COP31 Host Urges NATO Nations to Spend More on Climate Than Defense
Dips Into Strategic Oil Reserve Again Amid Supply Disruptions Felicity Bradstock is a writer and journalist based in Mexico City.
She writes for energy websites and covers several other industries, as well as writing… The host of the United Nations’ COP31 climate summit, Turkey, is encouraging wealthy countries participating in the conference to spend more on climate support than on defence.
This follows Turkey’sannouncementin September that it plans to invest heavily in developing its renewable energy capacity in the coming years.
However, Turkey also intends to expand its oil and gas production, which could be at odds with its climate aims.
COP31 will beheld in the southern Turkish province of Antalyafrom 9th– 20thNovember with a first-of-its-kind joint presidency arrangement between Türkiye and Australia.
The summit brings together government, business, and civil society representatives from around the world to discuss how the various world powers can best work together to tackle climate change.
For the first time, Turkey and Australia held a “pre-summit” in the Fijian city of Nadi in the South Pacific from 5th– 8thOctober to draw attention to the climate challenges being faced by island nations.
However, only 13 national leaders attended the summit alongside Australia’s prime minister, Anthony Albanese, ahead of the main COP31 event in November.
Nevertheless, around 30 ministers, including those from India and European nations and representatives from China and Saudi Arabia, attended the pre-summit alongside approximately 4,000 others.
During the summit, Pacific leaders reiterated their demands, stating that COP countries must act to “keep 1.5C alive”, that climate finance must be made available to the poor and vulnerable communities most at risk, and that the health of the oceans must be prioritised.
Australia’s climate change minister, Chris Bowen, stressed that only 0.2 per cent of the world’s climate finance supports small island developing countries in adapting, even though they are most at risk of climate change.
Meanwhile, the COP31 president-designate from Turkey, Murat Kurum, suggested that NATO countries should focus more on investing in combating climate change rather than spending heavily on defence, arguing that climate change poses an even greater threat to safety and security.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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