Daily Energy Standup Episode #261 – Weekly Recap: COP 28, Carbon Emissions, and Global Energy Shifts

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What Is COP28 and Why Is It Important?

November 25, 2023 Mariel Alumit

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

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Michael Tanner: [00:00:14] What is going on, everybody? Welcome into a special edition of the Daily Energy News Beat Stand up here on this gorgeous Saturday, December 2nd, 2023. As always, I’m your humble correspondent, Michael Tanner. Comedy from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show and the director, publisher of the world’s greatest website, energy news Beat.com, Stuart Turley. My man. Busy week. [00:00:35][20.5]

Stuart Turley: [00:00:35] Oh, it’s been a beautiful day in the neighborhood and a busy week in the neighborhood. Boy, I didn’t get that out very well, did I? [00:00:42][7.2]

Michael Tanner: [00:00:43] Yeah. No, it’s been a great it’s been a great week. We had a couple solo shows yesterday or early in the week. I got to talk about Subway or as I like, got scrubbed away sandwiches as it relates to the Federal Trade Commission and ExxonMobil. So you don’t want to go back and listen to that one. Stew had some great solo stuff. We talked all about the UAE switching the Petro dollar. Royal Caribbean decides to go LNG and a bunch of other stuff, guys. I’m going to let the team decide what you hear before we listen to that. As always, guys, the news and analysis you are about to was brought to you by the world’s greatest website. www.energynewsbeat.com The best place for all of your energy news to in the team do a great job of curating that site to make sure it stays up to speed with everything you need to know to be the tip of the spear when it comes to the energy business. You follow us. Apple Podcasts, Spotify, wherever you get your podcasts at Energy News beat on YouTube. You can check out the description below for all the timestamps and links. You can jump ahead to whichever one you want to see. Dashboard.EnergyNewsbeat.com is our data news combo. Check that out. Give us all the feedback. With that, though, I’m done, Stu. Let’s kick over the weekly recap. We’ll see you Monday, folks. [00:01:42][59.7]

Stuart Turley: [00:01:43] So let’s start out with what’s cop 28, Cop 28. And I hear some terms in this article that I did not even think were a thing. But they are. Why is Cop 28 What is Cop 28 and why is it important? It’s going to be talks in Dubai and the agenda, the phased down or even phase out of fossil fuels a global goal to help the world adapt to extreme weather events. Okay, here’s the funny part. You also have Saudi Arabia attending. You also have who is investing an awful lot into hydrogen renewable energy. So I can understand that. But they have Saudi Aramco also showing up, which is the world’s largest oil company. Okay. Without Saudi Arabia using Saudi aramco’s funds from oil and gas, they couldn’t make the energy transition. Now you’re also seeing a gigantic push around the rest of the world, and it’s going to cause some conflicts. Let me go into that here in just a second. As it is in Dubai, how many people will attend? Cop 28. I found this 70,000 of your closest friends will be there. Michael keeps saying, I need to get over there. But no, I think I’ll just check my. Oh, okay. I’m too busy. And so we’ve got cop 26 was in Glasgow in 2021 and that was 40,000 and then 33,000 were in Egypt. This year is because they’re saying that they’re not going fast enough in cutting emissions at Cop after 28 countries will have until 2025 to submit new national plans to fight climate change. Here’s where it’s going to get dicey. Nobody can afford to keep this problem going. This year’s cop let me quote the article. This year’s cop will be crucial for climate finance. Rich countries have now delivered on their promise to mobilize 100 billion a year to help poor, poor countries deal with the worst impacts of climate change. That’s only a tiny bit. And the 2.5 trillion that is needed by 2030. There is no way that the world can fund 2030. That is just simply a way to redistribute wealth. Don’t kid yourself. And I’m getting shut down by all of the social media and Google as an honor to mention it that way. [00:04:24][161.7]

