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COP30 President cites limitations of global climate summits
The model of gathering world leaders under complex rules to negotiate agreements is beginning to show its limitations, according to the president of the next summit, Brazilian diplomat Andre Correa do Lago. In a letter published on Monday, he outlined his vision for the COP30 Summit in the Amazonian city of Belem. He said climate negotiators should be critical of themselves and deal with the "outside perception" that talks have lasted for more than three decades without much progress. He wrote: "We must move beyond negotiations and help put what we have agreed into practice." Correa do lago, at a press event, said that the UNFCCC summits, which are held to monitor compliance with the Paris Agreement of 2015, are currently the best venue for climate talks, but they have limitations. He claimed that despite the recommendations made, the organization has no control over the organizations responsible for implementing them. Climate change has been further hindered by global setbacks. U.S. president Donald Trump withdrew from the Paris Agreement, and he blocked funds for Ukraine to help it in its war against Russia. This forced Europe to increase defense spending using resources that could have otherwise been used to invest in climate solutions. Correa do Lago, Brazil's Minister of Environment, said that the country will encourage other countries to take advantage of the G20 or the International Monetary Fund to press for action against global warming. He said that Brazil also wants to give other actors more voice, including civil society groups, Indigenous communities and indigenous communities. Correa do Lago said to reporters that he will call two international meetings before COP30 with global leaders to discuss countries' commitments to reduce emissions of greenhouse gasses. Only 13 countries submitted their pledges by the February deadline. Reporting by Manuela Andréoni and Lisandra paraguassu, Editing by Brad Haynes & Howard Goller
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Moldova signs 30 million euro deal with France for energy efficiency
After meeting her French counterpart Emmanuel Macron, Moldovan President Maia Sandu announced that the French Development Agency and Moldova signed a deal worth 30 million euros ($32.5million) on Monday. The agreement aims to improve energy efficiency in the post-Soviet country. Sandu said at a joint press conference that the agreement with Agence Francaise de Developpement would help "reduce energy wastage, lower costs and increase our energy independence". The pro-European Moldovan government accused Russia of creating a fake energy crisis in order to destabilize the country before parliamentary elections. This came after Russian gas producer Gazprom halted exports of its product to Transdniestria, a separatist region. Russia blames the crisis on Moldova Macron said that on Monday, Russia is increasingly destabilizing Moldova. The country shares a border and aims to join the European Union in 2030. He said that "Russian destabilization efforts are becoming more unrestrained, and they target your country's democratic institution in particular." Sandu urged European allies, too, to continue their strong support for Ukraine. She said that Russia wanted to take control of her country and used it against Kyiv. "Moscow’s strategy is to exploit Moldova’s vulnerabilities, subverting our democracy and turning our territory into a launching pad for further aggressive actions," she added.
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Climate activists protest top global energy meeting
On Monday, protesters gathered outside the largest annual gathering of energy executives in the world. U.S. Energy Sec. Chris Wright had said that climate changes were a side-effect of the building of the modern world. CERAWeek is being held as President Donald Trump's new administration reverses policies that were intended to accelerate the transition to a low-carbon economy and address climate change. Trump has urged oil producers to increase production and drill more. He also told his administration that it should reduce the red tape which slows down energy project development. A dozen protesters held signs saying "stop funding climate change" and "no trust in fossil fuels" outside the venue of the conference in Houston. Dominic Chacon said that protesters demanded an end to the growth of oil, gas and petrochemicals, as well as plastics, production. He was an organizer for the Texas Campaign for the Environment. Jessica Grim, a protester from Ohio, said: "We need clean water, cleaner air, and less toxic conditions on Earth for all living creatures." Grim: "I'm calling on the energy industry to wake up." The crowd was much larger than in previous years when there were only small protests. "As Indigenous People, the Land is Really Important to Us... We Need People to Hear Us," said Syd Gonzales, who was wearing a traditional outfit which represented her Indigenous Heritage. Chacon stated that tickets for the conference could cost up to $10,500, and protesters have stayed outside of it rather than participate. Chacon said that last year, protest organizers raised the price of tickets to purchase, but they were reimbursed. We should at least have a place at the table. We are here to do that. (Reporting and editing by Simon Webb, Nia Williams and Arathy S. Somasekhar from Houston)
