© Reuters. FILE PHOTO: Steam and other emissions rise from a power station in Belgrade February 7, 2012. REUTERS/Marko Djurica/File Photo
By Elizabeth Piper and William James
GLASGOW (Reuters) -A crucial U.N. conference https://www.reuters.com/business/cop heard calls on its first day for the world’s major economies to stick to promises of financial help to address the climate crisis, while big polluters India and Brazil made new pledges to cut emissions.
World leaders, environmental experts and activists all pleaded for decisive action to halt the global warming which threatens the future of the planet at Monday’s start of the two-week COP26 summit in the Scottish city of Glasgow.
The task was made even more daunting by the failure of the Group of 20 major industrial nations to agree ambitious new commitments at the weekend in Rome.
The G20 is responsible for around 80% of global greenhouse gases and a similar proportion of carbon dioxide https://www.reuters.com/world/uk/cop26-what-would-success-look-like-climate-summit-2021-10-31, the gas produced by burning fossil fuels that is the main cause of the rise in global temperatures which are triggering an increasing intensity of heatwaves, droughts, floods and storms.
“Humanity has long since run down the clock on climate change. It’s one minute to midnight on that Doomsday clock and we need to act now,” British Prime Minister Boris Johnson told the opening ceremony.
Delayed by a year because of the COVID-19 pandemic, COP26 aims to keep alive a target of capping global warming at 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels https://www.reuters.com/business/cop/paris-glasgow-cutting-through-climate-jargon-2021-10-27.
To do that, it needs to secure more ambitious pledges https://www.reuters.com/world/uk/cop26-what-would-success-look-like-climate-summit-2021-10-31 to reduce emissions, lock in billions in climate financing https://www.reuters.com/business/environment/climate-finance-could-make-or-break-cop26-summit-heres-why-2021-11-01 for developing countries, and finish the rules for implementing the 2015 Paris Agreement, signed by nearly 200 countries.
The pledges made so far to cut emissions would allow the planet’s average surface temperature to rise 2.7C this century, which the United Nations says would supercharge the destruction that climate change is already causing.
U.N. Secretary-General Antonio Guterres reminded delegates that the six hottest years on record have occurred since 2015.
Other speakers, including activists from the poorer countries hardest hit by climate change, had a defiant message.
“Pacific youth have rallied behind the cry ‘We are not drowning, we are fighting’,” said Brianna Fruean from the Polynesian island state of Samoa, at risk from rising sea levels. “This is our warrior cry to the world.”
Leaders of countries such as Kenya, Bangladesh, Barbados and Malawi called rich nations to task for failing to deliver promised financial help to deal with climate change.
“The money pledge to least developed nations by developed nations … is not a donation, but a cleaning fee,” Malawi’s President Lazarus Mccarthy Chakwera said.
“Neither Africa in general, nor Malawi in particular, will take ‘no’ for an answer. Not any more.”
President Xi Jinping of China, by far the biggest emitter of greenhouse gases, told the conference in a written statement that developed countries should not only do more but also support developing countries to do better.
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Xi’s absence, along with that of Russia’s Vladimir Putin, president of one of the world’s top three oil producers along with the United States and Saudi Arabia, may hinder progress.
Swedish activist Greta Thunberg tweeted an appeal for her millions of supporters to sign an open letter accusing leaders of betrayal.
“This is not a drill. It’s code red for the Earth,” it read. “Millions will suffer as our planet is devastated — a terrifying future that will be created, or avoided, by the decisions you make. You have the power to decide.”
India and Brazil, two of the world’s largest polluters, both used the platform to provide new emission cutting pledges.
“We will act responsibly and search for real solutions for an urgent transition,” Brazilian President Jair Bolsonaro, who has presided over more than two years of soaring deforestation in the Amazon (NASDAQ:) rainforest, said.
Brazil said it would cut its greenhouse gas emissions by 50% by 2030, compared to a previous pledge of 43% in that period.
However, the cuts are calculated against emissions levels in 2005, a baseline which was retroactively revised last year, making it easier for Brazil’s targets to be met.
Prime Minister Narendra Modi set 2070 as a target for India to reach net-zero carbon emissions, much later than those set by other polluters and twenty years beyond the U.N.’s global recommendations.
In Rome, the G20 failed to commit to the 2050 target to halt net carbon emissions, undermining one of COP26’s main aims.
Instead, they only recognised “the key relevance” of doing so “by or around mid-century”, and set no timetable for phasing out domestic coal power, a major cause of carbon emissions.
The commitment to phase out fossil fuel subsidies “over the medium term” echoed wording they used as long ago as 2009.
Discord among some of the world’s biggest emitters about how to cut back on coal, oil and gas will make progress difficult in Glasgow, as will the rich world’s failure to keep its promises.
In 2009, the developed countries most responsible for global warming pledged to provide $100 billion per year by 2020 to help developing nations deal with its consequences.
The commitment has still not been met, generating mistrust and a reluctance among some developing nations to accelerate their emissions reductions.
Barbados Prime Minister Mia Mottley compared the vast sums pumped into the global economy by rich countries’ central banks in recent years with those spent on climate help.
“Our people are watching and our people are taking note … Can there be peace and prosperity if one-third of the world lives in prosperity and two-thirds lives under seas and face calamitous threats to our wellbeing?” she said.
