Climate target walk-backs highlight ‘overzealous’ policy pledges, OPEC chief says
Haitham al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), speaking at the Energy Asia Summit on June 26, 2023.
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LONDON — The recent spate of countries postponing or adjusting their climate targets shows that some of the initial pledges were ‘overzealous,’ the head of the OPEC group of oil producers said Monday.
“I hope they are not U-turns, as much as they are a recognition and the realization that some of the policies may have been a bit overzealous: the timelines, the deadlines, the time constraints,” Haitham al-Ghais, head of the Organization of the Petroleum Exporting Countries, said.
Speaking to CNBC’s Dan Murphy on the first day of the Abu Dhabi International Progressive Energy Congress, he added that an efficient energy transition away from fossil fuels needs “the right infrastructure in place,” such as electrical grids, sufficient charging stations for electric vehicles, and the availability of critical minerals.
Among such climate policy walk-backs, al-Ghais cited Poland’s move to appeal against European Union policies to ban the sale of fossil fuel cars from 2035; the recent EU agreement on a diluted version of the bloc’s ‘Euro 7’ emissions rules; and the U.K.’s shift to delay a prohibition on the sale of new gasoline and diesel cars from 2030 to 2035.
“I think when it comes to consumers feeling a pinch in their pockets, that’s when politicians become aware that it is difficult to implement policies that [are] maybe too aggressive, or a bit overzealous without having the right systems in place, to make sure that whatever new policies are advocated for do not affect the consumers,” al-Ghais said.
Some traders and analysts say a confluence of voluntary and coordinated supply cuts implemented by OPEC and its non-OPEC allies, collectively known as OPEC+, contributed — alongside demand recoveries — to a surge in oil prices that is fueling global inflation. This is a particular risk in Europe, where sanctions in the wake of Moscow’s full-scale invasion of Ukraine have cut off buyers from Russia’s crude and oil products. Ice Brent crude futures with December expiry were trading at $92.67 per barrel at 13:10 London time, up by 47 cents per barrel from the Friday settlement.
Asked about the impact of high oil prices on consumers, al-Ghais said this “depends on the state of the global economy” and noted increases in oil demand.
“I think this in itself answers the points about, are these price levels affecting demand? We’re seeing historically high, phenomenally high growth figures for oil demand,” he said.
Despite this, several European traders and refiners have said that crude prices above $100 per barrel raise the possibility of demand destruction, where — in the case of the oil market — consumers respond to higher prices at the pump with fewer purchases. The Paris-based International Energy Agency has, meanwhile, projected that demand for fossil fuels like oil, gas and coal will peak before 2030 — a forecast that OPEC rejects.
An OPEC+ technical committee convenes digitally on Wednesday to review market fundamentals and the individual production compliance of member countries. While in itself unable to tweak OPEC+ policy, this Joint Ministerial Monitoring Committee can call for an emergency ministerial meeting of the coalition. Three OPEC+ delegates, speaking anonymously because of the sensitivity of the discussions, told CNBC it is unlikely this week’s JMMC meeting will lead to policy adjustments.
OPEC at COP28
The good faith of OPEC+ countries in their climate commitments has been questioned given their role as crude producers and because several members, while in the process of diversifying their economies, depend on oil revenues.
OPEC scored an indirect victory with the naming of its third-largest member, the United Arab Emirates, as host of the upcoming COP28 diplomatic gathering on climate change over Nov. 20-Dec. 12. The controversial appointment — along with that of state-owned Abu Dhabi National Oil Company boss Sultan al-Jaber as president of COP28 — has resulted in vocal public backlash, with critics citing the discrepancy between the UAE’s growing oil production capacity and its professed climate commitments.
“I believe it is the right choice for COP to happen in the UAE, in an oil producing country, to show the world how oil producers can decarbonize, reduce emissions, as well as continue to provide stability and security in terms of world supplies,” al-Ghais said Monday, adding that OPEC will be represented at COP28 with a “nice, big pavilion” to promote the individual climate work of coalition members.
