COP28: Historic Loss and Damage Fund adopted at opening plenary

On the first day of COP28, the Loss and Damage Fund was operationalized at the opening plenary, with new pledges of about USD300 million announced in financial support.

 

COP28 host, the UAE pledged USD 100 million, Germany - USD 100 million, UK - GBP 60 million/USD 75 million, Japan - USD 10 million, and the USA - USD 17.5 million.

But the success of COP28 will ultimately be judged on addressing the root cause of the climate crisis – fossil fuels.

 

“A key issue to be addressed head on at this COP is that it delivers an outcome that deals with the need to justly and equitably phase out fossil fuels,” said Tasneem Essop, Executive Director, Climate Action Network.

 

Climate Action Network (CAN) said at a press briefing that the climate conference will be judged on whether it agrees to a plan for an equitable phase out fossil fuels, delivers the finance for a just transition and gets the Loss and Damage Fund up and running.

Harjeet Singh, Head of Global Political Strategy, CAN International commended the move by the host of the COP28 climate conference and the other several affluent nations announcing their financial support.

 

“While these funds are valuable in initiating the Fund's activities, it is important to recognise that the costs of rebuilding from the devastating effects of climate disasters run into hundreds of billions of dollars annually. Rich countries, given their significantly higher historical responsibility, must do more on a scale commensurate with their impact on planet-heating emissions," he said.

 

Rachel Cleetus, policy director and lead economist for the Climate and Energy Program at the Union of Concerned Scientists, noted the climate crisis falls disproportionately on marginalised and disadvantaged people. 

 

She therefore said “the consensus recommendations for operationalizing the Loss and Damage Fund are far from perfect yet are an important step forward and should be quickly adopted at COP28. Richer nations–including the United States–must also live up to their responsibility and provide robust resources for the Fund.

 

“The needs are immense and crushing for low- and middle-income nations already reeling from billions of dollars of damages and an immense human toll from extreme climate impacts. Moving this agreement forward expeditiously will also create the space for addressing other pressing issues, including the phase out of fossil fuels which are the root cause of climate change and loss and damage.”

 

For Teresa Anderson, Global Lead on Climate Justice, ActionAid International, the COP28 food systems initiative will only be useful if it leads to real commitments to move away from industrialised agriculture and to scale up the adoption of real solutions. 

 

“We need real commitments to move away from industrialised agriculture which is the second largest cause of greenhouse gas emissions. The fossil fuel and fertiliser industries are working hand in hand and the world food systems have become complicit in their own destruction,” she said.

 

COP28 opens in Dubai with calls for accelerated action, higher ambition against the escalating Climate Crisis

The United Nations Climate Change Conference COP28 is opening today with a resounding call to accelerate collective climate action. The conference takes place in what is already known to be the hottest year ever recorded in human history and as the impacts of the climate crisis wreak unprecedented havoc on human life and livelihoods around the world.

COP28 in Dubai, United Arab Emirates (UAE), from 30 November to 12 December 2023, is a decisive moment to act on climate commitments and prevent the worst impacts of climate change.

 

Over 70,000 delegates, including member states, business leaders, young people, climate scientists, Indigenous Peoples, journalists, and various other experts and stakeholders are expected to attend.

UAE has the presidency for COP28, with Dr Sultan Al Jaber as this year’s president.

This year’s COP marks the conclusion of the “global stocktake”, the first assessment of global progress in implementing the 2015 Paris Agreement. The findings are stark: the world is not on track to limiting temperature rise to 1.5°C by the end of this century. It does recognize that countries are developing plans for a net-zero future, and the shift to clean energy is gathering speed, but it makes clear that the transition is nowhere near fast enough yet to limit warming within the current ambitions.

A report recently published by UN Climate Change shows that national climate action plans – known as nationally determined contributions, or ‘NDCs’ – would collectively lower greenhouse gas emissions to 2% below 2019 levels by 2030, while the science is clear that a 43% reduction is needed.

The global stocktake must be a catalyst for greater ambition in meeting the Paris Agreement’s goals as nations prepare to submit revised national climate action plans by 2025. It lays out actions on how to accelerate emissions cuts, strengthen resilience to climate impacts, and provide the support and finance needed for the transformation.

Climate finance stands at the heart of this transformation. Replenishing the Green Climate Fund, doubling financial resources for adaptation and operationalizing the loss and damage fund are key to keeping 1.5°C within reach while leaving no one behind.

“The reality is that without much more finance flowing to developing countries, a renewables revolution will remain a mirage in the desert. COP28 must turn it into a reality,” said UN Climate Change Executive Secretary Simon Stiell.

Progress on climate finance at COP28 will be crucial to build trust in other negotiation areas and to lay the groundwork for an even more ambitious “New Collective Quantified Goal” for climate finance, which must be in place next year. It will also set the stage for a just and inclusive transition to renewable energy and the phasing out of fossil fuels.

