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UN increases financial support for poorer countries at COP30 amid hotel crisis
In light of the rising costs of accommodation in Belem, an Amazonian city, the U.N. is giving low-income countries additional money to attend COP30. This global climate summit will take place in Brazil in November. Brazil has resisted the calls for the conference to be moved from Belem. President Luiz inacio Lula da So did not want to renege on his promise to show the Amazon rainforest at COP30. A spokesperson for the U.N. Climate Secretariat informed that the International Civil Service Commission of the U.N., which makes decisions on the "daily allowance", has agreed to increase it for Belem. According to a press release from the Brazilian COP30 Presidency, the allowance for 144 developing nations has increased to $197. It was previously $144. The allowance is for two or three delegate per country and 374 total delegates. The UNFCCC and Brazilian representatives met on Wednesday to discuss the acute accommodation crisis that has arisen as hotels charge 10 to 15 percent more than their normal rates during conference periods. The annual U.N. Summit will bring together nearly every government to discuss how to combat climate change. Pre-summit discussions have been dominated by concerns over logistics rather than global climate policies. The Developing Countries have said that they can't afford the high accommodation rates in Belem, due to a shortage of rooms. Brazil is rushing to increase the number of hotel beds to accommodate the approximately 45,000 attendees expected at COP30. The company says that developing countries can get more affordable accommodations at a daily rate of up to $200. According to the Brazilian government, less than two months prior to the conference, only 79 nations have made reservations via the official COP30 Platform or other means. 70 countries are still in negotiation. Usually, the annual COP talks involve around 200 countries. (Reporting from Brasilia by Lisandra paraguassu; additional reporting in Brussels by Kate Abnett. Editing by PhilippaFletcher.
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Africa's climate funds are sucked dry by military spending
Climate change is a cost of military spending African leaders prefer grants to loans The private sector is called upon to step up Kim Harrisberg and Joanna Gill African leaders, researchers, and activists made a call to international donors at the second African Climate Summit in Ethiopia, last week. They asked them to help the continent withstand flooding, droughts, and heatwaves. "We are now living in a world where security measures have become prevalent in finance," said Patrick Verkooijen. He is the president of the Global Center on Adaptation, which has offices in Kenya and the Netherlands, and also leads the Africa Adaptation and Acceleration Programme (AAAP). Since 2021, the AAAP has invested billions of dollars in adaptation projects, from mangrove restoration along West Africa’s coastline to organic material recycling in Nairobi. According to the World Meteorological Organization, Africa is the continent that has been most affected by climate change despite its contribution of less than 10% in global carbon emissions. The summit announced the second phase of their adaptation programme, and invited international partners to assist in reaching the goal of $50 billion to expand efforts against climate change. The funding competition has risen due to a reduction in global humanitarian aid, and an increase in defense spending by the United States in Europe. Macky Sall is the chairperson of the Global Center on Adaptation and was the president of Senegal between 2012-2024. According to the research organization Climate Policy Initiative (CPI), Africa needs about $70 billion annually to meet adaptation targets. CPI estimates that this figure will drop to $14.8 billion in 2023 as aid is cut by donors. According to the Stockholm International Peace Research Institute, global military spending has increased across all regions, reaching $2.7 trillion by 2024, up 9.4% on 2023. This is the highest growth rate since the Cold War, and the 10th consecutive annual increase. Florian Krampe is the acting director of SIPRI's Climate Change and Risk Program. He also added that recent violations of Polish and Romanian Airspace during Russian attacks against Ukraine have highlighted the importance. Climate change could intensify the competition for resources, and increase conflict risk in fragile areas. Defence spending should therefore take this into consideration. Krampe suggested that defence departments budget for innovative environmental technologies to ensure long-term resilience of both militaries as well as civilians. Water harvesting is one example. In arid areas, water vapour can be extracted from the atmosphere to provide drinking-water for troops. This innovation could also benefit civilians. ADAPTATION AS AN INVESTMENT The GCA called upon the private sector in order to fill the funding gap for climate adaptation. GCA cites as examples of adaption methods the planting of trees, construction of flood barriers, or desalination plant investments that create jobs and invest in development. The World Resources Institute (a non-profit research organization) found that, for every dollar invested in adaptation over ten years, more than $10 in benefits can be generated. Verkooijen cited a report from Singapore's sovereign fund, which said that investment in adaptation initiatives was a $4 trillion opportunity worldwide. He said African countries should take advantage of this. In Asia, private sector adaptation financing is about 35%. In Africa, it is 6%," Verkooijen said. Attendees of the summit also placed a high priority on the type of investments that would support Africa in its readiness to deal with climate shocks. United Nations data shows that the combined debt load of African countries is more than $1.8 trillion. According to the Institute for Economic Justice, this means that they spend three times as much on servicing their external debt as they do on climate finance. In a press release, Nafi Qarshie, Africa Director of the Natural Resource Governance Institute, said that African states should push for more equitable (financing) models at the COP30.
