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Net Zero: US, China Announce Deal That Promotes Climate Cooperation

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The US and China, the world’s two largest emitters of carbon, have jointly announced a deal to increase cooperation between the two countries on the climate crisis.

US climate envoy John Kerry and his Chinese counterpart Xie Zhenhua announced the framework agreement at the COP26 climate summit in Glasgow, Scotland. The agreement focuses on, among other things, reducing methane emissions, phasing out coal consumption and protecting forests.

“Together, we have expressed our support for a successful COP26, including certain elements that will further the ambition,” Kerry said at a news conference. “Every step is important now and we have a long journey ahead of us.”

It should be noted that Xie has not committed China to the Global Methane Pledge, a US-EU-led initiative that requires participants to reduce methane emissions by about a third.

He did, however, announce that China would begin phasing out its coal consumption by the end of this decade.

“The publication of this joint statement demonstrates once again that cooperation is the only choice for both China and the United States. Working together, our two countries can achieve many important things that are beneficial not only for our two countries, but for the world as a whole,” said Xie. Reuters has the full story.


In a draft to be negotiated in the coming days, the UK proposed at COP26 that countries increase their ambitions to reduce greenhouse gas emissions by the end of 2022. The draft also called on countries to phase out subsidies for coal, oil and gas, but stopped proposing a fixed date for their phasing out.

The draft was criticized by environmental groups such as Greenpeace, who said the proposed agreement “isn’t a plan to solve the climate crisis, it’s an agreement we’re all rooting for and hoping for the best.”

Meanwhile, the design also received backlash from the Alliance of Small Island States.

“The text provides a foundation for progress, but needs to be strengthened in key areas to meet the needs of the most vulnerable, especially in the area of ​​finance,” said Aubrey Webson, the president of the organization that represents 37 of the represents the most vulnerable. risk countries. The Guardian has that story.

Also at COP26, top OPEC representatives championed a future role for fossil fuels, claiming the world can reduce emissions without switching from oil and gas. Reuters has that story too.

On Thursday morning at 7:55 AM, West Texas Intermediate traded for $80.69 and Brent Crude for $82.14.

In Canada

A new forecast from the Petroleum Services Association of Canada suggests oil slick activity will return to pre-pandemic levels by 2022. The Canadian Press has the details.

In the west, analysis from the University of Calgary found that the overall economic, social and environmental impacts of a coal mine on protected land on the eastern slopes of the Rocky Mountains would be a net negative for the county.

Jennifer Winter, an economics professor at the university, said such a mine would be only marginally profitable and the jobs and tax breaks would be relatively small compared to the provincial economy. The Canadian Press also has that story.

In Glasgow, Lisa Koperqualuk, vice president of the Inuit Circumpolar Council, is calling for a clean-up of the Arctic shipping industry and a ban on black carbon. Better known as soot, black carbon is emitted from ships operating in the Arctic that burn heavy fuel oil. Nunatsiaq News has more.

Finally, a forest clearing began in Nova Scotia’s Digby County, which had been blocked last year, despite numerous calls from the Assembly of Nova Scotia Mi’kmaw Chiefs to stop logging in the area.

“We have raised these concerns to the provincial government, as the Mi’kmaq only supports high-retention, multi-age eco-forestry,” said chief Leroy Denny, who leads the land portfolio with the meeting. CBC News has the details.

Canadian Crude Index traded at $60.68 this morning at 7:56 AM and Western Canadian Select at $60.84


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