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Factbox: Which countries and blocs are major players at the Glasgow climate summit?

By Andrea Januta

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Factbox: Which countries and blocs are major players at the Glasgow climate summit?
© Reuters. FILE PHOTO: People take part in a Climate March in Brussels, Belgium, ahead of the COP26 climate summit in Glasgow, October 10, 2021. REUTERS/Yves Herman

By Andrea Januta

(Reuters) – The diverse interests among the 197 signatories to the U.N. Framework Convention on Climate Change (UNFCCC) make for a tough challenge reaching consensus on the next steps to stem global warming. Here are some of the main stakeholders in the U.N. climate conference (COP26) starting in Glasgow on Oct. 31.

CHINA

Currently the world’s top carbon emitter, China’s near-future actions will help determine whether the world can meet its climate goals. It is also facing the impact of climate change, including extreme rainfall that devastated the province of Henan and unleashed flooding that killed more than 300 people in the summer.

President Xi Jinping said last year China planned for an emissions peak in 2030 and carbon neutrality by 2060 – 10 years beyond the target scientists say is needed. China also pledged to halt funding coal projects overseas and to start cutting its own coal consumption in 2026. But an economic slowdown coupled with power shortages in recent weeks have fueled policymakers’ arguments that China is not yet ready to make bolder moves. 

Xi is not expected to attend the talks in person, and China will likely send vice-environment minister Zhao Yingmin, but analysts say that without Xi there would be little chance for a bold announcement.

UNITED STATES

The United States is currently the world’s second-largest carbon emitter but has historically put more carbon dioxide into the atmosphere than any other country since the Industrial Revolution. It returns this year to U.N. climate talks, after former President Donald Trump pulled the United States out of the Paris Agreement and eschewed global efforts to curb emissions.

U.S. public awareness has grown amid a series of climate-fueled disasters, including wildfires and the worst drought in nearly a century in the U.S. West.

President Joe Biden rejoined the Paris Agreement and has pledged that the country will cut its greenhouse gas emissions by 50-52% from 2005 levels by 2030.

But domestic climate legislation is facing headwinds in Congress. A lack of concrete policies will undermine U.S. efforts in Glasgow to push major emitters like China, India and Brazil to do more, diplomats and NGOs have said.

UNITED KINGDOM

The conference host, along with Italy. British minister Alok Sharma, who is leading the conference, said he hopes the talks “consign coal power to history.”

In 2019, Britain pledged to reach net-zero emissions by 2050, and earlier this year committed to a 78% reduction in greenhouse gases by 2035 compared to 1990 levels. But Prime Minister Boris Johnson’s government faces a dilemma: there is increasing public pressure to halt new North Sea oil and gas exploration, but doing so would leave the country more reliant on imported fuel.

EUROPEAN UNION

The 27-country bloc produces around 8% of global greenhouse gas emissions, and its emissions have been trending downward for years. The EU has fixed into law targets to cut net emissions at least 55% by 2030 from 1990 levels, and reduce them to zero by 2050. Now, its member countries are negotiating a huge legislative package to meet those goals. 

Extreme heatwaves and floods killed thousands in Europe over the last two years.

EU countries negotiate as one group at the climate talks, and are expected this year to push for rules requiring stronger climate targets every five years from all countries, a position likely to prove sticky in negotiations.

LEAST DEVELOPED COUNTRIES (LDCs)

This group represents the world’s 46 poorest nations, whose 1 billion citizens across Africa, Asia-Pacific and the Caribbean are particularly vulnerable to climate change, but least responsible for causing it.

Along with blocs such as the African Group of Negotiators and the Climate Vulnerable Forum, LDCs are expected to push wealthy countries to honour a pledge to provide $100 billion per year in climate finance to the developing world for the 2020-2024 period – a target they are on track to miss.

‘BASIC’ COUNTRIES

Brazil, South Africa, India and China make up this bloc of populous, fast-developing countries with high-polluting economies. Each has called on rich countries to provide more climate financing, and have demanded equity through the UNFCCC concept of “common but differentiated responsibilities” – meaning wealthy countries that contributed the most emissions to the atmosphere have a greater responsibility to address it.

New Delhi has said the current $100 billion a year pledge is not enough, and that India is unlikely to commit to a net-zero target by 2050. Brazil also wants financial compensation to halt rampant Amazon (NASDAQ:) deforestation. South Africa wants stronger evidence developed countries will come up with the annual $100 billion they have promised, but also says the figure should be more like $750 billion.

OTHER NEGOTIATING BLOCS INCLUDE:

CLIMATE VULNERABLE FORUM

Representing 48 countries most at risk from climate impacts, including Bangladesh and the Maldives, this group urges the need for a strong global agreement and is also asking for countries to update their climate pledges annually, instead of every five years.

ALLIANCE OF SMALL ISLAND STATES

The alliance’s countries are disproportionately vulnerable to climate change effects, particularly sea level rise and coastal erosion.

POWERING PAST COAL ALLIANCE

Spearheaded by the UK and Canada, 41 nations and dozens more local governments and private companies have pledged a faster transitions from coal to clean energy.

HIGH AMBITION COALITION

Formed in 2014 by the Marshall Islands, Costa Rica, the United States and the EU, this group pushes for more progressive emissions targets and climate policies.

G77 + CHINA

A longtime alliance of 77 developing countries and China, this group holds the line on the concept that different countries have differing responsibilities.

UMBRELLA GROUP

This alliance of 12 non-EU developed countries includes Australia, Japan, Russia, and the United States.

AFRICA GROUP

Africa’s U.N. members will push for additional climate financing for the developing world. 

