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Business

Shell posts profit of nearly $40 billion and announces $4 billion in buybacks

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Hong Kong/London
CNN
 — 

Shell made a record profit of almost $40 billion in 2022, more than double what it raked in the previous year after oil and gas prices soared following Russia’s invasion of Ukraine.

Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double the $19.3 billion it posted in 2021 — driven by a strong performance in its gas trading business. The company’s stock was up 1.7% in London.

The company reported $9.8 billion in profit in the fourth quarter. Just over 40% of Shell’s full-year earnings came from its integrated gas business, which includes liquified natural gas trading operations.

Shell CEO Wael Sawan said the results “demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.”

The earnings are the latest in a series of record-setting results by the world’s biggest energy companies, which have enjoyed bumper profits off the back of soaring oil and gas prices.

ExxonMobil this week posted record full-year earnings of $59.1 billion. Last month, Chevron

(CVX) reported a record full-year profit of $36.5 billion.

That has led to renewed calls for higher taxation. Governments in the European Union and the United Kingdom have already imposed windfall taxes on oil company profits, with the proceeds used to help households struggling with rising energy bills.

Shell said it expected to pay an additional $2.3 billion in tax related to the EU windfall tax and the UK energy profits levy. The company paid $13 billion in tax globally in 2022.

Shell

(RDSA) also announced another $4 billion share buyback program and confirmed it would lift its dividend per share by 15% for the fourth quarter.

— This is a developing story and will be updated.

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World

From China to Japan, deadly cold is gripping East Asia. Experts say it’s the ‘new norm’

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Hong Kong
CNN
 — 

A deadly cold snap that is gripping East Asia has killed at least four people in Japan after subzero temperatures and heavy snow brought travel chaos during the Lunar New Year holiday, with climate experts warning that such extreme weather events had become the “new norm.”

Japanese officials said all four of those who died on Wednesday and Thursday had been working to clear snow amid what Chief Cabinet Secretary Hirokazu Matsuno has called a “once-in-a-decade cold snap.”

Two of the deaths were reported in the western Niigata prefecture, with one in southwestern Oita prefecture and one in southern Okayama prefecture – where the victim had a heart attack.

In neighboring South Korea, heavy snow warnings were issued this week as temperatures in the capital Seoul fell as low as minus 15 degrees Celsius (5 degrees Fahrenheit) and plummeted to record lows in other cities, officials said. Residents said it began snowing heavily overnight late Wednesday into Thursday.

On the popular tourist island of Jeju, harsh weather this week led to the cancellation of hundreds of flights while passenger ships were forced to stay in port due to huge waves, according to the Central Disaster and Safety Countermeasure Headquarters.

“Cold air from the North Pole has reached South Korea directly,” after traveling through Russia and China, Korea Meteorological Administration spokesperson Woo Jin-kyu told CNN.

– Source:
CNN
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See what life is like inside one of the world’s coldest places

Woo said that while scientists took a long-term view of climate change, “we can consider this extreme weather – extremely hot weather in summer and extremely cold weather in winter – as one of the signals of climate change.”

Across the border in Pyongyang, North Korean authorities warned of extreme weather conditions as the cold wave swept through the Korean Peninsula. Temperatures in parts of North Korea were expected to dip below minus 30 degrees Celsius (minus 22 degrees Fahrenheit), state media reported.

In Japan, hundreds of domestic flights were canceled on Tuesday and Wednesday due to heavy snow and strong winds that hampered visibility. Major carriers Japan Airlines and All Nippon Airways canceled a combined total of 229 flights.

Meanwhile, high-speed trains were suspended between the northern Fukushima and Shinjo stations, Japan Railway Group said.

China’s meteorological authority has also forecast big temperature drops in parts of the country and on Monday issued a blue alert for a cold wave – the lowest level in a four-tier warning system.

Mohe, China’s northernmost city, on Sunday saw temperatures drop to minus 53 degrees Celsius (minus 63.4 degrees Fahrenheit) – its coldest ever recorded, meteorologists said. Ice fog – a weather phenomenon that occurs only in extreme cold when water droplets in air remain in liquid form – is also expected in the city this week, local authorities said.

Other parts of Asia also felt the impacts of harsh cold weather.

Earlier this month in Russian Siberia, temperatures in the city of Yakutsk stood at minus 62.7 degrees Celsius (minus 80.9 degrees Fahrenheit) – a record for a place widely known as the world’s coldest city.

The cold was also felt in Afghanistan, where Taliban officials reported the deaths of at least 157 people as the country experiences one of its coldest ever winters with minimal humanitarian aid. Officials said temperatures in early January had plummeted to as low as minus 28 degrees Celsius (minus 18 Fahrenheit).

