UN Climate Conference COP31 Begins in Turkey, Geopolitical Conflicts Impact Energy Markets

The COP31 annual UN climate conference is taking place in Antalya, Turkey, from November 9 to 20, focusing on reducing greenhouse gas emissions, securing climate finance for developing nations, and accelerating the transition to clean energy. Geopolitical developments, particularly the ongoing conflicts in Iran and Ukraine, are influencing negotiations by disrupting oil shipments through the Strait of Hormuz and driving up global fuel prices. New research projects a 0.4% decrease in global fossil CO2 emissions in 2026, partly attributed to the Iran conflict and the expansion of solar and wind power.