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China to cut emissions 7-10pc from peak by 2035

  • Market: Coal, Crude oil, Electricity, Emissions, Oil products
  • 24/09/25

China today committed to reducing economy-wide greenhouse gas emissions by 7-10pc from peak levels, the most specific near-term emissions target from the world's largest source of climate-warming pollution.

President Xi Jinping announced the new target at the UN General Assembly on Wednesday, providing a clearer signal of the country's climate ambitions ahead of the UN Cop 30 summit in Belem, Brazil, this November. The country had previously committed to peak emissions by 2030 and achieve carbon neutrality by 2060.

The new commitment, while lacking details like the baseline year for emissions reductions and described by environmentalists as insufficient, was still remarkable the day after US president Donald Trump told the UN that climate change is a "hoax".

Trump pulled the US of the Paris Agreement in January and has since slashed subsidies for renewable energy, testing the world's resolve to address climate change and upping the importance of China's emissions goals. Brazil says it wants to use the upcoming Cop to continue driving action following the "global stocktake" two years ago in Dubai, which will rely on countries providing more aggressive pledges, known as nationally determined contributions (NDCs).

"Beijing tends to set targets that it can confidently deliver and prioritizes keeping any promises", Greenpeace East Asia global policy advisor Yao Zhe said. "What's hopeful is that the actual decarbonization of China's economy is likely to exceed its target on paper".

China also committed to increasing the share of energy it consumes from sources other than fossil fuels to 30pc of its total energy consumption, expand installed capacity of wind and solar power to 3,600GW, use more electric vehicles, and expand its carbon trading market to cover more sources.

"Cop 30 in Brazil must conclude with a credible global response plan to get us on track", UN secretary general Antonio Guterres said at the side event dedicated to climate change.


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19/11/25

Cop: Some 'reluctant' on shift from fossil fuels

Cop: Some 'reluctant' on shift from fossil fuels

Belem, 19 November (Argus) — Some countries are still "very reluctant" to accept including a roadmap to transition away from fossil fuels in the UN Cop 30 climate summit's final documents, the event presidency said. A roadmap to phase down fossil fuels has become a key issue at Cop 30. An initial draft about issues not on the main agenda published by the presidency on Tuesday morning mentioned it, but over 80 countries asked the presidency to put it on formal negotiating tables . There are two categories of countries on roadmap negotiations: those that are "very favorable" or have "very negatives" views on it, Cop 30 president Andre Correa do Lago told reporters. "Some groups [that have negative views on the roadmap] don't want that type of language on fossil fuels, while some developing countries don't want any more obligations, independently on which topic," Cop 30 chief executive Ana Toni said. Still, it is up to developed countries to take the lead on those negotiations, Correa do Lago said. One of the main hurdles to negotiating the roadmap has been how to implement it with solutions that are appropriate for each country, Correa do Lago said. "We really need to see the economic and social implications of the transitioning away [from fossil fuels] for each country and for different regions in each country." Additionally, there are many different interpretations on what needs to enter formal documents, he said. It has been hard to decide between what has to be negotiated and what can be implemented without a formal text, he added. The wording regarding the roadmap on the presidency's initial draft was considered weak by some delegates, according to Tina Stege, the climate envoy of the Marshall Islands, speaking for negotiating bloc the alliance of small island states. The presidency's draft "reflects something that opens the door" for negotiations between favorable and reluctant countries, Correa Lago said. So it is "natural" that the more favorable countries would expect something more ambitious. But Toni said that no group of countries has explicitly told the presidency that the initial draft's wording was "weak". Finance for adaptation One of the topics in which delegates have differed the most during negotiations is finance for adaptation, Brazil's chief climate negotiator Lilian Chagas said. Adaptation covers efforts to adjust to climate change where possible. The presidency's initial drafts included a proposal to triple adaptation finance from wealthier nations to developing countries. "The [global goal on adaptation"] is absolutely central and obviously the push for an increase in adaptation resources is significant", Correa Lago said. "And we want this to be an adaptation Cop". By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Colombia’s economy grows 3.6pc in 3Q


