2023-12-02 19:47

SAO PAULO, Dec 2 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Saturday that Brazil's participation in the OPEC+ group of oil-producing countries is to convince nations to transition away from the use of fossil fuels. Brazil indicated on Thursday that it was on the brink of joining OPEC+, a group of 23 oil-producing countries. "I think it's important for us to take part in OPEC+, because we need to convince the countries that produce oil that they need to prepare for the end of fossil fuels," Lula said at COP 28, the UN climate change conference in Dubai. "Preparing means using the money they make to invest so that continents like Africa and Latin America can produce the renewable fuels they need, especially green hydrogen," he added. After Lula's comment, Brazil's mines and energy minister, Alexandre Silveira, spoke on social media on the matter. "We will lead oil-producing countries to accelerate the energy transition. Under the leadership of President Lula we want to use oil revenues to finance clean and renewable energy," he said. Silveira signaled on Thursday that the country would accept an invitation to join OPEC+. Brazil is the largest oil producer in South America, at 4.6 million barrels per day of oil and gas, of which 3.7 million bpd are crude. Brazil's potential participation in a group that could determine oil production cuts by its members would be controversial, given that the country is a market economy, with some companies, such as state-run oil company Petrobras (PETR4.SA), listed on the stock exchange. But Brazil is not expected to cap oil output as part of OPEC+, three sources told Reuters in a report published on Thursday. https://www.reuters.com/world/americas/lula-says-brazils-participation-opec-is-stop-oil-producers-using-fossil-fuels-2023-12-02/

2023-12-02 18:36

US points to $400 billion in climate subsidies US unveils rules to cut own methane output Major fossil firms pledge to cut emissions from own operations 56 countries commit to accelerating decarbonisation of industry DUBAI, Dec 2 (Reuters) - U.S. Vice President Kamala Harris sought to claim the mantle of global climate leadership for the United States on Saturday in a speech to the COP28 summit, listing a slew of initiatives to cut emissions and harness renewable energy in the world's largest oil and gas producer. The address came on the second day of back-to-back speeches by world leaders at the conference in Dubai, where nearly 200 nations are hashing out an international approach to tackling global warming and debating whether fossil fuels should maintain a role in a future energy economy. "Two years ago, President Joe Biden stood on stage at COP26 and made a declaration of ambition: The United States of America will once again be a global leader in the fight against the climate crisis," Harris said. "Since then, the United States has turned ambition into action." She listed the more than $400 billion in subsidies provided by the 2022 Inflation Reduction Act, Biden's signature climate law, which has triggered a flood of clean energy investment. She also announced a new $3 billion pledge to the Green Climate Fund, which helps developing countries combat global warming. On the sidelines of the conference, the United States also unveiled new measures to curb emissions of the powerful greenhouse gas methane from oil and gas operations. "Today, we are demonstrating through action how the world can and must meet this crisis," Harris said. The United States, the world's second largest greenhouse gas emitter behind China, has seen a surge in investment for clean energy projects ranging from solar farms to wind turbines and electric vehicle battery factories in recent years. But it has also grown into the globe's biggest producer of oil and gas - the main source of climate emissions - following a technology-driven drilling boom in the sprawling Permian Basin in Texas and New Mexico. That awkward coincidence underscores one of COP28's most contentious questions: Can the world's response to climate change involve continuing use of fossil fuels? Among the decisions nations must make will be whether to agree, for the first time, to gradually "phase out" fossil fuels and replace them with renewable energy sources. Harris told the conference that the United States supports phasing out of "unabated coal" use, but she did not mention other fossil fuels. The COP28 host, OPEC-member United Arab Emirates, hopes to sell a vision of a low-carbon future that includes, not shuns, fossil fuels – mainly through the use of technologies that can capture carbon dioxide to keep it from the atmosphere, or by making oil and gas operations cleaner. FOSSIL FIRMS VOW TO DECARBONISE OPERATIONS The UAE on Saturday announced a commitment by 50 energy firms representing around 40% of global oil output to cut methane emissions from their operations to near zero by 2030, and eliminate all greenhouse emissions from their operations by 2050. U.S. oil major Exxon Mobil (XOM.N) and Saudi Arabia's Aramco were among the companies that joined the initiative, although both already had these targets in place via their membership of the Oil and Gas Climate Initiative (OGCI). Climate campaigners were skeptical of the pledges. "Net zero commitments that haven't been backed up by plans and aren't anchored in government regulation are not worth celebrating. We need to be moving from pledges to regulation," said Catherine Abreu, founder of the non-profit Destination Zero. "We've seen a long history of oil companies making climate pledges that don't result in real action." John Podesta, a senior energy advisor to U.S. President Joe Biden, told Reuters on Saturday that record U.S. production was helping to keep consumer prices steady after Russia's invasion of Ukraine. He added that the United States has tried to reduce drilling on public lands and waters, but has been pushed back by courts, and that U.S. policy was now mainly focused on limiting demand for petroleum. "We're in a context in which we need to reduce production of fossil fuels and ... we need to be on a path of lower consumption. Our policies are aimed at doing that," he said. The conference on Saturday also featured a slew of international deals to make energy systems more climate-friendly around the world, including by boosting renewable sources and nuclear energy, and by choking off financing for coal. Elsewhere, the United States was among a group of 56 countries to commit to steps to accelerate decarbonisation by 2030 across sectors including power, road transport, steel, hydrogen and agriculture. ___ For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here. https://www.reuters.com/world/cop28-us-touts-climate-leadership-oil-gas-output-hits-record-2023-12-02/

