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Good omens hard to find as global climate talks open

By Mark John and Katy Daigle

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Good omens hard to find as global climate talks open
© Reuters. FILE PHOTO: Steam and other emissions rise from a power station in Belgrade February 7, 2012. REUTERS/Marko Djurica/File Photo

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By Mark John and Katy Daigle

GLASGOW (Reuters) -World leaders began arriving on Monday at a U.N. conference critical to averting the most disastrous effects of climate change, their challenge made even more daunting by the failure of major industrial nations to agree ambitious new commitments.

The COP26 conference in the Scottish city of Glasgow opens a day after the G20 economies failed to commit to a 2050 target to halt net carbon emissions – a deadline widely cited as necessary to prevent the most extreme global warming.

Instead, their talks in Rome only recognised “the key relevance” of halting net emissions “by or around mid-century”, set no timetable for phasing out coal at home and watered down promises to cut emissions of methane, a greenhouse gas many times more powerful than carbon dioxide.

Swedish activist Greta Thunberg asked her millions of supporters to sign an open letter accusing leaders of betrayal.

“As citizens across the planet, we urge you to face up to the climate emergency,” she tweeted. “Not next year. Not next month. Now.”

Many of those leaders take to the stage in Glasgow on Monday to defend their records and in some cases make new pledges at the start of two weeks of negotiations that conference host Britain is billing as make-or-break.

“Humanity has long since run down the clock on climate change. It’s one minute to midnight and we need to act now,” British Prime Minister Boris Johnson will tell the opening ceremony, according to advance excerpts of his speech.

“If we don’t get serious about climate change today, it will be too late for our children to do so tomorrow.”

DISCORD

Discord among some of the world’s biggest emitters about how to cut back on coal, oil and gas, and help poorer countries https://www.reuters.com/business/environment/climate-finance-could-make-or-break-cop26-summit-heres-why-2021-11-01 to adapt to global warming, will not make the task easier.

At the G20, U.S. President Joe Biden singled out China and Russia, neither of which is sending its leader to Glasgow, for not bringing proposals to the table.

U.S. National Security Adviser Jake Sullivan, on board Air Force One with Biden, said Glasgow could put pressure on those who had not yet stepped up, but that it would not end the global effort.

“It is also critical for us to recognise that the work is going to have to continue after everyone goes home,” he told reporters.

Chinese President Xi Jinping, whose country is by far the biggest emitter of greenhouse gases and ahead of the United States, will address the conference on Monday in a written statement, according to an official schedule.

President Vladimir Putin https://www.reuters.com/world/europe/putin-deliver-recorded-cop26-message-no-live-video-link-2021-11-01 of Russia, one of the world’s top three oil producers along with the United States and Saudi Arabia, has dropped plans to participate in any talks live by video link, the Kremlin said.

Turkish President Tayyip Erdogan will also stay away. Two Turkish officials said Britain had failed to meet Ankara’s demands https://www.reuters.com/world/middle-east/erdogan-returns-turkey-g20-instead-flying-glasgow-summit-2021-11-01 on security arrangements and protocol.

PROMISES, PROMISES

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 – a level scientists say would avoid its most destructive consequences.

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-related financing for developing countries, and finish the rules for implementing the 2015 Paris Agreement, signed by nearly 200 countries.

Existing pledges 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 by intensifying storms, exposing more people to deadly heat and floods, raising sea levels and destroying natural habitats.

Developed countries confirmed last week that they would be three years late in meeting a promise made in 2009 to provide $100 billion a year in climate finance to developing countries by 2020.

“Africa is responsible for only 3% of global emissions, but Africans are suffering the most violent consequences of the climate crisis,” Ugandan activist Evelyn Acham told the Italian newspaper La Stampa.

“They are not responsible for the crisis, but they are still paying the price of colonialism, which exploited Africa’s wealth for centuries,” she said. “We have to share responsibilities fairly.”

