again reinforcing its support for renewables," he said. The draft renewable energy pledge, reviewed by Reuters, commits to "the phase down of unabated coal power," including ending financing for new coal-fired power plants.

Persons: Bruno Kelly, Valerie Volcovici, Jake Spring, Josie Kao Organizations: REUTERS, Foreign, European Union, United, Reuters, United Arab Emirates ' Foreign Ministry, Renewables, Energy, Brazil's Foreign Ministry, Foreign Ministry, Thomson Locations: Manaus, Amazonas, Brazil, United Arab Emirates, South America's, Dubai, Brazil's, Abu Dhabi

[1/3] Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Teng faces an especially tough task in transforming the culture of Binance, four of the people said. Still, leading a cultural shift at Binance - a firm shaped by Zhao in his own image - would be "hugely difficult," she said. For years it dominated the crypto market, but this year has rapidly lost market share. Last month it controlled 32% of crypto spot and 50% of derivatives trading, according to crypto firm CCData, down from 55% and 62% respectively in January.

Persons: Richard Teng, Abdel Hadi Ramahi, Teng, Changpeng Zhao, Janet Yellen, Binance, Carol Alexander, Zhao, Yi He, Binance's, Simon Matthews, Richard, Matthews, FinCEN, John Reed Stark, Rajeev Bamra, OKX, Joseph Edwards, Tom Wilson, Elizabeth Howcroft, Elisa Martinuzzi, Louise Heavens Organizations: Reuters, United Arab Emirates, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Treasury, University of Sussex, Investors, Treasury's, Internet Enforcement, Singapore, Abu, Abu Dhabi Global, Singapore Exchange, Moody's Investors Service, Securities, Thomson Locations: East, North Africa, Dubai, United Arab, U.S, Abu Dhabi, France, Seychelles, London

☆ Formula One trials AI to tackle track limits breaches
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsABU DHABI, Nov 23 (Reuters) - Formula One's governing body is trialling artificial intelligence (AI) to tackle track limits breaches at this weekend's season-ending Abu Dhabi Grand Prix. The Paris-based FIA said it would be using 'Computer Vision' technology that uses shape analysis to work out the number of pixels going past the track edge. By the title-deciding Qatar weekend in October there were eight people assigned to assess track limits and monitor 820 corner passes, with 141 reports sent to race control who then deleted 51 laps. Stewards said this month that their inability to properly enforce track limits violations at turn six was "completely unsatisfactory" and a solution needed to be found before the start of next season. Malyon said the extra Computer Vision layer would reduce the number of potential infringements being considered by the ROC, with still fewer then going on to race control for further action.

Persons: Dado Ruvic, ABU, Abu, Tim Malyon, Malyon, I’ve, Alan Baldwin, Toby Davis Organizations: REUTERS, Abu Dhabi Grand Prix, FIA, October's U.S, Prix, Stewards, Computer, Thomson Locations: ABU DHABI, Abu Dhabi Grand, Paris, Qatar, Austin, ROC, London

Oil and gas companies, as well as other people and organizations connected to fossil fuels, often attend the meeting, drawing criticism from environmentalists and climate experts. “Oil and gas producers need to make profound decisions about their future place in the global energy sector." Political Cartoons View All 1265 ImagesThe energy sector is responsible for over two-thirds of all human activity-related greenhouse gas emissions, and oil and gas is responsible for about half of those, according to the IEA. It found that if countries deliver on all climate pledges, demand for oil and gas will be 45% lower than today’s level by 2050. Earlier this year, another IEA report found that the world’s oil, gas and coal demand will likely peak by the end of this decade.

Persons: ”, Fatih Birol, Vibhuti Organizations: International Energy Agency, United Nations, IEA, “, Associated Press, Abu Dhabi National Oil Company, IEA ., Institute for Energy Economics, Twitter, AP Locations: United, COP28, Dubai, Egypt, Abu Dhabi, New Delhi

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