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Sunday, 6 June 2021

IEA in “la la land” over 2050 net zero plan, say oil barons

OPEC+ leaders are sneering at the International Energy Agency’s 2050 net-zero emissions road map, warning that a shift away from oil and gas under this transition would harm the global economy, Bloomberg reports. The agency last month said that all new oil and gas projects should be halted if we’re going to reach net-zero emissions by the middle of the century, a call that unsurprisingly seems to have fallen on deaf ears among the world’s largest oil producers. The Saudi energy minister dismissed the idea as “la la land,” his Qatari counterpart called the focus on green energy “dangerous, while Russian Deputy PM Alexander Novak said ending new investment would cause fuel prices to skyrocket.

IN DIPLOMACY: The EU will work with Egypt to solidify the ceasefire between Hamas and Israel, European Council President Charles Michel pledged after a call with Egyptian President Abdel Fattah El Sisi Wednesday, Michel said on Twitter. The two sides also discussed Libya, setting up economic and defense partnerships, and cooperation on mitigating the impact of covid-19 in Africa, according to an Ittihadiya statement.

Meanwhile, Egypt and France carried out joint naval and air force exercises off the Mediterranean Coast, the armed forces said in a statement. The exercises focused on counter-terrorism and anti-piracy activities.

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