ReportWire

Tag: Oil and gas industry

  • Asian shares gain after earnings-fueled rally on Wall Street

    Asian shares gain after earnings-fueled rally on Wall Street

    [ad_1]

    BANGKOK — Asian shares advanced on Wednesday after solid earnings pushed retailers higher on Wall Street ahead of the Thanksgiving holiday in the U.S.

    New Zealand’s share benchmark fell 0.9% after the Reserve Bank of New Zealand raised its benchmark rate by three-quarters of a point to 4.25%, striving to rein in inflation that is now at 7.2%.

    It’s the first time the bank has raised rates by more than a half-point since introducing the Official Cash Rate in 1999. The new rate is the highest in New Zealand since early 2009.

    Markets were closed in Japan for a holiday.

    Hong Kong’s Hang Seng index surged 0.9% to 17,600.93 and the Kospi in Seoul rose 0.5% to 2,417.97. In Sydney, the S&P/ASX 200 climbed 0.7% to 7,231.80.

    The Shanghai Composite index slipped 0.2% to 3,082.95. Shares rose in Southeast Asia.

    On Tuesday, the S&P 500 rose 1.4% to 4,003.58 and the Dow Jones Industrial Average added 1.2% to 34,098.10. The tech-heavy Nasdaq composite added 1.4% to 11,174.41.

    Smaller company stocks also got a boost. The Russell 2000 rose 1.2%, to 1,860.44.

    All the company sectors in the benchmark S&P 500 index rose, with technology stocks driving much of the rally. Chipmaker Nvidia rose 4.7%.

    Best Buy soared 12.8% after the Minneapolis-based consumer electronics chain did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected earlier.

    Energy stocks notched the biggest gain as the price of U.S. crude oil rose 1.5%. Chevron rose 2.6%.

    Long-term Treasury yields fell. The yield on the 10-year Treasury, which influences mortgage rates, fell to 3.76% from 3.84% late Monday.

    The Federal Reserve will release minutes Wednesday from its latest policy meeting, potentially giving investors more insight into its decision-making process. Wall Street has been hoping that the central bank might ease up on its aggressive rate increases. Its benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.

    “Ahead of the release of Fed minutes, much focus has been placed on a slowing down on the pace of rate hikes,” Mizuho Bank said in a commentary. “Nonetheless, even if a Fed rate hike step down might be imminent, the picture on risk/growth outlook is far from certain.”

    Investors have very little other news to review this week, but several retailers and technology companies are closing out the latest round of corporate earnings with their financial results.

    Dell Technologies rose 6.8% after the computer maker reported strong third-quarter profit and revenue. Zoom Video slumped 3.9% after giving investors a weak profit and revenue forecast.

    Several retailers made particularly strong gains following solid financial results. Abercrombie & Fitch surged 21.4% and American Eagle jumped 18.2%.

    The Fed has warned that it may have to ultimately raise rates to previously unanticipated levels to cool the hottest inflation in decades. That raises the risk it could go too far in slowing economic growth and bring on a recession.

    The Paris-based Organization for Economic Cooperation and Development is forecasting modest economic growth globally this year and more tepid growth in 2023. Russia’s war in Ukraine continues threatening energy supplies and key food commodities including wheat. A resurgence of COVID-19 cases in China continues threatening the world’s second-largest economy and global supply chains.

    “In 2023, we expect less pain but also no gain,” stated a report from Goldman Sachs looking ahead to the new year.

    The investment bank expects inflation and high interest rates to essentially flatten out corporate earnings and hold the broader stock market at its current levels, with the S&P 500 ending 2023 where it currently sits at around 4,000 points.

    In other trading Wednesday, U.S. benchmark crude gained 11 cents to $81.06 per gallon in electronic trading on the New York Mercantile Exchange. It added 91 cents to $80.95 per gallon on Tuesday.

    Brent crude, the standard for pricing international oil for trading, was unchanged at $87.70 per gallon.

    The dollar rose to 141.38 Japanese yen from 141.24 yen. The euro was trading at $1.0326, up from $1.0302.

    [ad_2]

    Source link

  • US stocks rise, remain unsteady ahead of Thanksgiving

    US stocks rise, remain unsteady ahead of Thanksgiving

    [ad_1]

    NEW YORK — Stocks rose on Wall Street Tuesday morning but trading remained unsteady ahead of the Thanksgiving holiday in the U.S.

    The S&P 500 rose 0.6% as of 10:20 a.m. Eastern. The Dow Jones Industrial Average rose 276 points, or 0.8%, to 33.880 and the tech-heavy Nasdaq rose 0.3%.

    Financial and technology companies gained ground. ground. Charles Schwab rose 2.6% and chipmaker Nvidia rose 1.3%.

    Energy stocks moved higher along with a 2% rise in U.S. crude oil prices. Chevron rose 2.1%.

    Bond yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.78% from 3.84% late Monday.

    Investors have very little news to review this week, but several retailers and technology companies are closing out the latest round of corporate earnings with their financial results. Best Buy surged 9.8% after the electronics retailer did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected earlier.

    Dell Technologies rose 4.2% after the computer maker reported strong third-quarter profit and revenue. Zoom Video slumped 7.5% after giving investors a weak profit and revenue forecast.

    Nearly every company in the S&P 500 has reported their latest financial results, according to FactSet, and the results have been mixed. Companies in the index have reported overall earnings growth of about 2%, but have also issued various warnings about weaker consumer demand and crimped sales as inflation continues squeezing consumers.

    Inflation and the Federal Reserve’s fight to tame it remains the main concern for Wall Street. The central bank on Wednesday will release minutes from its latest policy meeting, potentially giving investors more insight into its decision-making process.

    Wall Street has been hoping that the central bank might ease up on its aggressive rate increases. Its benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.

    The Fed has warned that it may have to ultimately raise rates to previously unanticipated level to cool the hottest inflation in decades. That strategy raises the risk that it could go too far in slowing economic growth and bring on a recession.

    Markets in Europe and Asia were mostly higher.

    [ad_2]

    Source link

  • How major US stock indexes fared Friday 11/18/2022

    How major US stock indexes fared Friday 11/18/2022

    [ad_1]

    Stocks ended higher on Wall Street but still wound up with weekly losses after several days of bumpy trading.

    Some retailers posted big gains after reporting surprisingly strong quarterly results and giving investors encouraging forecasts. Gap, Ross Stores and Foot Locker all rose sharply. Energy stocks fell along with crude oil prices.

    The S&P 500 rose Friday. The Nasdaq ended just barely in the green and the Dow Jones Industrial Average rose. The yield on the 10-year Treasury note, which helps set mortgage rates, gained ground.

    On Friday:

    The S&P 500 rose 18.78 points, or 0.5%, to 3,965.34.

    The Dow Jones Industrial Average rose 199.37 points, or 0.6%, to 33,745.69.

    The Nasdaq rose 1.10 points, or less than 0.1%, to 11,146.06.

    The Russell 2000 index of smaller companies rose 10.61 points, or 0.6%, to 1,849.73.

    For the week:

    The S&P 500 is down 27.59 points, or 0.7%.

    The Dow is down 2.17 points, or less than 0.1%.

    The Nasdaq is down 177.27 points, or 1.6%.

    The Russell 2000 is down 33.01 points, or 1.8%.

    For the year:

    The S&P 500 is down 800.84 points, or 16.8%.

    The Dow is down 2,592.61 points, or 7.1%.

    The Nasdaq is down 4,498.91 points, or 28.8%.

    The Russell 2000 is down 395.58 points, or 17.6%.

    [ad_2]

    Source link

  • West Texas earthquake causes damage hundreds of miles away

    West Texas earthquake causes damage hundreds of miles away

    [ad_1]

    MENTONE, Texas — A strong earthquake that struck a remote area of the West Texas desert caused damage in San Antonio, hundreds of miles from the epicenter, officials said.

    University Health said Thursday that its Robert B. Green historical building was deemed unsafe because of damage sustained from the quake, which hit Wednesday in a remote area near the New Mexico border. The historical building is more than 100 years old and has been closed off for safety reasons, University Health said.

    The quake initially had a 5.3 magnitude but that was revised upward to 5.4. The earthquake’s epicenter was about 23 miles (37 kilometers) south of Mentone, a tiny community about 350 miles (560 kilometers) northwest of San Antonio.

    It was one of the strongest earthquakes on record in Texas and hit in an area known for oil and gas production. On Thursday, the state’s Railroad Commission — which regulates Texas’ oil and gas industry — sent inspectors to the site to determine whether any actions were needed.

    Earthquakes in the south-central United States have been linked to oil and gas production, particularly the underground injection of wastewater. The U.S. Geological Survey said research suggests that a 5.0 magnitude quake that struck the same West Texas area in 2020 was the result of a large increase of wastewater injection in the region.

    In neighboring Oklahoma, thousands of earthquakes of varying magnitudes have been recorded in the past decade, leading state regulators to direct producers to close some injection wells.

