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Race to fix climate goes far beyond COP26, says U.S.’ Sullivan

ON BOARD AIR FORCE ONE (Reuters) – The United Nation’s COP26 climate summit is not the end of the race to tackle climate change, U.S. national security adviser Jake Sullivan said on Monday, adding that the world must keep working on the problem for the rest of the decade.

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Race to fix climate goes far beyond COP26, says U.S.' Sullivan
© Reuters. FILE PHOTO: White House National Security Adviser Jake Sullivan takes questions during a press briefing at the White House in Washington, U.S., June 7, 2021. REUTERS/Leah Millis//File Photo

ON BOARD AIR FORCE ONE (Reuters) – The United Nation’s COP26 climate summit is not the end of the race to tackle climate change, U.S. national security adviser Jake Sullivan said on Monday, adding that the world must keep working on the problem for the rest of the decade.

Britain’s Prince Charles told world leaders on Sunday that COP26 was the “last chance saloon” to save the world from climate change, as nations are already seeing more heatwaves, wildfires, floods and droughts.

On board Air Force One before U.S. President Joe Biden arrived in Glasgow, Sullivan told reporters the Glasgow summit was “an incredibly important opportunity for us to get sufficient commitments and sufficient momentum”.

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

“We cannot afford to falter in terms of making meaningful progress and building meaningful momentum here, but this is not the end of the race.”

Sullivan also called on China, the world’s biggest emitter of greenhouse gases, to do more to tackle climate change.

“We are filling our end of the bargain at COP. The fact that China isn’t is not something that they can readily point to us,” he said.

“They are a big country, with a lot of resources and a lot of capabilities, and they are perfectly well capable of living up to their responsibilities and it is up to them to do so.”

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Commodities

Bypassing sanctions by the EU is included in the list of criminal offenses in the EU

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Bypassing European sanctions is included in the list of criminal offenses in the EUThe EU Council decided on Monday to include violations of EU sanctions in the list of criminal “offenses in the EU”.

“The EU has adopted an unprecedented European sanctions list targeting Russia’s economy (…). Their implementation requires joint efforts to achieve results, and today’s decision is an important tool to ensure that any attempts to circumvent these measures will be stopped,” said Czech Justice Minister Pavel Blazek, who holds the EU Council Presidency, as quoted in a communiqué published in Brussels.

Member states currently have different definitions of what is a violation of restrictive measures and what penalties should be imposed in the event of a violation, the document noted. “This could lead to varying degrees of sanctions and the risk of circumvention of these measures, potentially allowing sanctioned individuals to continue accessing their assets and supporting regimes against which EU measures are in effect,” the EU Council communiqué said.

It explains that listing violations of restrictive measures as “crimes in the EU” is the first of two steps aimed at making sure that sanctions are applied equally across the EU and deterring attempts to circumvent or violate EU measures.

This draft directive, Brussels reminds us, must then be discussed and adopted by the European Parliament and the EU Council.

Earlier we reported that the U.S. had decided to extract crude oil in Venezuela.

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The U.S. has decided to produce crude oil in Venezuela

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crude oil in Venezuela

The U.S. wants to give the U.S. Chevron Corp., one of the largest oil companies in the country, a license to produce crude oil in Venezuela, according to The Wall Street Journal.

There will be new American oil executives in Venezuela. This is a signal of easing sanctions against the country, the newspaper said. Chevron has decided to regain partial control over oil production in Venezuela’s fields, in which the company paid a share due to joint ventures with Petroleos de Venezuela SA.

Talk of new investment is not yetunderway, because the debts to Chevron are not repaid. This may take several years, the sources say.

In July, Diosdado Cabello, leader of the parliamentary faction and vice president of the ruling United Socialist Party of Venezuela (PSUV), accused the U.S. of attacks on the country’s oil facilities. Venezuela has been under U.S. oil sanctions since 2019. In June of this year, the State Department allowed Italian Eni and Spanish Repsol to supply oil from Venezuela to Europe.

Earlier we reported that more than 50% of Germans said they refused to buy new clothes and electronics.

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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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