Search Site

Trends banner

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

TSMC Q2 profit up 60%

TSMC is the world's largest contract maker of chips.

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

Fossil fuel lobbyists have flooded UN climate talks in Egypt: watchdogs

UN experts say fossil fuel assets must be retired and replaced with clean energy faster to mitigate financial losses.
  • They said that is more than the number of lobbyists from the 10 most climate-affected countries combined. A total of 503 lobbyists were registered atCOP26 in Glasgow.
  • The groups called on the United Nations to restrict access to the talks for fossil fuel firms, which the UN chief Antonio Guterres has said are "poisoning our planet".

Sharm el Sheikh, Egypt—Fossil fuel lobbyists have flooded UN climate talks in Egypt, a report by watchdog groups said Thursday, as calls grow at the summit for a windfall tax on oil majors’ bumper profits.

More than 600 lobbyists from some of the world’s biggest polluters have registered to the climate talks in the Egyptian resort of Sharm el-Sheikh, up 25 percent from last year, the analysis by groups including Global Witness and Corporate Accountability found.

They said that is more than the number of lobbyists from the 10 most climate-affected countries combined.

“There’s been a lot of lip service paid to this being the so-called African COP, but how are you going to address the dire climate impacts on the continent when the fossil fuel delegation is larger than that of any African country?” said Phillip Jakpor of Corporate Accountability.

The groups scoured the official list of registered participants looking for those either directly affiliated with oil and gas companies, or people who are attending as part of delegations that “act on on behalf of the fossil fuel industry”.

Last year at the UN climate meeting in Glasgow, they counted 503 fossil fuel lobbyists registered.

The groups called on the United Nations to restrict access to the talks for fossil fuel firms, which the UN chief Antonio Guterres has said are “poisoning our planet”.

Oil companies have scored tens of billions of dollars in profits this year as crude prices have soared in the wake of Russia’s invasion of Ukraine.

Barbados Prime Minister Mia Mottley called Monday for a 10 percent tax on oil companies to fund loss and damage.

Other small island nations threatened by the rise in seas caused by global warming joined her call on Tuesday.

“While they are profiting, the planet is burning,” said the prime minister of Antigua and Barbuda, Gaston Browne, adding that company profits should go towards the creation of a “loss and damage” fund to help vulnerable countries cope with the here-and-now impacts of climate change.

The Pacific island nation of Tuvalu became this week the second country to join calls for a fossil fuel non-proliferation treaty, an initiative that seeks to stop new investments in coal, oil and gas globally and phase out production.