While formally reunited by their common interests in the oil market, some OPEC members have the capacity to produce renewable energy, such as solar, while Saudi Arabia and the UAE have set sights on producing and marketing hydrogen.
A couple years ago, my wife started a new job as an elementary school principal. It was an exciting milestone, but it also came with a stressful commute. The school isn’t far – just a few kilometers across the city – but during rush hour, taking the bus often meant sitting in gridlock for 45 minutes. Not exactly the best way to start or end a workday.
So we got her an electric bike.
Not just any e-bike, either. She picked out a sleek little folding model called the Rayvolt Exxite XS. It’s light, stylish, easy to ride, and best of all, it doesn’t take up much space at home or at school.
But here’s the kicker: it only goes 25 km/h (15.5 mph). It doesn’t even have a throttle. You have to pedal it, you know, like a neanderthal.
And yet… it’s faster than cars. A lot faster.
Her commute now takes about 10 minutes. Maybe 12 minutes if she catches a few red lights. She zips past long lines of idling cars, breezes down bike lanes, and parks right at the school entrance. No searching for a parking space. No waiting for late buses. No moving so slow that you can clearly see a piece of gum stuck on the road. Just hop on and go.
In raw numbers, her commute time has been cut by more than 75%. Now she’s easily traveling 3-4x faster than a car or bus.
And the only thing that changed was swapping four wheels for two – and ditching the idea that the “faster” vehicle is always the one with more horsepower and an extra few thousand kilos to lug around.
She went with something of a sleek-looking e-bike, but anyone could get the same or better performance from a simple, mass-market e-bike like a $999 Lectric XP4, all for a few months of car payments or nearly a year of bus riding. This isn’t expensive stuff. In fact, it’s cheaper, it saves time, and it’s more fun.
In cities choked with traffic, a modest Class 1 e-bike like hers can be 3–4 times faster than driving. Not because it’s a speed machine (it’s not), but because cars are stuck. Stuck behind other cars. Stuck behind buses. Stuck behind the myth that they’re the only real way to get around.
The bike’s other benefits aren’t lost on her either. She gets a bit of exercise every day to help keep her in shape. She gets fresh air. She gets to actually experience our amazing city instead of watching it go by through a window. And she arrives at school with a smile instead of a headache.
At school, she parks in a guarded area. Back home, she can easily take her bike right up to our apartment in the elevator. It’s no muss, no fuss, easy breezy beautiful e-bike girl.
So yeah, I got my wife an e-bike that’s faster than cars. It didn’t take 1,000 watts or some monster battery pack. It just took rethinking what speed really means in a city.
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The best-selling Mercedes-Benz SUV is going electric, and it’s bringing a new style with it. Mercedes promises the new GLC EV “redefines” the face of the luxury brand. Here’s our first look.
Mercedes previews flashy new face with the GLC EV
We will get our first look at the new electric SUV in a little over a month at the Munich Motor Show. Ahead of its official debut, Mercedes has been hyping the GLC EV up as what could be one of its most important vehicles (EV or gas) to date.
The GLC is already the best-selling Mercedes SUV globally and in the US, but the luxury automaker is promising the electric version will take it to the next level.
“Our new iconic grille is not just a new front for the GLC, it redefines the face of our brand,” according to Gorden Wagener, Mercedes’ chief design boss. Wagener says the new look is “the perfect fusion” of lasting design (and more LED lights) that will be used on upcoming vehicles.
The new electric GLC will be the first to showcase the new face. Mercedes gave us a sneak peek of it on Monday, revealing the revamped grille design.
When you pass by the iconic three-point star, you know it’s a Mercedes-Benz vehicle. For over 100 years, the chrome grille has been the face of nearly every model.
