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Scientists use a climate "time machine" in Amazon to prepare for the COP30
Scientists in Brazil's Amazon have created a "time-machine" that pumps carbon dioxide into the canopy of the rainforest to simulate future atmospheric conditions to gauge the biome's adaptation. This is an open question which will be discussed next month at the COP30 United Nations Climate Summit hosted by Brazil. The AmazonFACE project, near Manaus, Amazon's largest city, features six steel tower rings that loom over the jungle canopy. Each ring is surrounded by groups of 50-70 mature trees. After baseline testing, the scientists will fumigate three of the rings using carbon dioxide in levels that simulate climate forecasts over the next decade, with the remaining samples serving as control samples. "We are trying to create an atmosphere of the future," Carlos Quesada said, a coordinator for INPA (National Institute for Amazon Research), which is leading this experiment along with Universidade Estadual de Campinas. Scientists say that the preservation of tropical rainforests such as the Amazon is crucial to reducing the worst impacts of climate change. Scientists say that the preservation of tropical rainforests like the Amazon is vital to curbing the worst effects of climate change. FACE (Free-Air CO2 Enrichment) will allow Quesada to study the effects of elevated levels of carbon dioxide on rainforest giants and the surrounding plant life. The Brazilian federal government and United Kingdom are supporting the project. AmazonFACE is a new frontier for forestry engineer Gustavo Carvalho. FACE has been tested around the globe, including in the United States where the Department of Energy conducted temperate biomes tests. Carvalho, under the shade provided by the Amazon canopy, said: "This is a first-ever experiment of a tropical natural forest this size." Carvalho explained that baseline testing is underway. Sensors record every 10 minutes the forest's reaction to changing conditions. They show how the trees absorb carbon dioxide and release oxygen and water vapour in response to rainstorms, sunshine and storms. In the future, artificial microclimates will be created with higher levels of carbon dioxide. Carvalho explained that if a model predicts (a certain amount of carbon dioxide in the air) in 2050-2060, we will increase the amount to this amount to see how the forest reacts. "We will have a small area in the forest where we can enter to know what the future holds."
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Sugar prices hit five-year lows as surplus forecasts swirl
Investors reacted to news of an U.S.-China truce in trade, and worries about a growing surplus pushed oil prices lower. The falling energy prices can cause Brazilian cane mills, which produce cane-based ethanol and sugar, to produce less of it. Michael McDougall, an independent sugar analyst, noted that the weather forecasts for key sugar-producing areas are still benign and boosting crop prospects. Meanwhile, oil prices continue to be under pressure due to a lack details in the U.S. China trade agreement. The sugar price in Brazil is still two to three cents lower than the parity for ethanol, so the message to Brazil's cane mills should be to produce more ethanol and less sugar. McDougall stated that "the trend is lower, and some are talking about 10-13cents. But when too many people look further down, it is a preliminarily signal that we will not see that." Raw sugar futures, traded on the ICE, which is used to price physical sugar in the world, dropped 0.6% at 1600 GMT to 14.34 cents a pound, after hitting their lowest level since October 2020, 14.07. After touching their lowest level since December 2020, white sugar futures fell 0.9% to $414.10 per kilogram. Data from the first half October confirmed that sugar production in Brazil, the world's largest producer, grew faster than expected. Rising 1.25% Expected versus Actual Increase of 0.6% Brazil-based consultant Datagro Last week, it was predicted that the global sugar market will turn into a surplus in 2025/26 of 1,98 million tons from a deficit of 5 million tons. To limit sugar losses, the state of Uttar Pradesh in India has increased the price mills have to pay for their new crop. This should make sugar exports more difficult. Other soft commodities also traded saw arabica coffee drop 0.4% per lb to $3.8925, and robusta coffee fall 0.2% to $4.617 per ton. London cocoa dropped 0.4% per ton to 4,346 lbs, while New York cocoa declined 0.9%, to $5,991 per ton.
