, where the Glasgow climate pact was signed. The agreement contained the first ever acknowledgement of the role of fossil fuels in causing climate change. It also urged nations to phase out measures which subsidise the extraction or consumption of fossil fuels and to “phase down” coal power.in Egypt, it’s time for a progress update. Unfortunately, it’s not good news.
Europe has had to rapidly adjust to Russia using its gas exports as a weapon since its invasion of Ukraine. As the Kremlin cut pipeline gas supplies, European countries rushed onto the global market for liquified natural gas and increased imports from traditional partners such as Norway and Algeria.
Guests enter the convention center hosting the COP27 U.N. Climate Summit, Friday, Nov. 4, 2022, prior to the start of the summit on Nov. 6, which is scheduled to end on Nov. 18, in Sharm el-Sheikh, Egypt. The Organization of Petroleum Exporting Countries and its allies , most notably Russia, recently decided to slash oil production by 2 million barrels a day in a bid to hike oil prices. Although OPEC+ justifies its decision by saying that it is anticipating a global recession that could herald a replay of the oil price crashes of 2008, 2014 and 2020, the EU and US have slammed the move as politically motivated.
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