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Canada sets 2035 emissions reduction goal

  • : Crude oil, Emissions, Natural gas
  • 24/12/13

Canada has set a new 2035 climate goal, aiming to reduce its greenhouse gas emissions by 45-50pc by 2035, from a 2005 baseline.

This builds on its 2030 target of a 40-45pc emissions reduction, again from 2005 levels. Canada's emissions had been in 2015 projected to rise by 9pc by 2030, from 2005 levels, "but we are now successfully bending the curve", the Canadian environment and climate change ministry said.

The newly-announced target is in line with a pledge Canada made at the UN Cop 29 climate summit last month. Countries that are party to the Paris climate accord must submit new national climate plans by 10 February 2025, to cover a timeframe up to 2035. Canada, the EU, Mexico, Norway and Switzerland committed at Cop 29 to set out new plans with "steep emissions cuts" that are consistent with the global 1.5°C temperature increase limit sought by the Paris Agreement.

The plans are known as nationally determined contributions (NDCs). Canada's NDC is being considered by the cabinet, and the country plans to submit it by the deadline, Canadian climate change ambassador Catherine Stewart told Cop 29 delegates on 21 November. Tackling climate change is "both an environmental imperative and an economic opportunity", she added.

The target was informed "by the best available science, Indigenous Knowledge, international climate change commitments, consultations with provinces and territories and expert advice", the ministry said. Canada will also "seek feedback on how to help companies take advantage of the economic opportunities that come with building a clean economy" in the near term, it added.

Although the plan is not yet available, the ministry said that it will examine the role of carbon removal technologies for the energy transition.

"Canadians are increasingly experiencing record-breaking extreme weather," the ministry noted. The country experienced record wildfires in 2023. Carbon emissions from wildfires this year were second only to the "unprecedented" levels in 2023, EU earth-monitoring service Copernicus found this month.

Canada has a legally binding target of net zero emissions by 2050.


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25/01/22

Brazil real recovers ground on US dollar

Brazil real recovers ground on US dollar

Sao Paulo, 22 January (Argus) — The Brazilian today real continued to strengthen against the US dollar, thanks to increased investor confidence domestically and an easing in the dollar globally in recent days after the real tumbled in the last weeks of 2024 on fiscal concerns. The exchange rate ended the session at R5.946/$1, as the real appreciated by 1.4pc on the day. The real has strengthened by about 7.8pc to the dollar from an intradday low of R6.4/$1 on 25 December. The last time the exchange rate between the two currencies ended the day below the R6/$1 threshold was on 11 December, when it stood at R5.989/$1. The real's recent appreciation took place as domestic investors are more confident about the country's spending cut plans, according to Sidney Lima, an analyst at Ouro Preto Investimentos, an investment management firm. But it is hard to say whether the recent appreciating trend will continue in the future, he said. That will "depend on the continuity of fiscal reforms in Brazil and global economic conditions," he added. At the same time, the US dollar index, which tracks the dollar against six main trading partner currencies, has fallen from a more-than two-year high on 12 January on uncertainty over whether US president Donald Trump will follow through on his tariff threats. Still, the Brazilian real has depreciated by around 20pc to US dollar since 22 January 2024. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Power outages weigh on Ecuador's presidential race