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Exclusive -State Street removes US Fund arm from climate group
State Street, fourth largest asset manager in the world, announced that it will withdraw the majority of its operations from the main global climate alliance of the sector despite its efforts to retain its members by easing its rules. State Street's spokesperson did not give a reason for its decision to withdraw its U.S. division from the Net Zero Asset Managers program, but said that the European units would continue to be part of the State Street group. State Street's spokesperson stated that they were "determined to redefine our membership to NZAM in order to support our clients who have net-zero investment goals and objectives". State Street Investment Management's decision, which involves $5.4 trillion of assets, coincides with other major U.S. funds evaluating their membership in the light of rule changes. This is in response to political pressure from the United States and in advance of climate talks in Brazil. NZAM will republish a list with the continued signatories by the end of January. A spokesperson for the group said that they were pleased to see the UK and European arms of State Street remain committed signatories. NZAM HAS CHANGED THE STATEMENT OF ITS MEMBERSHIP CONDITIONS NZAM was launched five years ago with the aim of addressing financial risks associated with climate change, and providing a platform for collective actions. However, critics have accused it of possible antitrust violations. Vanguard, followed by BlackRock as the industry leader, left the group. This prompted NZAM's review of their activities which culminated on Wednesday with confirmation that membership rules will be relaxed. JPMorgan’s fund division also left the group back in March. NZAM no longer requires members to achieve net-zero emissions portfolio by the mid-century nor to set interim goals. Members will be asked to do simpler things, like provide clients with climate risk information. State Street refused to discuss the new rules or specify what percentage of assets would be covered by NZAM membership. Other firms that assess membership State Street stated that its EU and UK subsidiaries remain "subjected to our fiduciary duty to our clients", and added that its business "remains at all times independent in investment decisions". This could be a counter to claims made in Texas where the Republican Attorney General of Texas has sued State Street BlackRock Vanguard and Vanguard for their climate records. He cited, among other things, their NZAM membership as evidence of inappropriate collective behaviour. A judge in August allowed the majority of claims to proceed. Maria Elena Drew, Global Head of Sustainability at T. Rowe Price and other U.S. NZAM Signatories said that it would evaluate whether to continue as a signatory after a three-month period evaluation given by NZAM. She said: "Whether or not we do, we are committed to making investment decisions and stewardship with a full understanding of all risks and opportunities including those related to climate and environment." Wellington Management sent an email to say that they were currently reviewing the NZAM commitment. We maintain that we believe material ESG factors, such as climate considerations, could affect the long-term values of assets in which we invest. Therefore, it's in our clients best financial interest for us to analyse them. (Editing by Kirsten Doovan and Jan Harvey).
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UN and Sudanese officials fear hundreds of deaths after raiding the last hospital in al-Fashir, Darfur.
World Health Organization (WHO) and a Sudanese government official reported that the last working hospital in al-Fashir, a city in Sudan, was raided this week and it is believed that hundreds of people were killed after a paramilitary group overran the area. The death toll could not be verified immediately, since communications within the city were cut off. Doctors from the hospital had also been disconnected ever since the paramilitary Rapid Support Forces took over the Sudanese Army's last stronghold inside the city on Sunday. The exact date of the raid was not known. Both the Sudanese official and doctors, as well as activists, blamed the RSF. RSF dismissed these reports as false information, claiming in a press release that all of al-Fashir’s hospitals were abandoned. According to the International Organisation for Migration (IOM), more than 36,000 people fled al-Fashir on Sunday. However, little is known of the fate of over 200,000 other people who were believed to have remained in the city during the 18-month RSF siege and assault. Rights groups have feared for years that a RSF takeover in famine-stricken al-Fashir would trigger mass revenge killings. Escapees have also reported summary murders. Documented by rights groups and U.S. officials, the RSF and its allied militias have been accused of ethnic cleansing in Darfur. Al-Fashir is the last significant army holdout in western Darfur. The army has been fighting the militias in a conflict that began in April 2023. ABDUCTIONS, HOSPITALS UNDER ATTACK Darfur State Governor Minni Minawi - a former Darfur Rebel leader who is now aligned to the army against RSF - said on X, Wednesday, that 460 people had been killed in the attack at al-Fashir’s Saudi Hospital. Minawi refused to provide any details, and could not be contacted for comment. According to two Sudanese doctor's groups citing local sources, as well as an al-Fashir activist group, they believe that hundreds of people were killed in the makeshift wards surrounding the hospital, along with those who were inside. Could not verify their claims. In a statement released on Wednesday, the WHO confirmed that four doctors and a pharmacist had been abducted from a Saudi hospital. The death toll could not be confirmed by