UAE reportedly planned to use COP28 climate summit to lobby for oil and gas deals

Published

2 years ago

November 27, 2023

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The president of the upcoming COP28 climate change Sultan Ahmed al-Jaber speaks during the Abu Dhabi International Petroleum Exhibition at ADNEC Exhibition Center October 2, 2023. Jaber told an Abu Dhabi oil conference on October 2, 2023, that the fossil fuel industry would play an essential role in addressing the climate crisis. (Photo by Ryan LIM / AFP) (Photo by RYAN LIM/AFP via Getty Images)

Ryan Lim | Afp | Getty Images

The United Arab Emirates planned to use its role as the host of the biggest and most important annual climate conference as a platform to lobby foreign government officials for oil and gas deals, according to a cache of internal documents obtained by a not-for-profit investigative journalism organization.

The leaked records show that Sultan Al-Jaber, who controversially serves as both COP28 president designate and chief executive of state oil giant ADNOC (the Abu Dhabi National Oil Company), planned to discuss fossil fuel deals with 15 countries during the forthcoming climate conference. Al-Jaber was the founding CEO of Abu Dhabi state-owned renewable energy firm Masdar.

A spokesperson for the UAE’s COP28 team and ADNOC were not immediately available for comment when contacted by CNBC. Abu Dhabi-based renewables giant Masdar declined to comment.

The UAE team did not deny using COP28 meetings for business purposes, the BBC reported Monday, citing a spokesperson as saying that “private meetings are private.”

The documents were published by the Centre for Climate Reporting (CCR), who worked in collaboration with the BBC. CCR, which has received funding from the likes of Greenpeace and Rockefeller Philanthropy Advisors, said it was able to verify the accuracy of the leaked documents via an unnamed whistleblower.

The documents purportedly show briefing notes prepared by the UAE’s COP28 team for meetings with almost 30 foreign governments ahead of the summit, which starts Thursday and is scheduled to run through to Dec. 12.

Among some of the proposed talking points for Al-Jaber were the UAE’s hope to get off the Brazilian “tax haven” list to help facilitate new investments from Masdar, its desire to consider a possible deal with China over liquified natural gas projects and its position that ADNOC “stands ready to support the supply of petrochemicals to Egypt.”

COP28 is the United Nations’ upcoming round of global climate talks. The two-week long summit will be held in Dubai, with scores of world leaders and government ministers from nearly 200 countries expected to attend — alongside an estimated 70,000 delegates.

It is regarded as a pivotal opportunity to accelerate action to address the climate crisis at a time when global temperatures are hitting record highs and extreme weather events are affecting people worldwide.

The United Nations Framework Convention on Climate Change did not immediately respond to a CNBC request for comment on the leaked documents. The Conference of the Parties (COP) is the supreme decision-making body of the UNFCCC.

‘A fox is guarding the hen house’

Human rights group Amnesty International repeated its call for Al-Jaber to stand down from his role at ADNOC to ensure the success of the COP28 summit.

“Sultan Al Jaber claims his inside knowledge of the fossil fuel industry qualifies him to lead a crucial climate summit but it looks ever more like a fox is guarding the hen house,” Amnesty International’s climate advisor Ann Harrison said in reaction to the leaked documents.

“Our calls on Sultan Al Jaber to step down from his role at ADNOC if he wishes to lead a successful summit remain valid,” Harrison said.

“Documents suggesting he was briefed to advance business interests in COP meetings only fuel our concerns that COP28 has been comprehensively captured by the fossil fuel lobby to serve its vested interests that put the whole of humanity at risk.”

In a statement confirming his appointment as COP28 boss at the start of the year, Al-Jaber said, “The UAE is approaching COP28 with a strong sense of responsibility and the highest possible level of ambition.”

“Pragmatism and constructive dialogue must be at the forefront of our progress,” he added.

Al-Jaber’s office said at the time that the minister had played a “proactive participatory role” at more than 10 COP summits and brings to his role two decades of business and leadership experience in government, climate policy and across the renewable and energy sectors.

ADNOC, which recently became the first among its peers to bring forward its net-zero ambition to 2045, said in January this year that it would allocate $15 billion for investment in “low-carbon solutions” by 2030, including investments in clean power, carbon capture and storage and electrification projects.

Masdar, meanwhile, works in more than 40 countries worldwide and has invested in or committed to invest in renewable energy projects with a total value of over $30 billion.

Environment

India’s inflation rises to 0.71% in November as decline in food, fuel prices loses steam

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2 hours ago

December 12, 2025

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India’s inflation rises to 0.71% in November as decline in food, fuel prices loses steam

Shoppers purchase groceries at the upscale LuLu Hypermarket located in the Lulu International Shopping Mall in Kerala, India, on May 25, 2022.