25/01/22
25/01/22

Power outages weigh on Ecuador's presidential race

Quito, 22 January (Argus) — Ecuador's leading presidential candidates would support at least some private-sector investment in energy, prompted by massive power outages last year that have weighed on the campaign. Incumbent president and leading candidate Daniel Noboa would keep investing in new thermoelectric plants and would tender the $600mn, 500MW Cardenillo hydroelectric project this year, he said when the 16 official candidates debated their platforms over the weekend. He would continue to support outside investment in the crude sector and large-scale copper and gold mining. On 9 February, about 13.7mn Ecuadorians are eligible to vote in the compulsory election to pick a president, vice president and 151 members of the one-chamber national assembly. This comes less than two years after a snap presidential and congressional election in August 2023 that Noboa won. Noboa is ahead despite crippling power outages last year under his administration because of droughts that cut Ecuador's hydroelectric output amid long-running technical problems and delays with the power plants contracted under previous administrations. Ecuador ended the rolling outages late last year as heavier rains, electricity imports from Colombia and additional thermoelectric capacity eased the problem. About 32pc-36pc of voters support Noboa. He is followed by Luisa Gonzalez, candidate of the Revolucion Ciudadana party sponsored by exiled former president Rafael Correa, with 21pc-33pc, according to Cedatos and Comunicaliza polls published on 18 January and 11 January, respectively. Gonzalez would support private-sector investment in the energy sector, but only to expand the coverage of electricity services. The hydroelectric plants facing technical and other problems were awarded during Correa's administration from 2008-2012, mostly to state-owned Chinese firms. The next leading candidates are Jimmy Jairala, a former television anchor and leader of Centro Democratico party, with 3pc, and Leonidas Iza, president of the confederation of indigenous nationalities (Conaie) and candidate of the Pachakutik party, with 2pc. Jairala also favors tendering the Cardenillo project and attracting outside investment to oil and mining but Iza opposes privatization of national resources and large-scale mining. The remaining candidates have even smaller shares, and 14pc of voters are undecided, with another 14pc planning to void their ballots. Unless a single candidate secures 40pc of the vote with a 10 percentage point or more lead, there will be a second round of voting on 13 April. The winner will take office on 24 May for a four-year term. By Alberto Araujo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU must be 'honest' about Green Deal: Poland


25/01/22
25/01/22

EU must be 'honest' about Green Deal: Poland

Brussels, 22 January (Argus) — The EU must undertake a "full and very critical" review of the bloc's Green Deal, Polish prime minister Donald Tusk told the European Parliament. Tusk outlined Warsaw's view on climate and energy policies during the country's recently-started six-month presidency of the EU's council of ministers. "If we go bankrupt no-one will care about the world's environment any more," Tusk said, calling for an honest, full and "very critical review of all regulations, including those arising from the Green Deal". Launched in 2019 under the previous European Commission term, also led by president Ursula von der Leyen, the Green Deal was adopted in 2023 and notably included revisions of the emissions trading system (ETS) to support a steeper 55pc reduction in the bloc's greenhouse gas (GHG) emissions by 2030. Tusk wants any review to identify and change EU laws that may lead to higher energy prices. "There is, for example, the issue of ETS 2 in front of us," he said, singling out the separate trading system covering emissions from road transport and heating fuels, which is scheduled to launch in 2027. "I would also ask you to reflect deeply, critically and bravely on the consequences of introducing ETS 2 at such a rapid pace," he told parliament. Poland holds the EU council presidency until the end of June. Any legal changes to the ETS would require a majority within parliament and a qualified majority of the 27 EU member states. But several, including France, Germany, Sweden and Austria, have been outwardly reluctant to tweak climate legislation and delay the introduction of the ETS 2. "Our union will only survive if we continue to implement the Green Deal, the sole instrument capable of ensuring the survival of our planet," warned Spanish MEP Iratxe Garcia, leader of parliament's second largest group, the centre-left S&D. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Syria issues first post-Assad oil tenders


