Can Cop30 begin the process of phasing out fossil fuels?

Oil prices have declined following the resumption of loadings at a significant Russian export hub. This development comes amid ongoing fluctuations in the global oil market, influenced by various geopolitical factors and supply chain dynamics. The resumption of operations at this key hub is expected to impact oil supply levels, potentially leading to further price adjustments in the near future.

Oil prices remained stable as operations resumed at a key Russian port, countering broader geopolitical risks affecting the market. The Novorossiysk port, located on the Black Sea, had previously suspended operations due to damage from a Ukrainian strike. The resumption of activity at this port is significant as it plays a crucial role in oil exports, influencing global oil supply and pricing dynamics.

Brazil's Environment Minister, Marina Silva, has called on countries to develop a roadmap for phasing out fossil fuels, describing it as an 'ethical response' to the climate crisis. While urging action, she emphasized that participation in this process would be voluntary and self-determined for governments. Silva's remarks come ahead of COP30, where discussions on climate action are expected to intensify.

Canada's Prime Minister is pursuing a controversial strategy that relies on fossil fuels to stimulate the economy. This approach, described as Carney's 'energy superpower' vision, faces significant political hurdles. The government's commitment to fossil fuels as a means to revive economic growth has sparked debate about the sustainability and future of energy policies in Canada.