COP29 in Baku, Azerbaijan, faced significant challenges as negotiations over climate finance extended beyond the scheduled end, with developing nations seeking $1 trillion annually by 2030. A draft deal proposed $250 billion from wealthy countries, far below the requested amount, amid notable absences of key world leaders. The conference highlighted frustrations over the lack of commitment from major polluters and the urgent need for a new approach to climate action, especially for vulnerable nations like those in the Pacific.
Liberty Energy"s stock surged 5% in premarket trading following President-elect Donald Trump"s appointment of CEO Chris Wright as energy secretary. Wright, who also sits on the board of nuclear startup Oklo, has dismissed climate change as a global crisis and will join the president-elect’s Council on National Energy. Despite Trump"s push for increased fossil fuel production, analysts suggest U.S. oil and natural gas output will remain unchanged post-election.
At the U.N. COP29 climate conference in Baku, discussions centered on climate financing amid concerns over President-elect Trump's stance on climate change and potential rollbacks of existing reforms. While Trump aims to boost fossil fuel infrastructure and withdraw from the Paris Agreement, U.S. climate envoy John Podesta reaffirmed the nation's commitment to climate leadership. Business leaders, including Exxon Mobil's CEO, urged a balanced approach to emissions reduction while emphasizing the importance of maintaining global agreements.
Azerbaijan's President Ilham Aliyev defended fossil fuels at COP29, asserting they are a "gift of the god" and criticizing foreign media for labeling his country a "petrostate." He highlighted Azerbaijan's role in supplying gas to the EU amid the Ukraine crisis, while US climate envoy John Podesta announced a new methane fee for oil and gas companies. Meanwhile, Sweden pledged $18.4 million to the Loss and Damage Fund, and Shell successfully appealed a ruling to cut emissions by 45% by 2030.
Exxon CEO Darren Woods urged President-elect Trump to remain in the Paris climate pact, emphasizing that participation is key to influencing global carbon-cutting policies. Woods highlighted the importance of government policies in driving investment in lower-emission technologies, noting that the Inflation Reduction Act's focus on outcomes is beneficial for the industry. He stressed that transitioning to a less carbon-intensive system requires significant investment, which must be economically viable for companies.
Exxon CEO Darren Woods stated that the outcome of the upcoming U.S. presidential election will not impact oil production levels in the short to medium term. He expressed skepticism about the effectiveness of the "Drill, baby, drill" mantra, emphasizing that U.S. shale production is driven by market dynamics rather than political agendas. While there are untapped resources in areas like the Gulf of Mexico due to federal permitting, the majority of shale resources are on private land and regulated at the state level.
Stocks closed on a sour note as traders anticipate earnings reports from Chevron and Exxon Mobil, with both CEOs scheduled to appear on CNBC. General Motors saw a 13% rise in the last month, while Ford and Stellantis faced declines. Apple reported strong iPhone sales but saw a slight drop in stock after hours, despite a 22.7% year-to-date increase. Financials outperformed in October, while health care and consumer durables struggled.
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