18/11/25
News
18/11/25

Colombia’s economy grows 3.6pc in 3Q

Bogota, 18 November (Argus) — Colombia's economy expanded 3.6pc in the third quarter from a year earlier, as solid growth in the agriculture sector and stronger domestic demand helped offset a deepening contraction in the oil and mining industries. Most of the third-quarter expansion was attributable to increased household and business demand and a 2.4pc rise in agricultural activity, driven by higher exports of coffee and tropical fruits, the national statistics agency Dane said Tuesday. Manufacturing grew by 4.1pc while retail and wholesale trade grew by 5.6pc. The quarterly growth figure exceeded analysts' 2.9pc median estimate and the 2.1pc growth recorded in the second quarter. The mining and hydrocarbons sector contracted for a sixth consecutive quarter, shrinking 5.7pc in the third quarter from a year earlier. The decline follows a 10.2pc contraction in the second quarter and reflects the impact of a heavy tax burden, restrictions on coal exports, falling exploration activity, and deteriorating security conditions in key oil- and coal-producing regions. The coal subsector fell 5.6pc in the quarter, after dropping 14.6pc in the second quarter and falling 7pc in the first quarter. Exporters of coal and crude have been subject to a 1pc surcharge since late January to finance more military and social spending in the Catatumbo region in Norte de Santander department amid escalating violence in this region along the Venezuelan border. The administration of President Gustavo Petro has also used emergency powers in response to escalating violence along the Venezuelan border. In May, the government raised the withholding tax on coal miners to as much as 4.5pc, more than double the previous 2.2pc, adding financial pressure to an already strained sector. Miners have also protested Petro's decision to impose a total ban on steam-coal exports to Israel, closing a loophole that previously allowed some shipments to proceed. Mining accounts for 2.4pc of Colombia's GDP and is the country's second-largest export sector after oil. The oil subsector contracted 3.7pc in the third quarter, following a 6.9pc decline in the second quarter — the steepest drop since the hydrocarbon sector began weakening in early 2024. Reduced exploration activity, tax pressure and social unrest have weighed heavily on the industry, oil analyst Julio César Vera said. Colombia produced an average of 747,800 b/d of crude in January–September, a 3.8pc decrease from the same period a year earlier. By Diana Delgado Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: 80 nations back roadmap on shift from fossil fuels


18/11/25
News
18/11/25

Cop: 80 nations back roadmap on shift from fossil fuels

Belem, 18 November (Argus) — Around 80 countries are asking the UN Cop 30 climate summit's Brazilian presidency to put a roadmap to transition away from fossil fuels on the negotiating table, after an initial draft text released today included only "weak" mentions. The current reference to the roadmap in the text is "weak" and only presented as an option in the main text released today , climate envoy for the Marshall Islands Tina Stege said, speaking for negotiating bloc the alliance of small island states (Aosis). Developing and developed nations as well as island states are supporting the call. The text follows consultations on four topics sitting outside the official conference agenda and sets out options — with various degrees of strength — on the phase-out of fossil fuels and climate finance, including options for no text at all. UK climate envoy Rachel Kyte said that the objective of a meeting today is to make clear to the Brazilian presidency that this coalition of countries is not going to go home without clarity about a roadmap on implementing the outcome from Cop 28 in 2023. Parties at Cop 28 agreed to a call "to transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science". German environment minister Carsten Schneider called on other countries to join the coalition. "We want a [Cop 30] outcome that addresses the transition away from fossil fuels in a just and inclusive way," he said, adding that so do "most of [his] European friends", without naming specific countries. "We are saying with one voice that this is an issue that cannot be ignored, cannot be swept under the carpet, and this is where the momentum is", the UK's energy minister Ed Miliband said. He called for the roadmap to be at "the heart of Cop 30". Supporting the call should "also emphasise the importance of providing access to energy for those who don't have it", Kenya's special envoy for climate change Ali Mohamed said. The issue is also economical, Sierra Leone's environment minister Jiwoh Abdulai said. "The cost of adaptation is increasing much faster than we can afford. Insurance markets are going to collapse, even in the developed countries, because insurance companies are not going to want to underwrite a lot of these risks", he said. It is in all countries' interest, including those with economies dependent on fossil fuels, to strengthen co-operation to transition away from fossil fuels, Sweden's lead negotiator Matthias Frumerie said. Individual countries' roadmaps should include the phase out of fossil fuel subsidies, Colombia's environment minister Irene Velez-Torres. Allocating some of these subsidies to the roadmap against deforestation would be a major step, she added. Colombia was an early champion of a roadmap to phase out fossil fuels. Another key issue is figuring out how to replace extractive economies in producing countries and financing, she said. Colombia is calling for the language in the text to be more definite. "What we have so far is that draft that has room for improvement, but it can end up like an onion: you peel back the layers and in the end you find nothing," Velez-Torres said. One negotiator suggested that the text released by the presidency was weighted and that calls for a roadmap were ignored. By Lucas Parolin and Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Venezuela's Maduro seeks talks with US


