World News
COP28 Struggles to Phase Out Fossil Fuels
A row has broken out at the COP28 climate summit in Dubai over whether delegates can agree that fossil fuels should be phased out over the coming decades.
A draft proposal released on Monday saw the absence of language around the phasing-out of fossil fuels, suggesting they should instead just be reduced.
News organisation Politico reported representatives from countries including China and India saying language proposing a phaseout or phase-down of specific energy sources would be unacceptable to them, while US climate envoy John Kerry said the draft text did not meet expectations.
Current COP President and head of ADNOC Sultan Al Jaber was cited as saying last month that he saw no science behind the phasing-out of fossil fuels, 'unless you want to take the world back into caves'.
The dispute comes as the shipping industry takes a more prominent role at this year's COP event, with a group of leading CEOs jointly calling for an end-date for new orders of ships only capable of running on fossil bunkers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 602.50 | 13.50 | 676.00 | 10.00 |
| Rotterdam | 540.50 | 6.50 | 665.50 | 18.00 |
| Houston | 552.50 | 21.50 | 685.50 | 25.00 |
| Fujairah | 592.50 | 17.50 | 783.00 | 10.00 |
| Global 20 Ports Average | 615.00 | 12.00 | 757.00 | 15.00 |
| Global 4 Ports Average | 572.00 | 14.50 | 702.50 | 16.00 |
| Global Average Bunker Price | 653.00 | 9.50 | 824.50 | 9.50 |
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Oct 02The new hire was previously managing director of bunker trading firm Sing Fuels from March 2018 to this month. -
Oct 03The new hire was previously managing partner of Island Gulf Energy in Dubai from July 2016 to last month. -
Oct 02The new hire was previously a bunker trader for marine fuel trading firm Pacific Bunkers in Singapore from July 2012 to last month.