    [ad_2]

    Source link

  • Sweden: Traces of explosives found at Baltic Sea pipelines

    Sweden: Traces of explosives found at Baltic Sea pipelines

    [ad_1]

    HELSINKI — Investigators found traces of explosives at the Baltic Sea site where two natural pipelines were damaged in an act of “gross sabotage,” the prosecutor leading Sweden’s preliminary investigation said Friday.

    Mats Ljungqvist of the Swedish Prosecution Authority said the investigators carefully documented the area where the Nord Stream 1 and 2 pipelines ruptured in September, causing significant methane leaks. The parallel undersea pipelines run from Russia to Germany.

    “Analysis carried out shows traces of explosives on several of the foreign objects that were found” at the site, Ljungqvist said in a statement.

    The prosecution authority said the preliminary investigation was “very complex and comprehensive” and further scrutiny would show whether anyone could be charged “with suspicion of crime.”

    Investigators in Sweden, Denmark and Germany are looking into what happened. Danish officials confirmed in October that there was extensive damage to the pipelines caused by “powerful explosions.”

    The leaks, which stopped after several days, occurred in international waters but within the exclusive economic zones of Denmark and Sweden. Investigators have not given indications of whom they think might be responsible but reported earlier that the blasts were likely to have involved several hundred pounds of explosives.

    Kremlin spokesman Dmitry Peskov said Friday it was “very important to find those who are behind the explosion.”

    Sweden’s findings of “a sabotage act or a terrorist act — you can call it whatever you like” confirm “the information that the Russian side has had,” Peskov said. Moscow needs to wait for a full damage assessment to decide whether to repair the pipelines, he said.

    Nord Stream 1 carried Russian gas to Germany until Moscow cut off supplies at the end of August. Nord Stream 2 never entered service as Germany suspended its certification process shortly before Russia invaded Ukraine in February.

    The governments of Denmark, Germany and Sweden have refrained from speculating over who may be behind the sabotage, saying only that there’s no sufficient proof yet to identify the perpetrator.

    But some Nordic and other European media outlets have pointed a finger of blame on Moscow, hosting military experts suggesting that Russia has all the resources to carry out such a precise attack requiring careful advance planning.

    Fatih Birol, head of the International Energy Agency, said late September it was “very obvious” who was responsible of the pipeline sabotage, suggesting Russia’s involvement.

    Russian President Vladimir Putin has accused the West of blowing up the pipelines and singled out the United States as profiting from attacks on Europe’s energy infrastructure.

    Earlier this week, Germany marked the completion of port facilities for the first of five planned liquefied natural gas terminals it is scrambling to get running as it replaces the Russian pipeline gas that once accounted for more than half its supplies.

    [ad_2]

    Source link

  • US moves to shield Saudi crown prince in journalist killing

    US moves to shield Saudi crown prince in journalist killing

    [ad_1]

    WASHINGTON — The Biden administration declared Thursday that Saudi Arabia‘s crown prince should be considered immune from a lawsuit over his role in the killing of a U.S.-based journalist, a turnaround from Joe Biden’s passionate campaign trail denunciations of Prince Mohammed bin Salman over the brutal slaying.

    The administration said the senior position of the crown prince, Saudi Arabia’s de facto ruler and recently named prime minister as well, should shield him against a suit brought by the fiancée of slain Washington Post columnist Jamal Khashoggi and by the rights group Khashoggi founded, Democracy for the Arab World Now.

    The request is non-binding and a judge will ultimately decide whether to grant immunity. But it is bound to anger human rights activists and many U.S. lawmakers, coming as Saudi Arabia has stepped up imprisonment and other retaliation against peaceful critics at home and abroad and has cut oil production, a move seen as undercutting efforts by the U.S. and its allies to punish Russia for its war against Ukraine.

    The State Department on Thursday called the administration’s call to shield the Saudi crown prince from U.S. courts in Khashoggi’s killing “purely a legal determination.”

    The State Department cited what it said was longstanding precedent. Despite its recommendation to the court, the State Department said in its filing late Thursday, it “takes no view on the merits of the present suit and reiterates its unequivocal condemnation of the heinous murder of Jamal Khashoggi.”

    Saudi officials killed Khashoggi at the Saudi consulate in Istanbul. They are believed to have dismembered him, although his remains have never been found. The U.S. intelligence community concluded Saudi Arabia’s crown prince had approved the killing of the widely known and respected journalist, who had written critically of Prince Mohammed’s harsh ways of silencing of those he considered rivals or critics.

    The Biden administration statement Thursday noted visa restrictions and other penalties that it had meted out to lower-ranking Saudi officials in the death.

    “From the earliest days of this Administration, the United States Government has expressed its grave concerns regarding Saudi agents’ responsibility for Jamal Khashoggi’s murder,” the State Department said. Its statement did not mention the crown prince’s own alleged role.

    Biden as a candidate vowed to make a “pariah” out of Saudi rulers over the 2018 killing of Khashoggi.

    “I think it was a flat-out murder,” Biden said in a 2019 CNN town hall, as a candidate. “And I think we should have nailed it as that. I publicly said at the time we should treat it that way and there should be consequences relating to how we deal with those — that power.”

    But Biden as president has sought to ease tensions with the kingdom, including bumping fists with Prince Mohammed on a July trip to the kingdom, as the U.S. works to persuade Saudi Arabia to undo a series of cuts in oil production.

    Khashoggi’s fiancee, Hatice Cengiz, and DAWN sued the crown prince, his top aides and others in Washington federal court over their alleged roles in Khashoggi’s killing. Saudi Arabia says the prince had no direct role in the slaying.

    “It’s beyond ironic that President Biden has singlehandedly assured MBS can escape accountability when it was President Biden who promised the American people he would do everything to hold him accountable,” the head of DAWN, Sarah Leah Whitson, said in a statement, using the prince’s acronym.

    Biden in February 2021 had ruled out the U.S. government imposing punishment on Prince Mohammed himself in the killing of Khashoggi, a resident of the Washington area. Biden, speaking after he authorized release of a declassified version of the intelligence community’s findings on Prince Mohammed’s role in the killing, argued at the time there was no precedent for the U.S. to move against the leader of a strategic partner.

    The U.S. military long has safeguarded Saudi Arabia from external enemies, in exchange for Saudi Arabia keeping global oil markets afloat.

    “It’s impossible to read the Biden administration’s move today as anything more than a capitulation to Saudi pressure tactics, including slashing oil output to twist our arms to recognize MBS’s fake immunity ploy,” Whitson said.

    A federal judge in Washington had given the U.S. government until midnight Thursday to express an opinion on the claim by the crown prince’s lawyers that Prince Mohammed’s high official standing renders him legally immune in the case.

    The Biden administration also had the option of not stating an opinion either way.

    Sovereign immunity, a concept rooted in international law, holds that states and their officials are protected from some legal proceedings in other foreign states’ domestic courts.

    Upholding the concept of “sovereign immunity” helps ensure that American leaders in turn don’t have to worry about being hauled into foreign courts to face lawsuits in other countries, the State Department said.

    Human rights advocates had argued that the Biden administration would embolden Prince Mohammed and other authoritarian leaders around the world in more rights abuses if it supported the crown prince’s claim that his high office shielded him from prosecution.

    Prince Mohammed serves as Saudi Arabia’s de facto ruler in the stead of his aged father, King Salman. The Saudi king in September also temporarily transferred his title of prime minister — a title normally held by the Saudi monarch — to Prince Mohammed. Critics called it a bid to strengthen Mohammed’s immunity claim.

    ——

    Eric Tucker and Aamer Madhani contributed.

    [ad_2]

    Source link

  • Scientists try to bolster Great Barrier Reef in warmer world

    Scientists try to bolster Great Barrier Reef in warmer world

    [ad_1]

    KONOMIE ISLAND, Australia — Below the turquoise waters off the coast of Australia is one of the world’s natural wonders, an underwater rainbow jungle teeming with life that scientists say is showing some of the clearest signs yet of climate change.

    The Great Barrier Reef, battered but not broken by climate change impacts, is inspiring hope and worry alike as researchers race to understand how it can survive a warming world. Authorities are trying to buy the reef time by combining ancient knowledge with new technology. They are studying coral reproduction in hopes to accelerate regrowth and adapt it to handle hotter and rougher seas.

    Underwater heat waves and cyclones driven in part by runaway greenhouse gas emissions have devastated some of the 3,000 coral reefs making up the Great Barrier Reef. Pollution fouls its waters, and outbreaks of crown of thorns starfish have ravaged its corals.

    Researchers say climate change is already challenging the vibrant marine superstructure and all that depend upon it — and that more destruction is to come.

    “This is a clear climate change signal. It’s going to happen again and again,” said Anne Hoggett, director of the Lizard Island Research Station, on the continuing damage to the reef from stronger storms and marine heat waves. “It’s going to be a rollercoaster.”

    ———

    RELATED: Damage and regrowth on the Great Barrier Reef

    ———

    Billions of microscopic animals called polyps have built this breathtaking 1,400-mile long colossus that is visible from space and perhaps a million years old. It is home to thousands of known plant and animal species and boasts a $6.4 billion annual tourism industry.

