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01 December 2023

Cop: UAE commits $30bn to new climate fund

The UAE said today that it has committed $30bn to a new climate fund to bridge current gaps in climate finance and help stimulate private investment. "The lack of affordable available climate finance has long been one of the biggest obstacles in advancing climate action," UAE president Mohammad bin

01 December 2023

India’s JSW enters auto sector with MG Motor stake

Indian conglomerate JSW Group has entered the auto sector, taking a 35pc stake in MG Motor India controlled by Chinese vehicle manufacturer SAIC. The joint venture aims to implement new initiatives including boosting local sourcing, improving electric vehicle (EV) charging infrastructure, expanding

01 December 2023

Australia risks missing 2030 emissions target: CCA

Australia's Climate Change Authority (CCA) said the country is not yet on track to meet its 2030 greenhouse gas (GHG) emissions cut targets, it warned in its progress report timed to coincide with the government's annual climate change statement. Australia's GHG emissions were 467mn t in the 2022-2

30 November 2023

Collapse of Braskem salt mine in Brazil imminent

Brazil's northern Alagoas state declared a state of emergency for 180 days on Wednesday because of the imminent collapse of a salt mine owned by petrochemical producer Braskem. The state government's decision comes after monitored seismic activities in the region became stronger while Braskem was a

30 November 2023

NCL and Yara plan ammonia-fueled containership

Norway-based North Sea Container Line (NCL) in a joined venture with Norway-based fertilizer producer Yara will build the world's first containership that will operate on ammonia. The Yara Eyde will launch in 2026 and operate between Norway and Germany. The vessel was awarded just over 40mn NOK ($3

30 November 2023

Opec+ pledges deeper cuts

Six Opec+ members have agreed to 700,000 b/d worth of voluntary crude production cuts in the first quarter of next year, while Saudi Arabia said it will extend its existing 1mn b/d cut over the same period. The voluntary reductions are calculated from the respective countries' 2024 output targets,

30 November 2023

B24 Med prices down in second half November

Mediterranean marine biodiesel blend prices trended downwards in the second half of November as subdued bunkering demand combined with easing fundamentals in the underlying markets. B24 dob Algeciras-Gibraltar slipped to an average of $774.43/t on 15-28 November, down from $783.68/t on 1-14 Novembe

30 November 2023

Cop: Agreement on loss and damage fund setup: Update

Countries at the UN Cop 28 climate summit agreed today on the setup of a loss and damage fund — to tackle the unavoidable and irreversible effects of climate change — and several pledged financial contributions. Parties to the UNFCCC — the UN's climate body — agreed to adopt recommendations that we

30 November 2023

BV launches first rules for hydrogen vessels

Classification society Bureau Veritas (BV) has released its first set of classification rules (NR678) for vessels powered by hydrogen, complimenting the existing rules (NR547) on fuel-cell powered vessels which were launched last year. The rules are designed to ensure the "safe development of hydro

30 November 2023

Cop: Parties agree on loss and damage fund setup

Countries at the UN Cop 28 climate summit agreed today on the setup of a loss and damage fund — to tackle the unavoidable and irreversible effects of climate change — and several pledged financial contributions. Parties to the UNFCCC — the UN's climate body — agreed to adopt recommendations that we

30 November 2023

Cop: WMO says 2023 is hottest year on record

This year is set to be the hottest on record, with global temperatures to the end of October about 1.4°C higher than the pre-industrial average, the UN World Meteorological Organisation (WMO) said today. The Paris Agreement seeks to limit global warming to "well below" 2°C above pre-industrial aver

30 November 2023

Turkish market expects preliminary AD HRC duties

Turkey could impose preliminary anti-dumping (AD) duties on hot-rolled coil (HRC) from China, India, Russia and Japan, under investigation as of 31 October , market participants said on the sidelines of an industry conference in Istanbul this week. Some sources said that preliminary measures could

30 November 2023

Cop: Oman updates NDC with more ambitious 2030 goal

Non-Opec oil and gas producer Oman has issued an update to its climate strategy, including a more ambitious emissions reduction target for 2030. This update to its nationally determined contribution (NDC) sees a "significant" revision to its target for reducing GHG emissions by 2030, Oman said. The

30 November 2023

Cop: Fossil fuel role must be discussed

Cop 28 UN climate summit president Sultan al-Jaber has urged parties to be "flexible" and find common ground on fossil fuels and renewables. Al-Jaber said it was "essential that no issue is left off the table", including on the role of fossil fuels. "We must look for ways and ensure the inclusion o

30 November 2023

Liberty Steel secures creditor protection for Ostrava

Beleaguered Czech steel producer Liberty Ostrava has secured a moratorium against its energy supplier Tameh Czech. The company applied for the moratorium in the regional court in Ostrava under Czech preventive restructuring rules, which enable troubled companies to restructure outside of formal ins

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