Yeh Sang-wook, a climate professor at Hanyang University in Seoul, attributed the extreme cold wave on the Korean Peninsula to Arctic winds from Siberia, adding that the cold wave in South Korea this year was partly due to the melting of Arctic ice caps from a warming climate.

“There has been a record melting last year and this year,” he said. “When sea ice is melted, the sea opens up, sending up more vapor into air, leading to more snow in the north.”

As climate change worsens, the region would face more severe cold weather in the future, he said.

“There is no other (explanation),” he said. “Climate change is indeed deepening and there is a consensus among global scientists that this kind of cold phenomenon will worsen going forward.”

Kevin Trenberth, from the US National Center for Atmospheric Research (NCAR), agreed that “extreme weather events are the new norm,” adding, “we certainly can expect that weather extremes are going to be worse than they were before.”

He also pointed to the El Niño and La Niña climate pattern cycles in the Pacific Ocean that affect weather worldwide.

La Niña, which typically has a cooling effect on global temperatures, is one of the reasons for the current cold snap, he said.

“There’s certainly a large natural variability that occurs in the weather but … we often hear about the El Nino phenomenon and at the moment we’re in the La Niña phase. And that certainly influences the kinds of patterns that tend to occur. And so that’s a player as well,” he said.

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World

Iceberg roughly the size of London breaks off in Antarctica

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CNN
 — 

An iceberg nearly the size of Greater London broke off the Brunt Ice Shelf in Antarctica on Sunday according to the British Antarctic Survey.

Scientists first discovered significant cracks in the ice shelf a decade ago, but in the last two years there have been two major breaks. The BAS Halley Research Station is located on the Brunt Ice Shelf and glaciologists say the research station is safe.

The iceberg is around 600 square miles, or 1550 square kilometers. The researchers say this event was expected and not a result of climate change.

“This calving event has been expected and is part of the natural behavior of the Brunt Ice Shelf. It is not linked to climate change. Our science and operational teams continue to monitor the ice shelf in real-time to ensure it is safe, and to maintain the delivery of the science we undertake at Halley,” Professor Dominic Hodgson a BAS glaciologist said in a news release.

The calving comes amid record-low sea ice extent in Antarctica, where it is summer.

“While the decline in Antarctic sea ice extent is always steep at this time of year, it has been unusually rapid this year,” scientists at the National Snow and Ice Data Center reported in early January, “and at the end of December, Antarctic sea ice extent stood at the lowest in the 45-year satellite record.”

Researchers at the data center say the low sea ice has been due in part to a large band of warmer-than-normal air temperatures, which climbed to 2 degrees Celsius above average over the Ross Sea in November and December. Strong winds have also hastened the sea ice decline, they reported.

Recent data shows the sea ice has not since recovered, suggesting the continent could end the summer with a new record on the books for the second year in a row.

Antarctica has experienced a roller-coaster of sea ice extent over the past couple of decades, swinging wildly from record highs to record lows. Unlike the Arctic, where scientists say climate change is accelerating its impacts, Antarctica’s sea ice extent is highly variable.

“There’s a link between what’s going on in Antarctica and the general warming trend around the rest of the world, but it’s different from what we see in mountain glaciers and what we see in the Arctic,” Ted Scambos, a glaciologist at the University of Colorado Boulder and lead scientist at the National Snow and Ice Data Center, previously told CNN.

Satellite data that stretches back to 1978 shows that the region was still producing record-high sea ice extent as recently as 2014 and 2015. Then it suddenly plunged in 2016 and has stayed lower than average since.

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World

The Doomsday Clock reveals how close we are to total annihilation

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Sign up for CNN’s Life, But Greener newsletter. Our limited newsletter series guides you on how to minimize your personal role in the climate crisis — and reduce your eco-anxiety.



CNN
 — 

The Doomsday Clock has been ticking for 76 years. But it’s no ordinary clock.

It attempts to gauge how close humanity is to destroying the world.

On Tuesday, the clock was set at 90 seconds until midnight — the closest to the hour it has ever been, according to the Bulletin of the Atomic Scientists, which created the clock in 1947. Midnight represents the moment at which we will have made Earth uninhabitable for humanity. From 2020 to 2022, the clock was set at 100 seconds to midnight.

The clock isn’t designed to definitively measure existential threats, but rather to spark conversations about difficult scientific topics such as climate change, according to the Bulletin.

