COP28 Concludes 1st Week amid Expectations for Agreements

Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
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COP28 Concludes 1st Week amid Expectations for Agreements

Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)

At the end of the first week of the COP28 conference held in Dubai, UN Climate Change Executive Secretary Simon Stiell, on Wednesday, called on the countries participating in the talks to raise the bar of ambitions and reach clear agreements at the conclusion of the conference.
“All governments must give their negotiators clear marching orders. We need highest ambition, not point-scoring or lowest common denominator politics,” he told a news conference.
According to information obtained by Asharq Al-Awsat from the corridors of the conference, the work now falls on the state commissioners to put all the proposals on the table, before submitting them to officials and ministers, who are expected to reach an agreement at the conclusion of the conference.
For his part, Saudi climate negotiator Khaled Al-Muhaid said in a session on Tuesday evening that the 2015 Paris Agreement “was a great success for all of us”, adding that the “challenge now is how to keep all passengers on the train.”
The latest draft of a global climate agreement presented three options regarding the future of fuel. Sources at the conference indicated that all of the three decisions have good views, with varying rates of acceptance and adoption, but still close in proportion to each other.
“At the end of next week, we need COP to deliver a bullet train to speed up climate action. We currently have an old caboose chugging over rickety tracks,” Stiell told the reporters.
The heated deliberations coincided with climate reports confirming that the year 2023 was the hottest in history, and that November witnessed the warmest autumn in the world ever.
The head of the United Nations Development Program, Achim Steiner, urged countries participating in COP28 not to criticize any side at the conference, saying that Western countries are also sitting in a glass house with regard to oil production.
He pointed in this regard to the United States, Canada, Norway and the United Kingdom, all of which he said wanted to expand their oil production.

 



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.