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US military cancels climate studies, which Pentagon chief calls "crap"
The U.S. Military is canceling over 90 studies. This includes some that U.S. Secretary of Defense Pete Hegseth dismissed, calling climate change "crap." Over the last decade, military and intelligence officials identified climate change as a potential threat to security. This includes natural disasters that occur in densely-populated coastal areas or damage to American bases around the world. Hegseth wrote on X Sunday: "(Department of Defense does not do climate-change crap)." Hegseth was appointed to the new Trump administration by President Donald Trump on January 25, 2017. A Pentagon official account posted a screenshot from a news story that quoted Hegseth as using the phrase and added "Fact Check true." In a separate announcement, the Pentagon announced that it will scrap 91 social sciences-related studies. These include topics such as global migration patterns, climate change impacts and social trends. The Pentagon expects to save $30 million a year by doing this. The list of canceled studies included "Social Institutional Determinants for Vulnerability to Climate Hazards" in the African Sahel and "Food Fights : War Narratives, Identity Reproduction and Evolving Conflicts." In 2018, a Pentagon study found that climate change-related weather was threatening nearly half of the U.S. military bases. The Pentagon, under the leadership of President Joe Biden in the previous administration had stated that it would include climate change risks in war simulations and military exercises. Trump has taken a very different stance. His administration resigned from the U.N. climate damage fund last week. The fund was created to help poor and vulnerable nations cope with disasters caused by climate change. Trump's administration has taken a number of steps to withdraw from multilateral initiatives. Reporting by Idrees Al and Phil Stewart, Editing by Howard Goller
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US closer to forfeiting seized yacht as judge denies ex-Rosneft chief's claim
The U.S. Department of Justice won a victory on Monday when a U.S. Judge ruled that the former head of Rosneft, the Russian state-owned oil and gas company, could not claim ownership of a $300 million yacht that U.S. officials seized in 2022. The decision of U.S. district judge Dale Ho boosts federal prosecutors' bid in Manhattan to forfeit the 348-foot Amadea (106-meter), which could be auctioned. Congress passed a law last year authorizing the transfer to Ukraine of Russian assets seized to strengthen its military defenses. Eduard Khudainatov who was Rosneft's CEO from 2010 to 2013 tried to stop a forfeiture in 2023 by claiming ownership. Prosecutors called Khudainatov "a straw owner" of sanctioned Russian billionaire Suleiman Kerimov and claimed that Kerimov’s niece paid an entity controlled by Khudainatov $243,7 million in 2021. In an 80-page ruling, Ho stated that the majority of evidence indicated that, although Khudainatov held "bare title" for the yacht beyond September 2021 but Kerimov became the real owner. Ho wrote: "There is sufficient evidence to conclude that claimants Khudainatov are mere straw-owners of the Amadea." "Claimants did not establish under any standard, that they had a stake in Amadea beyond a bare title." Adam Ford, the lawyer for Khudainatov, said that his client intends to appeal. Ford stated in a press release that the court "improperly relied" on unreliable and speculative assertions by the government, while not giving due weight to our extensive evidence. A Justice Department spokesperson didn't immediately respond to an inquiry for comment. TASK FORCE DISBANDED Washington's diplomatic approach to Moscow has changed significantly since 2022, when U.S. officials seized the Amadea. As the former Democratic President Joe Biden's Administration increased sanctions against those close to Russian President Vladimir Putin to pressure Moscow to stop its war in Ukraine, the Amadea seizure occurred. After Republican President Donald Trump's January inauguration, Attorney General Pam Bondi abolished Task Force KleptoCapture. This group was responsible for a number of high-profile actions against Russian oligarchs, including the Amadea seize. On February 28, Trump accused Ukrainian President Volodymyr Zelenskiy of not being grateful for U.S. assistance. Trump halted all military aid to Kyiv on March 3. Zelenskiy enjoyed warm relationships with Biden and said that he could save his relationship with Trump. Who owns the AMADEA? Forbes magazine estimates that Kerimov's family and himself are worth $10.9 billion. He amassed his fortune by working for Russian gold miner Polyus. The U.S. Treasury Department sanctioned him in 2014 and in 2018 for his Russian activities in Syria, Ukraine and other countries. The prosecution said that he had violated these sanctions by paying more than $1,000,000 in maintenance on the yacht. Khudainatov does not fall under U.S. sanctions. Ford said that prosecutors did not have witnesses to prove Kerimov's ownership of the Amadea. Ford told a court on January 21, "There is nothing that connects Suleiman Kerimov with the vessel." Rachel Doud, the prosecutor, said at the hearing that Kerimov’s family would have sole use of Amadea after 2021, planning to renovate it and take Mediterranean and Caribbean vacations. Prosecutors have stated that the Amadea docked at San Diego is maintained by the U.S. Government for around $600,000.
