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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
EXCLUSIVE-Putin growing concerned by Russia's economy, as Trump mulls more sanctions
President Vladimir Putin has grown progressively worried about distortions in Russia's. wartime economy, simply as Donald Trump pushes for an end to the. Ukraine conflict, five sources with knowledge of the circumstance. told Reuters.
Russia's economy, driven by exports of oil, gas and. minerals, grew robustly over the previous two years in spite of numerous. rounds of Western sanctions enforced after its invasion of. Ukraine in 2022.
However domestic activity has actually ended up being strained in recent months. by labour lacks and high interest rates introduced to tackle. inflation, which has accelerated under record military costs.
That has actually added to the view within a section of the. Russian elite that a worked out settlement to the war is. preferable, according to 2 of the sources familiar with. believing in the Kremlin.
Trump, who went back to office on Monday, has promised to. quickly fix the Ukraine conflict, Europe's biggest because. World War Two.
This week he has actually said more sanctions, in addition to tariffs, on. Russia are likely unless Putin negotiates, adding that Russia. was heading for big trouble in the economy. A senior Kremlin. aide said on Tuesday that Russia had up until now gotten no specific. proposals for talks.
Russia, naturally, is economically interested in. negotiating a diplomatic end to the dispute, Oleg Vyugin,. previous deputy chairman of the Reserve bank of Russia said in an. interview, pointing out the risk of growing economic distortions as. Russia turbo-charges military and defence costs.
Vyugin was not one of the 5 sources, who all spoke on. condition of anonymity due to the level of sensitivity of the scenario. in Russia. The degree of Putin's concerns about the economy,. described by the sources, and the influence of that on views. within the Kremlin about the war, are documented here for the. very first time.
Reuters has actually previously reported that Putin is prepared to. discuss ceasefire choices with Trump but that Russia's. territorial gains in Ukraine need to be accepted which Ukraine. must drop its quote to sign up with the U.S-led NATO military alliance.
Kremlin spokesperson Dmitry Peskov, when asked about the. Reuters reporting, acknowledged bothersome elements in the. economy, however stated it was developing at a high rate and was able. to satisfy all military requirements incrementally along with all. welfare and social requirements.
There are issues, but regrettably, issues are now. the buddies of almost all nations of the world, he said. The scenario is evaluated as stable, and there is a margin of. safety.
Trump is focused on ending this ruthless war, by. engaging a wide range of stakeholders, White Home National. Security Council representative Brian Hughes stated in action to. Reuters' questions. In current weeks, Trump's advisers have. walked back his boast that the three-year-old war could be. solved in a day.
Simply days before Trump's inauguration, outbound U.S. president Joe Biden's administration imposed the broadest. bundle of sanctions to so far target Russia's oil and gas. earnings, a relocation that Biden's nationwide security adviser, Jake. Sullivan, said would provide Trump utilize in any talks by. applying economic pressure on Russia.
Putin has said that Russia can battle on as long as it. takes and that Moscow will never bow before another power over. essential national interests.
Russia's $2.2 trillion economy had actually till just recently shown. exceptional endurance throughout the war, and Putin has actually applauded top. financial authorities and business for circumventing one of the most. strict Western sanctions ever troubled a major economy.
After contracting in 2022, Russia's GDP grew faster than the. European Union and the United States in 2023 and 2024. This. year, nevertheless, the central bank and the International Monetary. Fund forecast sub-1.5% growth, although the government tasks. a somewhat rosier outlook.
Inflation has actually edged toward double digits regardless of the main. bank hiking the benchmark rates of interest to 21% in October.
There are some issues here, particularly inflation, a specific. getting too hot of the economy, Putin said in an annual news. conference on Dec. 19. The government and the central bank are. already entrusted with bringing the pace down, he stated.
' WAR GOALS MET'
In 2015, Russia made its most considerable territorial. gains considering that the early days of the war and it now controls nearly. a fifth of Ukraine.
Putin thinks crucial war objectives have actually already been fulfilled,. consisting of control of land that links mainland Russia to. Crimea, and compromising Ukraine's military, stated among the. sources acquainted with thinking in the Kremlin.
The Russian president also recognizes the strain the war is. putting on the economy, the source said, citing actually big. problems such as the effect of the high interest rate on. non-military businesses and market. Russia has treked defence spending to a post-Soviet high of 6.3%. of GDP this year, accounting for a 3rd of budget expenditure. The spending has actually been inflationary. Along with wartime labour. shortages, it has actually driven incomes higher.
On top of that, the government has actually looked for higher tax. revenues to reduce the financial deficit.
Vyugin, the former deputy guv, said continual high. rates would put pressure on the balance sheets of organizations and. banks. Russian coal and steel manufacturer Mechel, owned by. entrepreneur Igor Zyuzin and his household, on Tuesday said it had. restructured its debt, under pressure from low coal prices and. high interest rates.
PUTIN ISSUE
Putin's aggravation appeared at a Kremlin conference with. magnate the evening of Dec. 16, where he scolded top. financial officials, according to two of the sources, who have. understanding of conversations about the economy in the Kremlin and. government.
One of the sources, who was briefed after the conference, was. informed Putin was visibly displeased after hearing private. financial investment was being cut because of the cost of credit.
The Kremlin released Putin's initial remarks praising. company however did not determine any of business individuals. at the mainly closed-door meeting. Reuters verified with one. source that Reserve bank Governor Elvira Nabiullina was not. present.
On Wednesday, Putin stated in televised remarks to ministers. that he had actually just recently gone over with business leaders the dangers. of a decrease in credit activity for long-lasting growth, in an. apparent referral to the December conference.
A few of Russia's most powerful business people, including. Rosneft CEO Igor Sechin, Rostec CEO Sergei Chemezov, aluminium. magnate Oleg Deripaska and Alexei Mordashov, the largest. investor in steel-maker Severstal, have actually openly criticised. the high rates of interest.
Nabiullina has actually dealt with pressure not to raise rates even more. from 2 of Russia's most effective bankers - her former boss,. Sberbank CEO German Gref, and VTB CEO Andrei Kostin - who feared. that Russia was heading towards stagflation, one source with. understanding of discussions about the economy stated.
In his Dec. 19 comments, Putin required a well balanced rate. choice. The next day, at its last financial policy meeting of. the year, the reserve bank held the rate at 21% in spite of market. expectations that it would hike by 200 basis points. In a speech after the decision, Nabiullina rejected caving in to. pressure. She said criticism of central bank policy increased. when rates were high.
Nabiullina, Gref and Kostin did not instantly respond to. requests for remark for this story.
NABIULLINA
Nabiullina, a former financial aide to Putin who likewise served. as his economy minister, is one of Russia's most effective females:. she has functioned as central bank governor because June 2013 and. three of the sources stated that Putin trusts her.
Simply a couple of weeks after sending out soldiers into Ukraine in 2022,. Putin proposed Nabiullina take a third term as reserve bank. chief. Her term ends in 2027.
Her fans say critics miss the underlying reason for the. inflation - the huge spending on the war - and say that without. her, financial stability would have be threatened.
Some lawmakers have actually required her to be replaced, an. not likely outcome, according to 2 of the sources.
No one in such a circumstance will alter the guv of the. reserve bank, stated one of the sources, who is acquainted with. conversations about the economy. Nabiullina's authority is. indisputable, the president trusts her.
(source: Reuters)