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EU will slash imports of Russian gas by two thirds by 2023

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EU will slash imports of Russian gas by two thirds by 2023

Brussels will slash by two-thirds the European Union’s reliance on Russian gasoline in response to the struggle in Ukraine, the European Fee introduced on Tuesday.

Europe will cut back its imports of Russian gasoline from 155 billion-cubic-metres (bcm) to 100 bcm per yr and goals to make up the shortfall with provide from suppliers of liquified pure gasoline (LNG), like america and Qatar, in addition to sustainable power sources resembling biomethane, clear hydrogen and renewable power.

“This may finish our over-dependence and provides us much-needed room to manoeuvre,” mentioned Frans Timmermans, the vice-president in command of the EU Inexperienced Deal.

“It’s laborious, bloody laborious, nevertheless it’s potential if we’re prepared to go additional and quicker than we’ve accomplished earlier than.”

Based on figures launched by Bruegel, an financial suppose tank, Russia’s share in gasoline imports fell from 47% in January 2021 to twenty-eight% in January 2022, amid tensions alongside the Ukraine border.

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The query of power dependence, already excessive on the agenda earlier than the invasion started, has risen to a brand new degree over fears that European demand for gasoline could also be bankrolling Russia’s struggle in Ukraine. Greater than 40% of the nation’s income come from the gasoline and oil sectors.

The plans from Brussels comply with an aggressive set of sanctions aimed toward crippling President Vladimir Putin’s army equipment, however fall in need of a complete power ban, because the US authorities introduced the identical day.

“We is not going to be a part of subsidising Putin’s struggle,” President Joe Biden mentioned on Tuesday.

Brussels is as an alternative stepping up efforts to rapidly diversify its basket of power suppliers and diminish Russia’s presence to the best potential extent.

“It’s not a free market if there’s an actor prepared to control it,” mentioned Timmermans, referring to lingering suspicions that Gazprom, Russia’s largest power firm, is intentionally under-delivering.

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Over the previous week, EU officers have reached out to gasoline exporters such because the US, Norway, Qatar, Azerbaijan, Algeria, Egypt, Turkey, Japan and South Korea to safe alternate options to the Russian pipelines, which right this moment unfold over the bloc’s japanese entrance and join a number of member states.

Consequently, January 2022 noticed the very best ever ranges of LNG imports into the EU, reaching 10 billion cubic meters, a determine that’s set to stay excessive in February and the month to come back.

The bloc has right this moment a reception capability to course of 150 bcm of LNG and goals to purchase 50 bcm this yr alone.

Redistribution of income

The diversification marketing campaign, nevertheless, has to this point did not cushion the influence of skyrocketing gasoline costs: at the Dutch Title Switch Facility, Europe’s main benchmark, uncertainty across the Ukraine struggle has pushed costs to an all-time excessive of €227 megawatt per hour.

The present construction of the EU’s wholesale market units electrical energy costs by rating power sources from the most cost effective – the renewables – to the most costly ones – often gasoline. If gasoline turns into pricier, electrical energy payments inevitably go up, even when clear sources additionally contribute to the full power provide.

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Though the Fee had beforehand rejected calls from Paris and Madrid, who demanded fast market reforms, the brand new circumstances are prompting a change of coronary heart.

Apart from conventional, market-friendly options resembling tax cuts and subsidies, which most member states have already rolled out, the chief is now opening the door to regulated worth limits for susceptible households and struggling corporations.

Brussels says governments can “exceptionally determine to seize” a number of the windfall income that power corporations are ripping from the hovering payments. Utilizing tax measures, the cash might be re-distributed amongst customers to alleviate month-to-month bills.

All measures must be non permanent and proportionate, the fee underlined.

“I believe we’d like a brand new European instrument as a result of completely different nations right here will likely be affected otherwise. There are nations which can be extra uncovered to Russian gasoline, that can undergo greater than nations that aren’t depending on Russian gasoline, or not depending on gasoline in any respect,” mentioned Simone Tagliapietra, a senior fellow at Bruegel.

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Moreover, Brussels needs to make gasoline storage extra constant and predictable to keep away from a repetition of the current energy crunch, which was partly attributable to the low ranges achieved in 2021.