Two days of speeches by world leaders starting Monday will be followed by technical negotiations. Any deal may not be struck until close to or even after the event’s Nov. 12 finish date.

Commodities

Bloomberg: UAE to boost oil production beyond plan by 2025

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UAE to boost oil production

UAE to boost oil production. One of Russia’s main competitors for oil exports plans to reach five million barrels per day by 2025. The Middle Eastern country was initially expected to reach this level only by 2030, Bloomberg reported, citing sources.

“Energy concern Abu Dhabi National Oil Co. (Adnoc), which produces almost all of the UAE’s oil, wants to be able to produce 5 million barrels a day by 2025. The company planned to reach such a level only by 2030,” – says the material.

But a crude oil production boost will be difficult without additional financing for expenses for the project. Adnoc explained the acceleration of production increase by the policy of the leading countries of the world on accelerated energy transition to renewable energy sources (RES).

“As we embrace the energy transition and focus our business on the future, we will continue to explore potential opportunities that can further add value, free up capital and improve profitability,” the Arab oil company said.

To realize the goal, Adnoc has asked international companies that are partners in its oil fields to increase long-term crude production by 10% or more, sources said. In the case of positive results of the negotiations, the UAE will be able to significantly increase the volume of oil production by 2025, concludes Bloomberg.

On September 19, the Times of India, citing sources in the Indian Ministry of Commerce, reported that the Asian country has saved since February 2022, $439.7 million on imports from Russia of oil at a discount. A total of about 62.5 million barrels of Russian crude were purchased by Indian state and private companies over the last six months. Moreover, volumes of imports have increased many times over as compared to 2021.

Earlier, we reported that Nigeria stopped benefiting from the sale of Nigerian oil due to the lack of dollars.

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FT: Nigeria stopped benefiting from Nigeria crude oil sales due to lack of dollars

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nigeria crude oil sales

Nigeria’s crude oil sales used to grow steadily. But now the country, which is considered one of the world’s largest oil exporters, is facing a crisis. The country is short of dollars, and the factor of “massive theft” has only exacerbated the problems of the African state, reports the Financial Times.

“Since the beginning of the year, Nigeria’s foreign exchange reserves have fallen by 5%, to $38 billion. Restrictions on the purchase of dollars and the resulting deficit has led to the emergence of a black currency market. $1 is worth 420 naira at the official exchange rate and 700 naira on the black market,” the paper said.

Because of increasing corruption in the country, Nigeria, the world’s tenth largest oil exporter, can no longer increase production of crude oil. Nigerian crude oil buyers are not happy with this fact. The African state exports a little more than half of the established OPEC quota – 1.1 million barrels per day, instead of the required 1.8 million.

Despite all the difficulties going on in Nigeria’s economy, Timipre Silva, the African country’s Minister of State for Petroleum, announced plans to increase liquefied natural gas (LNG) exports to Europe by the coming winter. According to him, to realize this goal, it is necessary to improve safety in Nigeria’s fields and infrastructure.

Earlier we reported that coffee stocks in Brazil in six months will approach a record low level

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Coffee exporters in Brazil: coffee stocks in Brazil in six months will approach a record low level

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coffee exporters in Brazil

Coffee exporters in Brazil said that coffee stocks in the largest coffee-producing country in the world – Brazil – in six months will fall to a record low level. This was written by Bloomberg agency about the statement of the president of the National Council of Brazilian Coffee Silas Brasileiro.

According to his forecast, stocks of coffee in Brazil’s coffee supply companies by March will drop to 7 million bags, whereas analysts consider a comfortable level of 9-12 million bags of 60 kg each.

Cecafe Exporters Group board member Nelson Carvallaish said the country’s coffee stocks are so small that even if next year’s crop is good, Brazil will barely have enough coffee to meet demand.” “We just need rain,” he concluded.

In August, The Wall Street Journal wrote that the price of coffee could rise seriously by the end of 2022 because of Brazil’s poor harvest. 

Earlier we reported that aluminum production in China in August reached a record 3.51 million tons.



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