6:35 am: IEA’s Birol says surging energy prices must not derail climate policy
The chief executive of the International Energy Agency told CNBC on Wednesday that surging energy prices must not derail the urgent need to significantly reduce worldwide fossil fuel use.
“High prices in coal, or gas, or in oil, they have nothing to do with the clean energy transition,” Fatih Birol said. “I see that some say try to portray this current situation as the first crisis of the clean energy transition — which is incorrect.”
He added: “If not addressed by the governments and others properly … and if the real facts are not brought to the public, it may well be a significant barrier for further climate policy action.”
His comments come just weeks ahead of a landmark international climate change summit due to be held in Glasgow, Scotland.
— Sam Meredith
6:05 am: Russia hits new record for daily Covid deaths as infections rise, vaccinations lag
5:45 am: Russia says gas supplies to Europe are at maximum levels, any increase to be negotiated with Gazprom
Kremlin spokesperson Dmitry Peskov on Wednesday said Russia was supplying gas to Europe at maximum levels under existing contracts, according to the TASS news agency.
Any potential increase in supply would need to be negotiated via Russia’s state-owned energy giant Gazprom, Peskov said, adding Moscow stands ready to increase gas transit through Ukraine if the European Union increases purchases.
“We can say that Russia is flawlessly fulfilling all contractual obligations under the upper bar, that is, to the possible maximum, all volumes of supplies have been increased in the light of the contracts and agreements that exist,” Peskov said, TASS reported.
— Sam Meredith
5:50 am: Putin to deliver opening remarks at Russian Energy Week
Russian President Vladimir Putin on Wednesday is scheduled to deliver a speech at the plenary session of the Russian Energy Week international forum in Moscow.
His opening remarks come ahead of a CNBC-moderated panel on global energy, where Putin will be joined by BP CEO Bernard Looney, TotalEnergies CEO Patrick Pouyanne, ExxonMobil CEO Darren Woods and Daimler CEO Ola Kallenius.
CNBC’s Hadley Gamble is set to welcome the business leaders to the stage at around 1:00 p.m. Moscow time (6 a.m. ET), with Putin expected to speak for approximately 15 minutes thereafter.
— Sam Meredith