Developed countries confirmed last week they would be three years late in meeting the $100 billion climate finance pledge – which many poor countries and activists say is insufficient anyway.
U.S. President Joe Biden said the rich must do more, admitting that “right now we’re falling short,” while French President Emmanuel Macron also called on all developed countries to deliver their fair share of climate funding.
Txai Surui, a 24-year-old indigenous youth leader from the Amazon rain forest, said too much damage had already been done.
“The animals are disappearing, the rivers are dying and our plants don’t flower like they did before. The Earth is speaking. She tells us that we have no more time.”
Caracas and Chevron will soon sign a series of contracts on crude oil production in Venezuela
Caracas and Chevron will sign a series of contracts after Washington allowed the company to start crude oil production in Venezuela, local oil minister Tarek El Aissami said Tuesday.
According to the EFE news agency, the minister was informed of a “productive working meeting” with Chevron Venezuela head Javier La Rosa. “In the coming hours we will sign contracts to spur the development of joint ventures and oil production,” the minister said. What exactly will be in those contracts has not yet been disclosed.
The U.S. Treasury Department said earlier in November that it had allowed Chevron Corp (NYSE:CVX). To resume resource extraction activities in Venezuela on a limited scale. If it is possible to influence the world oil market in this way, the situation on the stock market, including Boeing stock price predictions, will also improve.
Note that the cost of oil production in Venezuela compared with world prices is very low. According to the document, the company is allowed to extract, transport and supply to the United States oil or oil products produced by joint ventures (JV) Chevron (the license does not allow delivery to any other countries), as well as to carry out any related maintenance and repair on the joint venture assets. Also, Chevron was granted the right to purchase and import into Venezuela goods or resources related to the above activities, including diluents, condensates, oil or natural gas products.
We previously reported that oil prices are rising on the supply and demand outlook.
Why is oil getting more expensive? Price rises on supply and demand outlook
Global oil prices moved higher Thursday afternoon, trading data showed. Why is oil getting more expensive? Investors continue to assess the prospects for the balance of supply and demand in the market, including the OPEC+ deal.
Why have oil prices gone up so much? The price of January futures on Brent grew 0.83% to $87.69 per barrel, while February futures on WTI grew 0.87% to $81.25. Oil was getting cheaper by 0.5% in the morning.
Why have oil prices gone up so much?
Investors continue to watch the outlook for oil supply and demand. Thus, investors are waiting for the OPEC+ meeting, which is scheduled for Sunday, December 4. Traders assess whether the parameters of the oil agreement will be changed. Because the situation remains tense, even the stock market is falling. The trend can even be seen in Walt Disney stock price predictions.
Traders also fear a possible recession amid global central bank policy to raise rates due to high inflation as well as China’s measures to combat the coronavirus. The economic outlook could affect oil demand.
“The OPEC+ decision remains uncertain, but an extension of current production cuts is likely. The group will need to better understand China’s real measures on COVID before doing anything else with production levels,” Vanir Global Markets Pte. managing director James Whistler told Bloomberg. James Whistler.
Earlier, we reported that Bloomberg learned about the EU’s discussion of a $60 price ceiling on Russian oil.
G7 countries back the price cap on Russian oil. Bloomberg found out about the discussion in the EU of the $60 price cap on Russian oil
EU member states are discussing a $60 price cap on Russian oil, Bloomberg reported, citing knowledgeable sources. G7 countries back the price cap on Russian oil.
The EU had planned to announce a price cap on Russian oil on November 23, but negotiations within the bloc were delayed. In four days, on December 5, the embargo on fuel imports to the European Union by sea will come into force. but the decision has not yet been taken and coordinated with the G7 countries, which are not members of the EU. Within the European Union, Poland, Lithuania and Estonia require lowering the bar much lower, and Greece, Cyprus and Malta, which have a very developed shipping industry, on the contrary, insist on softer conditions. Explained Bloomberg.
It is still unclear whether both groups are willing to go to the limit of $60 a barrel, but most – agree, subject to other requirements, say agency sources. Negotiations are ongoing. The decision requires the approval of all EU members and the agreement of the decision with the G7. According to one of Bloomberg’s sources, $60 a barrel falls within a suitable range for the G7.
What does the price cap on Russian oil mean?
What does the price cap on Russian oil mean? $60 a barrel is even a bit more than what Russian oil costs on the market now, Bloomberg said. The purpose of the cap is to limit Russia’s income from selling oil while keeping it on the world’s market. And EU sanctions, if the ceiling price is not set, will prohibit maritime transport of Russian oil to third countries and insurance of these shipments.
For the scheme to work, the ceiling must be attractive enough for Russia to continue trading; otherwise Moscow could threaten to reduce production, and this would lead to a spike in global oil prices. Bloomberg explained.
The day before the EU embargo goes into effect, OPEC+, in which Russia also sits, will meet. On November 29, sources told Bloomberg that the format of the meeting was suddenly changed to an online meeting instead of a face-to-face meeting. The sources at Bloomberg did not explain what this was about. But we note that the tension in the market is already affecting even Google stock price predictions.
At the last meeting on October 5, which was the first face-to-face meeting since the beginning of the pandemic, OPEC+ went for the sharpest production reduction since 2020 – by 2 million barrels per day. 10 traders out of 17 surveyed by Bloomberg expected that new production cuts could follow at the new meeting as well.
Earlier we reported that oil prices are falling amid protests in China.
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