World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

 Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
TT

World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

 Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

World leaders are converging Tuesday at the United Nations annual climate conference in Baku, Azerbaijan although the big names and powerful countries are noticeably absent, unlike past climate talks which had the star power of a soccer World Cup.

But 2024's climate talks are more like the World Chess Federation finals, lacking the recognizable names but big on nerd power and strategy. The top leaders of the 13 largest carbon dioxide-polluting countries will not appear with their countries responsible for more than 70% of 2023's heat-trapping gases.

Biggest polluters and strongest economies China and the United States aren't sending their No. 1s. The four most populous nations with more than 42% of all the world's population aren't having leaders speak.

“It’s symptomatic of the lack of political will to act. There’s no sense of urgency,” said climate scientist Bill Hare, CEO of Climate Analytics. He said this explains “the absolute mess we’re finding ourselves in.”

On Tuesday, Azerbaijan’s president Ilham Aliyev, United Kingdom’s Prime Minister Keir Starmer and Türkiye's President Recep Tayyip Erdogan are the headliners of among the nearly 50 leaders set to speak.

But there'll be a strong showing expected from the leaders of some of the world’s most climate-vulnerable countries. Several small island nations presidents and over a dozen leaders from countries across Africa are set to speak over the two-day World Leaders’ Summit at the COP29 conference.



Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
TT

Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices picked up on Tuesday, after the previous session's sell-off, as the market assessed US President-elect Donald Trump's planned trade tariffs on Mexico and Canada and his aim to increase US crude production.

Oil prices had fallen more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a US plan for a ceasefire on Tuesday, but some analysts said Monday's sell-off in oil prices had been overdone.

Brent crude futures were up 43 cents, or 0.6%, at $73.44 a barrel as of 1414 GMT. US West Texas Intermediate crude futures were at $69.38 a barrel, up 44 cents, or 0.6%.

Brent crude futures fluctuated between $73.30 and $73.80 a barrel in afternoon trading.

"Today’s intra-day fluctuations are probably more of the function of assessing Trump’s overnight pledge to impose tariffs on Mexico, Canada and China," PVM analyst Tamas Varga said.

On Monday, Trump said he would impose a 25% tariff on all products coming into the US from Mexico and Canada.

The vast majority of Canada's 4 million bpd of crude exports go to the US Analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the US produces.

On Monday, Reuters reported that Trump's team is also preparing an energy package to roll out within days of his taking office that would increase oil drilling.

A senior executive at Exxon Mobil said on Tuesday that US oil and gas producers are unlikely to "radically increase'' production.

OPEC+ MEETING

Market reaction on Monday to the Israel-Lebanon ceasefire news was "over the top" as the broader Middle East conflict has "never actually disrupted supplies significantly to induce war premiums" this year, said senior market analyst Priyanka Sachdeva at Phillip Nova.

Elsewhere, OPEC+ at its next meeting on Sunday may consider leaving its current oil output cuts in place from Jan. 1. The producer group is already postponing hikes amid global demand worries.