a humanitarian source, but the kidnappings were confirmed. A WHO spokesperson said that the attack had been verified based on eyewitness accounts, government reports and photos. The video circulated by Minawi on social media claiming to show an attack at a hospital, but it was actually geolocated to another location: the Al-Fashir University which two former residents claimed had been used for shelter. The Yale Humanitarian Research Lab published satellite images of the hospital from October 28, which showed clusters and red stains around the hospital. Residents, doctors and humanitarians in al-Fashir claim that the RSF targeted hospitals within al-Fashir with drones and rockets during the siege. The Saudi hospital in al-Fashir was left with little or no supplies to treat malnutrition cases, traumas, and maternity patients after all the other hospitals had been abandoned by the attacks. (Reporting and editing by Aidan Lewis, Nafisa E. Eltahir Emma Farge Catherine Cartier Milan Pavicic Khalid Abdelaziz)
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Investors assess U.S. China trade deal as Fed lowers rates and gold gains
Gold prices increased by nearly 2% Thursday. This was due to a Federal Reserve rate cut and lingering uncertainties over the outcome of the trade agreement between China & the U.S. As of 11:26 am, spot gold was up by 1.7% to $3,995.59 an ounce. ET (1525 GMT), after rising nearly 2% in the earlier session. U.S. Gold Futures GCcv1 delivered in December rose by 0.2% to $4,009.20 an ounce. U.S. president Donald Trump announced on Thursday that he would lower tariffs against China from 57% to 47% in exchange for Beijing returning U.S. purchases of soybeans and rare earths and cracking down the illicit fentanyl traffic. The markets have backed off any optimism about the end of the trade wars as details of the U.S. China deal were revealed. Fears that the truce could be temporary led to a fall in equity markets. The U.S. Federal Reserve cut interest rates in line with expectations on Wednesday. However, it indicated that this may be the last reduction of the year, as the government shutdown is threatening the availability key economic data. In a low interest rate environment, safe-haven assets like gold become more appealing as they are non-yielding. Gold tends to do well during times of geopolitical or economic uncertainty. Wells Fargo Investment Institute has raised its gold target for 2026 to $4,500-$4,700/oz from $3,900-4,100/oz previously, citing uncertainty in geopolitical policy and trade. Analysts said that they expect the question marks to continue to drive private and public demand, and higher prices. Other than that, silver spot rose 2.6%, to $48,80 an ounce. Platinum gained 0.7%, to $1596.75, and palladium increased 2.8%, to $1439.52. (Reporting from Noel John in Bengaluru and Pablo Sinha; editing by Shalesh Kuber).
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India's NTPC reports a quarterly profit increase on lower expenses
NTPC, India's largest power producer, reported a higher adjusted profit for its second quarter on Thursday. This was due to lower expenses as a result of a decrease in fuel prices. The company's profit for the three-month period ended September 30 increased 19.4% compared to a year ago, reaching 56.24 billion rupies ($639.9m). Fuel cost is the total amount of expenses incurred by NTPC in acquiring and consuming the fuels needed for electricity production. This accounts for nearly 60%. Fuel costs fell nearly 5%, resulting in a 1.6% drop in the total expenditures of the state-owned company. India's power generation recovered in the second half of the year after a subdued first quarter ending in June. According to Elara Capital analysts, a low base and an increase in economic activity helped spur demand. Due to grid restrictions however, NTPC’s thermal power segment’s plant load factor (which is a percentage energy used by the power plants corresponding to their installed capacity) fell to 66.01%, from 72.28% during the period of July-September. Since Sept. 2024 the company has added 7450 Megawatts (MW), bringing its total installed power to 83893MW. India is planning to increase its coal-power capacity by 46 percent by 2035. It also plans to expand its renewable power capacity. NTPC's revenue from operations rose marginally by 0.2%, to 447.86 trillion rupees. ($1 = 87.8950 Indian rupees) (Reporting by Anuran Sadhu in Bengaluru; Editing by Harikrishnan Nair and Krishna Chandra Eluri)
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Saudi Arabia's budget deficit reaches $23 billion by Q3
Saudi Arabia's third-quarter budget deficit increased by 160%, as revenues dropped and spending rose. The finance ministry announced this on Thursday. Oil revenues dropped 0.1%, to 150.8 billion riyals. The unwinding of OPEC production cuts weighed on prices. Meanwhile, the Kingdom's Vision 2030 plan for diversification was implemented. In the first quarter of this year, revenues for the world's largest oil exporter fell by 13% compared to last year. 119.1 billion dollars came from industries other than oil. The public spending increased by 6% on an annual basis to 358.4 billion Riyals. The IMF's latest World Economic Outlook raised its forecast of Saudi Arabia’s GDP growth to 4% in 2025 from the 3% projected in April. The IMF revised the growth in 2026 to 4% due to an earlier than expected unwinding in Saudi Arabia's oil production cuts. The OPEC+ group increased crude oil production in October after the Organization of Petroleum Exporting Countries (OPEC), Russia, and other allies decided to accelerate the unwinding of some cuts earlier than originally planned. Saudi Arabia's deficit budget shrank by 41.1% to 34.534 billion Riyals in the second quarter. According to the Ministry, the public debt of the kingdom stood at 1,47 trillion riyals by the end the third quarter.