25/01/22
25/01/22

Syria issues first post-Assad oil tenders

Dubai, 22 January (Argus) — The new administration in Syria has issued its first tenders to buy crude and refined products since the fall of Bashar al-Assad's regime in December, as acute fuel shortages continue to cause lengthy blackouts in the country. Tenders seeking 3mn bl of light crude for the 140,000 Banias refinery and 1.2mn bl of heavy crude for the 110,100 b/d Homs refinery close for bidding on 27 January. They have a 10pc flexibility either way on the volumes. The Banias refinery is undergoing maintenance at several of its production units after being taken offline last month because of a lack of crude feedstock. Syria's new administration has also issued its first import tender for refined products — 80,000t of 90 Ron gasoline, 100,000t of 10ppm sulphur gasoil and 100,000t of fuel oil — commencing as soon as possible for delivery over a 30-day period. Offers must be delivered by hand to the oil ministry in Damascus by 14:30 local time on 27 January. A tender seeking 66,000t of LPG has been issued as well. A previous tender for 20,000t of LPG was awarded at mid-teen $/t premiums to fob Lavera west Mediterranean prices. Before Assad was toppled, Syria relied heavily on Iran for its oil supplies, as international sanctions imposed in the wake of the 2011 civil war left the country critically short of feedstock for its refineries. Iran's crude exports to Syria averaged around 55,000 b/d in January-November 2024 and around 80,000 b/d in 2023, according to trade analytics firm Kpler. Iran was also sending around 10,000-20,000 b/d of oil products to Syria in recent years, according to consultancy FGE. But Tehran has halted crude deliveries to Syria since the Islamist group Hayat Tahrir al-Sham took control last month , leaving the new transitional government under pressure to find alternative suppliers. Government-to-government deals are a potential option. "Recent political developments have indicated that Qatar, Saudi Arabia and Turkey could play a role in solving Syria's crude and refined products shortage," FGE analyst Palash Jain said. Saudi Arabia is willing to help for a limited period, but discussions remain in a preliminary phase and are light on details, a source with knowledge of the matter told Argus . Riyadh is waiting to hear more from the Syrians on their energy needs and requirements, the source added. The latest tenders come just two weeks after the US waived sanctions that had previously prohibited energy trade with Syria. The waiver, issued on 6 January, is valid until 7 July. By Rithika Krishna and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US trade deficit with Canada is no 'subsidy': TD Bank


25/01/21
25/01/21

US trade deficit with Canada is no 'subsidy': TD Bank

Calgary, 21 January (Argus) — The US' trade deficit with Canada is largely a result of America's thirst for energy and should not be confused with a "subsidy", according to one of Canada's largest banks today. "With respect to (US president Donald) Trump's assertion that the US subsidizes Canada to the tune of US$200bn per year, it's unclear where this number is derived," TD Economics said today in its Setting the Record Straight on Canada-US Trade report. "In any event, rather than a subsidy, the US trade deficit is a by-product of US economic outperformance relative to other countries. "The bulk of the US trade deficit with Canada is owing to energy," the bank said. "Outside of that, the scales tip into America's favour." The US is on track to record a trade deficit with Canada of roughly C$65bn ($45bn) in 2024, but that would flip to a C$60bn surplus for the US if energy were removed from the equation, said the bank. About 80pc of Canada's 5mn b/d of crude production is consumed by refineries in the US, with many in the Midcontinent having no practical alternative. US gasoline prices would move higher by 30-70¢/USGif the 25pc tariffs that Trump has threatened were applied to Canada's oil, TD Bank projects. But even with energy included, the US' deficit with Canada only represents 4pc of the US' overall trade deficit, meaning "reducing imports from Canada would barely move the needle," according to TD. The two highly-integrated countries exchange about C$3.6bn of goods and services each day, only slightly less than daily US-Mexico trade, the bank said. North American trade disparities have been thrust into the spotlight with Trump threatening tariffs against both of its neighbours. Trump opted not to impose any tariffs immediately when he took office on Monday, as previously threatened, instead pushing potential action against Canada and Mexico to 1 February. Trump said Monday he would immediately begin an "overhaul" of the US trade system to protect domestic workers and to start to "tariff and tax foreign countries to enrich our citizens". Mexican crude could help fill the void left by a reduction in Canadian crude flows, but that would exacerbate the trade deficit that the US has with that country, TD said. Mexico accounts for 20pc of the US' overall trade deficit — five times that of Canada — while China makes up the largest slice of the total US trade deficit, at 30pc, according to TD Bank, which cited official US Census data. The report also highlighted that Canada is the single-largest market for American goods, with at least 34 states selling more to Canada than to any other foreign country. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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