The decision to move the clock 10 seconds forward this year is largely due to Russia’s invasion of Ukraine and the increased risk of nuclear escalation, the Bulletin said in a news release. The continuing threats posed by the climate crisis, as well as the breakdown of norms and institutions needed to reduce risks associated with biological threats like Covid-19, also played a role.

“We are living in a time of unprecedented danger, and the Doomsday Clock time reflects that reality,” Rachel Bronson, president and CEO of the Bulletin, said in the release. “It’s a decision our experts do not take lightly. The US government, its NATO allies and Ukraine have a multitude of channels for dialogue; we urge leaders to explore all of them to their fullest ability to turn back the Clock.”

The Bulletin of the Atomic Scientists was founded by a group of atomic scientists who worked on the Manhattan Project, the code name for the development of the atomic bomb during World War II.

Originally, the organization was conceived to measure nuclear threats, but in 2007 the Bulletin made the decision to include climate change in its calculations.

Over the last three-quarters of a century, the clock’s time has changed according to how close the scientists believe the human race is to total destruction. Some years the time changes, and some years it doesn’t.

The Doomsday Clock is set every year by the experts on the Bulletin’s Science and Security Board in consultation with its Board of Sponsors, which includes 11 Nobel laureates.

Although the clock has been an effective wake-up call when it comes to reminding people about the cascading crises the planet is facing, some have questioned the 75-year-old clock’s usefulness.

“It’s an imperfect metaphor,” Michael E. Mann, Presidential Distinguished Professor in the Earth and environmental science department at the University of Pennsylvania, told CNN in 2022, highlighting that the clock’s framing combines different types of risk that have different characteristics and occur in different timescales. Still, he adds it “remains an important rhetorical device that reminds us, year after year, of the tenuousness of our current existence on this planet.”

Every model has constraints, Eryn MacDonald, analyst with the Union of Concerned Scientists’ Global Security Program, told CNN in 2022, adding that the Bulletin has made thoughtful decisions each year on how to get the people’s attention about existential threats and the required action.

“While I wish we could go back to talking about minutes to midnight instead of seconds, unfortunately that no longer reflects reality,” she said.

The clock has never reached midnight, and Bronson hopes it never will.

“When the clock is at midnight, that means there’s been some sort of nuclear exchange or catastrophic climate change that’s wiped out humanity,” she said. “We never really want to get there and we won’t know it when we do.”

The clock’s time isn’t meant to measure threats, but rather to spark conversation and encourage public engagement in scientific topics like climate change and nuclear disarmament.

If the clock is able to do that, then Bronson views it as a success.

When a new time is set on the clock, people listen, she said. At the COP26 climate talks in Glasgow, UK, in 2021, former Prime Minister Boris Johnson cited the Doomsday Clock when talking about the climate crisis the world is facing, Bronson noted.

Bronson said she hopes people will discuss whether they agree with the Bulletin’s decision and have fruitful talks about what the driving forces of the change are.

Moving the clock back with bold, concrete actions is still possible. In fact, the hand moved the farthest away from midnight — a whopping 17 minutes before the hour — in 1991, when then President George H.W. Bush’s administration signed the Strategic Arms Reduction Treaty with the Soviet Union. In 2016, the clock was at three minutes before midnight as a result of the Iran nuclear agreement and the Paris climate accord.

“We at the Bulletin believe that because humans created these threats, we can reduce them,” Bronson said. “But doing so is not easy, nor has it ever been. And it requires serious work and global engagement at all levels of society.”

Don’t underestimate the power of talking about these important issues with your peers, Bronson said.

“You might not feel it because you’re not doing anything, but we know that public engagement moves (a) leader to do things,” she said.

To make a positive impact on climate change, look at your daily habits and see if there are small changes you can make in your life such as how often you walk versus drive and how your home is heated, Bronson explained.

Eating seasonally and locally, reducing food waste, and recycling properly are other ways to help mitigate, or deal with the effects of, the climate crisis.

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Science

Temperatures on Greenland haven’t been this warm in at least 1,000 years, scientists report

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CNN
 — 

As humans fiddle with the planet’s thermostat, scientists are piecing together Greenland’s history by drilling ice cores to analyze how the climate crisis has impacted the island country over the years. The further down they drilled, the further they went back in time, allowing them to separate which temperature fluctuations were natural and which were human-caused.

After years of research on the Greenland ice sheet – which CNN visited when the cores were drilled – scientists reported Wednesday in the journal Nature that temperatures there have been the warmest in at least the last 1,000 years – the longest amount of time their ice cores could be analyzed to. And they found that between 2001 and 2011, it was on average 1.5 degrees Celsius warmer than it was during the 20th century.

