• 1 day PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 1 day Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 1 day Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Alt Text

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take…

Alt Text

This Key Data Points At Strong U.S. Oil Demand

U.S. Gasoline prices haven’t risen…

Alt Text

With A World Awash In Oil, Kazakhstan Faces Fuel Crisis

Kazakhstan is struggling with a…

Are The US And China’s Climate Goals Realistic?

Are The US And China’s Climate Goals Realistic?

At first glance, the agreement between China and the United States to impose new limits on their greenhouse gas emissions looks like an effort for significant cooperation between two huge global rivals. But not everyone’s convinced that their plan will address the problem adequately.

The leaders of both countries are under conflicting pressures at home on the matter. In China, President Xi Jinping is aware of the crucial role that coal has played in driving the country’s economy, yet he’s faced with the public furor over the amounts of toxic smog in key industrial centers.

In the United States, President Obama’s environmentally progressive political base is demanding action to limit carbon dioxide emissions, but the Republican Party has just won elections that will give them control of both houses of Congress, and its leaders see any shift to renewable fuels as a threat to the country’s economy.

Related: China And US Agree Ambitious New Emissions Deal

Nevertheless, in announcing their plan, the two men played up the idea that such a high-minded agreement could be made between two countries that have long disagreed about everything from China’s pursuit of territorial claims in East and Southeast Asia to cyber spying, human rights and trade.

China and the US spent months privately negotiating the agreement. When they announced the program on Nov. 12 in the Great Hall of the People, Obama spoke positively about the US rival, saying a powerful and flourishing China is in the US interest.

“If the United States is going to continue to lead the world in addressing global challenges, then we have to have the second-largest economy and the most populous nation on Earth as our partner,” Obama said.

Xi agreed, saying increased cooperation is necessary despite the countries’ differences. “The Pacific Ocean is broad enough to accommodate the development of both China and the United States, and our two countries should work together to contribute to security in Asia,” he said.

The fruit of their cooperation was Obama’s promise that by 2025, the US would emit up to 28 percent less CO2 than it did in 2005. Xi said China would reach its peak emissions “around 2030,” and that by then fully 20 percent of its power generation would come from renewable energy.

But some observers say that despite the import of an agreement between two great rivals, they should do more, especially China. One, Li Shuo of Greenpeace East Asia, summed it up this way in an interview with The New York Times: “[T]his should be the floor on which they work rather than a ceiling. … Based on China’s current coal consumption numbers, they can do much more.”

Li was referring to a goal agreed upon at the 2009 UN Climate Change Conference in Copenhagen under which governments would work to cut carbon dioxide emissions to levels at which the average global temperature would not rise more than 3.6 degrees Fahrenheit above the average global temperature before the Industrial Revolution of the late 18th century.

Related: GOP Has Big Plans For Energy, But Are The Numbers Right?

Li said climate scientists believe Xi’s pledge to reach peak emissions by 2030, then having them decline, would not be soon enough to achieve the goal set in Copenhagen. In fact, he said, no country has done enough to accomplish that. But more should be expected from China, he said, because it is the world’s largest polluter.

Nevertheless, the very fact that China and the US could reach any kind of broad agreement on climate change probably was a fitting end to Obama’s surprisingly productive two-day visit to Beijing, a trip that hadn’t been expected to achieve much.

Besides the climate deal, Obama and Xi also agreed to a plan that would help prevent hostilities between Chinese and US warships and aircraft in waters off China’s coast, announced progress on reducing tariffs on technology products, and on a bilateral investment treaty, among other things.

By Andy Tully of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • David Hrivnak on November 14 2014 said:
    It can be done. We cut our household CO2 by 70% by moving to an electric car and rooftop solar. In doing so we cut our annual "fuel" costs by $3500 and have a much faster car and can better ride out power outages. It is a win win win.
  • Alex on November 14 2014 said:
    What climat goals are you talking about?! Is it to reduce the CO2 emission and to increase the energy savings? I invite you to calculate the emission of the
    poison gases during just one day of War in ME! US invaded to Iraq and destabilised all the region. Washington did supported ISIL to remove Bashar Assad! And now Washington is anxious about CO2 emission?!
    It looks rediculous!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News