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Oil majors axe $200bn of new projects, UN issues new climate text

OIL MAJOR CUTS: The world’s top hydrocarbon producers have postponed investments worth $200 billion due to low oil prices, reports the FT. “The plunge in crude prices since last summer has resulted in the deferral of 46 big oil and gas projects with 20bn barrels of oil equivalent in reserves — more than Mexico’s entire proven holdings,” it says.

Those shelving projects include BP, Shell, Statoil and Chevron. Areas set to see developments halted include the Gulf of Mexico, Africa and Canada, where 5.6 billion barrels of oil from the tar sands was due to be processed.

NEW PARIS TEXT: As RTCC reported late Friday, the new negotiating text (or tool as the UN is calling it) is out. It’s 83 pages with a note from the co-chairs explaining how they pulled it together, 76 without. Highlights? It’s a lot more colourful, with a red, green and black colour coding marking out possible pathways forward and difficult words (shall, should and may can cause real headaches at UN talks).

Envoys have around a month to read through this on the summer holidays before meeting in Bonn at the end of August and signalling whether they think the document offers a path forward. Earlier signs seem positive.

HFC PROGRESS: Talks on slashing emissions of a potent set of greenhouse gases used in air conditioning and fridges will reconvene in Dubai this November, after a week of discussions ended in stalemate. The UN’s Montreal Protocol is the official forum for HFC discussions, deemed a small but critical piece of December’s proposed Paris climate pact.

US environmental campaign group EIA blamed Pakistan for blocking more substantial progress. Along with Saudi Arabia, India and China it has been concerned about the costs new cooling gases would impose on its economy. Others struck a more positive tone.

Durwood Zaelke from the Institute of Governance & Sustainable Development, who was participating in the Paris meeting that concluded a few minutes before midnight Friday night, said there were signs of “light” at the end of the tunnel.

Source : www.rtcc.org/
Posted On: 7/27/2015 12:00:00 AM

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