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Tinubu, the Nigerian president, lifts the emergency rule in oil rich Rivers State
Bola Tinubu, the Nigerian president, lifted an emergency rule of six months in Rivers State on Wednesday, reinstating Governor Siminalayi Fubara, and other officials. He had said that a crisis constitutional that had paralysed government had been resolved. The emergency rule was imposed on 18 March following a standoff that occurred between Fubara, the governor of the state and the legislature. This conflict disrupted the budget approvals leaving the government in limbo. Tinubu claimed that the emergency rule was necessary to avoid anarchy. Rivers State is located in Nigeria's oil-producing Niger Delta and is a major hub for crude exports. The militants have targeted pipelines before, which has affected output and revenue. Tinubu stated that intelligence reports indicated a "groundswell" of a new understanding among political stakeholders. This would pave the way for democratic governance to return. The governor, his assistant, and the House of Assembly, which consists of 31 members, are expected to return to work on September 18. The declaration of emergency triggered over 40 legal challenges across Abuja Port Harcourt, and Yenagoa. Tinubu justified the emergency declaration as a constitutional instrument to restore order and said dissent is part of democratic practice. (Reporting and editing by Chijioke Ahuocha.)
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Copper falls to a one-week low before US Fed rate decision
The price of copper fell to a new low on Wednesday, as traders reduced their positions in anticipation of the Federal Reserve's decision on U.S. rates. Meanwhile, the demand for metals from China - the world's largest consumer - was muted due to the recent rally. The benchmark three-month copper price on the London Metal Exchange dropped 1.3% by 1600 GMT to $9,999 per metric ton, but remained above the 21-day moving median, which keeps it at $9.912. Metal, which is used for power and construction, reached its highest level in 15 months on Monday, at $10,192.50. Alastair Mudro, Marex's senior base metals analyst, said that China has been offering copper this week. It was the absence of a systematic bid, and even bearish mean-reversion sell signals that triggered weakness in the complex. State data released on Wednesday showed that China's copper output rose 15% in August compared to the previous year. Neil Welsh, Britannia Global Markets' head of metals, said that traders are waiting for clarity from the Fed, not only on the rate reduction expected, but also the direction of the future policy. The dollar is down about 10% for the year to date and the labour data has softened. Traders are looking for signs that this could be the start of a series. Aluminium, among other LME metals fell 1.1%, to $2,686 per ton. The price of aluminium reached a new six-month record of $2,720, on Tuesday. This was when the spread between the cash contract and the three-month contract increased to $16 per ton. It was the highest level since March. This was a sign of tightness within the LME during the current settlement period, as short positions holders were forced to reduce or rollover their contracts. The premium for buying aluminum tomorrow and selling it a day later - also known as tom next - fell to $2 per ton on Tuesday. From Tuesday's $13 per ton, the price has dropped to zero. According to LME data, there was a long position holder who held more than 40% open interest in LME September Futures. There were also several short positions. LME zinc fell 1.7% to 2,941, while lead climbed 0.2% to $2,000, tin dropped 1.4% to $34,380 and nickel declined 0.1% to $15,405. (Reporting and editing by Ed Osmond, Vijay Kishore and Amy Lv. Additional reporting by Amy Lv.