Michael Tanner: [00:04:25] Richest 1% emit more than the poorest two thirds, says Oxfam. Absolutely hilarious. Yeah, we got the world’s richest percent generated as much carbon emissions as the poorest two thirds in 2019, according to a new Oxfam report that examines the Uber wealth, these lavish lifestyles and investments in heavy polluting industries. I read this next paragraph. The report paints a grave portrait as climate experts and activists scramble to curtail global warming. This month marked a long, dreaded milestone for the planet, where the scientists recorded an average global temperature that was more than two degrees Celsius above pre-industrial. Levels Again, I feel that probably not true in terms of this increase. But but again, the point of this is, according to this Oxfam’s report, carbon emissions of the world 1% surpass the amount generated by all car and road transportation globally in 2019, while the richest 10% accounted for all half of global carbon emissions. The richest 1% are enough to cancel out nearly the work of 1 million wind turbines. So for all of those wind turbines going up in West Texas and the Midwest here, Al Gore is single handedly knocking you down. It’s you got to love it. The inconvenient truth is that Al Gore is bad for the environment. That’s all I got out of here. This is David Schwarzenberg. He’s the director of Sydney Environmental Institute at the University of Sydney. And he said, quote, None of this is surprising, but, you know, it’s crucial. It’s crucial. He also goes on to say there’s been a huge issue in climate justice. Countries don’t want to pay for what they’ve done in the past. So it’s interesting thing years. Okay, let’s not talk about historic responsibility, but current responsibility. The recommendation is hardly new, but one that, quote, climate activists continue to fight for taxing the Uber rich and using money to invest in renewable energy. I’m all about tax now. Well, I think we should have an Al Gore tax personally. Whatever he uses, let’s charge him 20% over market rate. You know, there was a proposal to tax corporate jet travel, probably shot down by our our favorite Heinz, 57 senator, a former senator, I should say, now climate evangelist John Kerry. You know, it’s not his plane. It’s his family’s plane. So he’d probably be he’d probably be out a bit. You know, I like they they make fun of Kylie Jenner. This I do find it funny. Kylie Jenner took a 14 minute flight. Man, I wish I could do that on a private jet. You have to admit, if you could take off, if you could afford to fly private on a 14 minute flight, you do it, too. Now, you should maybe be taxed on it, but I’m not going to hold Kylie Jenner because I do the same thing. But again, this is look, we all know if you’re rich, you use more energy. That’s kind of the point. It’s why all other countries want to become rich. Now, the problem is, if you get to a point, the richer you become, the more energy use. But the efficiency goes up. But there is a point when you latch into this .01 percent is this article says that you do begin to use astronomical maps. Who knew that massive mansions use more electricity than apartment complexes? Who knew? Who knew? Folks? [00:07:19][173.8]

Stuart Turley: [00:07:19] So let’s go to our buddies up in the Canada just we finished up Heidi and Terry again two really classy Canadians up there. Daniel Smith conjures up a new A-bomb to drop on Trudeau’s meddling in Alberta power grid. You know, their president or Prime Minister Trudeau is absolutely a moron. I’d like to see our moron play ping pong with their moron and I’ll raise you a moron. This is absolutely despicable. And the A-bomb is Alberta Crown Corporation. Electricity generation represents Alberta arming up to reverse the broken federal provincial power dynamic. Here’s the problem, Michael. They are going to go challenge a 15 year earlier previously agreed upon by the crown and this is private industry could do this with natural gas but they want to go ahead and change the entire baseload for Alberta to renewable. Renewable does not work in the cold. I’m sorry, this is absolutely nuts. [00:08:33][73.9]

Michael Tanner: [00:08:34] It’s exactly what I was going to say. Imagine all those batteries seizing up in the freezing frigid winter. [00:08:39][4.7]