Nurphoto | Nurphoto | Getty Images

India’s consumer inflation rose to 0.71% in November, accelerating from an all-time low of 0.25% in the prior month.

The headline inflation number was in line with estimates of a 0.70% rise in the consumer price index, according to a Reuters poll of economists’ median estimates.

The rise in consumer inflation was due to rises in the price of vegetables, eggs, meat and fish, spices and fuel, the government said in its Friday release, adding that fuel and light prices rose 2.32% in November compared to 1.98% in October.

Inflation also rose in both urban and rural areas.

Low inflation environment, coupled with the weakening of some key economic indicators, led India’s central bank to cut its policy rates by 25 basis points last week, allowing it to boost the country’s already strong economic growth.

The Reserve Bank of India expects consumer inflation at 2% for fiscal year ending March 2026, down from 2.6% forecast in October. It estimates CPI at 2.9% in the three months to March, rising to 4.0% in the quarter ending September 2026.

“The growth-inflation balance, especially the benign inflation outlook on both headline and core, continues to provide the policy space to support the growth momentum,” the central bank said last week after its monetary policy meeting.

Low inflation outlook has allowed the central bank “to remain growth supportive,” RBI Governor Sanjay Malhotra said, adding that the central bank will “continue to meet productive requirements of the economy in a proactive manner.”

Experts are divided on whether the 25-basis-point cut will be the last in this easing cycle or the RBI could ease further, given Malhotra’s “dovish” signals.

“We believe weaker growth down the line, low for long inflation, and tight fiscal policy may require growth supportive monetary policy in 2026 as well,” HSBC Research said in a report last week, post the monetary policy announcement.

In August, the U.S. imposed an additional 25% tariff on Indian imports, raising total duties to as high as 50%, among the steepest imposed by Washington on its trading partners, with textiles, gems and jewelry, and marine products being hit the hardest.

While exports to the U.S. account for just about 2% of India’s GDP, a prolonged weakness in those labor-intensive sectors could lead to job losses and weigh on overall growth.

To cushion the blow, New Delhi rationalized its goods and services tax regime, reducing levies on several items on Sept. 22, to spur domestic demand ahead of a month-long festive season. The tax cuts led to reduced prices for consumer goods, vehicles, and farm products, boosting consumption.

While consumption picked up, exports to the U.S., one of India’s major trading partners, fell for a second straight month in October, sliding 8.5% from a year earlier to $6.3 billion. Overall, outbound shipments in October also dropped 11.8% to $34.38 billion.

With no deal between New Delhi and Washington in sight, in the last few days, and a drop in exports, the Indian rupee has been hitting record lows against the dollar, and was trading below the 90-rupee-per-dollar mark on Friday.

Environment

Global EV sales jump 21% in 2025 as Europe surges and the US stalls

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13 hours ago

December 12, 2025

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Global EV sales jump 21% in 2025 as Europe surges and the US stalls

EV and battery supply chain research specialists Benchmark Mineral Intelligence reports that 2.0 million electric vehicles were sold globally in November 2025, bringing global EV sales to 18.5 million units year-to-date. That’s a 21% increase compared to the same period in 2024.

Europe was the clear growth leader in November, while North America continued to lag following the expiration of US EV tax credits. China, meanwhile, remains the world’s largest EV market by a wide margin.

Europe leads global growth

Europe’s EV market jumped 36% year-over-year in November 2025, with BEV sales up 35% and plug-in hybrid (PHEV) sales rising 39%. That brings Europe’s total EV sales to 3.8 million units for the year so far, up 33% compared to January–November 2024.

France finally returned to year-to-date growth in November, edging up 1% after spending most of 2025 in the red following earlier subsidy cuts. The rebound was led by OEMs such as the Volkswagen Group and Renault, a wider selection of EV models, and France’s “leasing social” program, aimed at helping lower-income households switch to EVs.

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Italy also posted a standout month, logging record EV sales of just under 25,000 units in November. The surge followed the launch of a new incentive program designed to replace older ICE vehicles. The program earmarks €597.3 million (about $700 million) in funding for the replacement of around 39,000 gas cars.

The UK expanded access to its full £3,750 ($4,400) EV subsidy by adding five more eligible models: the Nissan Leaf (built in Sunderland, with deliveries starting in early 2026), the MINI Countryman, Renault 4, Renault 5, and Alpine A290.

US market slows after federal tax credit’s premature death

In North America, EV sales in the US did tick up month-over-month in November, following a sharp October drop after federal tax credits expired on September 30, 2025. Brands including Kia (up 30%), Hyundai (up 20%), Honda (up 11%), and Subaru (232 Solterra sales versus just 13 the month before) all saw gains, but overall volumes remain below levels when the federal tax credit was still available.