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Gold prices ease after reaching record highs, Fed rate decision looms
Investors locked in profits on Wednesday after gold prices had risen to $3,700 in the previous session. The Federal Reserve policy decision is now in focus. As of 10:49 AM EDT (1449 GMT), spot gold was down by 0.1%, at $3,685.39 an ounce. It had hit a record-high of $3,702.95 per ounce on Tuesday. U.S. Gold Futures for December Delivery dropped by 0.1% to $3720.70. After retreating the previous session, the U.S. Dollar grew a little. Gold priced in greenbacks is less attractive to other currency holders due to a stronger dollar. The recent gains in gold are putting "some pressure on the price of gold" ahead of FOMC. Jim Wyckoff is a senior analyst with Kitco Metals. He said that fundamentals and technicals are still bullish on gold. The next price target is $3,800. A major price target would be $4,000 in the future. At 2 p.m., EDT, the most political Fed meeting in recent years will conclude. The speech of Chair Jerome Powell will follow. The markets are pricing in a rate cut of a quarter point. The focus will be on whether officials discussed a 50-bps reduction, given that President Donald Trump’s economic overhaul initiative raises new questions about the independence of the central bank. When interest rates drop, gold is often more attractive as the lower yields reduce the cost of holding this non-yielding investment. While raising its gold forecast, Deutsche Bank said that even though the bullion had screened as richer than fair value, it was largely due to strong official demand which is expected continue. In India, a key hub, the supply of used gold coins and jewellery, which is usually released when investors make profits, has been limited as many people expect prices to rise. Silver spot fell by 1.3%, to $42, platinum dropped 1.3%, to $1372.26; and palladium slid 1.5%, to $1158.88. (Reporting and editing by Shreya biswas in Bengaluru, Ashitha Shivaprasad in Bengaluru)
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Democratic lawmakers call on Trump to abandon plan to eliminate vehicle emission standards
In a letter seen by, 102 Democratic members of the U.S. House of Representatives urged the Trump Administration to drop plans to repeal vehicle emissions rules. In a letter, led by Representative Doris Matsui, 102 members of Congress called on the Environmental Protection Agency (EPA) to abandon its plan to repeal all greenhouse-gas emission standards for heavy-duty, light-duty and medium-duty engines and vehicles. In a letter to the editor, the lawmakers stated that repealing vehicle pollution standards could hamstring the growing automotive industry by killing thousands of well-paying American. The EPA didn't immediately comment. If we turn away from clean vehicles "The next generation of American cars will be more expensive to maintain and repair, due to the new technologies," said the letter, which was also signed by Representatives Rick Larsen and Alexandria Ocasio Cortez. According to the letter, EPA's analyses "suggest that the proposal to remove vehicle pollution standards could result in $1.3 trillion of lost fuel and maintenance savings." Trump's administration has attacked vehicle environmental regulations on several fronts. Trump signed the Environmental Protection Act in June. A resolution of disapproval is a Congressional Resolution. Review Act to prohibit California's landmark Plan to end the sales of gasoline-only cars by 2035, and two other vehicle regulations. NHTSA has released its June 2016 NHTSA Report. Fuel economy in the U.S. is now more flexible By declaring that the former president Joe Biden’s administration exceeded their authority, by assuming a high uptake in electric vehicles when calculating rules. Trump has also signed legislation eliminating penalties Automakers who fail to meet U.S. Fuel Economy Standards as far back as 2022. The EPA announced in July that it would be implementing a new program to help reduce the number of EPA-related deaths. The long-standing Finding that greenhouse gas emission endanger the health of humans, removing all legal foundations for U.S. regulations on greenhouse gases, which would mean a complete end to current limits in greenhouse gas pollution coming from vehicle exhaust pipes, power plants and smokestacks. (Reporting and editing by Lisa Shumaker, Franklin Paul, and David Shepardson)
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Ukraine and US Launch Fund for Critical Mineral Projects with $150 Million Investment
Officials said that Ukraine and U.S. International Development Finance Corporation each will commit $75 million towards a joint fund as part of Kyiv’s mineral deal with Washington, first signed in April. In a press release, Prime Minister Yulia Shvyrydenko stated that the U.S. Development Finance Corporation has committed $75 million as a pilot project. Ukraine will match this amount. DFC stated that the investment will support Ukraine's economic recovery, and also strengthen U.S. supply chains for natural resources. Svyrydenko stated that the initial focus will be on energy, infrastructure and critical minerals. In April, Ukraine and the U.S., who had been promoted to do so by President Donald Trump signed a deal that gave the United States access to new Ukrainian mineral projects in exchange of investment. Since the Russian invasion of February 2022, the U.S. is Ukraine's largest military donor. Trump has said that after his return to the White House in this year, the U.S. must get something back from its aid to Kyiv. The fund would receive half of the revenues Ukraine earned from the new mining extractions