Stuart Turley: [00:08:39] Oh, that’s like me on a podcast when my batteries run out of hardware recorder. Hold that thought, Mr. CEO. This is. As Schmidt described it, the new Crown Corporation will be similar to export owned by the city of Edmonton or in Macs, owned by the city of Calgary. Quote, We want the private sector to step in with new natural gas generation, with nuclear, new nuclear generation. But if they don’t, we need to step in. We’re sending a message to the market. This is a reluctant entry. It would be a generator of last resort. The government’s forcing them to go to renewable. [00:09:21][41.7]

Michael Tanner: [00:09:22] Yeah, it’s absolutely insane. I don’t get it. It’s going to backfire and bite them in the booty soon, trust me. [00:09:28][6.2]

Stuart Turley: [00:09:28] Oh, yeah, He said booty. Let’s go to China. We’re going to flap our wings all the way around to China now. Okay? China boost coal and gas consumption as power demands record high. Chinese of authority been keeping avoid last year’s power shortages. I applaud China for one reason. They’re taking care of their citizens first, Not like the U.S., where we’re like third rate. We’re like going, hey, what’s going on? China is trying to. Yet all the power they can to their citizens and elevating as many people out of poverty as that they can. They have, as we talked about 440GW this winter is coming up on its peak demand. It’s rising by 12.1%. That’s a lot gigawatts that it’s rising, dude. [00:10:24][56.2]

Michael Tanner: [00:10:25] Yeah. And every little lie. So that’s why John Kerry should stop flying on his private jet. [00:10:30][5.2]

Stuart Turley: [00:10:30] Oh, the other article here on News Beat this week was a hoot. It was. There’s two of them that were out there. Amazon, Bezos. His one yacht is putting out more than I believe it was 47,000 people, something like that on their homes. You got to be kidding me. One guy, one yacht. The other article was 1%. The 1% is emitting more CO2 than 60% of the rest of the world. Speaking of royals, let’s go to Royal Caribbean. Takes delivery of LNG power plant in power giant in Finland. Michael, you were kind of funny when we were chit chatting about the show ahead of time. A unit of Royal Caribbean. This is Royal Caribbean International. I just did my podcast with Sean Strawbridge and we were talking about the LNG, gigantic cargo ships that are being rolled out from China and they’re already bought. These things were bigger than the Empire State Building. Now, this is van tastic news because it is less carbon footprint than just about anything else they can. This is 365m long. Icon of the seas. It is just amazing. The first cruise line that can be powered by LNG. Now, I did not know this, Michael. You’re limited on where you can fill these bad dogs up. You just don’t drive up and go ding, ding, you know, across the little air line on the floor on a gas station, used to have the guys run out and fill, you know, nobody’s going to be in a monkey suit standing there to fill you up on this thing. You got to go to where there’s LNG. And Shawn Strawbridge was really apt to say, hey, we’re years away from this. So this could be limiting in the ports of call that you could go to with this bad dog. [00:12:29][119.3]

Michael Tanner: [00:12:30] Well, two things. One, I hate cruises, so I’m going to be completely skewered on this. I think people that takes cruises or bumps, to be honest with you, and I apologize if you do take cruises, but not a fan of cruises. Second of all, I do find it hilarious. Royal Caribbean, the place where probably the most amount of emissions, the amount of food that gets eaten on a cruise is disgusting. You walk by all those buffets. It’s just seven day old hot dogs. The nice part is now that it’s LNG powered and we’re quote unquote net zero, you actually eat those hot dogs and it won’t cause an uptick in carbon. So thank you, Royal Caribbean, for keeping us net zero by allowing us to take on more of your disgusting hot topic. I, I have to. I hate cruises still, so I will not be trying this new LNG powered icon of the seas. I forget I went on. It was a Royal Caribbean cruise. I went and I think it was it was tradition of the seas. It was one of the of the seas brand horrible. I hate it. [00:13:23][53.6]

Stuart Turley: [00:13:24] I guarantee you went on the Disney Royal Caribbean They trust. [00:13:28][3.8]