Although it’s been updated and evolved, this is its most extreme redesign yet. The new grille is bold and wide. Again, you won’t be missing this one when it drives by.
After adopting a more “EV-look” with the closed-off grille in its first-gen electric vehicles, Mercedes is reverting to a more traditional luxury design, similar to that of Cadillac or BMW, with a chunky, wide chrome grille. An illuminated version will also be available, featuring 942 backlit dots.
Mercedes says the optional high-tech pixel design can even be animated to bring the electric GLC to life.” The iconic star and border of the panel are also illuminated.
The GLC EV is the first of a new family of vehicles that will feature its advanced new MB.OS supercomputer alongside the updated design.
Mercedes is also promising an optional new MBUX HYPERSCREEN, “elevates the interior of the new GLC in a way never seen before.” We will get our first official look at the new Mercedes GLC EV on September 7 at the Munich Motor Show.
The luxury automaker says the event will mark the beginning of a new era with its largest product launch yet. In addition to the electric GLC debut, Mercedes will hold the world premiere for the new CLA EV, CLA Shooting Brake, and Concept AMG GT XX. Check back soon for more updates leading up to the event.
What do you think of the new face of Mercedes? Are you a fan? Or should the luxury brand go back to the chalkboard again? Let us know your thoughts in the comments.
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Costco’s EV Marketplace hopes to guide its members through every step of their electrification journey with helpful articles, insights, and resources. The online resource gas just hit its six-month milestone, and to celebrate, they’re rolling out fresh deals on three new Volvo EVs.
SKIP THE STORY: take me to the deals.
“It’s normal to have questions when you’re considering an EV,” reads Costco’s Marketplace copy. “Are EVs safe? How long will my EV last? Can EVs handle harsh weather? We’ve answered these questions and more so you can have peace of mind about living the EV life.”
That’s how it starts, and the Marketplace, true to its word, continues with informational articles about EV incentives (Money Matters), charging FAQs (All About Charging), the differences between hybrids, PHEVS, and EREVs (Hybrids and PHEVs), and Expert Perspectives on topics like autonomous driving and buying usd EVs.
It’s pretty basic stuff, and you’d probably get a lot more nuanced and useful real-world takes on the hows and whys of fitting an EV into your everyday life by reading the comments on Electrek, but the Costco site passes the Jo Borrás Father-In-Law Test™: it’s easy, accessible, and does everything it can to avoid taking any sort of environmental or political stand.
And, best of all, it neatly organizes all the different GM EVs eligible for Costco member discounts. And, now through September, that list includes a (returning) trio of all-electric Volvo models: the EX90, EX40, and Electrek EV of the year for 2024, the Volvo EX30.
Check out the deals, below, and click on the Make/Model names to find more discounts and deals on new EVs in inventory near you.
Costco members only Volvo deals
- Volvo EX90
$ 1,500 incentive for Gold Star & Business members
$ 2,000 incentive for Executive members - Volvo EX40
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - Volvo EX30
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members
Costco members only GM deals
- Chevrolet Blazer EV
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - Chevrolet Equinox EV
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - Chevrolet Silverado EV
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - GMC Sierra EV
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - GMC Hummer EV
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - Cadillac OPTIQ
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - Cadillac VISTIQ
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members - Cadillac ESCALADE IQ
$ 1,000 incentive for Gold Star & Business members
$ 1,250 incentive for Executive members
Brightdrop Costco member deal
Finally, I absolutely must stop and highlight what might be the absolute best deals going. With 272 miles of range and more room inside its walls than your college dorm, GM’s Chevy Brightdrop electric van is one of the best commercial EVs you can buy. As a Costco Executive member, you can get one for yourself or your business with an absolutely incredible $31,500 discount. (!)
You can check out Costco’s EV Marketplace for yourself at this link, then let us know what you think of it as a resource – and if you’d recommend it to your in-laws – in the comments.
SOURCE: Costco; images via Volvo, GM.
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