In the face of rising conflicts and tensions worldwide, Stiell emphasized the need for collaborative efforts to combat climate change, an area in which nations can work together effectively to ensure a sustainable future both for people and the planet.

“We don’t have any time to waste. We need to take urgent action now to reduce emissions. At COP28, every country and every company will be held to account, guided by the north star of keeping 1.5°C within reach,” said COP28 President Dr. Sultan Al Jaber.

“All parties should be prepared to deliver a high ambition decision in response to the global stocktake that reduces emissions while protecting people, lives and livelihoods,” Al Jaber added.

For developing countries, the time to treat adaptation as a priority is overdue.

“The gap in adaptation finance is stark - there’s an immediate need for increased and accessible funds. At COP28, we demand clarity on the progress of the doubling of adaptation finance as well as agreeing clear and ambitious targets to achieve the global goal on adaptation,” said Madeleine Diouf Sarr, Chair of the Group of the 46 Least Developed Countries.

On loss and damage, Ms Sarr added: “The progress we’ve made in establishing a loss and damage fund is hugely significant for climate justice, but an empty fund can’t help our people. We expect significant pledges of new and additional finance to be made at COP28 to ensure the loss and damage fund can start delivering support as soon as possible.”

Egyptian Minister of Foreign Affairs and COP27 President Sameh Shoukry said: “It is of crucial importance to continue building on previous achievements, but more importantly to implement what we already agreed upon. We cannot achieve our common goals without having everyone on board, most importantly the Global South.

“We need to start delivering on climate justice and provide the needed tools that we already agreed upon in Sharm el-Sheikh for funding loss and damage, including the establishment of a fund. One of the major outcomes that has to come out of COP28 is for the fund to be fully operationalized and funded.”

Key COP28 events

The World Climate Action Summit (WCAS), hosted by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, will convene Heads of State or Government on 1-2 December, when the first part of the COP28 high-level segment will also take place. A resumed high-level segment will take place on 9-10 December.

The WCAS provides Heads of State or Government with the opportunity to set the stage for COP28, build on decisions from previous Conferences of the Parties, raise climate commitments and promote coordinated action to tackle climate change.

The COP28 Presidency will hold open consultations on thematic areas, inviting inputs from the broad mix of stakeholders attending the conference.

COP28: Governments must agree to triple renewable energy this decade and double energy efficiency – UNFCCC head

On the eve of the global climate conference in Dubai, United Arab Emirates, the Executive Secretary of UN Climate Change (UNFCCC) says COP28 must show a clear agreement to leave fossil fuel dependency behind. 

 

Simon Stiell says governments must agree to triple renewable energy this decade, and double energy efficiency.

 

“Only renewable energy offers safe, affordable, secure energy, as well as far more jobs, stronger economic growth, less pollution and better health for people in every country,” he said.

 

Over 160 world leaders are attending this year’s climate conference, which comes as the climate crisis enters a new phase – and shows its full force, harming billions of people, and costing trillions. 

 

According to Simon Stiell, no country is immune to the climate crisis as everyone is now on the frontlines; “yet most governments are still taking baby steps, when bold strides are urgently needed”.

 

“So – on the eve of the COP28, the problem is clear: business-as-usual is breaking our planet. At the COP28 climate conference, leaders must get to work fixing it,” he said.

 

He expects governments to pick up from the Global Stocktake completed by UN Climate Change this year, by agreeing what bolder actions need to be taken and how to deliver them. 

 

“At COP28, governments must deliver on two time frames: a surge in climate action now, and a springboard for next two crucial years, and beyond,” said Stiell.

 

Last year’s COP in Egypt delivered an historic Loss and Damage Fund, which is important to developing nations starved of climate justice and resilience for long. 

 

Simon Stiell expects COP28 to put real money on the table.

 

“COP28 in Dubai must show that finance is the great climate enabler. It needs to flow to developing in countries in torrents, not trickles, to boost climate resilience right now.

 

“The reality is that without much more finance flowing to developing countries, a renewables revolution will remain a mirage in the desert. COP28 must turn it into a reality,” he said.

  

With the climate crisis hitting every country and every economy, the Executive Secretary of UN Climate Change believes “climate action is a chance to unite around a common cause: survival, justice, prosperity”.

 

He says leaders leaving Dubai after the opening Summit, must have a clear message to their negotiators: “don’t come home without a deal that will make a real difference”.

 

COP28: Leaders must act to protect people from climate chaos

As COP28 starts this week in UAE, leaders must act to limit global temperature rise to 1.5 degrees Celsius, protect people from climate chaos, and end the fossil fuel age. 

 

During a media encounter, UN Secretary-General, António Guterres, said leaders must not let the hopes of people around the world for a sustainable planet melt away.