under the agreement, with profits being split between Kyiv & Washington. Three large-scale government projects are planned to be implemented by the end of 2026. "American partners pay particular attention to gas project," Economy Minister Oleksiy Solobolev said, adding that these projects could be implemented faster than minerals exploration. This month, DFC's team visited Ukraine to scout for potential projects. Sobolev stated that the delegation visited sites in central Kirovohrad, which had deposits of zirconium and titanium ore. The EU considers 22 minerals in the Ukraine to be critical for industries like defence, high-tech devices and green energy. The country also has ferro alloys, which are needed in the steel industry and non-ferrous materials used in construction. It also contains some rare earths. (Reporting and writing by Yuliia Dyesa; Editing by Bernadette B. Baum)
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Perenco Launches Reactivation Program for Two Mothballed Capos Basin Fields
Perenco has started active field reactivation program for the Cherne and Bagre fields in Campos Basin, acquired from Petrobras earlier in 2025, helping meet the industry’s mature field challenges and unlocking in excess of 50 mmstb of reserves.The multi-dimensional, two-year, reactivation program was designed to be executed in three linked stages with operational safety as the main guideline.The first step, which is already underway, entails the full integrity revitalization of the PCH-1 and PCH-2 platforms, systems and associated equipment.This integrity revitalization effort will take place throughout the two-year program, with workstreams ranging from the replacement or renovation of turbines and the water treatment systems to the modernization of the metering systems and maintenance or replacement of the upper deck flowlines. The main objective is to prepare for production resumption in a safe environment.The second phase will consist of installing a new 10-inch pipeline connecting the 27 km distance from PCH1 to the Pargo platform, and from there to the FSO Pargo through the existing export line.As part of the plan to upgrade the water injection system, Perenco will also install a water injection line between the PCH1 and PCH2 units. The third stage will focus on well interventions and re-entries to enable the resumption of production with 36 wells set to come back onstream. This will include 21 workover campaigns and a further evaluation effort for the best application of gas lift or ESP methods, the company said.This ambitious redevelopment plan of Cherne and Bagre has an anticipated 2025-2027 CAPEX of circa $250 million and will achieve a mid-term production from zero to 15,000 barrels of oil per day from the two concessions which were hibernated in 2020 ahead of their originally proposed decommissioning. “The work to safely resume production from the dormant Cherne and Bagre Concessions has now begun. This two-year program will lead to direct and indirect jobs being created, as well as the economic contribution from royalties and taxes.“We are very pleased to be able to invest and build upon our footprint in Brazil, where production from the new fields combined with Pargo will be 35,000 barrels of oil per day,” said Damien Szyszka, General Manager Perenco Brazil.Petrobras Completes Divestment of Cherne and Bagre Fields to Perenco
Soy farmers destroy Amazon despite a deforestation agreement with global traders

Brazilian soy farmers have been pushing deeper into the Amazon rainforest in order to plant more crops. This puts pressure on an historic deal signed 20 years ago that was meant to slow down deforestation.
A loophole exists in the Amazon Soy Moratorium. This voluntary agreement was signed in 2006 by the top grain traders of the world that they would no longer buy soy produced on deforested land after 2008.
Moratorium
The law protects the old-growth forest that has not been previously cleared. However, it excludes other types of vegetation or forests that have grown back on land that was cleared in the past, also known as secondary forests.
Farmers can plant soy on this land without violating the Moratorium's terms. They could even sell it as deforestation free.
The latest official annual report, which covers crop year 2022-2023 showed that the soy planted in virgin forests has nearly tripled from 2018 to 2023. This amounts to 250,000 hectares or 3.4% of the total soy grown in the Amazon.
The study is only limited to those municipalities which grow more than 5,000 hectares soy.
Xiaopeng Song is a professor in the Department of Geographical Sciences at the University of Maryland. He has been tracking the expansion of soybeans over the last two decades and found that the forest loss was more than four-times as high.
Satellite data that he exclusively analyzed for shows that 16% or 1.04 million hectares of Brazilian Amazon land is under production for soybeans. This includes areas where trees were cleared since 2008, which was the date set in the Moratorium.
Song said, "I'd like to see secondary forests and recovered forests included in the Moratorium." It creates loopholes, if we limit it only to primary forests.
Abiove overseeing the Moratorium on deforestation said in a press release that the agreement is intended to curb the destruction of old growth forests, while other methods have broader criteria which could lead to inflated interpretations.
Abiove refused to provide granular information, so it was impossible to compare the two.
The data in the Moratorium Report comes from Brazil's National Institute of Space Research. Its assessments are internationally recognized and independently monitored.
