South Asia most vulnerable region to climate-induced natural disasters: PM

FE Team | Published: September 08, 2020 23:44:56

Prime Minister Sheikh Hasina on Tuesday express the hope that the regional office of the Global Centre on Adaptation (GCA) in Dhaka will serve as a 'Centre of Excellence' and a solution-broker for climate adaptation measures in the South Asia region, reports UNB.
"I hope this regional office will share the best adaptation practices of Bangladesh as well as other countries and exchange practices within the region. It will serve as a Centre of Excellence and a solution-broker for adaptation measures in the region," she said addressing the launching event of the centre.
Sheikh Hasina and Chair of the GCA Board former UN Secretary General Ban Ki-moon jointly inaugurated the 'Global Centre on Adaptation (GCA) Bangladesh' digitally at Agargaon. Dutch Prime Minister Mark Rutte also spoke at the virtual function.
Noting that climate change is a global affair, Sheikh Hasina called upon all countries to enhance their nationally-determined contributions by December 31 this year in tackling the menace as well as execute the 2015 Paris Agreement.
because it came off such a low base (with global consumption down year-on-year by about 20m barrels a day in April, or about a fifth of the total). The next gains will be more modest. By year-end, he predicts, global demand will still be down by at least 5m b/d.
"From here it will be a more lengthy process," he said.
China is also importing less crude oil - and may not pick up the pace of buying again until prices fall further, say analysts. Reflecting the weakening of demand in its most crucial market, Saudi Aramco cut the price of oil for Asian consumers in October.
"If China does not boost again its oil imports soon, this could be interpreted as a warning sign that even heavy industry-propelled economies, that traditionally come back more quickly than others in times of crisis, are feeling the strain," said Paola Rodríguez-Masiu, senior oil market analyst at Rystad Energy, a consultancy.
If consumers can no longer be relied on to drive the market recovery, producers will have to do their bit to keep propping up prices.
Yet production from Opec - whose record-breaking cuts alongside Russia helped bring the oil market back from the brink this summer - is now rising again.
The Opec cutters (which exclude Iran, Libya and Venezuela) produced 21.9m barrels a day in August, up almost 2.0m b/d from June, according to Refinitiv. Some of this was an agreed increase. But overproduction from the United Arab Emirates, a loyal Saudi ally which produced almost 250,000 b/d above its target in August, was definitely not expected. Nor did Saudi Arabia plan for Iraq, Opec's second-biggest producer, to pop into view seeking an exemption to its cuts next year.
These signs of dissent on cuts are bad timing, given traders' renewed worries about demand.
Saudi Arabia is not impressed. King Salman spoke to President Vladimir Putin of Russia yesterday about their co-operation - a sure sign the kingdom is again homing in on the performance of its partners in the Opec+ cuts deal.
"At this stage, the main focus should be on ensuring that compliance remains high," said Bassam Fattouh, an expert on Opec policy and director of the Oxford Institute for Energy Studies.
That will be especially important while the virus still hangs over the market, especially as the northern hemisphere's winter nears. Covid-19 will remain oil's wild card, said Bill Farren-Price, a director at consultancy Enverus and veteran Opec-watcher.