    “The corals are the engineers. They build shelter and food for countless animals,” said Mike Emslie, head of the Long-Term Monitoring Program of the reef at the Australian Institute for Marine Science.

    Emslie’s team have seen disasters get bigger, and hit more and more frequently over 37 years of underwater surveys.

    Heat waves in recent years drove corals to expel countless tiny organisms that power the reefs through photosynthesis, causing branches to lose their color or “bleach.” Without these algae, corals don’t grow, can become brittle, and provide less for the nearly 9,000 reef-dependent species. Cyclones in the past dozen years smashed acres of corals. Each of these were historic catastrophes in their own right, but without time to recover between events, the reef couldn’t regrow.

    In the last heat wave however, Emslie’s team at AIMS noticed new corals sprouting up faster than expected.

    “The reef is not dead,” he said. “It is an amazing, beautiful, complex, and remarkable system that has the ability to recover if it gets a chance – and the best way we can give it a chance is by cutting carbon emissions.”

    The first step in the government’s reef restoration plan is to understand better the enigmatic life cycle of the coral itself.

    For that, dozens of Australian researchers take to the seas across the reef when conditions are ripe for reproduction in a spawning event that is the only time each year when coral polyps naturally reproduce as winter warms into spring.

    But scientists say that is too slow if corals are to survive global warming. So they don scuba gear to gather coral eggs and sperm during the spawning. Back in labs, they test ways to speed up corals’ reproductive cycle and boost genes that survive higher temperatures.

    One such lab, a ferry retrofitted into a “sci-barge”, floats off the coast of Konomie Island, also known as North Keppel Island, a two-hour boat ride from the mainland in Queensland state.

    One recent blustery afternoon, Carly Randall, who heads the AIMS coral restoration program, stood amidst buckets filled with coral specimens and experimental coral-planting technologies. She said the long-term plan is to grow “tens to hundreds of millions” of baby corals every year and plant them across the reef.

    Randall compared it to tree-planting with drones but underwater.

    Her colleagues at AIMS have successfully bred corals in a lab off-season, a crucial first step in being able to at scale introduce genetic adaptions like heat-resistance.

    Engineers are designing robots to fit in a mothership that would deploy underwater drones. Those drones would attach genetically-selected corals to the reef with boomerang-shaped clips. Corals in specific targets will enhance the reef’s “natural recovery processes” which would eventually “overtake the work that we’ve been doing to keep it going through climate change,” she said.

    Australia has recently been slammed by historic wildfires, floods, and cyclones exacerbated by climate instability.

    That has driven a political shift in the country as voters have grown more concerned with climate change, helping sweep in new national leadership in this year’s federal elections, said Bill Hare, CEO of Climate Analytics.

    The nation’s previous prime minister, Scott Morrison, was a conservative who was chided for minimizing the need to address climate change.

    The new center-left government of Anthony Albanese passed legislation to reach net zero carbon emissions by 2050 and includes 43% green house gas reductions by 2030. Australia is one of the world’s largest exporters of coal and liquefied natural gas, and lags behind major industrial countries’ emission targets.

    The new government has blocked a coal plant from being opened near the Great Barrier Reef, yet recently allowed other coal plants new permits.

    It is also continuing investment to boost the reef’s natural ability to adapt to rapidly warming climate.

    The Italy-sized reef is managed like a national park by the Great Barrier Reef Marine Park Authority.

    GBRMPA chief scientist David Wachenfeld said that “despite recent impacts from climate change, the Great Barrier Reef is still a vast, diverse, beautiful and resilient ecosystem.”

    However, that is today, in a world warmed about 1.1 degrees Celsius (2 degrees Fahrenheit).

    “As we approach two degrees (Celsius) and certainly as we pass it, we will lose the world’s coral reefs and all the benefits that they give to humanity,” Wachenfeld said. He added that as home to over 30% of marine biodiversity, coral reefs are essential for the livelihoods of hundreds of millions of people all over the tropics.

    The reef is “part of the national identity of Australians and of enormous spiritual and cultural significance for our First Nations people,” Wachenfeld said.

    After long mistreatment and neglect by the federal government, Indigenous groups now have a growing role in management of the reef. The government seeks their permission for projects there and hires from the communities to study and repair it.

    Multiple members of the Yirrganydji and Gunggandji communities work as guides, sea rangers and researchers on reef protection and restoration projects.

    After scuba diving through turquoise waters teeming with fish and vibrant corals, Tarquin Singleton said his people hold memories more than 60,000 years old of this “sea country” — including previous climatic changes.

    “That connection is ingrained in our DNA,” said Singleton, who is from the Yirrganydji people native to the area around Cairns. He now works as a cultural officer with Reef Cooperative, a joint venture of tourism agencies, the government and Indigenous groups.

    “Utilizing that today can actually preserve what we have for future generations.”

    The Woppaburra people native to Konomie and Woppa islands barely survived Australian colonization. Now they’re forging a new kind of unity “in a way that wouldn’t happen normally” by sharing ancient oral histories and working on research vessels, said Bob Muir, an Indigenous elder working as a community liaison with AIMS.

    For now, reef-wide farming and planting corals is plausible science fiction. It’s too expensive now to scale up to levels needed to “buy the reef time” as humanity cuts emissions, Randall said.

    But she said that within 10 to 15 years the drones could be in the water.

    But Randall warns that robots, coral farms and skilled divers “will absolutely not work if we don’t get emissions under control.”

    “This is one of many tools in the toolkit being developed,” she said. “But unless we can get emissions under control, we don’t have much hope for the reef ecosystem.”

    ———

    Follow AP’s climate and environment coverage at https://apnews.com/hub/climate-and-environment and Sam McNeil on Twitter @stmcneil

    ———

    Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.

    [ad_2]

    Source link

  • UK to raise $65 billion from windfall tax on energy companies | CNN Business

    UK to raise $65 billion from windfall tax on energy companies | CNN Business

    [ad_1]


    London
    CNN Business
     — 

    The UK government is hiking a windfall tax on oil and gas companies and extending the levy to electricity generators, as it scrambles to balance its budget amid an economic downturn. It is also investing in nuclear power for the first time in decades.

    UK finance minister Jeremy Hunt announced the measures on Thursday while delivering the government’s medium-term budget, which laid out plans for higher taxes and cuts to public spending.

    Beginning January 1, the Energy Profits Levy on oil and gas companies will increase from 25% to 35% and remain in place until the end of March 2028. That takes the total tax on the sector to 75%, according to the Treasury.

    There will also be a new, temporary 45% levy on the excess profits of electricity generators over this period. In the United Kingdom, electricity prices are tied to wholesale gas prices, which means many power generators are also enjoying mega profits.

    Together, these measures will raise £14 billion ($16.5 billion) next year and more than £55 billion ($65 billion) between 2022 and 2028.

    There have been growing calls in Britain for higher taxes on the windfall profits of oil and gas companies, which have enjoyed record earnings this year thanks to rising prices driven by Russia’s invasion of Ukraine.

    At the same time, households and businesses are being squeezed by decades-high inflation as a result of spiraling energy and food bills. The annual rate of UK inflation rose to 11.1% in October, its highest level in 41 years.

    “I have no objection to windfall taxes if they are genuinely about windfall profits caused by unexpected increases in energy prices,” Hunt said in parliament on Thursday. “Any such tax should be temporary, not deter investment and recognize the cyclical nature of energy businesses,” he added.

    The United Kingdom will spend an additional £150 billion ($176.9 billion) on energy bills this year compared to pre-pandemic levels, according to Hunt. That’s the equivalent to paying for a second National Health Service.

    Hunt on Thursday also extended government support for energy bills by another 12 months until April 2024, but said average households should expect to pay £3,000 ($3,451) annually, up from £2,500 ($2,951) currently.

    As well as hiking energy taxes, Hunt affirmed a £700 million ($824 million) investment into Sizewell C, a nuclear power station operated by France’s EDF in the east of England.

    The deal was first announced by former prime minister Boris Johnson last September and is the first state backing for a nuclear project in over 30 years.

    It will provide power to the equivalent of six million homes for over 50 years and represents “the biggest step” in Britain’s “journey to energy independence,” Hunt said.

    Hunt reaffirmed the United Kingdom’s commitment to a 68% reduction in carbon emissions by 2030. “Last year nearly 40% of our electricity came from offshore wind, solar and other renewable sources,” he said.

    He added that from April 2025 electric vehicle drivers will no longer be exempt from paying car taxes.

    [ad_2]

    Source link

  • Official says oil tanker hit by bomb-carrying drone off Oman

    Official says oil tanker hit by bomb-carrying drone off Oman

    [ad_1]

    DUBAI, United Arab Emirates — An oil tanker associated with an Israeli billionaire has been struck by a bomb-carrying drone off the coast of Oman amid heightened tensions with Iran, an official told The Associated Press on Wednesday.

    The attack happened Tuesday night off the coast of Oman, the Mideast-based defense official said. The official spoke on condition of anonymity as they did not have authorization to discuss the attack publicly.

    The United Kingdom Maritime Trade Operations, a British military organization in the region monitoring shipping, told the AP: “We are aware of an incident and it’s being investigated at this time.”