Present storage ranges are beneath 30%, a harmful threshold that signifies tight provides.

“Due to gentle climate and LGN provides, we count on to be on the protected facet for this winter, however we have to guarantee gasoline storage for subsequent winter,” mentioned Kadri Simson, EU commissioner for power, noting her crew has ready for a partial or complete cut-off of Russian gasoline in retaliation for Western sanctions.

The fee will suggest in April a proposal to enshrine in regulation a 90% storage goal that must be met by 1 October yearly, proper earlier than temperatures begin to drop and heating consumption will increase.

‘Not prepared but to surrender gasoline’

Even when LGN has turn out to be the EU’s quickest method out of Russian power dependence, Brussels is urging member states to not lose sight of the inexperienced transition.

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The bloc is meant to slash greenhouse gasoline emissions by not less than 55% earlier than the tip of the last decade, a goal set earlier than the Ukraine struggle upended Europe’s post-WWII safety association.

The fee insists renewables, resembling photo voltaic, wind and warmth pumps, are the “most-cost efficient resolution” to maneuver away from fossil fuels and strengthen the bloc’s power self-reliance.

For Greenpeace, the assurances weren’t sufficient. In a press release, the organisation referred to as on the chief to “part out gasoline, not store round for extra,” arguing a diversification of gasoline provides will ignore the core drawback and nonetheless make Europe “susceptible to power shocks.”

Simson struck a extra sombre be aware, saying the bloc will not be prepared but to “quit gasoline totally” and has no different selection however to deal with diversifying suppliers and wean itself from Russia’s market dominance.

Final month, Germany suspended the certification of Nord Stream 2, a gasoline pipeline that connects the nation with Russia, and introduced plans to construct two LNG terminals within the close to future.

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Brussels has repeatedly described gasoline as a “transitional power” that may act as a bridge to local weather neutrality. Earlier this yr, the chief included gasoline in its taxonomy of sustainable actions, a controversial transfer that was extensively lambasted by civil society as blatant greenwashing.

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Earth bids farewell to its temporary 'mini moon' that is possibly a chunk of our actual moon

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Earth bids farewell to its temporary 'mini moon' that is possibly a chunk of our actual moon

CAPE CANAVERAL, Fla. (AP) — Planet Earth is parting company with an asteroid that’s been tagging along as a “mini moon” for the past two months.

The harmless space rock will peel away on Monday, overcome by the stronger tug of the sun’s gravity. But it will zip closer for a quick visit in January.

NASA will use a radar antenna to observe the 33-foot (10-meter) asteroid then. That should deepen scientists’ understanding of the object known as 2024 PT5, quite possibly a boulder that was blasted off the moon by an impacting, crater-forming asteroid.

While not technically a moon — NASA stresses it was never captured by Earth’s gravity and fully in orbit — it’s “an interesting object” worthy of study.

The astrophysicist brothers who identified the asteroid’s “mini moon behavior,” Raul and Carlos de la Fuente Marcos of Complutense University of Madrid, have collaborated with telescopes in the Canary Islands for hundreds of observations so far.

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Currently more than 2 million miles (3.5 million kilometers) away, the object is too small and faint to see without a powerful telescope. It will pass as close as 1.1 million miles (1.8 million kilometers) of Earth in January, maintaining a safe distance before it zooms farther into the solar system while orbiting the sun, not to return until 2055. That’s almost five times farther than the moon.

First spotted in August, the asteroid began its semi jog around Earth in late September, after coming under the grips of Earth’s gravity and following a horseshoe-shaped path. By the time it returns next year, it will be moving too fast — more than double its speed from September — to hang around, said Raul de la Fuente Marcos.

NASA will track the asteroid for more than a week in January using the Goldstone solar system radar antenna in California’s Mojave Desert, part of the Deep Space Network.

Current data suggest that during its 2055 visit, the sun-circling asteroid will once again make a temporary and partial lap around Earth.

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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

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Israel confirms death of missing Abu Dhabi rabbi: 'Abhorrent act of antisemitic terrorism’

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Israel confirms death of missing Abu Dhabi rabbi: 'Abhorrent act of antisemitic terrorism’

Israeli officials on Sunday confirmed the death of an Abu Dhabi rabbi who had been missing since Thursday. 