Michael Tanner: [00:13:28] If it was a Disney cruise, I wouldn’t have come back because it would have jumped off. And you. You just left me at sea? [00:13:32][3.9]

Stuart Turley: [00:13:32] Oh, yeah. Because I could see the kids running up to you and going, Mickey. [00:13:36][3.3]

Michael Tanner: [00:13:36] You thinking Mickey was making me pancake? Ooh. [00:13:39][2.5]

Stuart Turley: [00:13:40] Oh, hey, let’s go to the UAE. UAE stops buying using the petrodollar. The U.S. dollar for oil trades. This is about as big as it gets, you know. [00:13:53][13.0]

Michael Tanner: [00:13:53] Disastrous. [00:13:53][0.0]

Stuart Turley: [00:13:54] It is. You and I have been on the story for BRICs for a long time, and the UAE just gave that double barrel finger to the Biden administration with this move, the BRICs, which is Brazil, Russia, India, China and South Africa. They expanded it to the UAE, Saudi Arabia, Egypt, Ethiopia, Iran and Argentina. And you’re going to see a major demise of the US dollar. Who’s going to buy our debt when the US petrodollar is not being used? You just had Michael. We covered on the podcast last week. Russia and China also shifting and exchanging $3 billion worth of their gold currency in order to make more trades. Wow. Okay. This gets even uglier coming down into here. The new era in global oil trade. This is just absolutely this isn’t about diversifying trade. It’s. Out making a statement on the global stage. That’s exactly what the quote out of the article was. And they are dead on, right. The UAE and Saudi Arabia have every right to give the United States the double finger the way we treated them. [00:15:13][78.9]

Michael Tanner: [00:15:13] It’s it’s true. I don’t want to be a shill for for Saudi Arabia or the UAE, but they’re doing what’s in the best interests of their country. So you can’t not I mean, if I was if I was running UAE or running Saudi, I’d be doing the same thing. So I can’t sit here and and blame them if the United States this is it. Good. As you mentioned, this is going to cause a huge strain financially on us long term. This is what we call long. And I’m listening to a book on the 2000 financial crisis. This guy named Thomas Horning, who was one of the few guys that dissented all the rate increases from 2008 to 2016 from a few people that said we should raise rates and not keep rates low because why? The effects? Financial effects have long and variable lags. He said that in thousands of times in the speeches of the Fed. And I love that phrase long, invariable acts, something like this. We don’t know the outcome. We’re not going to see the effects of them switching to a currency today. All of a sudden tomorrow, we’re not going to see it. But in ten, 15, 20 years, what are those long and variable effects? It’s another way of thinking of when I talk about second order, third order effects, it’s the same thing. And this is that second, third order effect. When in ten years when nobody’s using the dollar to trade oil, that puts us in a huge strategic disadvantage around the rest of the world. As you mentioned, our debt back a lot by oil and gas. [00:16:33][80.1]

Stuart Turley: [00:16:34] I’ll tell you what, Michael, I think you’re right in many ways, but I’m going to disagree with you, which I think that makes the show kind of fun, is that you’re always smarter and better looking than I am. But I’m going to disagree with you. Yeah, we get that feedback all the time. I’m the homely guy with a big hump, you know, for our podcast listeners. So when you sit back and take a look, this is really a problem and it’s not going to be ten years, Michael, that we feel this you alluded to it. It’s going to be a year. We have lost the stage for diplomacy in the world. And diplomacy is alarmed around energy. [00:17:11][37.3]

Michael Tanner: [00:17:12] We’ll call it an even five years. And I don’t think it’s going to be a year. It may not be ten long. And variable effects. [00:17:18][5.7]

Stuart Turley: [00:17:19] I’m going to go short variable of I’ll see your long and variable and raise you a short and variable paradigm. [00:17:28][8.9]

Michael Tanner: [00:17:28] Fair enough. [00:17:28][0.0][1021.1]

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