    The official identified the vessel attacked as the Liberian-flagged oil tanker Pacific Zircon. That tanker is operated by Singapore-based Eastern Pacific Shipping, which is a company ultimately owned by Israeli billionaire Idan Ofer.

    A phone number for Eastern Pacific rang unanswered Wednesday.

    While no one immediately claimed responsibility for the attack, suspicion immediately fell on Iran. Tehran and Israel have been engaged in a yearslong shadow war in the wider Middle East, with some drone attacks targeting Israeli-associated vessels traveling around the region.

    The U.S. also blamed Iran for a series of attacks occurring off the coast of the United Arab Emirates in 2019. Tehran then had begun escalating its nuclear program following the U.S.’ unilateral withdraw from its atomic deal with world powers.

    Iranian state media did not immediately acknowledge the attack on the Pacific Zircon.

    [ad_2]

    Source link

  • Uganda’s President Museveni slams ‘Western double standards’ over Germany coal mine plans | CNN

    Uganda’s President Museveni slams ‘Western double standards’ over Germany coal mine plans | CNN

    [ad_1]



    CNN
     — 

    Uganda’s President Yoweri Museveni has slammed Western countries over what he calls a “reprehensible double standard” in their response to the energy crisis brought about by the Russian invasion of Ukraine.

    In a Twitter post on Sunday, Museveni singled out Germany for demolishing wind turbines to allow for the expansion of a coal-fueled power plant as Europe battles an energy crisis triggered by the Russia/Ukraine war.

    In September, Russia which had come under a raft of Western sanctions over its invasion of Ukraine, halted gas supplies to Europe, leaving the region that was dependent on Russian oil and gas imports scampering for alternatives.

    Germany had proposed phasing out coal-fired power plants by 2030 to reduce carbon emissions. But Europe’s largest economy has now been forced to prioritize energy security over clean energy as gas supplies from Russia froze. Just like Germany, many other European countries are reviving coal projects as alternatives to Russian energy.

    Museveni, 78, says Europe’s switch to coal-based power generation “makes a mockery” of the West’s climate targets.

    “News from Europe that a vast wind farm is being demolished to make way for a new open-pit coal mine is the reprehensible double standard we in Africa have come to expect. It makes a mockery of Western commitments to climate targets,” the Ugandan leader said, while further describing the move as “the purest hypocrisy.”

    CNN has contacted the German Embassy in Uganda for comment.

    In a statement released on his official website, Museveni stated that “Europe’s failure to meet its climate goals should not be Africa’s problem.”

    The African continent has remained the most vulnerable to climate change despite having the lowest emissions and contributing the least to global warming. While wealthy nations (who are the largest emission producers) are better equipped to manage the impacts of climate change, poorer countries like those in Africa are not.

    “We will not accept one rule for them and another rule for us,” said Museveni, who has ruled the east African nation for 36 years.

    Uganda aims to explore its oil reserves at a commercial level in the next three years but a resolution by the European Union parliament in September warned that the project will displace thousands, jeopardize water resources and endanger protected marine areas.

    Museveni reacted to the resolution at the time, insisting that “the project shall proceed,” and threatened to find new contractors if the current handlers of the oil project “choose to listen to the EU Parliament.”

    African leaders have continued to push richer nations for climate adaptation funding at the ongoing COP27 climate summit in Egypt, as many parts of the continent grapple with severe drought, flooding, and other catastrophic effects of climate change.

    Malawi’s President Lazarus Chakwera, who is attending the COP27 summit, said his country and other poorer nations “continue to carry the weight of carbon emissions from biggest polluters elsewhere.”

    Chakwera said he lobbied in Egypt for more climate funding from wealthier nations, adding: “Despite our marginal contribution to global warming, we continue to bear the brunt of worsening climate change impacts, with 10% of our economic losses being occasioned by disasters.”

    A pledge by developed countries to pay $100 billion every year from 2020 to help the developing world switch from fossil fuels to clean energy has yet to be fulfilled.

    [ad_2]

    Source link

  • UN climate talks near halftime with key issues unresolved

    UN climate talks near halftime with key issues unresolved

    [ad_1]

    SHARM EL-SHEIKH, Egypt — As the U.N. climate talks in Egypt near the half-way point, negotiators are working hard to draft deals on a wide range of issues they’ll put to ministers next week in the hope of getting a substantial result by the end.

    The two-week meeting in Sharm el-Sheikh started with strong appeals from world leaders for greater efforts to curb greenhouse gas emissions and help poor nations cope with global warming.

    Scientists say the amount of greenhouse gases being pumped into the atmosphere needs to be halved by 2030 to meet the goals of the Paris climate accord. The 2015 pact set a target of ideally limiting temperature rise to 1.5 Celsius (2.7 Fahrenheit) by the end of the century, but left it up to countries to decide how they want to do so.

    With impacts from climate change already felt across the globe, particularly by the world’s poorest, there has also been a push by campaigners and developing nations for rich polluters to stump up more cash. This would be used to help developing countries shift to clean energy and adapt to global warming; increasingly there are also calls for compensation to pay for climate-related losses.

    Here is a look at the main issues on the table at the COP27 talks and how they might be reflected in a final agreement.

    KEEPING COOL

    The hosts of last year’s talks in Glasgow said they managed to “keep 1.5 alive,” including by getting countries to endorse the target in the outcome document. But U.N. chief Antonio Guterres has warned that the temperature goal is on life support “and the machines are rattling.” And campaigners were disappointed that agenda this year doesn’t explicitly cite the threshold after pushback from some major oil and gas exporting nations. The talks’ chair, Egypt, can still convene discussions on putting it in the final agreement.

    CUTTING EMISSIONS

    Negotiators are trying to put together a mitigation work program that would capture the various measures countries have committed to reducing emissions, including for specific sectors such as energy and transport. Many of these pledges are not formally part of the U.N. process, meaning they cannot easily be scrutinized at the annual meeting. A proposed draft agreement circulated early Saturday had more than 200 square brackets, meaning large sections were still unresolved. Some countries want the plan to be valid only for one year, while others say a longer-term roadmap is needed. Expect fireworks in the days ahead.

    SHUNNING FOSSIL FUELS

    Last year’s meeting almost collapsed over a demand to explicitly state in the final agreement that coal should be phased out. In the end, countries agreed on several loopholes, and there are concerns among climate campaigners that negotiators from nations which are heavily dependent on fossil fuels for their energy needs or as revenue might try to roll back previous commitments.

    MONEY MATTERS

    Rich countries have fallen short on a pledge to mobilize $100 billion a year by 2020 in climate finance for poor nations. This has opened up a rift of distrust that negotiators are hoping to close with fresh pledges. But needs are growing and a new, higher target needs to be set from 2025 onward.

    COMPENSATION

    The subject of climate compensation was once considered taboo, due to concerns from rich countries that they might be on the hook for vast sums. But intense pressure from developing countries forced the issue of ‘loss and damage’ onto the formal agenda at the talks for the first time this year. Whether there will be a deal to promote further technical work or the creation of an actual fund remains to be seen. This could become a key flashpoint in the talks.

    MORE DONORS

    One way to raise additional cash and resolve the thorny issue of polluter payment would be for those countries that have seen an economic boom in the past three decades to step up. The focus is chiefly on China, the world’s biggest emitter, but others could be asked to open their purses too. Broadening the donor base isn’t formally on the agenda but developed countries want reassurances about that in the final texts.

    CASH CONSTRAINTS

    Countries such as Britain and Germany want all financial flows to align with the long-term goals of the Paris accord. Other nations object to such a rule, fearing they may have money withheld if they don’t meet the strict targets. But there is chatter that the issue may get broader support next week if it helps unlock other areas of the negotiations.

    SIDE DEALS

    Last year’s meeting saw a raft of agreements signed which weren’t formally part of the talks. Some have also been unveiled in Egypt, though hopes for a series of announcements on so-called Just Transition Partnerships — where developed countries help poorer nations wean themselves off fossil fuels — aren’t likely to bear fruit until after COP27.

    HOPE TILL THE END

    Jennifer Morgan, a former head of Greenpeace who recently became Germany’s climate envoy, called the talks this year “challenging.”

    “But I can promise you we will be working until the very last second to ensure that we can reach an ambitious and equitable outcome,” she said. “We are reaching for the stars while keeping our feet on the ground.”

    ———

    Follow AP’s climate and environment coverage at https://apnews.com/hub/climate-and-environment

    ———

    Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.

    [ad_2]

    Source link

  • Belching lakes, mystery craters, ‘zombie fires’: How the climate crisis is transforming the Arctic permafrost | CNN

    Belching lakes, mystery craters, ‘zombie fires’: How the climate crisis is transforming the Arctic permafrost | CNN

    [ad_1]



    CNN
     — 

    Four years ago, Morris J. Alexie had to move out of the house his father built in Alaska in 1969 because it was sinking into the ground and water was beginning to seep into his home.

    “The bogs are showing up in between houses, all over our community. There are currently seven houses that are occupied but very slanted and sinking into the ground as we speak,” Alexie said by phone from Nunapitchuk, a village of around 600 people. “Everywhere is bogging up.”

