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COP29 Faces Financial and Fossil Fuel Challenges Amid Saudi Resistance

At COP29, nearly 200 countries are struggling to agree on a financial target for global climate aid, with proposals ranging from $100 billion to $2 trillion annually. The negotiations are marked by tensions between wealthy and developing nations, with the former hesitant to commit large sums and the latter demanding substantial support to transition to cleaner energy. The talks are further complicated by geopolitical issues, including the U.S. presidential election and strained public budgets. A consensus on a new funding target is crucial for setting ambitious climate goals ahead of COP30.

1 year ago•Source: POLITICO Europe

Russia's Gazprom Halts Gas Supplies to Austria

energy-and-climate

2.13 min•1 year ago

Russia's Gazprom Halts Gas Supplies to Austria

Austria's Chancellor Karl Nehammer assured citizens of a secure alternative fuel supply as Russia's Gazprom plans to halt gas deliveries to Austria, following a payment dispute linked to an arbitration award. Despite the cutoff, Austria, which heavily relies on Russian gas, is working to diversify its energy sources. The move is part of broader tensions over Europe's support for Ukraine, with Russia previously cutting gas supplies over payment disputes. Meanwhile, Germany's Chancellor Olaf Scholz has resumed direct communication with Russian President Vladimir Putin.

via POLITICO Europe

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COP29 Faces Financial and Fossil Fuel Challenges Amid Saudi Resistance

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