Abiove confirmed that it knew some soy had been planted in areas that were replanted after forests were cut.
The difference in how a forest is defined has huge implications on conservation. Climate change-driven deforestation, heat and drought are bringing the rainforest to a tippingpoint beyond which its irreversible transformation begins. Scientists are calling for an end to deforestation and increased efforts in reforestation.
Viola Heinrich is a postdoctoral researcher with the GFZ Helmholtz Centre for Geosciences who has studied extensively secondary forests in Amazon. She said that these are "crucial" to limiting global climate change, even if they were initially less biodiverse.
We cannot achieve our goals
Paris Agreement
"We cannot increase the carbon sink without increasing ecosystems' regeneration." She said.
Carbon storage and absorption
Secondary forests store less carbon than old-growth trees, but they absorb it faster.
'STOLEN AGAIN'
Farmers were clearing land on a hot afternoon in late 2012, near Santarem. Santarem is a port town by the Amazon River. The stacked felled trees, which were ready to be burned, were neatly arranged in rows. Satellite images revealed that some of the trees were over 30 years old and part of an abandoned secondary forest, which was once cleared to make room for cattle.
Gilson Rego of the Pastoral Land Commission (a church-affiliated organization that works with locals who are affected by deforestation) pointed out areas in which soy was planted.
Rego has seen the area dedicated to crops grow in the last five year.
More than a dozen farmers, both subsistence and soy producers, who were interviewed said that the Cargill terminal nearby was the most attractive because it reduced logistics costs. Cargill has not responded to requests for comments.
Brazil is set to surpass the United States as the largest soy exporter in the world by 2020.
Around two thirds is shipped to China. Cofco, the largest buyer in China, has committed to the Moratorium. It is almost exclusively used to fatten livestock for meat production.
Song estimates that if the Moratorium had not been implemented and conservation efforts were not undertaken, an additional 6,000,000 hectares would have been lost in the Brazilian rainforest to soy, based on the rate of expansion. He said that Bolivia was a hotspot for deforestation.
Brazilian farmers have been against the Moratorium for years. They complain that even small amounts of deforestation will cause traders to refuse purchases from whole farms. Abiove has considered changing this policy.
At the moment, thousands of properties covering 10% of the footprint of soy in this region are blocked.
Adelino Avelino noimann, vice president of Para state's soy farmers' association, located in Santarem, said that the soy boom created opportunities for a country in poverty.
Noimann said, "It is unfair that other countries could deforest or grow while we are now held back by laws not even ours."
LEGAL ATTACKS Farming organizations allied with right-wing political parties, which were once a fringe group, launched lawsuits against the Moratorium and legislation in Brasilia and half a dozen agricultural states to weaken the provisions. A justice of Brazil's Supreme Court announced at the end of April that it would allow Mato Grosso to remove tax incentives for signatories of Moratorium.
The full court must still confirm the ruling.
Andre Nassar has hinted at the possibility of a weakening of the rules in order to appease the farmers.
Nassar, in April, told Senators that the solution was not to end the Moratorium. "Something must be done." ADM, Bunge Cargill Cofco, Louis Dreyfus Company, and other global traders signed the agreement in 2006. Abiove, the grain traders that it represents, have refused to discuss details publicly. However, Greenpeace which has been involved in some discussions and is part of Abiove's group, stated last year that traders were pushing to weaken this agreement behind closed doors.
Even with its flaws, environmentalists such as Andre Guimaraes - an executive director of IPAM, a nonprofit organization that monitors the accord - said it was still important.
He said, "We continue to see the expansion in soy in Amazon." But it could have been worse." Environmentalists say that loopholes should be closed to strengthen the law.
Para is a place where farmers have been moving from all over the country. This includes the heartland of soy, Mato Grosso.
Edno Cortezia is the president of a local farmers' union. He said that the farmers can harvest soy, wheat, and corn on the same plot.
In the municipality of Belterra, near Santarem only a cemetery and a school were spared from soy expansion.
Raimundo Edilberto Sousa Freitas (the principal) showed court documents and supporting evidence in two cases where 80 children and teachers displayed symptoms of pesticide poisoning last year.
The records show that a farmer was fined later, but the crop continues claiming more area each year.
The last remnants of the once lush biome are a few large trees, protected by law, that remain in the soy fields. (Reporting and editing by Manuela Andréoni, Brad Haynes, and Claudia Parsons; Additional reporting by Ana Mano, Sao Paulo)
(source: Reuters)