    What was once grassy tundra is now riddled with water, he said. Their land is crisscrossed by 8-foot-wide boardwalks the community uses to get from place to place. And even some of the boardwalks have begun to sink.

    “It’s like little polka dots of tundra land. We used to have regular grass all over our community. Now it’s changed into constant water marsh.”

    Thawing permafrost — the long-frozen layer of soil that has underpinned the Arctic tundra and boreal forests of Alaska, Canada and Russia for millennia — is upending the lives of people such as Alexie. It’s also dramatically transforming the polar landscape, which is now peppered with massive sinkholes, newly formed or drained lakes, collapsing seashores and fire damage.

    It’s not just the 3.6 million people who live in polar regions who need to be worried about the thawing permafrost.

    Everyone does – particularly the leaders and climate policymakers from nearly 200 countries now meeting in Egypt for COP 27, the annual UN climate summit.

    The vast amount of carbon stored in the northernmost reaches of our planet is an overlooked and underestimated driver of climate crisis. The frozen ground holds an estimated 1,700 billion metric tons of carbon – roughly 51 times the amount of carbon the world released as fossil fuel emissions in 2019, according to NASA. It may already be emitting as much greenhouse gas as Japan.

    Permafrost thaw gets less attention than the headline-hogging shrinking of glaciers and ice sheets, but scientists said that needs to change — and fast.

    “Permafrost is like the dirty cousin to the ice sheets. It’s a buried phenomenon. You don’t see it. It’s covered by vegetation and soil,” said Merritt Turetsky, director of the Institute of Arctic and Alpine Research at the University of Colorado Boulder. “But it’s down there. We know it’s there. And it has an equally important impact on the global climate.”

    It’s particularly pressing because Russia’s invasion of Ukraine has stopped much scientific cooperation, meaning a potential loss of access to key data and knowledge about the region.

    Warmer summers — the Arctic is warming four times faster than the global average — have weakened and deepened the top or active layer of permafrost, which unfreezes in summer and freezes in winter.

    This thawing is waking up the microbes in the soil that feast on organic matter, allowing methane and carbon dioxide to escape from the soil and into the atmosphere. It can also open pathways for methane to rise up from reservoirs deep in the earth.

    “Permafrost has been basically serving as Earth’s freezer for ancient biomass,” Turetsky said. “When those creatures and organisms died, their biomass became incorporated into these frozen soil layers and then was preserved over time.”

    As permafrost thaws, often in complex ways that aren’t clearly understood, that freezer lid is cranking open, and scientists such as Turetsky are doubling efforts to understand how these changes will play out.

    Permafrost is a particularly unpredictable wild card in the climate crisis because it’s not yet clear whether carbon emissions from permafrost will be a relative drop in the bucket or a devastating addition. The latest estimates suggest that the magnitude of carbon emissions from permafrost by the end of this century could be equal to or bigger than present-day emissions from major fossil fuel-emitting nations.

    “There’s some scientific uncertainty of how large that country is. However, if we go down a high emissions scenario, it could be as large or larger than the United States,” said Brendan Rogers, an associate scientist at the Woodwell Climate Research Center in Massachusetts.

    He described the permafrost as a sleeping giant whose impact wasn’t yet clear.

    “We’re just talking about a massive amount of carbon. We don’t expect all of it to thaw … because some of it is very deep and would take hundreds or thousands of years,” Rogers said. “But even if a small fraction of that does get admitted to the atmosphere, that’s a big deal.”

    Projections of cumulative permafrost carbon emissions from 2022 through 2100 range from 99 gigatons to 550 gigatons. By comparison, the United States currently emits 368 gigatons of carbon, according to a paper published in September in the journal Environmental Research Letters.

    Smoke from a wildfire is visible behind a permafrost monitoring tower at the Scotty Creek Research Station in Canada's Northwest Territories in September. The tower burned down in October from unusual wildfire activity.

    Not all climate change models that policymakers use to make their already grim predictions include projected emissions from permafrost thaw, and those that do assume it will be gradual, Rogers said.

    He and other scientists are concerned about the prevalence of abrupt or rapid thawing in permafrost regions, which has the power to shock the landscape into releasing far more carbon than with gradual top-down warming alone.

    The traditional view of permafrost thaw is that it’s a process that exposes layers slowly, but “abrupt thaw” is exposing deep permafrost layers more quickly in a number of ways.

    For example, Big Trail Lake in Alaska, a recently formed lake, belches bubbles of methane — a potent greenhouse gas, which comes from thawing permafrost below the lake water. The methane can stop such lakes from refreezing in winter, exposing the deeper permafrost to warmer temperatures and degradation.

    Bubbles of methane — a potent greenhouse gas — appear on the surface of Big Trail Lake in Alaska.

    Rapid thawing of the permafrost also happens in the wake of intense wildfires that have swept across parts of Siberia in recent years, Rogers said. Sometimes these blazes smolder underground for months, long after flames above ground have been extinguished, earning them the nickname zombie fires.

    “The fires themselves will burn part of the active layer (of permafrost) combusting the soil and releasing greenhouses gases like carbon dioxide,” Rogers said. “But that soil that’s been combusted was also insulating, keeping the permafrost cool in summer. Once you get rid of it, you get very quickly much deeper active layers, and that can lead to larger emissions over the following decades.”

    Also deeply concerning has been the sudden appearance of around 20 perfectly cylindrical craters in the remote far north of Siberia in the past 10 years. Dozens of meters in diameter, they are thought to be caused by a buildup and explosion of methane — a previously unknown geological phenomenon that surprised many permafrost scientists and could represent a new pathway for methane previously contained deep within the earth to escape.

    “The Arctic is warming so fast,” Rogers said, “and there’s crazy things happening.”

    A lack of monitoring and data on the behavior of permafrost, which covers 15% of the exposed land surface of the Northern Hemisphere, means scientists still only have a patchwork, localized understanding of rapid thaw, how it contributes to global warming and affects people living in permafrost regions.

    Rogers at the Woodwell Climate Research Center is part of a new $41 million initiative, funded by a group of billionaires and called the Audacious Project, to understand permafrost thaw. It aims to coordinate a pan-Arctic carbon monitoring network to fill in some of the data gaps that have made it difficult to incorporate permafrost thaw emissions into climate targets.

    The project’s first carbon flux tower, which tracks the flow of methane and carbon dioxide from the ground to the atmosphere, was installed this summer in Churchill, Manitoba. However, plans to install similar monitoring stations in Siberia are in disarray as a result of Russia’s invasion of Ukraine.

    “It’s always been more challenging to work in Russia than other countries … Canada, for example,” Rogers said. “But this (invasion), of course, has made it exponentially more challenging.”

    Sebastian Dötterl, a professor and soil scientist at ETH Zurich, a Swiss university, who studies how warmer air and soil temperatures change plant growth in the Arctic, was able to travel to the Norwegian archipelago of Svalbard in the Arctic this summer to collect soil and plant samples.

    However, the field trip cost twice as much as initially budgeted because the group was forbidden to use any Russia-owned infrastructure, forcing the team to hire a tourist boat and reorganize its itinerary. But Dötterl said the more pressing issue is that he can no longer interact with his counterparts at Russian institutions.

    “We are now splitting a rather small community of specialists all over the world into political groups that are disconnected, where our problems are global and should be connected,” he said.

    Turetsky agreed, saying that the war in Ukraine had been a “disaster for our scientific enterprise.”

    “Russia and Siberia are huge, huge players. … Many of the (European Union-) and US-funded projects to work in Siberia to do any kind of lateral knowledge sharing, they’ve all been canceled.

    “Will we stop trying? No, of course not. And there’s a lot we can do with existing data and with global remote sensing products. But it’s been a real setback for the community.”

    [ad_2]

    Source link

  • Republicans tout benefits of fossil fuels at climate talks

    Republicans tout benefits of fossil fuels at climate talks

    [ad_1]

    SHARM EL-SHEIKH, Egypt — Members of a Republican Congressional delegation took the stage at this year’s U.N. climate talks Friday to tout the benefits of fossil fuels — a bold move at a meeting that’s all about curbing carbon emissions for the good of humanity.

    Scientists overwhelmingly agree that heat-trapping gases such as those released from the combustion of coal, oil and gas are pushing up global temperatures, thereby causing sea-level rise, extreme weather and species extinctions.

    Yet Rep. John Curtis, R-Utah, said it would be wrong to demonize fossil fuels.

    “I think we need to decide as a world: Do we hate greenhouse gas emissions or do we hate fossil fuels,” said Curtis, who is known for founding the Conservative Climate Caucus. “It’s not the same thing.”

    Like Curtis, Rep. Garret Graves, R-La., suggested fossil fuels can be a form of clean energy, if only the carbon released by extracting and burning them could be captured and stored safely.

    “One of the things we ought to be doing is not attacking oil and gas, it’s to be attacking the emissions associated with it, to where it can be indistinguishable from other renewable energy technologies,” he told an audience in the U.S. pavilion at the climate talks in Sharm el-Sheikh.

