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09 December 2023

Cop: Fossil fuel subsidy phase-out coalition forms

The Netherlands and 11 other countries committed to phasing out their fossil fuel subsidies in a coalition launched at the UN Cop 28 climate conference in Dubai today. Austria, Belgium, Ireland, Spain, Finland, France, Denmark, Luxembourg, Antigua and Barbuda, Canada and Costa Rica joined the Nethe

09 December 2023

Cop: Opec reiterates views on all-energies approach

Opec again pressed at the Cop 28 UN climate conference today for an all-energies approach to meet rising energy demand and ensure secure and affordable energy, as discussions on whether to commit to phase out fossil fuels take centre-stage at the summit . The group has long said that oil will play

09 December 2023

Cop: Lack of progress on adaptation slowing talks

Delays in discussions on the topic of adaptation — adjusting to the effects of climate change where possible — are affecting the rest of negotiations at the UN Cop 28 climate summit, observers said today. Talks on adaptation are affecting the global stocktake in particular, non-governmental organis

09 December 2023

Cop: Dubai sets target to halve CO2 emissions by 2030

The UAE's city of Dubai — host of the UN Cop 28 climate conference — has set a new target to cut its carbon emissions in half by the end of this decade. The Dubai government's previous goal was for a 30pc reduction by 2030. The Dubai Supreme Council of Energy unveiled the 50pc target on 8 December

09 December 2023

Cop: African group calls for practical global stocktake

The African group of negotiators, a party grouping, today called for the outcome of the Cop 28 UN climate summit's global stocktake — a measurement of progress towards the Paris Agreement — to be "one that all parties can effectively implement". "The global stocktake outcome must... be guided by th

08 December 2023

UK backs Guyana in Venezuela dispute

The UK has joined the US in condemning Venezuela's plan to seize Guyana's disputed resource-rich Essequibo province, as Caracas increased its military presence on the border with the former British colony. "The UK is concerned by the recent steps taken by Venezuela, with respect to the Essequibo re

08 December 2023

US bill aims to boost biofuel use in ships

Legislation proposed in the US House of Representatives on Thursday would allow ocean-going ships to consume renewable fuels without forcing the retirement of associated RIN credits. RIN credits currently cannot be used for compliance purposes and must be retired if the biofuel is burned outside of

08 December 2023

Opec+ production edges down in November

Opec+ crude production edged down in November as the group fell further behind its pledged production target. Output by the 19 Opec+ members subject to quotas was 110,000 b/d lower on the month at 36.13mn b/d, according to Argus estimates. This was 790,000 b/d below the alliance's collective output

08 December 2023

Cop 28 parties brace for tough fossil fuel talks

Fossil fuels are the focus of the UN Cop 28 climate summit as it moves into the final phase of negotiations, with ministers bracing themselves for arduous talks. The pressure for parties to send strong signals on fossil fuels has clearly increased during the summit, but the divisions on whether to

08 December 2023

Pertamina cancels Mozambique LNG offtake deal

Indonesian state-owned Pertamina has cancelled its 1mn t/yr 20-year des offtake deal from the planned 13.1mn t/yr Mozambique LNG terminal, a company spokesperson confirmed to Argus today. "There is no [penalty] because there is force majeure, so it is an agreement between both parties," Pertamina s

08 December 2023

Cop: EU outlines definition of talks failure

An ambitious global stocktake requires peaking global emissions by 2025, cutting emissions by 43pc by 2030 and agreeing on global CO2 cuts of 60pc by 2035, EU climate commissioner Wopke Hoekstra said, adding that "anything less would be a failure." Hoekstra's comments were made today as the Cop 28

08 December 2023

Cop: New stocktake draft has more fossil fuels options

An updated draft text on the global stocktake — a measure of progress towards Paris Agreement goals — released today has increased the number of options around curbing fossil fuels up for discussion among ministers at the Cop 28 UN climate summit. The new text, described by the UNFCCC — the UN's cl

08 December 2023

Cop: EU warns on UN carbon market standards

The EU has warned against efforts by some parties to dilute standards for the future UN-mandated co-operative carbon market, as high-level political discussions on its framework begin today at the start of the second week of the Cop 28 UN climate conference in Dubai. Countries are consulting on a d

08 December 2023

Cop: Colombia demands conditions to end oil output

Colombia called on the international community to make up for the cost of President Gustavo Petro's decision to move its economy away from coal and oil towards renewable energy. "Ambition cannot be punished," the country's representatives said at the Cop 28 UN climate change conference today in Dub

08 December 2023

US adds 199,000 jobs in November, unemployment falls

The US added more jobs than expected in November and the unemployment rate dropped, a sign the labor market remains resilient and the Federal Reserve will need to remain on guard for inflationary pressures. The US generated 199,000 nonfarm payrolls in November following gains of 150,000 in October,

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