Commodities

Halliburton says not buying Exxon stake in Iraqi oilfield

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Halliburton says not buying Exxon stake in Iraqi oilfield
© Reuters. FILE PHOTO: A member of security foreign personnel walks with an Exxon’s foreign staff of the West Qurna-1 oilfield, which is operated by ExxonMobil, during the opening ceremony near Basra, Iraq June 17, 2019. REUTERS/Essam Al-Sudani

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By Aref Mohammed

BASRA, Iraq (Reuters) -Halliburton has not proposed buying Exxon Mobil (NYSE:)’s stake in Iraq’s West Qurna 1 oilfield, a spokesperson for the U.S. oil services company said on Wednesday, denying comments from a senior official from Iraq’s Basra Oil Co. (BOC).

“We are not buying an oil field and are not partnering to buy an oil field. We do not typically discuss commercial terms for bids or tenders, but in this case we want to be clear that we are not buying any fields,” said Halliburton (NYSE:) spokesperson Emily Mir.

Hassan Mohammed, deputy BOC manager in charge of oilfields and licensing rounds affairs, earlier told a press conference that Halliburton had submitted a proposal to buy Exxon’s stake in the southern West Qurna 1 field

He added, however, that the Iraqi government’s preferred option was for BOC itself to buy Exxon’s stake in the field.

Iraq said in April that Exxon was seeking to sell its 32.7% stake in West Qurna 1, and that the oil ministry had started discussions over a possible deal.

Separately, Iraq will start work to maintain and upgrade its key undersea oil exports pipelines and its two onshore ports that will help boost export capacity to six million barrels per day (bpd) in 2025 from 3.2 million bpd currently, Ahmed Fadhil, deputy BOC manager in charge of oil exports facilities upgrading operations told Reuters.

Fadhil said bids had been completed to invite foreign services companies to compete to build two undersea 48-inch oil exports pipelines to replace existing outdated lines.

Construction work to build the two lines to ship to the Basra offshore terminal is expected to start in the second quarter of 2022 and the new undersea lines are expected to be operational in mid 2024, said Fadhil.

A third undersea pipeline is under construction currently and is expected to be completed in mid 2023. The three export lines have a combined capacity to export three million bpd.

Iraq has also awarded a deal to a Russian company to assess damages and start repair works on another 42-inch undersea export pipe which transport crude oil to its Khor al-Amaya terminal, one of its two southern offshore oil export terminals, said Fadhil, without naming the company.

Loading operations have been halted at Khor al-Amaya since 2017 when the pipeline suffered ruptures and leakages, and had to be shut.

Maintenance operations are expected to be completed to bring back crude loading operations at Khor al-Amaya by the end of 2022, with initial capacity to pump 400,000 bpd, said Fadhil.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Commodities

U.S. could tweak timing of oil stockpile release if prices fall -official

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U.S. could change timing of oil stockpile release if prices drop -official
© Reuters. FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif

By Timothy Gardner

WASHINGTON (Reuters) -The Biden administration could adjust the timing of its planned release of strategic stockpiles if global energy prices drop substantially, U.S. Deputy Energy Secretary David Turk told Reuters on Wednesday.

Turk, speaking in a video interview for the Reuters Next conference https://reutersevents.com/events/next to be broadcast later on Wednesday, added that other consumer nations that had agreed to release strategic reserves in concert with the United States to tame prices could also adjust their timing if needed.

“I think each country will make decisions based on what’s useful and good for their consumers and based on where the price is,” he said.

The administration of President Joe Biden had announced last month https://www.reuters.com/markets/commodities/us-set-unveil-emergency-oil-release-bid-fight-high-prices-2021-11-23 that it would release 50 million barrels from the U.S. Strategic Petroleum Reserve, alongside smaller releases from China, India, Japan, South Korea and Britain, to help lower consumer energy costs.

The unusual agreement was designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand as the world began to exit the pandemic.

Oil prices have since declined, however, amid worries that the new Omicron variant https://www.reuters.com/business/healthcare-pharmaceuticals/omicron-variant-could-outcompete-delta-south-african-disease-expert-says-2021-11-30 of the coronavirus will spread and trigger extensive lockdowns, reducing global energy demand.

“The president gave us flexibility,” Turk said about the U.S. planned release of strategic stockpiles.

“So if the price of oil goes down significantly, if the pain at the pump that is currently being experienced by consumers around our country, and around the world as well, dissipates for whatever reason, then we use the tools differently,” he said.

“The metric of success for any policy from our end related to these issues is what is the price at the pump? … not whether we get 50 million barrels out as quickly as we possibly can,” he said.

Turk added that the White House was still studying proposals from some of Biden’s fellow Democratic lawmakers to ban crude oil exports to keep prices down, saying it remained among the range of tools the administration could eventually use.

“We’ve certainly heard from members of Congress who feel both ways on this issue,” he said. “And so we’re putting together all that analysis, all that information to inform decision making by our secretary and ultimately by the president.”

To watch the Reuters Next conference please register here https://reutersevents.com/events/next/

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

Commodities

U.S. could change timing of oil stockpile release if prices drop -official

Published

on

U.S. could change timing of oil stockpile release if prices drop -official
© Reuters. FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif

By Timothy Gardner

WASHINGTON (Reuters) – The Biden administration could adjust the timing of its planned release of strategic stockpiles if global energy prices drop substantially, U.S. Deputy Energy Secretary David Turk told Reuters on Wednesday.

Turk, speaking in a video interview for the Reuters Next conference https://reutersevents.com/events/next to be broadcast later on Wednesday, added that other consumer nations that had agreed to release strategic reserves in concert with the United States to tame prices could also adjust their timing if needed.

“I think each country will make decisions based on what’s useful and good for their consumers and based on where the price is,” he said.

To watch the Reuters Next conference please register here https://reutersevents.com/events/next/

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

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