The Biden administration will waive sanctions on the corporate entity and CEO overseeing the construction of Russia’s Nord Stream 2 pipeline into Germany, according to two sources briefed on the decision.
Why it matters: The decision indicates the Biden administration is not willing to compromise its relationship with Germany over this pipeline, and it underscores the difficulties President Biden faces in matching actions to rhetoric on a tougher approach to Russia.
The pathway for transforming global energy systems to reach net-zero emissions by 2050 is "narrow but still achievable" and demands unprecedented acceleration away from fossil fuels, a new International Energy Agency report concludes.
Why it matters: It provides a detailed analysis of what's needed for a good shot at limiting temperature rise to 1.5°C above preindustrial levels.
Oil prices have continued to rise, gaining again on Tuesday after rising to the highest in two years on Monday.
Why it matters: Inflation worries and concerns that prices have run past reasonable valuations have weighed on equities recently, but bullish oil traders continue to be handsomely rewarded this year.
The pathway for transforming global energy systems to reach net-zero emissions by 2050 is "narrow but still achievable" and demands unprecedented acceleration away from fossil fuels, an International Energy Agency report published Tuesday concludes.
Why it matters: It provides detailed analysis and estimates of what's needed for a good shot at limiting temperature rise to 1.5°C above preindustrial levels — the Paris Agreement benchmark for avoiding some of the most damaging effects of climate change.
The big picture: Tauktae unleashed heavy rains and winds as it moved across Kerala, Karnataka, Goa and Maharashtra. Over 200,000 people were evacuated from Gujarat, and ports, airports and vaccination centers shut across the state and Mumbai, Reuters reports. Tauktae weakened from a Category 3 storm to a "severe cyclonic storm" Tuesday.
Tropical Cyclone Tauktae is moving ashore along the coast of Gujarat, India, bringing with it high winds, extremely heavy rains, storm surge flooding along the coast, and inland flooding risks that could stretch for hundreds of miles.
The big picture: The storm underwent rapid intensification Sunday, becoming equivalent to a Category 4 storm by the end of the day, according to data from the Joint Typhoon Warning Center.
U.S. special climate envoy John Kerry waded into treacherous waters with comments about how much new tech is needed to fight global warming.
Driving the news: In part of a BBC interview that aired Sunday, Kerry said, "I am told by scientists ... that 50% of the reductions we have to make to get to net-zero, by 2050, or 2045, as soon as we can, 50% of those [emissions] reductions are going to come from technologies that we don’t yet have."
Just 20 out of 400 of the climate scenarios examined in a landmark 2018 United Nations climate report would have a realistic chance of limiting global warming to 1.5°C (2.7°F) above preindustrial levels by 2100, a new study finds.
Why it matters: The study, by more than a dozen researchers from around the world, shows that even the scenarios they identified would still need to employ at least one carbon emissions reduction technology at a level they classify as "challenging."
Pope Francis, who is a moral leader on climate change, "intends to join" other world leaders at the next round of UN climate talks in Scotland this November, according to John Kerry, the U.S. special presidential envoy for climate change.
Driving the news: Kerry met privately with the Pope on Saturday while on a tour through Europe, and told the press he believes Francis "intends to come."
Tropical Cyclone Tauktae rapidly intensified Sunday into a Category 4 storm, passing uncomfortably close to the west coast of India.
The big picture: Packing maximum sustained winds of at least 140 mph, Tauktae (pronounced "Tau'Te"), rapidly intensified Sunday, becoming a Category 4 storm capable of inflicting extreme damage. The cyclone is producing heavy rains and gusty winds along the coast, along with coastal flooding from wind-driven waves.
