US, UAE Focus on Using Climate Change to Drive Global Growth

US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)
US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)
TT
20

US, UAE Focus on Using Climate Change to Drive Global Growth

US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)
US Special Presidential Envoy for Climate John Kerry with Dr. Sultan Al Jaber, the Special Envoy for Climate Change and Minister of Industry and Advanced Technology in Abu Dhabi. (WAM)

The UAE and the US held talks that focused on using climate change action to drive regional and global growth.

The Special Envoy for Climate Change and Minister of Industry and Advanced Technology, Dr. Sultan Al Jaber, and US Special Presidential Envoy for Climate John Kerry met in Abu Dhabi.

The two envoys discussed progress on the Agriculture Innovation Mission for Climate Initiative (Aim for Climate) that the UAE announced alongside the US at the Leaders Summit on Climate in Washington.

The envoys reaffirmed their countries’ commitment to achieving the goals of the Paris Agreement, which aims to limit global warming.

They agreed that a comprehensive approach - including investments in renewable energy, carbon-capture technologies, nature-based solutions, climate-smart agriculture, and other low-carbon solutions - is not only essential in this critical decade for climate but can also act as powerful drivers for sustainable economic growth and job creation.

“His return to the Emirates reaffirms the unique partnership between our two countries and our shared commitment to transform climate action into an opportunity for economic development and diversification,” Jaber said.

“Doubling down on investments in innovative new technologies and R&D will pay dividends both in terms of climate progress and economic growth, and as global economies fully recover from Covid-19, smart initiatives can put the world on a low-carbon/high-growth trajectory that meets the Paris goals.”

Kerry welcomed the UAE’s offer to host the 28th UN Climate Change Conference of the Parties (or Cop28) to the United Nations Framework Convention on Climate Change in 2023.

“I think it is very important that an oil and gas producing nation is smart enough to see that investing in alternative and renewable energy does not detract from economic prosperity or from income,” Kerry added.

“It actually builds additional and alternative sources. I think the leadership of the UAE is well aware that the planet has very serious problems, and the UAE is very busy looking at ways to abate and reduce and capture emissions.”

“I think that’s one of the reasons the UAE won a seat on the UN Security Council, because people see the leadership of the UAE as thoughtful and wanting to contribute to global solutions to global problems,” he concluded.



Oil Steady as Investors Shift Focus to Demand Signals

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
20

Oil Steady as Investors Shift Focus to Demand Signals

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices edged higher on Thursday as investors remained cautious about the Iran-Israel ceasefire and shifted their attention to market fundamentals after a stockdraw in the United States.

Brent crude futures rose 34 cents, or 0.5%, to $68.02 a barrel by 1055 GMT US West Texas Intermediate crude gained 35 cents, or 0.5%, to $65.27 a barrel.

Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient. US demand. Brent futures are trading below their close of $69.36 on June 12, the day before Israel started air strikes on Iran, Reuters reported.

Investors are shifting their focus to macroeconomics and oil balances, while monitoring the Israel-Iran truce, said PVM analyst Tamas Varga.

UBS analyst Giovanni Staunovo said oil prices had tracked equity markets so far on Thursday, while ANZ analysts said the US driving season had started slowly but was now stoking demand.

US crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts' expectations in a Reuters poll for a 797,000-barrel draw.

Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest level since December 2021.

On Saturday, Igor Sechin, the head of Russia's largest oil producer Rosneft, said OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from an initial plan.

Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.

Trump also said on Wednesday that the US was maintaining maximum pressure on Iran - including restrictions on sales of Iranian oil - but signalled a potential easing in enforcement to help the country rebuild.