The report’s authors said human-caused climate change played a significant role in the dramatic rise in temperatures in the critical Arctic region, where melting ice has a considerable global impact.

“Greenland is the largest contributor currently to sea level rise,” Maria Hörhold, lead author of the study and a glaciologist with the Alfred Wegener Institute, told CNN. “And if we keep on going with the carbon emissions as we do right now, then by 2100, Greenland will have contributed up to 50 centimeters to sea level rise and this will affect millions of people who live in coastal areas.”

– Source:
CNN
” data-fave-thumbnails=”{“big”:{“uri”:”https://media.cnn.com/api/v1/images/stellar/prod/121204121146-greenland-secrets-in-ice-e-00021413.jpg?q=x_75,y_77,h_622,w_1107,c_crop/h_540,w_960″},”small”:{“uri”:”https://media.cnn.com/api/v1/images/stellar/prod/121204121146-greenland-secrets-in-ice-e-00021413.jpg?q=x_75,y_77,h_622,w_1107,c_crop/h_540,w_960″}}” data-vr-video=”” data-show-name=”” data-show-url=”” data-check-event-based-preview=”” data-network-id=”” data-details=””>

Greenland: Secrets in the Ice — Part 5


07:57

– Source:
CNN

Weather stations along the edge of the Greenland ice sheet have detected that its coastal regions are warming, but scientists’ understanding of the effects of rising temperatures there had been limited due to the lack of long-term observations.

Understanding the past, Hörhold said, is important to prepare for future consequences.

“If you want to state something is global warming, you need to know what the natural variation was before humans actually interacted with the atmosphere,” she said. “For that, you have to go to the past – to the pre-industrial era – when humans have not been emitting [carbon dioxide] into the atmosphere.”

During pre-industrial times, there were no weather stations in Greenland that gathered temperature data like today. That’s why the scientists relied on paleoclimate data, such as ice cores, to study the region’s warming patterns. The last robust ice core analysis in Greenland ended in 1995, and that data didn’t detect warming despite climate change already being apparent elsewhere, Hörhold said.

“With this extension to 2011, we can show that, ‘Well, there is actually warming,’” she added. “The warming trend has been there since 1800, but we had the strong natural variability that has been hiding this warming.”

Before humans began belching fossil fuel emissions into the atmosphere, temperatures near 32 degrees Fahrenheit in Greenland were unheard of. But recent research shows that the Arctic region has been warming four times faster than the rest of the planet.

Significant warming in Greenland’s ice sheet is nearing a tipping point, scientists say, which could trigger catastrophic melting. Greenland holds enough ice that if it all melted, it could lift global sea levels by roughly 24 feet, according to NASA.

Although the study only covered temperatures through 2011, Greenland has seen extreme events since then. In 2019, an unexpectedly hot spring and a July heat wave caused almost the entire ice sheet’s surface to begin melting, shedding roughly 532 billion tons of ice into the sea. Global sea level would rise by 1.5 millimeters as a result, scientists reported afterward.

Then in 2021, rain fell at the summit of Greenland – roughly two miles above sea level – for the first time on record. The warm air then fueled an extreme rain event, dumping 7 billion tons of water on the ice sheet, enough to fill the Reflecting Pool at Washington, DC’s National Mall nearly 250,000 times.

With these extreme events in Greenland happening more often, Hörhold said the team will continue to monitor the changes.

“Every degree matters,” Hörhold said. “At one point, we will go back to Greenland and we will keep on extending those records.”

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US

A US federal agency is considering a ban on gas stoves

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New York
CNN
 — 

A federal agency is considering a ban on gas stoves as concerns about indoor pollution linked to childhood asthma rise, Bloomberg first reported.

A US Consumer Product Safety commissioner told Bloomberg gas stove usage is a “hidden hazard.”

“Any option is on the table. Products that can’t be made safe can be banned,” agency commissioner Richard Trumka Jr. said in a Bloomberg interview. The report said the agency plans “to take action” to address the indoor pollution caused by stoves. CNN has reached out to the CPSC for comment.

The CPSC has been considering action on gas stoves for months.Trumka recommended in October that the CPSC seek public comment on the hazards associated with gas stoves. The pollutants have been linked to asthma and worsening respiratory conditions.

A December 2022 study in the International Journal of Environmental Research and Public Health found that indoor gas stove usage is associated with an increased risk of current asthma among children. The study found that almost 13% of current childhood asthma in the US is attributable to gas stove use.

Trumka told Bloomberg the agency plans to open public comment on gas stove hazards. Options besides a ban include “setting standards on emissions from the appliances.”