Policy changes aren’t helping. In early December, Trump formally “reset” US Corporate Average Fuel Economy (CAFE) standards, lowering the required fleetwide average to about 34.5 mpg by 2031. That’s a steep drop from the roughly 50.4 mpg target under the previous rule. Automakers can now meet the standard largely through gas vehicles, reducing pressure to scale BEVs and PHEVs.

Those loosened rules are already reflected in investment decisions, such as Stellantis’ $13 billion plan to expand US production by 50%, with a heavy focus on ICE vehicles. Earlier this year, Trump’s big bill set fines for missing CAFE targets to $0, further weakening the incentive for OEMs to electrify.

That’s some foolish policymaking, considering the world reached peak gas car sales in 2017. The US under Trump will be left behind, just as it will be with its attempts to revive the coal industry.

China still dominates, exports surge

China remains the backbone of global EV sales, even as growth slows. The Chinese market grew 3% year-over-year and 4% month-over-month in November. Year-to-date, EV sales in China are up 19%, with 11.6 million units sold.

One of the biggest headlines out of China is exports. BYD reported a record 131,935 EV exports in November, blowing past its previous high of around 90,000 units set in June. BYD sales in Europe have jumped more than fourfold this year to around 200,000 vehicles, doubled in Southeast Asia, and climbed by more than 50% in South America.

Global snapshot

Global EV sales from January to November 2025 vs January to November 2024, YTD %:

Global: 18.5 million, +21%
China: 11.6 million, +19%
Europe: 3.8 million, +33%
North America: 1.7 million, -1%
Rest of World: 1.5 million, +48%

The takeaway: EV demand continues to grow worldwide, but policy support – or the lack thereof – is increasingly shaping where this growth shows up.

“Overall, EV demand remains resilient, supported by expanding model ranges and sustained policy incentives worldwide,” said Rho Motion data manager Charles Lester.

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Environment

Hyundai’s new midsize electric SUV spotted overseas for the first time

Published

14 hours ago

December 11, 2025

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Hyundai's new midsize electric SUV spotted overseas for the first time

The Elexio is Hyundai’s first electric SUV custom-tailored for the Chinese market, but now it’s headed overseas.

Hyundai is bringing the Elexio electric SUV overseas

Hyundai’s midsize electric SUV was spotted on a carrier truck in Melbourne, Australia, alongside a few of its other vehicles.

Although the Elexio is built by Hyundai’s joint venture with BAIC Motor, Beijing-Hyundai, “tailor-made for Chinese consumers,” we had a feeling it would be sold overseas.

A few months ago, Don Romano, CEO of Hyundai Australia, hinted that the midsize electric SUV could arrive in The Land Down Under. Romano told journalists during an IONIQ 9 launch event that the Elexio’s launch in Australia was “under evaluation,” calling it “a promising vehicle.”

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Hyundai confirmed the rumors shortly after, saying the new midsize electric SUV would launch in Australia in early 2026.

According to CarsGuide, the Elexio was caught on a car carrier in Melbourne on Wednesday morning ahead of its official launch.

Powered by an 88.1 kWh battery, the Elexio delivers up to nearly 450 miles (722 km) CLTC range. It’s based on the E-GMP platform, which underpins all IONIQ models and Kia’s EV lineup, with single and dual-motor (AWD) powertrain options. The electric SUV can also recharge from 30% to 80% in about 27 minutes.

The interior is packed with advanced Chinese tech, including Huawei’s advanced driver-assistance systems (ADAS) and a Qualcomm Snapdragon 8295 chip that powers the massive 27″ 4K widescreen display.

The Elexio is 4,615 mm long, 1,875 mm wide, and 1,698 mm tall, with a wheelbase of 2,750 mm, which is a bit shorter than the Tesla Model Y. It’s closer in size to the BYD Yuan Plus, sold overseas as the Atto 3.

Hyundai’s midsize electric SUV is expected to compete with some of Australia’s top-selling EVs, including the Tesla Model Y and Geely EX5.

Hyundai-Elexio-electric-SUV — The Hyundai Elexio electric SUV (Source: Beijing Hyundai)

Prices have yet to be announced, but given the IONIQ 5 starts at $76,200 (AUD), before on-road costs, the Elexio should be slightly cheaper.

In China, the Elexio is available in three trims: Fun, Smart, or Tech, with pre-sale prices starting at RMB 119,800 ($16,900).

Although the electric SUV is launching in Australia and possibly other overseas markets like New Zealand, it’s not expected to be a true global vehicle. Hyundai designed it specifically for Chinese buyers, leveraging local tech and design elements.

For those in the US, if you’re looking for a midsize electric SUV, the IONIQ 5 is worth a look with 300+ miles of range, fast charging, and a spacious, tech-filled interior. With leases starting at just $189 a month, the IONIQ 5 is cheaper than most gas-powered cars in its class. You can use our link to find the Hyundai IONIQ 5 models closest to you.

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