    This, Graves argued, would make fossil fuels “an arrow in the quiver as we try to address our objectives of energy affordability, reliability, cleanliness, exportability and security of supply chain.”

    House Republicans’ views are likely to become more important given the expected turnover of the House to Republican control. The comments echo industry efforts in recent years to separate carbon dioxide emissions from fossil fuels in public perception.

    Andrea Dutton, a professor of geoscience and MacArthur Fellow at the University of Wisconsin-Madison, said that’s not possible.

    “Burning fossil fuels releases greenhouse gases that are causing temperatures to rise rapidly, and this is the major contributor to the global warming we are experiencing,” she said in an email. “This is not a matter of belief but rather a matter of scientific evidence.”

    While the fossil fuel industry has made some advances in reducing emissions per unit of fuel burned — largely due to government regulation and pressure from those concerned about climate change — neither coal, oil nor gas are anywhere near being a clean source of energy.

    One solution promoted by industry is the idea of carbon capture, to prevent emissions from reaching the atmosphere, usually storing the exhaust gases underground. There is also “direct air capture,” in a nascent stage, that would be able to remove emissions once they are in the air.

    Nobody has demonstrated a cost-effective way of doing either at scale, said Andrew Dessler, a professor of atmospheric sciences at Texas A&M University.

    “Renewables are presently the cheapest energy — even without carbon capture on fossil fuels — so adding carbon capture is never going to be the economically superior solution,” he said.

    Rep. Dan Crenshaw, R-Texas, said that replacing one fossil fuel — coal — with a slightly cleaner one — natural gas — would already result in big emissions cuts.

    In the United States natural gas has already displaced coal in many cases and is responsible for substantial reductions of one main greehouse gas, carbon dioxide, in recent years.

    “Let them build the pipelines they need, let them build the export terminals they need,” Crenshaw told the audience in Egypt, adding that the effect would be “the equivalent of giving every American solar panels, giving every American a Tesla, and doubling our wind capacity.”

    Several experts contacted by The Associated Press said that was not an ideal solution. Natural gas is made up mostly of methane. Satelites show the powerful greenhouse gas leaking from equipment at every stage of production.

    “To solve the climate crisis we have to stop emitting carbon dioxide and methane into the atmosphere,” said Jonathan T. Overpeck, dean of the University of Michigan School for Environment and Sustainability. “The production and use of natural gas does both, so we have to stop using natural gas as soon as we can.”

    Overpeck warned that all fossil fuel infrastructure now being built, including for natural gas, risks becoming a stranded asset if governments want to make good on their pledges to curb climate change.

    “This is why we must leapfrog the gas-based solutions to renewable energy-based solutions, plus battery storage, plus hydrogen,” he said in an email to The AP.

    Crenshaw, the lawmaker from Texas, accused “radical environmentalists” of exaggerating the threat posed by climate change and misstating the science.

    “Let’s not lie to our children and scare them to death, then tell them they’re going to burn alive because of this,” he said.

    Donald Wuebbles, a University of Illinois professor of atmospheric sciences, past assistant director of the Office of Science, Technology and Policy at the White House and former lead author on the U.N.’s independent climate science panel, said the allegation was misplaced.

    “Nobody’s out there saying children are going to burn to death,” Wuebbles wrote. “What we are saying is this is an extremely serious problem, perhaps the most serious problem humanity has ever faced and we need to deal with it.”

    The Republican delegation spoke shortly before U.S. President Joe Biden delivered a speech in a packed hall at the same venue, where he announced additional measures to crack down on methane emissions and promoted his administration’s recent climate bill that’s designed to boost rooftop solar and electric car uptake.

    [ad_2]

    Source link

  • 12 killed in Nigeria gasoline tanker explosion, police say

    12 killed in Nigeria gasoline tanker explosion, police say

    [ad_1]

    ABUJA, Nigeria — At least 12 people were killed when a gasoline tanker crashed on a major road and then exploded in Nigeria’s northcentral Kogi State, police said Friday.

    The tanker had a brake failure along a major road in the Ofu council area on Thursday night when it collided with a vehicle obstructing the highway, causing a fireball, a police spokesman told The Associated Press.

    The vehicle “crushed cars on the way” and “12 people were killed” — all burnt to death, said William Ovye Aya with the Kogi police command.

    Bisi Kazeem with Nigeria’s Federal Road Safety Corps said 18 people were involved in the crash. Seven sustained “various degrees of injuries while the remaining 11 were burnt beyond recognition” at the scene, Kazeem said in a statement.

    The road has been cordoned off and road safety workers are working to identify the victims, Kazeem said.

    Such crashes are common along most major roads in Nigeria, with new measures introduced by the country’s road safety corps failing to curb their occurrence. Kogi is a known hot spot with more than 10 people killed in a similar crash in September.

    Authorities in Kogi are investigating the latest crash, Kingsley Fanwo, the state commissioner for information, told the AP.

    “As a state government, we have always been harping on this issue of road safety. It is becoming one occurrence too many,” Fanwo said.

    [ad_2]

    Source link

  • Famed painting ‘The Scream’ targeted by climate activists

    Famed painting ‘The Scream’ targeted by climate activists

    [ad_1]

    COPENHAGEN, Denmark — Norwegian police said two climate activists tried in vain Friday to glue themselves to Edvard Munch’s 1893 masterpiece “The Scream” at an Oslo museum and no harm was reported to the painting of a waif-like figure appearing to scream.

    Police said they were alerted by the National Museum of Norway and had three people under their “control.” A third person filmed the pair that tried to affix to the painting, Norwegian news agency NTB said.

    The museum said that the room where the glass-protected painting is exhibited “was emptied of the public and closed,” and will reopen as soon as possible. The rest of museum remained open.

    Police said there was glue residue on the glass mount.

    A video of the incident showed museum guards holding two activists with one shouting “I scream for people dying” and another one shouts “I scream when lawmakers ignore science” while a person was shielding the painting from the protesters.

    Environmental activists from the Norwegian organization “Stopp oljeletinga” — Norwegian for Stop Oil Exploration — were behind the stunt, saying they “wanted to pressure lawmakers into stopping oil exploration.” Norway is a major producer of offshore oil and gas.

    “We are campaigning against ‘Scream’ because it is perhaps Norway’s most famous painting,” activist spokeswoman Astrid Rem told The Associated Press. “There have been lots of similar actions around Europe, they have managed something that no other action has managed: achieve an extremely large amount of coverage and press.”

    It was the latest episode in which climate activists have targeted famous paintings in European museums.

    Two Belgian activists who targeted Johannes Vermeer’s “Girl with a Pearl Earring” in a Dutch museum in October were sentenced to two months in prison. The painting wasn’t damaged and was returned to its wall a day later.

    Earlier this month, climate protesters threw mashed potatoes at a Claude Monet painting in a German museum and a similar protest happened in London, where protesters threw soup over Vincent van Gogh’s “Sunflowers” at the National Gallery. In both those cases, the paintings also weren’t damaged.

    ———

    Follow AP’s coverage of the climate and environment at https://apnews.com/hub/climate-and-environment

    [ad_2]

    Source link

  • Opinion: Where I come from, being a climate ‘activist’ isn’t a choice | CNN

    Opinion: Where I come from, being a climate ‘activist’ isn’t a choice | CNN

    [ad_1]



    CNN
     — 

    This week, world leaders and diplomats are converging on the Egyptian resort town of Sharm El Sheikh for the 27th United Nations Climate Conference – better known as COP27.

    Meanwhile, some 12,000 kilometers away from the sun-drenched beaches and high-level negotiations, another climate battle is already underway.

    Among those attending COP27 is 20-year-old Helena Gualinga. She hails from a remote village in the Ecuadorian Amazon – home of the Kichwa Sarayaku community, who have been fighting for climate justice and indigenous land rights for decades.

    And with historic results. In 2012, the Sarayaku community successfully took the Ecuadorian government to the Inter-American Court of Human Rights, after it allowed oil exploration activities on their territory without their consent.

    (Among the court’s findings was that Ecuador had put the Kichwa Sarayaku peoples’ right to life and cultural integrity in serious risk and was reportedly ordered to pay more than $1.3 million in compensation).

    The landmark legal case had a lasting impact on Gualinga, and she hasn’t shied away from calling out the inadequacy of former COPs.

    In response to the perceived failures of COP25, Gualinga co-founded Polluters Out, a global youth coalition challenging the UN and governments to cut ties with the fossil fuel industry. 

    Here, she tells CNN Opinion why she has reservations about COP27’s effectiveness, the importance of including indigenous people in climate crisis talks and why she doesn’t identify with the term “activist.”

    The views expressed in this commentary are her own.

    CNN: Describe growing up in the Ecuadorian Amazon and how this influenced your relationship with nature. 

    Gualinga: I spent a significant part of my childhood in my mother’s Sarayaku community in the Ecuadorian Amazon, where I have a big “ayllu” or “family.”

    It was an upbringing both in nature and in coexistence with nature – a lifestyle and culture we carry with pride.

