High fossil fuel prices spread inflation ‘like a cancer’, UN climate negotiator tells Cop31
Summary
UN climate talks opened in Antalya, Turkey, with negotiators urging faster emissions cuts, renewable energy use and support for countries vulnerable to climate impacts. UN climate negotiator Simon Stiell said disruption to oil supplies had driven up fuel prices, adding to inflation and economic pressure worldwide.Key Facts
- The two-week COP31 talks are hosted by Turkey, with Australia leading the negotiations.
- Turkey said it expected 100,000 visitors, including at least 95 heads of state.
- Stiell described the effects of high fossil fuel prices as a global shock that was raising inflation and hurting households.
- The article attributes a 50% rise in petrol prices around the world to the U.S. war with Iran and disruption to oil shipments through the Strait of Hormuz.
- UN Secretary-General António Guterres urged leaders to cut emissions faster, speed a fair transition away from fossil fuels, and provide financing and protection for vulnerable countries.
- The article says climate scientists confirmed this year that global heating would reach at least 1.8C, above the Paris agreement's 1.5C goal.
- Australia's climate change minister, Chris Bowen, said countries could return to the 1.5C target after overshooting it if they acted together and urgently.
- A coalition of 20 countries at the talks said that exceeding the 1.5C limit should not be used to justify inaction.
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