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Russia to present climate strategy at Cop 29

  • Market: Coal, Crude oil, Emissions, Natural gas, Oil products
  • 09/10/24

Russia is preparing to present its climate strategy at the UN Cop 29 climate conference in Baku, Azerbaijan, in November, deputy prime minister Alexander Novak said.

Novak convened a meeting with Russian ministries on climate issues on 7 October, in which a forecast for Russia's emissions rates, in line with the country's 'low emissions economic development strategy to 2050', was discussed. The strategy was approved in 2021.

It is unclear whether the strategy is linked to Russia's new Nationally Determined Contribution (NDC) — a climate plan to be submitted to the UN. Cop parties are expected to publish their next NDCs to the Paris climate agreement — this time for 2035 — in November-February, as part of a cycle that requires countries to "ratchet up" their commitments every five years.

Russia's president Vladimir Putin announced Russia's 2060 net zero ambitions in October 2021, but the country has not updated its NDC since 2020.

The Cop 28 agreement signed in the UAE last year included an energy section calling for "transitioning away from fossil fuels in energy systems", a tripling of renewable capacity by 2030 and for "accelerating action in this critical decade", giving the direction countries need to take in the energy transition.

The country's main focus is on doubling the absorptive capacity of Russia's forests and producing and exporting more gas, to replace demand for more carbon-intensive oil and coal. Russia has no plans to reduce coal and oil output.

Russia's climate envoy Ruslan Edelgeriyev said in November 2022 that Moscow could achieve net zero a decade earlier than in 2060 if its access to international debt markets and technology was not blocked because of the sanctions imposed over Ukraine.

While reiterating net zero ambitions last year despite the sanctions, Putin repeatedly called accelerated decarbonisation irresponsible, claiming that it contributed to Europe's energy crisis in 2021.


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22/05/25

Brazil senate passes environmental licensing bill

Brazil senate passes environmental licensing bill

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US officials squabble on Chevron's Venezuela future


22/05/25
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22/05/25

US officials squabble on Chevron's Venezuela future

Caracas, 22 May (Argus) — Chevron will be allowed to continue producing and exporting Venezuelan crude, or maybe it will not, depending on which senior US official is speaking. Secretary of state Marco Rubio took to social media late Wednesday night to insist that Chevron's waiver from US sanctions will end as planned on 27 May, contradicting US presidential envoy Ric Grenell's statement a day earlier. "The pro-Maduro Biden oil license in Venezuela will expire as scheduled next Tuesday May 27th," Rubio posted from his personal account on X. Rubio referred to an authorization, originally issued under former president Joe Biden in 2022, that allowed Chevron to import crude into the US produced in its joint venture with state-owned PdV. Grenell had said on Wednesday that he expected an extension of the license after he helped secure the release of US Air Force veteran Joseph St Clair from a Venezuelan prison. Chevron has until 27 May to wind down all business in Venezuela, and neither the company nor the US Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control, have disclosed if the license would be extended or modified. Venezuela's national assembly president Jorge Rodriguez earlier this week had suggested that the US under President Donald Trump would seek to extend the original license to prevent China from taking over Chevron's space in its joint ventures with PdV. Sources close to the issue in Venezuela had heard until late Wednesday that the extension was in the works. "It's going to happen, Friday is what we are hearing", the source said, indicating multiple currents in the Trump administration. But Venezuelan opposition leader Maria Corina Machado lobbied against extending the waiver, saying Chevron's presence helps support the Maduro regime, an opposition source in Caracas said. "The [US] wants their hostages, but they are not super eager to hand Maduro a win in return", the source, who has liaised with DC for the opposition said. "La señora complained." By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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European Parliament adopts carbon border changes


22/05/25
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22/05/25

European Parliament adopts carbon border changes

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Iraq signs integrated energy deal with China’s Geo-Jade


22/05/25
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22/05/25

Iraq signs integrated energy deal with China’s Geo-Jade

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India's Petronet LNG delays Dahej terminal expansion


22/05/25
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22/05/25

India's Petronet LNG delays Dahej terminal expansion

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