“The UAE intelligence and security authorities have located the body of Zvi Kogan, who has been missing since Thursday, 21 November 2024,” the Israeli Prime Minister’s Office and the Ministry of Foreign Affairs said in a statement on X. “The Israeli mission in Abu Dhabi has been in contact with the family from the start of the event and is continuing to assist it at this difficult time; his family in Israel has also been updated.” 

“The murder of Zvi Kogan, of blessed memory, is an abhorrent act of antisemitic terrorism. The State of Israel will use all means and will deal with the criminals responsible for his death to the fullest extent of the law,” the statement added. 

RABBI FEARED KIDNAPPED, KILLED BY TERRORISTS AFTER GOING MISSING, PROMPTING INVESTIGATION

Rabbi Zvi Kogan, a Chabad emissary, had been missing since Thursday. (Chabad.org via X)

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Rabbi Zvi Kogan was an emissary of the Chabad Lubavitch movement, a prominent and highly observant branch of Hasidic Judaism based in Brooklyn’s Crown Heights neighborhood in New York City.

The 28-year-old was a resident of Abu Dhabi in the United Arab Emirates when he went missing Thursday. He is a citizen of both Moldova and Israel.

According to his LinkedIn, Kogan worked as a recruiter and was “passionate about volunteering and serving [his] community.”

Rabbi Zvi Kogan's grocery store

A man walks past Rimon Market, a Kosher grocery store managed by the late Rabbi Zvi Kogan, in Dubai, United Arab Emirates, Sunday, Nov. 24, 2024.  (AP Photo/Jon Gambrell)

‘CHEERLEADING FOR TERRORISM’: TWITCH STAR CALLED FOR NEW 9/11, DISMISSED HORROR OF OCT 7

The Israeli Prime Minister’s Office announced its investigation into the unusual disappearance on Saturday. At the time, the statement said the disappearance appeared to be related to “a terrorist incident” but did not elaborate.

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The United Arab Emirates’ Ministry of Interior had confirmed it was investigating Kogan’s disappearance, but described his citizenship solely as a “Moldovan national.” 

Jew praying in UAE

Rabbi Levi Duchman performs morning prayers on the roof of the Jewish Community Center of the UAE on March 22, 2021, in Dubai, United Arab Emirates.  (Andrea DiCenzo/Getty Images)

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The Rimon Market, a Kosher grocery store that Kogan managed on Dubai’s busy Al Wasl Road, was shut Sunday, according to the Associated Press. It had been a target of anti-Israel protests. 

Kogan’s wife, Rivky, is a U.S. citizen who lived with him in the UAE. She is the niece of Rabbi Gavriel Holtzberg, who was killed in the 2008 Mumbai attacks.

The Associated Press contributed to this report.

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‘Optical illusion’: Key takeaways from COP29

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‘Optical illusion’: Key takeaways from COP29

Rich countries have pledged to contribute $300bn a year by 2035 to help poorer nations combat the effects of climate change after two weeks of intense negotiations at the United Nations climate summit (COP29) in Azerbaijan’s capital, Baku.

While this marks a significant increase from the previous $100bn pledge, the deal has been sharply criticised by developing nations as woefully insufficient to address the scale of the climate crisis.

This year’s summit, hosted by the oil and gas-rich former Soviet republic, unfolded against the backdrop of a looming political shift in the United States as a climate-sceptic Donald Trump administration takes office in January. Faced with this uncertainty, many countries deemed the failure to secure a new financial agreement in Baku an unacceptable risk.

Here are the key takeaways from this year’s summit:

‘No real money on the table’: $300bn climate finance fund slammed

While a broader target of $1.3 trillion annually by 2035 was adopted, only $300bn annually was designated for grants and low-interest loans from developed nations to aid the developing world in transitioning to low-carbon economies and preparing for climate change effects.

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Under the deal, the majority of the funding is expected to come from private investment and alternative sources, such as proposed levies on fossil fuels and frequent flyers – which remain under discussion.

“The rich world staged a great escape in Baku,” said Mohamed Adow, the Kenyan director of Power Shift Africa, a think tank.