Thirty-five percent of households in the United States use a gas stove, and the number approaches 70% in some states like California and New Jersey. Other studies have found these stoves emit significant levels of nitrogen dioxide, carbon monoxide and fine particulate matter – which without proper ventilation can raise the levels of indoor concentration levels to unsafe levels as deemed by the EPA.

“Short-term exposure to NO2 is linked to worsening asthma in children, and long-term exposure has been determined to likely cause the development of asthma,” a group of lawmakers said in a letter to chair Alexander Hoehn-Saric, adding it can also exacerbate cardiovascular illnesses.

The letter – Sen. Corey Booker and Sen. Elizabeth Warren among its signers – argued that Black, Latino and low-income households are more likely to be affected by these adverse reactions, because they are either more likely to live near a waste incinerator or coal ash site or are in a home with poor ventilation.

In a statement to CNN, the CPSC said the agency has not proposed any regulatory action on gas stoves at this time, and any regulatory action would “involve a lengthy process.”

“Agency staff plans to start gathering data and perspectives from the public on potential hazards associated with gas stoves, and proposed solutions to those hazards later this year,” the commission said in a statement. “Commission staff also continues to work with voluntary standards organizations to examine gas stove emissions and address potential hazards.”

Some cities across the US banned natural gas hookups in all new building construction to reduce greenhouse emissions – Berkeley in 2019, San Francisco in 2020, New York City in 2021. But as of last February, 20 states with GOP-controlled legislatures have passed so-called “preemption laws” that prohibit cities from banning natural gas.

“To me that’s what’s interesting about this new trend, it seems like states are trying to eliminate the possibility before cities try to catch onto this,” Sarah Fox, an associate law professor at Northern Illinois University School of Law, told CNN last year. “The natural gas industry… has been very aggressive in getting this passed.”

In a statement to CNN Business, the Association of Home Appliance Manufacturers said an improvement in ventilation is the solution to preventing indoor air pollution while cooking.

“A ban on gas cooking appliances would remove an affordable and preferred technology used in more than 40% of home across the country,” Jill Notini, industry spokesperson, said in a statement. ” A ban of gas cooking would fail to address the overall concern of indoor air quality while cooking, because all forms of cooking, regardless of heat source, generate air pollutants, especially at high temperatures.”

The American Gas Association pushed back against a natural gas ban in a blog post in December, saying it makes housing more expensive as “electric homes require expensive retrofits.”

However, Biden’s landmark Inflation Reduction Act includes a rebate of up to $840 for an electric stove or other electric appliances, and up to an $500 to help cover the costs of converting to electric from gas.

– CNN’s Ella Nilsen contributed to this report.

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World

Rare good news for planet: Ozone layer on track to recover within decades as chemicals are phased out

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CNN
 — 

In rare good news for the planet, Earth’s ozone layer is on track to recover completely within decades, as ozone-depleting chemicals are phased out across the world, according to a new United Nations-backed assessment.

The ozone layer protects the planet from harmful ultraviolet rays. But since the late 1980s, scientists have sounded the alarm about a hole in this shield, caused by ozone-depleting substances including chlorofluorocarbons, dubbed CFCs, often found in refrigerators, aerosols and solvents.

International cooperation helped stem the damage. The use of CFCs has decreased 99% since the Montreal Protocol went into force in 1989, which began the phase-out of those and other ozone-harming chemicals, according to the assessment by a panel of experts published on Monday.

If global policies stay in place, the ozone layer is expected to recover to 1980 levels by 2040 for most of the world, the assessment found. For polar areas, the timeframe for recovery is longer: 2045 over the Arctic and 2066 over the Antarctic.

“Ozone action sets a precedent for climate action. Our success in phasing out ozone-eating chemicals shows us what can and must be done – as a matter of urgency – to transition away from fossil fuels, reduce greenhouse gases and so limit temperature increase,” said Secretary General for the World Meteorological Organization Petteri Taalas.

Ozone-depleting gases are also potent greenhouse gases, and without a ban the world could have seen additional warming of up to 1 degree Celsius, according to a 2021 study in the journal Nature. The planet has already warmed around 1.2 degrees since the industrial revolution, and scientists have warned that it should be limited to 1.5 degrees to prevent the worst consequences of the climate crisis. Warming beyond 1.5 degrees would dramatically increase the risk of extreme drought, wildfires, floods and food shortages, scientists have reported.

For the first time in this assessment, which is published every four years, scientists also looked at the prospect of solar geoengineering: the attempt to reduce global warming through measures such as spraying aerosols into the stratosphere to reflect sunlight out of the earth’s atmosphere.