    Here, we are surrounded by big Ceibo trees and beautiful waters. We live in huts made out of wood and palm leaves, built with ancestral practices. Our subsistence has solely depended on nature – but the climate crisis, extraction of resources and deforestation have all contributed to devastation of our territory, which impacts the wildlife and our communities.

    All of this has influenced our philosophy and declaration – Kawsak Sacha, meaning “The Living Forest,” where everything is alive.

    The forest, water and mountains are considered living beings and therefore to honor and protect these living beings, the Sarayaku is fighting for legal recognition of them to create a new category of conservation.

    With traditional conservation methods increasingly being questioned, it’s clear that the world needs to look towards Indigenous people to learn how to protect our ecosystems.

     CNN: The Sarayaku case in 2012 was a landmark victory for indigenous rights – how did it shape how you see the world? 

     Gualinga: The Sarayaku case is a symbol of resistance. Throughout my childhood, the leaders of my community – many of whom are family – were violated, facing defamation, violence, torture and criminalization for their defiance. It sparked rage in me and my community.

    But when Sarayaku won, we showed the world that you can fight big oil because no political or economic force is powerful enough to exploit land when its people unite.

    Our victory inspired other Indigenous peoples protecting their lands and sends a powerful message to the companies and banks invested in projects that violate our rights. Their time is up!

     After living in fear of losing our home, my peers and I have followed in our elders’ footsteps in defying the systems that uphold violence against people and nature.

     Last month, a youth gathering was held in Sarayaku where Indigenous youth from across the Ecuadorian and Peruvian Amazon gathered to discuss the future of our territories and reaffirm our commitment to protect Kawsak Sacha.

    Kawsak Sacha – a decolonized shift in mindset, rooted in Indigenous practices – is vital to stand against human greed and fight climate change. We need to replace Western conservation methods with Indigenous stewardship.  Western models treat nature as something separate from humans, while Indigenous peoples see ourselves as part of nature, which we have lived with for thousands of years, and seek to pass on to future generations.

    CNN: You don’t identify with the label ‘activist’ – why is that?

     Gualinga: I don’t identify as an activist because I do not believe we had a choice. Where I come from, most of the Amazonian Indigenous population would be considered “activists.”

    If Sarayaku did not put up a fight, our territory would have been destroyed. It’s a matter of survival rather than acting out of choice. 

    My region, Latin America, is one of the most dangerous places for Indigenous people and land defenders. Our life’s work has been to protect our lands – our existence is our resistance.

    The mere existence of people in the Amazon is what is securing the future of the Amazon. Does that make us activists? No. It is simply part of who we are and where we come from. It’s a defense mechanism of nature itself. 

    CNN: Why are indigenous voices important in the global conversation on climate? 

    Gualinga: Our communities have been raising the alarm bell on the climate crisis as we see the changes to the environment firsthand. We are on the front lines of keeping fossil fuels in the ground as we work to defend our lands. 

     As the world is moving away from fossil fuels, it’s now being replaced by the green energy industry. However, the transition to a green economy must ensure that it includes Indigenous peoples in decision-making – and that it does not repeat the same colonialist approach of the fossil fuels industry.

    However, the green energy industry is currently not adequately including Indigenous peoples in decision-making.

    Where will these resources come from? Unfortunately, indigenous territories will be ground zero for exploitative practices in the transition to green energy. For example, across Latin America, mining for lithium, ‘the new gold,’ is intensifying and leaving indigenous communities in extremely poor conditions.

    In the Amazon we have also seen hydro dam projects happen on Indigenous territories without prior and informed consent from Indigenous people. Often these projects are classified as “green,” however impacts on Indigenous communities have not been adequately addressed and accounted for.

    It’s essential that Indigenous people not only have a say in climate negotiations, but that discussions are also led by Indigenous people, so that all climate action is guided by climate justice. 

    Indigenous people have tended ecosystems for thousands of years. The knowledge we have obtained interacting and coexisting with nature for years is essential to understand how we will restore and find balance between humans and nature.

    To understand this, let’s look at the numbers. Indigenous peoples comprise less than 5% of the world population but we protect 80% of the Earth’s biodiversity in the forests, deserts, grasslands, and marine environments in which we have lived for centuries.

    CNN: Are you hopeful COP27 will bring change?

    Gualinga: I do not have high expectations for COP27. A sense of urgency about the climate crisis has still not reached the negotiating rooms despite millions of people suffering from its devastating consequences. 

    COP has yet to deliver on the big promises the parties have made throughout the years. In particular, COP27 needs to make sure Indigenous people are at the front and center at the negotiations to ensure an outcome that accounts for the injustice we are facing in protecting our rights, lands and the world’s biodiversity.

    Countries must put nature at the heart of their mitigation and adaptation plans.

    And the most pressing conversation to be had is the end of fossil fuel extraction. The climate crisis will continue if we do not close the oil tap, halt extractive industries and the financing of energy projects that violate the rights of Indigenous peoples and threaten ecosystems like my home.

    My community, Sarayaku, for example, is currently divided into several oil blocks – meaning the government has allocated our territories for the exploration for and production of oil – which means we live under a constant threat. Much of the trade of Ecuadorian Amazon crude oil is financed by European banks, some of which may be attending COP27 with inconsistent promises and Net Zero pledges.

    COP27 needs to recognize the expiration date of fossil fuels is now. It needs to acknowledge our wisdom on climate solutions as stewards of the land and provide funding and resources so we can help to cultivate a just future. 

    Nature is at stake – and it will not be safe until governments are held accountable.  

    [ad_2]

    Source link

  • Paris Metro workers strike for wage hike, disrupt commutes

    Paris Metro workers strike for wage hike, disrupt commutes

    [ad_1]

    PARIS — Striking subway workers shut down half of the Paris Metro lines Thursday, a nationwide day of walkouts and protests by French train drivers, teachers and other public-sector workers demanding the government and employers increase salaries to keep up with inflation.

    Expecting major disruptions on their morning commutes, many Parisians biked or walked to work. Others took buses that were provided as an alternative way to reach offices and workplaces, or reverted to their pandemic lockdown routines and worked from home.

    Protest rallies were planned in Paris and other French cities later Thursday, amid deepening worker discontent around Europe.

    The strikes in France build on multiple union actions in recent months by French workers demanding higher wages to keep up with the rising cost of living. Last month, a strike by oil refinery workers caused nationwide fuel shortages that disrupted lives and businesses. The French government intervened to force them back to work.

    Europe has faced a series of protests and strikes in recent months over soaring inflation. Nurses, pilots, postal workers. railway staff and others have walked off the job, seeking wages that keep pace with inflation as Russia’s war in Ukraine has driven up energy and food prices.

    Labor unions also have organized street protests to pressure governments to do more to ease rising bills even as European leaders have passed energy relief packages.

    Nationwide general strikes over cost of living increases caused by inflation and higher energy costs linked to Russia’s war in Ukraine snarled traffic through much of Belgium and shut down public services in Greece on Wednesday.

    [ad_2]

    Source link

  • Global stocks decline ahead of US inflation update

    Global stocks decline ahead of US inflation update

    [ad_1]

    BEIJING — Global stock markets fell Thursday ahead of a U.S. inflation update that will likely influence Federal Reserve plans for more interest rate hikes as investors waited to see who will control Congress after this week’s elections.

    London, Shanghai, Frankfurt and Tokyo declined. U.S. futures were higher. The euro fell back below $1.

    Wall Street’s benchmark S&P 500 index tumbled Wednesday as votes were counted to decide whether Republicans take control of Congress, possibly leading to changes that can unsettle markets. Investors were rattled by the crypto industry’s latest crisis of confidence and weaker profit reports from The Walt Disney Co. and some other companies.

    Forecasters expect U.S. government data Thursday to show inflation eased in September but stayed near a four-decade high. That might reinforce arguments that rates have to stay elevated for an extended period to slow economic activity and extinguish inflation.

    “An upside surprise today would present a challenge for officials who expect to slow the pace of rate hikes,” Rubeela Farooqi of High-Frequency Economics said in a report.

    In early trading, the FTSE 100 in London was 0.1% lower at 7,285.86. The DAX in Frankfurt lost 0.1% to 13,647.47 and the CAC 40 in Paris shed 0.2% to 6,417.98.

    On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average were up 0.3%.

    On Wednesday, the S&P 500 lost 2.1%, erasing gains from a three-day rally leading up to Election Day.

    Disney sank 13.2% for the largest loss in the S&P 500 after reporting quarterly results that fell short of analysts’ expectations.

    The Dow fell 2% and the Nasdaq composite, dominated by tech companies, tumbled 2.5%.

    Facebook parent Meta Platforms rose 5.2% after saying it will cut costs by laying off 11,000 employees, or about 13% of its workforce. It is down nearly 70% for the year.

    In Asia, Hong Kong’s Hang Seng index fell 1.7% to 16,081.04 and the Nikkei 225 in Tokyo sank 1% to 27,446.10. The Shanghai Composite Index lost 0.4% to 3,036.13.

    The Kospi in Seoul declined 0.9% to 2,407.70 and Sydney’s S&P-ASX 200 was off 0.5% at 6,964.00.