“With no real money on the table, and vague and unaccountable promises of funds to be mobilised, they are trying to shirk their climate finance obligations,” he added, explaining that “poor countries needed to see clear, grant-based, climate finance” which “was sorely lacking”.

The deal states that developed nations would be “taking the lead” in providing the $300bn – implying that others could join.

The US and the European Union want newly wealthy emerging economies like China – currently the world’s largest emitter – to chip in. But the deal only “encourages” emerging economies to make voluntary contributions.

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Failure to explicitly repeat the call for a transition away from fossil fuels

A call to “transition away” from coal, oil, and gas made during last year’s COP28 summit in Dubai, the United Arab Emirates, was touted as groundbreaking – the first time that 200 countries, including top oil and gas producers like Saudi Arabia and the US, acknowledged the need to phase down fossil fuels. But the latest talks only referred to the Dubai deal, without explicitly repeating the call for a transition away from fossil fuels.

Azerbaijan’s President Ilham Aliyev referred to fossil fuel resources as a “gift from God” during his keynote opening speech.

New carbon credit trading rules approved

New rules allowing wealthy, high-emission countries to buy carbon-cutting “offsets” from developing nations were approved this week.

The initiative, known as Article 6 of the Paris Agreement, establishes frameworks for both direct country-to-country carbon trading and a UN-regulated marketplace.

Proponents believe this could channel vital investment into developing nations, where many carbon credits are generated through activities like reforestation, protecting carbon sinks, and transitioning to clean energy.

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However, critics warn that without strict safeguards, these systems could be exploited to greenwash climate targets, allowing leading polluters to delay meaningful emissions reductions. The unregulated carbon market has previously faced scandals, raising concerns about the effectiveness and integrity of these credits.

Disagreements within the developing world

The negotiations were also the scene of disagreements within the developing world.

The Least Developed Countries (LDCs) bloc had asked that it receive $220bn per year, while the Alliance of Small Island States (AOSIS) wanted $39bn – demands that were opposed by other developing nations.

The figures did not appear in the final deal. Instead, it calls for tripling other public funds they receive by 2030.

The next COP, in Brazil in 2025, is expected to issue a report on how to boost climate finance for these countries.

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Who said what?

EU Commission President Ursula von der Leyen hailed the deal in Baku as marking “a new era for climate cooperation and finance”.

She said the $300bn agreement after marathon talks “will drive investments in the clean transition, bringing down emissions and building resilience to climate change”.

US President Joe Biden cast the agreement reached in Baku as a “historic outcome”, while EU climate envoy Wopke Hoekstra said it would be remembered as “the start of a new era for climate finance”.

But others fully disagreed. India, a vociferous critic of rich countries’ stance in climate negotiations, called it “a paltry sum”.

“This document is little more than an optical illusion,” India’s delegate Chandni Raina said.

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Sierra Leone’s Environment Minister Jiwoh Abdulai said the deal showed a “lack of goodwill” from rich countries to stand by the world’s poorest as they confront rising seas and harsher droughts. Nigeria’s envoy Nkiruka Maduekwe called it “an insult”.

Is the COP process in doubt?

Despite years of celebrated climate agreements, greenhouse gas emissions and global temperatures continue to rise, with 2024 on track to be the hottest year recorded. The intensifying effects of extreme weather highlight the insufficient pace of action to avert a full-blown climate crisis.

The COP29 finance deal has drawn criticism as inadequate.

Adding to the unease, Trump’s presidential election victory loomed over the talks, with his pledges to withdraw the US from global climate efforts and appoint a climate sceptic as energy secretary further dampening optimism.

‘No longer fit for purpose’

The Kick the Big Polluters Out (KBPO) coalition of NGOs analysed accreditations at the summit, calculating that more than 1,700 people linked to fossil fuel interests attended.

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A group of leading climate activists and scientists, including former UN Secretary-General Ban Ki-moon, warned earlier this month that the COP process was “no longer fit for purpose”.

They urged smaller, more frequent meetings, strict criteria for host countries and rules to ensure companies showed clear climate commitments before being allowed to send lobbyists to the talks.

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