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Bond yields and stock prices fall as Trump's fears about a recession fuel the fear of stocks falling
Investors' concerns about a possible economic slowdown were intensified after President Donald Trump refused to rule out the possibility of a recession due to his tariffs. The MSCI global stock index dropped more than 2%, its largest one-day decline since August. Nasdaq was the worst performing Wall Street stock, finishing down 4%. This is its steepest percentage drop since September 2022. Investors began seeking safety even before Trump's Fox News interview on Sunday, when he talked about a period of transition while refusing to predict if his tariffs against China, Canada and Mexico will result in an American recession. The comments were cited by market strategists as the main reason why investors were cautious on Monday. Ross Mayfield is an investment strategist with Baird, based in Louisville, Kentucky. He said that the Trump administration appears to be more accepting of a market decline and even a possible recession as long as it helps them achieve their larger goals. "I believe that's an important wake-up for Wall Street. It was felt that President Trump measured his success by the stock market's performance. It was almost like a Trump put. "I think that we are seeing that this is not the case. The market has started to reflect that fact." The S&P500 fell 155.64, or 2.80%, to 5,614.56, its lowest level since September, and its largest daily percentage drop since December. The Nasdaq Composite dropped 727.90, or 4.00% to 17,468.32. This was its lowest closing since also September. The Dow Jones Industrial Average dropped 890.01 or 2.08% to 41,911.71, its lowest closing since November 4, the morning before Trump was elected president. MSCI's global stock index fell by 19.37 points or 2.27% to 832.73, after reaching its lowest point since January 13. The STOXX 600 pan-European index ended earlier with a loss of 1.29%. After the Trump interview, investor confidence was shattered and yields on fixed income fell. Will Compernolle is a macro-strategist at FHN. He said: "If the White House occupant himself is not optimistic about the short-term expectations for growth, then why should the markets be optimistic?" The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (FedRate), fell by 10.4 basis points, to 3.898% from 4.002%, late on Friday. This would be their biggest daily decline since September. The yield of the benchmark U.S. 10 year notes dropped 9.3 basis point to 4.225%, while that of the 30-year bonds fell 6.9 basis point to 4.548%. Investors looked for security in currencies. The dollar fell 0.5% against the Japanese yen to 147.29. The euro fell 0.06% to $1.0826, while Sterling fell 0.45% to $1.2862. Oil prices fell as investors were jittery due to the uncertainty surrounding tariffs and rising production from OPEC+, but potential sanctions against Iranian oil exports helped limit losses. U.S. crude oil settled at $66.03 per barrel down by $1.01 or 1.51%, while Brent settled at $69.28 per barrel down $1.08 (1.53%) or 1.58 cents. The gold price fell, as profit-taking offset support from safe haven demand fuelled by geopolitical uncertainties. Attention is also focused on U.S. inflation figures later this week. Spot gold dropped 0.86% to 2,885.63 per ounce. U.S. Gold Futures dropped 0.76% to an ounce of $2,882.70. Copper fell 1.25% to $9493.00 per tonne. Bitcoin fell by 4.88%, to $79 028.58, after reaching its lowest level since last November. (Reporting and editing by Lisa Shumaker, Stephen Coates, Karen Brettell and Lisa Pauline Mattackal; Reporting by Sinead carew, Karen Brettell and Lisa Pauline Mattackal)
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CERAWEEK - Energy minister: Kazakhstan in talks with oil companies to reduce output.
