News in Brief
G7 faces pressure on fossil fuels
AFP – G7 allies met Saturday for two days of “difficult” climate talks in northern Japan, facing pressure to show progress on key fossil fuel commitments in an example to other major economies.
Campaigners have warned climate and environment ministers from the leading developed countries against backsliding on pledges to shift away from coal and natural gas at home and abroad.
But a leaked third draft of a statement to be issued on Sunday at the meeting in Sapporo has relieved some experts, who had feared a more ringing endorsement of the need for overseas gas investments.
Global oil demand hitting
record high
OILPRICE.COM – Despite concerns about economic growth with the ongoing interest rate hikes, global oil demand is still set for a record high 101.9 million barrels per day (bpd) this year, driven by a resurgent Chinese consumption, the International Energy Agency (IEA) said.
Buoyed by a resurgent China, world oil demand is set for growth of 2 million bpd this year, to hit a record 101.9 million bpd, the IEA said in its Oil Market Report for April.
IMF sounds alarm on declining aid
DW – The International Monetary Fund warned a shortage of funding for sub-Saharan Africa was negatively impacting the region, slowing growth and threatening dire consequences.
The warning comes as central bank chiefs and financial regulators descend on Washington this week for the International Monetary Fund-World Bank’s Spring Meetings.