They found stratospheric aerosol injection could help reduce climate warming but warned there may be unintended consequences. Deploying the technology “could also affect stratospheric temperatures, circulation and ozone production and destruction rates and transport,” the report, published every four years, found.

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Science

Whales can have an important but overlooked role in tackling the climate crisis, researchers say

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CNN
 — 

The world’s largest whales are more than just astonishing creatures. Much like the ocean, soil and forests, whales can help save humanity from the accelerating climate crisis by sequestering and storing planet-heating carbon emissions, researchers say.

In a paper published Thursday in the journal Trends in Ecology & Evolution, climate researchers suggest that whales are important, but often overlooked, carbon sinks. The enormous size of these marine mammals, which can reach 150 tons, means they can store carbon much more effectively than smaller animals.

And because whales live longer than most animals, some for more than 100 years, the paper said they could be “one of the largest stable living carbon pools” in the ocean. Even when they die, whale carcasses descend to the deepest parts of the sea and settle on the seafloor, trapping the carbon they’ve stored in their stout, protein-rich bodies.

An indirect way whales can be critical carbon sinks is through their feces. Whale poop is rich in nutrients which can be taken up by phytoplankton — tiny organisms that suck up carbon dioxide as they grow. When they die, phytoplankton also sink at the bottom of the seafloor, taking tiny bits of carbon in their carcasses.

The process of carbon sequestration helps mitigate climate change, because it locks away carbon that otherwise would have warmed the planet somewhere else for hundreds, if not thousands, of years.

Yet whales are threatened, with six out of 13 great whale species classified as endangered or vulnerable due to threats including industrial whaling, which has reduced whale biomass by 81%, as well as entanglement with fishing gear, climate change-induced shifts in prey availability, noise pollution and more.

Heidi Pearson, lead author and researcher at the University of Alaska Southeast, said the research shows that protecting whales has a double benefit — helping to stem the biodiversity crisis as well as human-caused climate change.

The paper puts together all available research about how whales work as critical carbon sinks. As the need grows for nature-based solutions such as tree planting to help solve the climate crisis, Pearson said it is important to understand the ability of whales to trap carbon.

“You can think of protecting whales as a low risk and low regret strategy, because there’s really no downside,” Pearson told CNN. “What if we protect them and get ecosystem benefits in addition to carbon?” She said there was no risk to this strategy compared to other untested, expensive solutions to capturing and trapping carbon, such as geoengineering. There has been much research and analysis into whales’ contribution to carbon storage over the years.

In 2019, economists with the International Monetary Fund attempted to quantify the economic benefits of whales. The first-of-its-kind analysis looked at the market price of carbon dioxide, then calculated the whale’s total monetary value based on how much carbon it captures, in addition to other economic benefits like ecotourism. It put the average value of a great whale at $2 million.

But there remain big gaps in knowledge to fully determine how whale carbon should be used in climate mitigation policies. Asha de Vos, a marine biologist and founder of Oceanswell in Sri Lanka, said it’s important to recognize that whales have “more to offer than their beauty and charisma,” and that protecting them is key to a proper functioning ocean ecosystem.

“But, as the authors suggest, we mustn’t overemphasize the role of whales in these spaces as we do not have sufficient research,” de Vos, who is not involved with the study, told CNN. “Fundamentally, whales will not save our oceans or planet on their own, but they likely play a role in the larger system.”

As Pearson continues to research whale carbon in Alaska, particularly delving into the indirect pathways in which whales can be carbon sinks, she said she hopes the current paper pushes policymakers to consider whales as a significant part of climate mitigation strategies.

It’s another layer that links the biodiversity crisis to the climate crisis — but for now, Pearson said she and a team will go back out in the field to fully quantify the carbon impact of whales.

“Whales aren’t a silver bullet to saving the planet; it’s just one small thing that we could do amidst many other things we need to do for climate change,” Pearson said. “We just need to get the scientific story straight.”

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Business

Keystone Pipeline shuts down after oil leak, halting flow of 600,000 barrels a day

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New York
CNN Business
 — 

The Keystone Pipeline has been shut down following a leak discovered near the border of Kansas and Nebraska.

The shutdown of the major oil pipeline that carries crude from Canada triggered volatility in the energy market on Thursday, with oil prices briefly surging as much as 5% before retreating.

Federal safety regulators are investigating the leak and have deployed to the site, a spokesperson for the Pipeline and Hazardous Materials Safety Administration told CNN.