 

“They must make COP28 count,” he said. “We need a global commitment to triple renewables, double energy efficiency, and bring clean power to all, by 2030. 

 

“We need a clear and credible commitment to phase out fossil fuels on a timeframe that aligns with the 1.5-degree limit. 

 

“And we need climate justice - setting the world up for a huge increase in investment in adaptation and loss and damage to protect people from climate extremes,” he said. 

 

He spoke about three decisions to avoid the melting of Antarctica.

 

“It is clear that if we now take decisions, tripling for 2030, the renewables energy available, and it is possible and it is cheaper than doing anything else. Doubling energy efficiency, because if we do not spend energy, that is the best way to protect the climate. And finally, phasing out fossil fuels with a time frame that is compatible with 1.5 degrees. So if there is political will to take these three decisions, we are perfectly on time to avoid any catastrophe in Antarctica and around the world,” said the UN head. 

 

The Melting Antarctica

 

Greenland and Antarctica are melting more than three times as quickly as they did in the early 1990s. According to recent data, Antarctic sea ice in September was 1.5 million square kilometers less than it typically is during this time of year. That's about the same area as Portugal, Spain, France, and Germany put together.

 

Additionally, Antarctic sea ice reached a record low this year.

 

“Melting sea ice means rising seas. And that directly endangers lives and livelihoods in coastal communities across the globe. Floods and saltwater intrusion imperil crops and drinking water – threatening food and water security. 

 

“Homes are no longer insurable. Coastal cities and entire small islands risk being lost to the seas. And vital natural systems are at risk of being disrupted. 

 

“The movement of waters around Antarctica distributes heat, nutrients and carbon around the world, helping to regulate our climate and regional weather patterns. 

 

“But that system is slowing as the Southern Ocean grows warmer and less dense. Further slowdown – or entire breakdown – would spell catastrophe,” said António Guterres. 

 

The cause of all this destruction is clear: The fossil fuel pollution coating the Earth and heating the planet. 

 

According to the UN Chief, “without changing course, we’re heading towards a calamitous three-degree Celsius temperature rise by the end of the century. Sea surface temperatures are already at record highs. If we continue as we are, and I strongly hope we will not, the Greenland and West Antarctica ice sheets will cross a deadly tipping point. 

 

"This alone would ultimately push up sea levels by around ten meters. We are trapped in a deadly cycle. Ice reflects the sun’s rays. As it vanishes, more heat is absorbed into the Earth’s atmosphere. That means more heating, which means more storms, floods, fires and droughts across the globe. And more melting. Which means, with less ice, even more heating,” he noted.

  

He concluded by emphasizing that “if there is a defining issue of our times, if there is what we can call the most relevant threat to humankind, it is climate. So to be passionate about climate is to be passionate about humanity”.

by Kofi Adu Domfeh

 

 

Climate Change: Oil and gas majors could have paid for their share of climate loss and damage and still earned $10trillion – new report

Global climate damages from emissions associated with the top 25 oil and gas ‘carbon majors’ between 1985 and 2018 are estimated at 20 trillion USD compared to the 30 trillion USD they earned over the same period, according to a new report released by international think tank Climate Analytics.

The top three emitters are Saudi Arabia’s Aramco, Russian government-owned Gazprom, the National Iranian Oil company, and the top investor-owned companies are ExxonMobil, Shell, BP and Chevron. The list also includes the company led by the president of this year’s international climate negotiations: the Abu Dhabi National Oil Company. 

“These oil and gas majors have known about climate change for decades, yet they have doubled down on their business model. They have reaped massive financial gains, while climate change has intensified and left vulnerable peoples, and particularly developing countries, footing the bill,” said lead author Dr Carl-Friedrich Schleussner.

The authors used a middle-of-the-road estimate for the social cost of carbon – 185 USD per tonne of CO₂ – to calculate the damage estimates. Oil majors were attributed with a third of the damages, sharing responsibility equally with governments and consumers.

2022 super profits

In 2022 energy prices skyrocketed, and the financial gains for oil and gas companies reached record highs. Aramco announced what its CEO called “probably the highest net income ever recorded in the corporate world.” 

For 2022, authors were able to gather data for a subset of seven carbon majors including Aramco, Exxon Mobil, and Shell, showing that financial gains were almost twice the estimated damages caused by their emissions that year – 497 billion USD compared to 260 billion USD. 

 

Self-perpetuating fossil wealth 

The report also compares damages to sovereign wealth funds, which were largely created using profits from fossil fuel extraction. 

The United Arab Emirates, host of this years’ international climate negotiations, is home to the biggest combined sovereign wealth funds. Half of its funds could pay for the damages caused by the emissions associated with its oil and gas industry between 1985 and 2018, and it would still have 700 billion USD in wealth.