18/11/25
News
18/11/25

Venezuela's Maduro seeks talks with US

Caracas, 18 November (Argus) — Venezuela president Nicolas Maduro has reciprocated President Donald Trump's openness to talks between the two governments as Caracas faces a large US military presence in the Caribbean. "Whoever in the US wants to talk with Venezuela, we'll talk," Maduro said late on Monday after Trump indicated earlier that day that he was willing to talk with Maduro. The Venezuelan also sang Imagine by John Lennon during a public rally earlier this week to appeal for peace. Trump, speaking to reporters on Tuesday, said that Maduro "wants to talk", but pivoted to a diatribe about Maduro allegedly sending "all of their prison population into the United States". Trump frequently casts Venezuelan immigrants in the US as dangerous criminals, whom he wants to deport back to their country. The US does not recognize the Maduro administration as legitimate, and secretary of state Marco Rubio said he will designate Maduro and other top officials as part of a foreign terrorist organization. The US has amassed about 10pc of its navy in the Caribbean in recent weeks and carried out at least 20 fatal attacks on boats it alleged were ferrying drugs to the US. Crude talks The actions had not deterred crude shipments from Venezuela, but ship tracking data indicates some slowing this week. US company Chevron continues to operate in Venezuela, where it resumed crude exports to the US in August after the Trump administration reinstated modified version of its sanctions waiver to do so. Venezuela produces about 1mn b/d of crude, with about 150,000 b/d of that going to the US in October. Chevron exported roughly 400,000 b/d of crude earlier in 2025. But crude exports to the US have ebbed slightly, with no new exports of Venezuela's Merey crude grade to the US slated for this week, based on ship tracking data from Kpler. Merey is the most common grade exported to the US. A source with Chevron in Venezuela also indicated that there seem to be no new movements for now to the US, although Venezuela's exports to China continue. Venezuela's state-owned PdV declined to comment. Sometimes demand for heavy crude for US refiners will flag later in the year, as they work to reduce stocks, market sources have indicated. 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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Cop: Climate Club eyes green steel, cement targets


18/11/25
News
18/11/25

Cop: Climate Club eyes green steel, cement targets

Berlin, 18 November (Argus) — Members of the Germany-initiated Climate Club plan to set production targets for green steel and cement by the next UN climate conference Cop 31, Germany's environment minister Carsten Schneider said at this year's Cop 30 in Belem, Brazil, today. Club members agreed in Belem on a global pledge to grow near-zero and low-emissions steel and cement markets, aiming to increase the global market share of green steel through national policies and international co-operation. This could "potentially" lead to setting a quantitative target for both green steel and cement by Cop 31, Schneider said at a Cop 30 side event in Belem. Schneider called this a "good example of how the Climate Club advances lead markets and strengthens the business case for climate friendly production". Cop 31 is scheduled to take place in late 2026, though a location has not yet been decided. The club today also presented a joint statement and roadmap on international assistance and partnerships for green industry transition. Work under the roadmap will focus on areas such as mobilising investments, driving demand for green products, enhancing transparency through carbon accounting, and developing and scaling aligned or harmonised green standards and definitions. The joint statement has so far been endorsed by Australia, Brazil, Canada, Germany, Indonesia, Kazakhstan, Kenya, Sweden and the UK, as well as by organisations including the African Development Bank, international non-profit programme the Industrial Transition Accelerator, the World Bank-backed Climate Investment Funds (CIF), the Green Climate Fund, and the International Renewable Energy Agency. Germany, the UK and the CIF jointly pledged $1.3bn at Cop 29 last year in climate finance for developing low-carbon production processes and green lead markets in developing and emerging countries. CIF chief executive Tariye Gbadegesin said at the side event today that the first seven partner countries, which include Brazil, Mexico and Turkey, may receive up to $250mn of concessional capital, to "unlock additional funding" which could be ten times higher. Green industrial products could be worth over $1 trillion by 2030, Gbadegesin said. Schneider also announced today that Germany, the UK and platform the Global Industry Hub will inject €30mn into a new "industry decarbonisation hubs accelerator", which will be facilitated by the UN's Industrial Development Organisation (Unido) to advance industrial decarbonisation projects in emerging economies. This will allow targeted funding and make decarbonisation projects "bankable", Schneider said. Schneider pointed out the "unique" nature of the Climate Club, in which developed and developing countries collaborate on finding solutions. Most industrial investments will in future be made in the so-called global south, Schneider said, and the Climate Club over the past year was able to support nine countries through its global matchmaking platform, which is run by Unido. The Climate Club now has 47 member states, with Mexico joining today. Schneider welcomed the addition of another "important country", which he said will "strengthen our joint efforts to achieve green industrialisation". The Climate Club in September launched "voluntary principles" for its member countries to address carbon leakage, the phenomenon whereby emissions sources are relocated rather than cut, stressing the need for greater transparency on emissions reporting, and for accepting that countries will pursue different climate policies. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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