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Ghana orders the first major audits of mining companies in 10 years
Ghana, Africa’s top gold producer has launched the most aggressive audit of its mining industry in 10 years, targeting top miner to recover revenue lost and tighten up oversight, as a letter from government shows. West African governments are increasing their scrutiny on mining companies to ensure compliance with regulations, and protect revenue from the soaring prices of commodities. On October 20, the spot gold price reached a new record of $4,380 per troy ounce. The audit will include major gold producers including Newmont, AngloGold Ashanti Gold Fields, Perseus Asante Gold, China's Zijin, and China's AngloGold Ashanti. According to a government letter sent by the Minerals Commission to the Ghana Chamber of Mines on October 13, the audit will be conducted by independent consultants and forensic accountants. The Minerals Commission is the industry regulator and will be deploying teams to conduct a nationwide physical and financial audit between November 1, 2018 and June 20, 2026. These teams will examine production volumes, mineral flow, tax and royalties payments, and environmental compliance. By October 31, miners must submit all permits, stockpiles, shipping manifests, 10 years worth of production records, 3 years financial records and 10 years worth of production logs. The letter stated that company-specific reports must be submitted within 30 days after each site visit. The Minerals Commission refused to comment. The Mines Ministry did not respond immediately to a comment request. TRUE REVENUE RESOURSE POTENTIAL The world's second largest cocoa producer will generate 17.7 billion Ghanaian Cedis ($1.68billion) by 2024. This is due to a 25.1% increase in gold production, which helped stabilize the economy following its worst crisis for a generation. Ghana, which exports bauxite and diamonds, as well as manganese and diamonds, expects its gold production to increase to 5.1 millions ounces from 4.8. The letter from the commission details a phased auditory starting with Gold Fields Damang mine in November and Perseus, Canada-based Xtra-Gold Kibi unit by late June 2026. An executive from one of the companies, who asked not to be identified, said that individual companies received letters detailing the schedule. AngloGold Ashanti did not respond immediately to comments from Asante Gold. Gold Fields, Newmont. Perseus. Xtra-Gold. Zijin. Chamber of Mines did not respond immediately either. Ghana audited the mining sector last in 2015, with external investigators' help, but some companies disputed the findings. A source familiar with this process said. Said Boakye is an economist at the Accra based Institute for Fiscal Studies and a research fellow. He said that special audits should not be performed periodically but every year. It's the only method to develop a sound tax policy, and unlock the true revenue potential of the sector. The government has implemented sweeping reforms in order to increase returns. The country's mines ministry said that the country would shorten the licence terms and implement direct revenue sharing with host communities. This is the most ambitious overhaul of mining laws in almost 20 years.
Letter shows truckmakers asking EU to relax emissions targets
A letter obtained by revealed that European truck manufacturers, including Traton Scania, Volvo, and Daimler Truck, have asked the European Union to relax its CO2 emission rules for this sector.
Industry is being pressed to reduce its emissions that are warming the planet. Electric trucks are still a small part of the market because they cost more than diesel versions and buyers worry about charging infrastructure.
In a letter dated October 13, the companies demanded changes to the EU credit system, which rewards manufacturers who achieve emissions below the EU targets as well as a linear trajectory from target year to target year. They want to be credited for just beating headline targets.
Christian Levin of Scania and Traton said that the letter was a "cry for help".
"We don't argue that the targets are incorrect... but it will be very, difficult," said Levin. He is also chair of the European Automobile Manufacturers' Association's (ACEA's) board for commercial vehicles.
Daimler Truck's spokesperson said that the industry has invested heavily in electrification, but faces "draconian penalties" for not meeting targets. This is despite factors beyond their control such as battery manufacturing and charging infrastructure.
Levin said that the best solution would be to eliminate the stupid fines imposed on the industry and instead force everyone to work together through incentives or penalties.
According to EU law, truckmakers are required to reduce emissions of new trucks by 15 percent by 2025. This will rise to 90 percent by 2040 compared to the levels in 2019. The majority of truckmakers are on course to reach the 2025 target - mostly by improving their diesel lineup, rather than selling electric trucks.
Environmentalists warn that lowering the targets will slow Europe's move to electrification, and could open the door for Chinese producers. Transport & Environment, a campaign group, said that the proposed changes would reduce EU sales of zero emission trucks by 27% by 2030. The European Commission didn't immediately respond to our request for comment. In a letter addressed to EU leaders, Ursula von der Leyen, the President of the European Commission, promised to "concrete" measures that would help heavy-duty vehicle producers reach their goals. Brussels has already considered lowering its CO2 emission target for cars by 2035, in response to pressure from the industry and EU member states.
(source: Reuters)