2023-12-02 18:25

Dec 2 (Reuters) - Panama published a ruling finding Canadian miner First Quantum's (FM.TO) contract for an open-pit copper mine in the Central American country unconstitutional in the official gazette on Saturday. The contract had triggered caused widespread protests in Panama, and President Laurentino Cortizo said on Tuesday the mine would close as soon as the Supreme Court's ruling was formally published in the official gazette. https://www.reuters.com/world/americas/panama-publishes-ruling-finding-first-quantum-contract-unconstitutional-2023-12-02/

2023-12-02 15:33

DUBAI, Dec 2 (Reuters) - Abu Dhabi Future Energy Company, known as Masdar, is planning to develop a 150 megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth, including jobs, the UAE state news agency WAM said on Saturday. The announcement was made during the COP28 climate summit hosted by the United Arab Emirates. Angola’s Ministry of Energy and Water and Masdar, the Gulf state's clean energy developer, signed a concession agreement to build and operate the ground-mounted solar power project in the Quipungo region of southern Angola, the statement said. No details on the likely costs were provided. The project is part of a wider commitment made by Masdar this year to develop 5 gigawatts (GW) of renewable energy projects across Angola, Uganda and Zambia. "Africa has what it takes to become the world’s renewable energy powerhouse," Sultan Al Jaber, COP28 president, said in the statement. "The UAE stands shoulder-to-shoulder with our friends in Africa as we strive to secure a just energy transition at this COP of action and COP for all." Angola wants to increase its national electrification to around 60% by 2025; less than half of the population has access to electricity at present, the statement said. https://www.reuters.com/business/energy/uaes-masdar-develop-150-mw-solar-project-angola-statement-2023-12-02/

2023-12-02 13:24

WILMINGTON, Delaware, Dec 2 (Reuters) - A Delaware judge said she will grant a January trial requested by Warren Buffett's Berkshire Hathaway (BRKa.N), if it agrees to certain conditions, to resolve claims that billionaire Jimmy Haslam tried to improperly inflate his stake in a truck stop chain. Vice Chancellor Morgan Zurn of Delaware's Court of Chancery said in a Friday ruling that efficiency favored hearing Berkshire's allegations next month alongside a Jan. 8-9 trial over claims by the Haslam family that Berkshire was deflating the value of Pilot Travel Centers. The dispute concerns how much Berkshire would owe if the Haslams, including Cleveland Browns owner Jimmy Haslam, exercised their option to sell their 20% stake in the country's largest truck stop chain to Berkshire in the first two months of 2024. Zurn gave Berkshire until 9 a.m. ET (1400 GMT) Monday to decide if the company would accept a January trial on the condition that discovery will be limited to what was necessary to defend against the lawsuit filed by the Haslam family. An attorney for Berkshire did not immediately respond to a request for comment. An attorney for the Haslam family declined to comment. Berkshire said it would suffer irreparable harm if its case wasn't resolved before the Haslams exercised their option to sell the stake. Berkshire owns 80% of Pilot, having paid the Haslams $2.76 billion for a 38.6% stake in 2017 and $8.2 billion for another 41.4% in January. Each side accuses the other of trying to manipulate Pilot's earnings, the basis for valuing that stake. The Haslams sued Omaha, Nebraska-based Berkshire in October, accusing it of seeking a "windfall" by adopting "pushdown" accounting for Pilot. Berkshire countersued on Nov. 28, saying Jimmy Haslam tried to bribe Pilot executives with millions of dollars to inflate earnings in 2023 at the expense of future years. According to court papers, the Haslams believe the 20% Pilot stake was worth $3.2 billion before Berkshire's accounting change, an amount Berkshire disputes. Pilot is based in Knoxville, Tennessee, and has approximately 800 locations. Berkshire also owns dozens of other businesses including the BNSF railroad and Geico car insurer. https://www.reuters.com/legal/judge-offers-berkshire-possible-speedy-trial-over-pilot-dispute-2023-12-02/

2023-12-02 11:20

ALMATY, Dec 2 (Reuters) - Kazakhstan on Saturday signed deals with France's TotalEnergies (TTEF.PA), United Arab Emirates firm Masdar and Saudi Arabia's ACWA Power (2082.SE) to build wind farms with a total capacity of 3 gigawatts (GW), the Kazakh government said. The farms will be built in the southern Zhambyl region, the southeastern Zhetysu region and either Kostanai or Akmola regions in the north, it said. The government gave no other details on the projects, but President Kassym-Jomart Tokayev's office said in a separate statement the 1 GW Zhetysu project discussed with ACWA Power during his visit to the UAE would cost $1.8 billion. The cabinet also said state energy firm KazMunayGaz https://www.reuters.com/business/energy/kazakhstan-signs-deals-3gw-wind-power-2023-12-02/