Almasadam Satkaliyev, Kazakhstan's energy minister, said that the country is in talks with oil companies to reduce production to bring the nation's supply in line with the targets set by the Organization of the Petroleum Exporting Countries (OPEC+). Satkaliyev stated that "we are in phases of discussion with the majors. We are having an open dialog" on the sidelines the CERAWeek Conference in Houston. OPEC+ Member Kazakhstan increased its crude and condensate gas output in February, reaching a new record of 2,12 million barrels per daily (bpd). Officials from Kazakhstan, who have often exceeded OPEC+ production quotas in the past, spoke at an online briefing on last week and pledged to reduce output in March April and May in order to compensate for pumping over targets in previous month. Alexander Novak, the Russian Deputy Premier, suggested last week that OPEC+ might reverse its output increase in April if market imbalances exist. Satkaliyev stated that "there is no final decision on this issue and it depends upon the current market situation." Calculations show that the OPEC+ April increase will result in a 138,000 bpd increase in output. Satkaliyev stated that "all the figures are dependent on how much we cut for Kazakhstan". (Reporting and editing by David Gregorio in Houston, with Georgina McCartney from Houston)
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Bond yields and stock prices fall as Trump's fears about growth fuel the fear of stocks
Investors worried about a slowdown in the economy after U.S. president Donald Trump said that his tariffs could cause a recession. Wall Street indexes continued to decline as the session progressed. Investors began to seek safety even before Trump's Fox News interview on Sunday, when he talked about a period of transition while refusing to predict if his tariffs against China, Canada, and Mexico would lead to a U.S. economic recession. The comments were cited by market strategists as the main reason why investors were cautious on Monday. Ross Mayfield is an investment strategist with Baird, based in Louisville, Kentucky. He said that the Trump administration appears to be more accepting of the fact that it's OK with the markets falling and even a possible recession, in order for them to achieve their larger goals. "I believe that's an important wake-up for Wall Street. It was felt that President Trump measured his success by the stock market's performance. It was almost like a "Trump Put". "I think that we are seeing that this is not the case. The market has started to reflect that fact." At 2:55 p.m. on Wall Street, the S&P 500 dropped 185.25, or 3.22% to 5,584.33 while the Nasdaq Composite lost 833.24, or 4.58% to 17,362.99. Both are set to record their largest one-day percentage loss since September 2022. The Dow Jones Industrial Average dropped 1,052.26 or 2.46% to 41,748.50 MSCI's global stock index fell 22.68, or 2.66% to 829.42. This is the biggest drop in a single day since August 2024. The pan-European STOXX 600 closed earlier down by 1.29%. After the Trump interview, investor confidence was shattered and yields dropped on U.S. Government bonds. Will Compernolle is a macro-strategist at FHN. He said: "If the White House occupant himself is not optimistic about the short-term expectations for growth, then why should the markets be optimistic?" The yield on the benchmark 10-year U.S. notes dropped 9.7 basis points, to 4.221% from 4.318%, late Friday. The 30-year bond rate fell 7.4 basis point to 4.5432%, while the 2-year yield, which is typically in line with the Federal Reserve's interest rate expectations, dropped 10 basis points, to 3.902%. Investors looked for security in currencies. The dollar fell 0.5% against the Japanese yen to 147.29. The euro fell 0.05% to $1.0827, while Sterling dropped 0.41% at $1.2868. Oil prices fell as investors were jittery due to the uncertainty surrounding tariffs and the rising production from OPEC+, but potential sanctions against Iranian oil exports helped limit losses. U.S. crude oil settled down 1.5% or $1.01 to $66.03 per barrel. Brent settled at $69.28 a barrel, down $1.08 (1.53%) or $1.08. The gold price fell, as profit-taking offset support from safe haven demand fuelled by geopolitical uncertainties. Attention is also focused on U.S. inflation figures later this week. Spot gold dropped by 0.89%, to $2.884.97 per ounce. U.S. Gold Futures dropped 0.84% to an ounce of $2,880.20. Copper fell 1.14% to $9504.00 per tonne. Bitcoin fell by 6.44% in cryptocurrencies to $77.734.00. Ethereum fell 9.68% to 1,849.88. (Reporting and editing by Andrew Heavens, Lisa Shumaker, Nell Mackenzie, Karen Brettell and Kevin Buckland.
