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Oil Prices Crash On New Covid Fears

Oil Prices Crash On New Covid Fears

Oil prices crashed on Friday…

Brazil Ratifies Paris Climate Change Participation

The government of Brazil on Monday ratified the country’s participation in the Paris Agreement on climate change, making it one of the biggest carbon dioxide releasers in the world to have signed on to the deal.

The United Nations contends that Brazil is responsible for approximately 2.5 percent of the carbon dioxide and other gases worldwide.

Brazilian President Michel Temer stated that Brazil would present its ratification to the United Nations later in September.

“Our government is concerned about the future. Everything we do today is not aimed at tomorrow, but rather at a future that preserves the living conditions of Brazilians,' Temer was quoted as saying.

Brazil made the commitment to reduce its emissions by 37 percent by the year 2025, and to reach a goal of 43 percent by 2030. Over the last 10 years, the country has made significant cuts in its emissions through the reduction of deforestation in the Amazon, and the increased use of renewable energy. The country is basing its goals on the level of carbon emissions produced in 2005.

David Waskow, director of the International Climate Initiative at the World Resources Institute, commented: “Brazil is now the next major country to move forward. It will add even greater momentum.”

Under the agreement--which will essentially take effect when 55 nations that represent 55 percent of the world’s emissions have signed on--allows countries to set their own goals for reducing emissions.

Although the goals carry no legal weight, counties are expected to update them on a five-year basis.

Earlier this month, China and the United States both ratified their participation in the agreement.

The United Nations said that as of September 7th, it had 27 ratifications of the agreement, which equates to 39 percent of the world’s emissions.

Under the terms of the Paris Agreement, the plan is to limit the increase in global temperature by 2 degrees Celsius, or 35.6 degrees Fahrenheit, with an appeal to the nations to strive for a limit of 1.5 degrees Celsius or 34. 7 degrees Fahrenheit.

By Lincoln Brown for Oilprice.com

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