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‘We have run down the clock’ says Johnson as climate conference opens

By Mark John and Katy Daigle

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'We have run down the clock' says Johnson as climate conference opens
© 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) – A U.N. conference critical to averting the most disastrous effects of climate change opened on Monday, with world leaders, environmental experts and activists pleading for decisive action to halt global warming.

The task of the COP26 conference in the Scottish city of Glasgow was made even more daunting by the failure of the Group of 20 major industrial nations to agree ambitious new commitments at a weekend summit in Rome.

The G20 is responsible for around 80% of emissions of carbon dioxide – the gas produced by burning fossil fuels that is the main cause of the heatwaves, droughts, floods and storms that are growing in intensity worldwide.

“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.

U.N. Secretary-General Antonio Guterres reminded the conference hall that the six hottest years on record have occurred since 2015.

Other speakers, including activists from the poorer countries hardest hit by climate change, delivered 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.”

As Johnson took the stage, Swedish activist Greta Thunberg retweeted 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.”

DISCORD

In Rome, the G20 leaders 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 – badly undermining one of COP26’s main aims.

Instead, they only recognised “the key relevance” of halting net emissions “by or around mid-century”, and set no timetable for phasing out domestic coal power, a major cause of carbon emissions.

Their commitment to phase out fossil fuel subsidies “over the medium term” echoed wording used by the G20 at a summit in Pittsburgh 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 not make their task easier.

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

He told the conference: “Glasgow must be the start of a decade of shared ambition and innovation to preserve our future.”

Chinese President Xi Jinping, whose country is by far the biggest emitter of greenhouse gases, ahead of the United States, told the conference in a written statement that developed countries should not only do more but also support developing countries to do better.

President Vladimir Putin of Russia, one of the world’s top three oil producers along with the United States and Saudi Arabia, dropped plans to participate in any talks live by video link, the Kremlin said.

PROMISES, PROMISES

Less senior delegates – many of them held up on Sunday by disruptions to trains between London and Glasgow – had more mundane problems.

More than a thousand had to shiver for over an hour in a bottleneck outside the venue to present proof of a negative COVID-19 test and gain access, while being treated by activists to an electronic musical remix of Thunberg’s past speeches.

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.

To do that, it needs to secure more ambitious pledges 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.

“Climate financing” could make or break the talks. In 2009, the rich nations most responsible for global warming pledged to provide $100 billion per year by 2020 to help developing countries 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 the insufficient amounts spent on climate help for poor nations.

“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 told the conference.

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.

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.

Two days of speeches by world leaders 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.

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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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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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