Canada’s TC Energy

(TRP) said it launched an emergency shutdown of the Keystone Pipeline System at 9 p.m. ET on Wednesday after alarms were triggered and pressure dropped in the system. The company said the system remains shut as “our crews actively respond and work to contain and recover the oil.”

Calgary-based TC Energy said there has been a “confirmed release of oil” into a creek located about 20 miles south of Steele City, Nebraska. An estimated 14,000 barrels of oil have been discharged as of late Thursday, the company said.

The PHMSA, an arm of the Transportation Department charged with enforcing safety regulations for pipelines, said the leak is located near Washington, Kansas, which is near the border with Nebraska.

The spokesperson said the agency continues to investigate the cause of the leak.

US oil prices climbed as high as $75.44 a barrel on the news, before easing. In recent trading, oil was up 0.8% to $72.57 a barrel. The gains follow a steep selloff in recent days that left crude at levels unseen since December 2021.

No timetable has been given for restarting the Keystone Pipeline, a 2,700-mile system that delivers mostly Canadian oil to major refineries across America. The pipeline can transport more than 600,000 barrels of oil per day.

Matt Smith, an analyst at commodity data provider Kpler, said Canadian oil normally transported by Keystone can’t be easily replaced.

“We’re seeing a pop in prices because this will impact refiners that take this crude,” Smith said.

“Our primary focus right now is the health and safety of onsite staff and personnel, the surrounding community, and mitigating risk to the environment through the deployment of booms downstream as we work to contain and prevent further migration of the release,” TC Energy said in a statement.

The leak happened on an existing Keystone pipeline that is separate from Keystone XL, a controversial pipeline project that was terminated last year after President Joe Biden revoked the pipeline’s permit on his first day in office.

The Keystone Pipeline has experienced leaks in the past, including one in South Dakota in 2016 and another one in 2019 in North Dakota that impacted nearly five acres.

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World

When China and Saudi Arabia meet, nothing matters more than oil

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Hong Kong
CNN
 — 

Chinese leader Xi Jinping is visiting Saudi Arabia this week for the first time in nearly seven years, during which he signed a comprehensive strategic partnership with the world’s largest oil exporter and met leaders from across the Middle East.

The visit is a sign that China and the Gulf region are deepening their economic relations at a time when US-Saudi ties have crumbled over OPEC’s decision to slash crude oil supply. As Xi wrote in an article published in Saudi media, the trip was intended to strengthen China’s relations with the Arab world.

The partnership agreement signed by the two sides includes a number of deals and memoranda of understanding, such as on hydrogen energy and enhancing coordination between the kingdom’s Vision 2030 and China’s Belt and Road Initiative, according to the official Saudi Press Agency (SPA). It did not provide specific details.

China is Saudi Arabia’s biggest trading partner and a source of growing investment. It’s also the world’s biggest buyer of oil. Saudi Arabia is China’s largest trading partner in the Middle East and the top global supplier of crude oil.

“Energy cooperation will be at the center of all discussions between the Saudi-Chinese leadership,” said Ayham Kamel, head of Eurasia Group’s Middle East and North Africa research team. “There is great recognition of the need to build a framework to ensure that this interdependence is accommodated politically, especially given the scope of energy transition in the West.”

Governments around the world have committed to drastically cutting carbon emissions over the coming decades. Countries such as Canada and Germany have doubled down on renewable energy investments to expedite their transition to net-zero economies.

The United States has significantly increased domestic oil and gas output since the 2000s, while accelerating its transition to clean energy.

The Russian invasion of Ukraine in February has triggered a global energy crisis that has left all countries racing to shore up supplies. And the West has further scrambled the oil markets by slapping an embargo and price cap on the world’s second biggest exporter of crude.

Energy security has also increasingly become a key priority for China, which is facing significant challenges of its own.

Last year, bilateral trade between Saudi Arabia and China hit $87.3 billion, up 30% from 2020, according to Chinese customs figures.

Much of the trade was focused on oil. China’s crude imports from Saudi Arabia stood at $43.9 billion in 2021, accounting for 77% of its total goods imports from the kingdom. That amount also makes up more than a quarter of Saudi Arabia’s total crude exports.

“Stability of energy supplies, in terms of both prices and quantities, is a key priority for Xi Jinping as the Chinese economy remains heavily reliant on oil and natural gas imports,” said Eswar Prasad, a professor of trade policy at Cornell University.

The world’s second largest economy is heavily reliant on foreign oil and gas. 72% of its oil consumption was imported last year, according to official figures. 44% of natural gas demand was also from overseas.

At the 20th Party Congress in October, Xi stressed that ensuring energy security was a key priority. The comments came after a spate of severe power shortages and soaring global energy prices following Russia’s invasion of Ukraine.