CERAWEEK-Freeport-McMoRan hopes Trump declares copper a critical mineral
Freeport-McMoRan CEO Kathleen Quirk expressed her hope that U.S. president Donald Trump will declare copper to be a critical metal. This would allow tax credits for the American production of red metal, and help offset its global competitors, she said.
Trump said to the U.S. Congress that he would take "historic action" to expand production of vital minerals, but he has not yet provided details. Copper is widely used in the global economy for power generation, electronic devices and construction.
The U.S. Geological Survey identifies lithium, nickel and other minerals as essential. Quirk said that adding copper to Freeport's portfolio would generate tax credits of more than $500,000,000 annually tied to the U.S. Inflation Reduction Act.
Quirk said that "clarity and incentives" would be an advantage for the copper industry in the United States.
Freeport, a Phoenix-based company, has appointed a new CEO
Last year.
People are becoming more aware of the importance and uses of copper in our economy. It's only a matter time before copper is classified as a "critical mineral".
The former administration of Joe Biden extended the tax credit
Critical minerals
Last October. Copper producers can't access it unless they label their product as critical.
Freeport is the largest copper producer in the United States, producing more than 200 million pounds of copper annually. Freeport operates one of only two U.S. Copper Smelters, and produces over 200 million pounds of metal each year using
Leaching
Freeport U.S. mines have a lower average grade or percentage of rock deposits containing copper than other Freeport U.S. mines. This increases costs, making this region the least profitable for Freeport.
Quirk said that "we're not seeking handouts but it's important that the government recognizes that the U.S. does not have the same grades as we do internationally."
Last month, Trump began a review of potential new tariffs for copper imports in order to rebuild U.S. manufacturing.
Quirk, Freeport's CEO, said that the U.S. Copper Tariffs could increase the company's profit by $400 million per year, but the company is concerned about the impact of the tariffs on the global economic system.
We're not advocating in any way. Quirk explained that they wanted to ensure that people were educated so that they could make informed decisions.
GLOBAL OPERATIONS
Quirk, Freeport's Indonesian representative, said that the company is working to finalize an agreement with Jakarta, which would allow the mine in Indonesia to continue operating.
copper concentrate exports
Trump has also expressed interest in mineral projects in Greenland, Ukraine and elsewhere. Quirk stated that Freeport will "always consider" potential international investment, but Greenland and Ukraine "are not on our short-term priorities list."
The U.S. State Department stated on Sunday that it is open to exploring the possibility of exploring.
Partnerships for critical minerals with the Democratic Republic of Congo
(DRC), a country rich in minerals such as cobalt and lithium. Freeport sold their DRC operations to Quirk in 2016. However, they are looking for a return.
Quirk said that Freeport was interested in returning to the DRC for the right opportunity. Quirk refused to comment on the question of whether Freeport was in talks with the DRC Government. (Reporting and editing by Chris Reese, David Gregorio, and Ernest Scheyder)
(source: Reuters)