    India’s Sensex shed 1% to 60,447.97. New Zealand, Bangkok and Jakarta declined while Singapore and Malaysia gained.

    The Philippines’ market benchmark lost 0.5% after the government reported the economy grew by 7.6% in the three months ending in September.

    Investors worry rate hikes this year by the Fed and central banks in Europe and Asia to cool inflation might tip the global economy into recession. Traders hope indicators that show U.S. housing sales and other activity weakening might prompt the Fed to back off plans for more rate hikes.

    In the United States, Republicans were within nine seats of the 218 needed to control the House of Representatives as votes still were being counted in some states. Control of the Senate depended on races in Nevada and Arizona that hadn’t been decided.

    The outcome will determine how the next two years of President Joe Biden’s term play out. Republicans are likely to launch a spate of investigations into Biden, his family and his administration if they take power. A GOP takeover of the Senate would hobble the president’s ability to appoint judges.

    Still, the election “impact on markets is pretty irrelevant beyond the very near term,” said David Chao of Invesco in a report. “Investors should be worried about inflation, since that will help to dictate the Fed’s future path.”

    Forecasters expect Thursday’s data to show inflation decelerated to 7.9% in September from the previous month’s 8.3%. However, prices were expected to rise 0.6% compared with August, accelerating from July’s 0.1% increase.

    Core inflation, which strips out volatile food and energy prices to show a clearer trend, is expected to accelerate to 6.5% from August’s 6.3%. That suggests costs of rent, medical services, autos and other goods and services still are rising in response to strong demand.

    Traders expect the Fed to raise rates again next month but by a smaller margin of one-half percentage point after a series of 0.75 percentage-point increases. The Fed’s key lending rate is a range of 3.75% to 4%, up from close to zero in March. A growing number of investors expect it to exceed 5% next year.

    Also Wednesday, cryptocurrencies fell amid worries about the industry’s financial strength after a big player, Binance, called off a deal to buy troubled rival FTX. That at least temporarily ended hopes for a bailout after FTX users scrambled to pull out their money.

    Bitcoin fell 14% from a day earlier to $15,900. That is down 77% from last year’s high of $69,000.

    The yield on the 10-year Treasury, which helps dictate rates for mortgages and other loans, fell to 4.08% from 4.13% late Tuesday. The two-year yield, which tends to more closely track expectations for Fed action, dropped to 4.60% from 4.66%.

    In energy markets, benchmark U.S. crude shed 49 cents to $85.34 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oil trading, lost 42 cents to $92.23 per barrel in London.

    The dollar gained to 146.31 yen from Wednesday’s 145.56 yen. The euro declined to 99.83 cents from $1.0073.

    [ad_2]

    Source link

  • This oil refiner is cutting 1,100 jobs — and giving billions of dollars to its shareholders | CNN Business

    This oil refiner is cutting 1,100 jobs — and giving billions of dollars to its shareholders | CNN Business

    [ad_1]


    New York
    CNN
     — 

    Phillips 66 is cutting at least 1,100 jobs by the end of this year as the refining giant seeks to slash costs and steer a larger chunk of its soaring profits to shareholders.

    At its investor day meeting in New York Wednesday, Phillips 66 detailed plans to slim down in a bid to save about $1 billion in annual costs.

    In a presentation to shareholders, the refiner projected a workforce of under 12,900 people by the end of this year, down from 14,000 last year and 14,300 in 2020.

    Phillips 66 spokesperson Bernardo Fallas said the smaller workforce was driven by a combination of attrition and eliminated positions.

    Most of the job cuts have already taken place and were communicated to employees in late October, the spokesperson said, adding that recent attrition levels significantly lowered the number of employees impacted.

    The layoffs come despite the fact that Phillips 66, one of the nation’s largest refiners, has raked in $9.1 billion in profit so far this year, up from just $44 million a year ago. The company’s share price has soared 45% so far this year, easily outperforming the 20% decline for the broader S&P 500.

    “Phillips 66 is undergoing a company-wide effort to optimize its cost structure and reimagine its operating model to enable sustainable savings,” the spokesperson said.

    Houston-based Phillips 66 said the cost-cutting moves, along with other steps, will give the company more financial firepower to boost stock buybacks and dividends.

    Phillips 66 said it plans to return an additional $10 billion to $12 billion to shareholders between mid-2022 and the end of 2024.

    “We are announcing a number of priorities designed to reward shareholders,” Phillips 66 CEO Mark Lashier said in a statement.

    [ad_2]

    Source link

  • UN experts urge stringent rules to stop net zero greenwash

    UN experts urge stringent rules to stop net zero greenwash

    [ad_1]

    SHARM EL-SHEIKH, Egypt — Companies pledging to get their emissions down to net zero better make sure they’ve got a credible plan and aren’t just making false promises, U.N. experts said in a report Tuesday urging tough standards on emissions cutting vows.

    Released at the the U.N.’s flagship climate conference in the Egyptian seaside resort of Sharm el-Sheikh, the group of experts set out a number of strict recommendations for businesses, banks, and local governments making net zero pledges to ensure that their promises amount to meaningful action instead of “bogus” assurances. Countries are not included in the group’s scope as their emissions-cutting commitments are set out in the 2015 Paris deal.

    The group called the report a roadmap to prevent net zero from being “undermined by false claims, ambiguity and “greenwash.”

    United Nations Secretary General Antonio Guterres appointed the group exactly a year ago at last year’s U.N. climate summit to draw up principles and recommendations aimed at clarifying the confusion around the growing number of net zero claims made by businesses and organizations. There’s been little transparency or uniform standards when it comes to net zero pledges, resulting in a boom in the number of hard to verify claims, the U.N. experts and environmental groups say.

    “Using bogus ‘net zero’ pledges to cover up massive fossil fuel expansion is reprehensible. It is rank deception,” Guterres said at the COP27 summit. “This toxic cover-up could push our world over the climate cliff. The sham must end.”

    Since the Paris Agreement in 2015 set a global target of limiting temperature increases to 1.5 degrees Celsius (2.7 F) there’s been a groundswell of support for the concept of “net zero” — drastically cutting greenhouse gas emissions and canceling out the rest — as the main way to meet that goal.

    So-called non-state actors include corporations, investors, and local and regional governments, which aren’t covered by the Paris Agreement’s requirements. Their voluntary carbon cutting pledges must be “ambitious, have integrity and transparency, be credible and fair,” the experts said.

    Among its 10 specific recommendations, businesses can’t claim to be net zero if they continue to invest or build new fossil fuel supplies, deforestation or other environmentally destructive projects. They can’t buy cheap carbon offset credits “that often lack integrity instead of immediately cutting their own emissions.”

    Guterres said he was deeply concerned about lack of “standards, regulations and rigor” in the market for voluntary carbon credits. Climate experts say offsets can be problematic because there’s no guarantee they’ll deliver on reducing emissions.

    Lobbying to undermine ambitious government climate policies is a no-no, the experts said. And companies can’t focus only on emissions they generate directly from, say, manufacturing but have to include all the carbon dioxide spewed along the way in their sourcing supply chains for parts and raw materials.

    “I think these are kind of no-nonsense, practical things that a regular person would expect,” Catherine McKenna, who heads up the group of 17 high-level experts that authored the report, told the Associated Press.

    The guidelines would help consumers who “want to choose products that are good for the environment and mean that the company is tackling climate action” and young people looking for jobs who “don’t want to work for climate laggards,” McKenna said.

    Business, environmental and corporate watchdog groups generally supported the proposals.

    “This surge of interest from the corporate sector to zero out emissions is truly inspiring,” said Ani Dasgupta, CEO of the World Resources Institute, an environmental think tank, cautioning that “any corporate net-zero targets with loopholes or weak guardrails would put our planet and billions of people in peril.”

    In order to keep the Earth from warming less than 1.5 degrees, the U.N. says carbon dioxide emissions must peak by 2025, fall by nearly half by 2030, and to reach net zero by the middle of the century.

    The only way to do that now is to reduce the amount of heat trapping greenhouse gases going into the atmosphere and balance out the remaining emissions by permanently removing them, through planting trees, or through technologies yet untested at scale such as capturing carbon emissions at sources such as factory smokestacks and storing them underground.

    Along the way, net zero has become a corporate buzzword for companies and groups seeking to burnish their green credentials, though environmental activists worry it’s becoming greenwash.

    McDonald’s has opened net zero restaurants in the United States and United Kingdom powered by solar panels and wind turbines. Airline group IATA set a long term goal for the aviation industry to reach net zero by 2050. Even oil companies have jumped on the bandwagon. Chevron touts its “net zero aspiration” and Shell flaunts its “drive for net zero emissions.”

    Private equity firm Carlyle Group was an early adopter of net zero commitment, but did not include its largest oil and gas investment in a recent financial risk report on greenhouse gas emissions.

    Organizers of this year’s soccer world cup hosted by Qatar say the massive building spree of stadiums, highways and subway system for the event was all carbon neutral — a claim experts have cast doubt on.

    ———

    Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.

    [ad_2]

    Source link