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.
Bloomberg | Bloomberg | Getty Images
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.
On today’s extreme episode of Quick Charge, we’ve got the most affordable new EV in America packing 255 miles of range, sub-30 minute charging, V2H support, and more – all that for a price about $10,000 LESS than that new “affordable” Tesla.
We’ve also got specs for the all-new, all-electric Ferrari Elettrica and a world’s first, hydrogen-powered autonomous farm tractor from Kubota.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
Source Links
Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Momentum, the lifestyle-focused urban bike brand under Giant Group, has just launched the latest version of its popular Vida E+ electric bike – and this one’s all about making e-biking smoother, safer, and more accessible to riders of all experience levels.
The updated Vida E+ features a new 500W SyncDrive Move S motor offering 60Nm of torque and pedal assist up to 28 mph, designed to provide natural-feeling power whether you’re cruising to work or just exploring around town. The system uses a combination of sensors to analyze torque, speed, and cadence, automatically adjusting power output to match your pedaling effort.
According to Momentum, the motor engages with as little as 4Nm of pedal pressure and just 10° of crank movement, giving riders what they describe as an ultra-smooth and effortless start every time.
A new optional throttle adds another layer of convenience, letting riders cruise at speeds up to 20 mph without pedaling, which should be perfect for hills, traffic-heavy starts, or when you just want to relax and take it easy on the way home. The bike’s EnergyPak 700 battery provides up to a claimed 55 miles (88 km) of range on pedal assist or 43 miles (69 km) on throttle-only riding.
The Vida E+ also leans hard into comfort and safety. It sports a low-step aluminum frame for easy on-and-off, an 80 mm suspension fork, and wide 26×2.4-inch tires for stability and plushness. Four-piston hydraulic disc brakes ensure solid stopping power, while a new automatic motor cutoff feature stops assistance as soon as the brakes engage. The bike is UL 2849 certified, meaning it meets top-tier safety standards for batteries and electronics, which is a growing priority in the e-bike world as more cities and states consider requiring safety certification as a prerequisite.
With support for up to 300 pounds (136 kg) total load and optional racks front and rear, the Vida E+ is also built for everyday utility. And on the tech side, momentum’s RideControl app lets riders fine-tune speed and assistance, lock or unlock the bike electronically, and monitor battery health.
The new Momentum Vida E+ is available now through Giant Group’s nationwide dealer network with an MSRP of US$2,480.
Returning from a recall on its previous bike, Giant Group will now have an opportunity to see how the new version of the Momentum Vida E+ will fare.
FTC: We use income earning auto affiliate links. More.
VW’s US EV lease deals just went from hero to zero. Federal tax credits are now dead, the automaker has wiped out up to $12,000 in lease incentives on the ID.4, and ended $10,500 in discounts on the ID. Buzz. The move bucks the trend as other brands continue to sweeten their EV lease offers.
As of September 30, 2025, Volkswagen offered up to $12,350 in lease cash on the ID.4, depending on configuration. That included a $7,500 federal lease tax credit for lessees as Bonus Customer Cash, plus $3,500 to $4,850 in Dealer Lease Cash. It made the ID.4 one of the top EV lease deals around.
On October 1, those incentives vanished. While the ID.4 still has a 0% APR equivalent lease rate, drivers lost more than $12,000 in savings overnight. The ID. Buzz took a similar hit. Last month, the 2025 ID. Buzz offered $10,500 off MSRP between the $7,500 tax credit and $3,000 Dealer Lease Cash. Now, almost all lease cash is gone. VW Credit is offering just $750 in Dealer Lease Cash, and weirdly, not on models with two-tone paint. According to CarsDirect’s lease calculator, the lowest-priced ID. Buzz trim now carries an effective monthly cost topping $1,000 — a considerable jump.
For comparison, the ID. Buzz Pro S was previously advertised at $589 a month for 36 months with $5,999 due at signing, or an effective monthly cost of $756.
The ID.4 lease once cost just $233 a month, making it one of the cheapest EVs to lease. According to updated estimates, that figure is now north of $800 – that’s hair-raising.
Meanwhile, VW’s rivals are going in the opposite direction. Ford extended its Mustang Mach-E lease deals through early January. Subaru’s updated 2026 Solterra still qualifies for the $7,500 lease credit, and Jeep replaced the expiring EV lease credit with equivalent bonus cash.
If you really want a Volkswagen, though, there’s some good news: financing deals haven’t changed. The 2025 ID.4 continues to offer 0% APR for 72 months, and buyers of the ID. Buzz can still get up to $3,250 in Bonus Customer Cash through November 3, a perk unavailable to lessees.
It kinda seems like VW doesn’t want to lease their EVs anymore…?? Let me know your thoughts in the comments below.
Read more: From $189 a month: 5 of the best EV lease deals in October
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024