As the West shunned Russian crude in the months that followed the invasion, China took advantage of Moscow’s desperate search for new buyers. Between May and July, Russia was China’s No. 1 oil supplier, until Saudi Arabia regained the top spot in August.

“Diversity is a key ingredient for China’s long-term energy security because it cannot afford to put all of its eggs in one basket and turn itself into a captive of another power’s energy and geostrategic interests,” said Ahmed Aboudouh, a nonresident fellow with the Middle East Programs at the Atlantic Council, a research institute based in DC.

“Although Russia is a source of cheaper supply chains, nobody can guarantee, with utmost certainty, that the China and Russia relationship will continue to shore up 50 years from now,” Aboudouh said.

The Saudi Press Agency cited Saudi energy minister Prince Abdulaziz bin Salman as saying Wednesday that the kingdom would remain China’s “credible and reliable partner in this field.”

Saudi Arabia also has strong motivations to deepen energy ties with China, according to Gal Luft, co-director of the Institute for the Analysis of Global Security.

“The Saudis are concerned about losing market share in China in the face of a tsunami of heavily discounted Russian and Iranian crude,” he said. “Their goal is to ensure China remains a loyal customer even when the competitors offer [a] cheaper product.”

Oil prices have fallen back to where they were before the Ukraine war on fears of a sharp global economic slowdown. The extent to which the Chinese economy can pick up pace next year will have a huge bearing on how bad that slump will be.

Beyond security of supply, Saudi Arabia could offer Beijing another prize with bigger geopolitical ramifications.

Riyadh has been in talks with Beijing to price some of its oil sales to China in the Chinese currency, the yuan, rather than the US dollar, according to a Wall Street Journal report. Such a deal could be a boost to Beijing’s ambitions to expand the Chinese currency’s global influence.

It would also hurt the long-standing agreement between Saudi Arabia and the United States that requires Saudi Arabia to sell its oil only for US dollars and to hold its reserves partly in US Treasuries, all in return for US security guarantees. The “petrodollar system” has helped preserve the dollar’s status as the top global reserve currency and payment medium for oil and other commodities.

Although Beijing and Riyadh never confirmed the reported talks, analysts said it was logical that the two sides would be exploring the possibility.

“In the near future, Saudi Arabia could sell some of its oil and receive revenues in Chinese yuan, which makes economic sense as China is the kingdom’s top trading partner,” said Naser Al Tamimi, senior associate research fellow at ISPI, an Italian think tank on international affairs.

Some believe it’s already happening, but that neither China nor the Saudis want to highlight it publicly.

“They know too well how sensitive this issue [is] for the United States,” said Luft. “Both parties are overexposed to the US currency and there is no reason for them to continue to conduct their bilateral trade in a third party’s currency, especially when this third party is no longer a friend of either.”

Xi’s visit could mark another step “in the erosion of the dollar’s status” as reserve currency, he added.

Nonetheless, there are limits to the growing ties between Riyadh and Beijing.

“The Biden administration’s approach to the Middle East has concerned the Saudis, and they see a growing relationship with China as a hedge against potential US abandonment and a tool for leverage in negotiations with the United States,” said Jon B. Alterman, director of the Middle East Program at the Center for Strategic and International Studies, a Washington DC-based think tank.

The Biden administration has reoriented its policy priorities with a focus on countering China. At the same time, it has indicated its intention to downsize its own presence in the Middle East, sparking worries among allies there that the United States may not be as committed to the region as it used to be.

“All that being said, Chinese-Saudi ties pale in both depth and complexity to Saudi-US ties,” Alterman said. “The Chinese remain a novelty to most Saudis, and they are additive. The United States is foundational to how Saudis see the world, and how they have seen it for 75 years.”

Despite the possibility of shifting to yuan transactions, it’s too early to say Saudi Arabia would ditch the dollar in pricing its oil sales, analysts said.

Eurasia Group’s Kamal believes it’s “highly unlikely” that Saudi Arabia would take such a step, unless there is an implosion on the US-Saudi relationship.

“In essence there could be discussion on pricing of barrels to China in yuan, but this would be limited in size and probably only correspond to bilateral trade volumes,” he said.

Prasad from Cornell University said countries like China, Russia, and Saudi Arabia are all eager to reduce their dependence on the dollar for oil contracts and other cross-border transactions.

“However, in the absence of serious alternatives and with few international investors willing to place their trust in these countries’ financial markets and their governments, the dollar’s dominant role in global finance is hardly under serious threat,” he said.

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