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By Clyde Russell, Asia Commodities and Energy Columnist
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Hello Power Up readers! The OPEC+ group of crude oil exporters has agreed to output cuts approaching 2 million barrels per day (bpd) for early next year in an attempt to maintain prices at a level high enough to satisfy their budgets. Meanwhile, the COP28 meeting is mulling how to get rid of fossil fuels on an accelerated timeline. The climate summit in Dubai is shaping up as a battle between those nations that see fossil fuels as an essential part of the energy transition, and those who favour ditching them for renewables such as wind, solar and battery storage.
Today’s top headlines:
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COP28 Summit Battlelines Drawn
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Future of fossil fuels centre stage at climate summit
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Climate activists disguised as CEOs of major oil companies take part in a fake banquet celebrating profits, in Paris, France. REUTERS/Manuel Ausloos
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Delegates from nearly 200 countries will gather this week in Dubai for the COP28 climate summit, where conference host and OPEC member the United Arab Emirates hopes to sell a vision of a low-carbon future that embraces, not shuns, fossil fuels, as Valerie Volcovici, Kate Abnett and Maha El Dahan report here.
International divisions over how to combat global warming are likely to be laid bare at the meeting, with countries split over whether to prioritise phasing out coal, oil and gas, or scaling up technologies such as carbon capture to try diminish their climate impact.
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India plans major coal-fired capacity to avoid power outages
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Chimneys of a coal-fired power plant are pictured in New Delhi, India, July 20, 2017. REUTERS/Adnan Abidi
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India aims to add 17 gigawatts of coal-based power generation in the next 16 months, its fastest pace in recent years, to avert outages due to a record rise in electricity demand, Sarita Chaganti Singh reports in a Reuters exclusive.
Government documents show the expansion drive comes ahead of this week’s COP28 climate summit, where France and the United States are expected to clamp down on financing for coal plants, a move that India, dependent on coal for 73% of power generation, plans to oppose.
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Swedish parliament clears way for possible nuclear expansion
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A general view of nuclear power plant in Oskarshamn, Sweden, May 22, 2008. REUTERS/Scanpix/Mikael Fritzon
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Sweden’s parliament has approved a bill allowing more nuclear reactors to be built than previously planned, scrapping the previous cap of 10, as the Nordic country seeks to boost power generation and energy security. As Niklas Pollard and Nerijus Adomaitas report here, the new law will allow construction of nuclear reactors at sites other than where the current six units are located. The legislation was put forward by Prime Minister Ulf Kristersson’s government, which aims to build two new conventional nuclear reactors by 2035.
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Capital Power planning no gas-fired plants due to regulations
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Alberta’s Capital Power is not planning to build new natural gas-fired power plants in Canada as Prime Minister Justin Trudeau’s proposed electricity regulations to fight climate change make new investments unviable, CEO Avik Dey said.
In this Reuters exclusive, Rod Nickels reports that the concerns raised by Capital, Alberta’s second-biggest power generator, mirror those of Alberta’s Premier Danielle Smith, who has said the province will defy the federal government’s proposed clean electricity regulations.
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“It’s going to take a while before we can get enough fuel where everybody’s going to be able to fly. But you’ve got to start somewhere.”
Richard Branson, billionaire founder of Virgin Atlantic, speaking before one of the airline’s Boeing 787 jets left from London for New York powered by 100% sustainable aviation fuel.
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ADNOC’s Tricky German Play
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ADNOC’s German oil deal has bad timing, good logic
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Sultan al-Jabar’s latest look at a western fossil fuel asset is one of his least happily timed, as Karen Kwok of Reuters Breakingviews reports here. Abu Dhabi National Oil Company (ADNOC), the state-owned oil giant he runs, is considering a bid for BASF-owned Wintershall Dea, at a potential $11 billion valuation.
Given al-Jabar is also in charge of COP28, the global climate conference set to kick off this week, sniffing around a carbon-belching oil and gas explorer makes for some tricky optics.
Want the latest news from COP28 conference? Sustainable Switch will be published daily from Nov. 30-Dec. 13. Sign up for the newsletter here.
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