 

“Since their establishment, these funds have grown to such an extent that it’s clear that ‘fossil wealth’ is now perpetuating itself. But the other legacy of this wealth is climate devastation,” said report author Dr Marina Andrijevic.

Last year at COP27 all governments acknowledged that there was a need for new sources of funding for loss and damage. Mia Mottley, the Prime Minister of Barbados, specifically called for a 10% tax on oil and gas company profits to pay into a loss and damage fund.

“After last year’s super profits some of these companies are walking back their climate commitments, showing that we can’t rely on them to do this on their own – certainly not at the pace that we need. Governments should step in and tax polluters to pay for the loss and damage they are causing. We also need a firm commitment in the COP28 outcome to phase out fossil fuels to keep 1.5°C alive,” concluded Schleussner.

 

Climate crisis: Here is what Al Gore thinks of Ghana’s role on fossil fuel decolonization

Former US vice president Al Gore is in Accra for the first time to lead the 54^th Climate Reality Leadership Training. The session is one of the largest gatherings of scientists, experts and youth across the African continent providing overview of the latest climate science, existing policies, solutions and opportunities for advocates to make a difference.

 

Al Gore has acknowledged developing countries have done the least to cause the global crisis, but are often hit the hardest by the impacts of the climate crisis, partly because they have less resources to be resilient and to defend the infrastructure and the people who are affected.

 

He believes “we need to reform the global system for the allocation of capital so that resources are more easily available in developing countries to participate in this sustainability revolution that's based on solar energy and wind energy, electric vehicles, batteries, regenerative agriculture and other solutions”.

 

Ahead of COP28 climate talks in Dubai, Al Gore is concerned that the worldwide effort to achieve net-zero emissions is being driven by the fossil fuel industry, neglecting vital and essential advancements in achieving key targets.

 

A critical subject at the global climate talks is the call for developing economies, like Ghana, to decarbonize.

 

Ghana has for the past decade regarded its crude oil production as a vital resource for national development and funding source for the country’s net-zero ambitions.

 

With huge oil reserves remaining untapped, Ghana’s Energy Minister has stated that the country faces a real risk of stranded multi-billion oil and gas assets due to reduced funding for fossil-related projects, as the world transitions to cleaner sources of energy.

 

At a media roundtable, Kofi Adu Domfeh posed two critical questions to Al Gore.

 

Question: Do you think Ghana is in a position to lead the fossil fuel decolonization?

 

Answer: Yes, I do think that Ghana could lead fossil fuel decolonization. The way Ghana led decolonization of governments on the continent of Africa, the very first country to gain independence. I use that in an effort to inspire a change, but it's also an accurate history of what the people of Ghana have done in the past.

 

So we are seeing what some economists have called a resource curse, with over-dependence on one resource, fossil fuels, oil and gas, and even coal. And as someone said in one of the panels today, 86% of the foreign exchange is coming from fossil fuels, but only 0.6% of the income paid out to people who have jobs is coming from fossil fuels. So that means that the money from fossil fuels is going much more to the wealthy elites. And that is what happened during the period of colonization many decades ago.

 

So economic independence from fossil fuel colonization can be achieved with the elimination of subsidies for fossil fuels and the redirection of public funding to help subsidize the renewable sources of energy, which are cheaper, cleaner, provide more jobs. So, I do think that Ghana could lead this needed change on the continent of Africa.

 

Question: Going to COP28, do you see the advanced economies getting committed to developing economies like Ghana in terms of delivering on the climate finance promises that we've been expecting for all this long period of time?

 

Answer: I think there is likely to be a commitment for more money from the private sector to developed countries to developing countries. I think that the amount that is committed unfortunately may not reach the levels that leaders in developing countries would like to see. And it's never easy to describe political realities.

 

But I think my religious faith teaches me that it is just and fair and right for the wealthy countries to give more money to the poor countries. But the previous lifetime I lived in politics years ago taught me that persuading the voters to give their money to other countries is often difficult. It shouldn't be that way, but it is.

 

So yes, I think there will be an additional commitment of funding. But the total amount will lead many leaders in developing countries probably to say that's not enough. The real source of money that is needed is going to come from the private sector. And in order to unlock those flows from the private sector, there need to be policy reforms like the elimination of subsidies for fossil fuels and reforms at the international level such as changes at the World Bank and multilateral development banks to make it possible for countries like Ghana to gain access to the private investment capital.

 

Earlier, the question of Ghana’s role in fossil fuel decolonization was posed to Mohamed Adow, Founder and Director of Power Shift Africa.

 

He maintains Africa does not need the dirty energy of the past, but needs forward looking leadership that can take advantage of the clean energy of the present and future.

 

“How can you help decolonize Africa so that we can decarbonize and help put this continent on a sustainable path? Our opportunity is here today so that the continent of Africa can make the most out of the 21st century energy solutions. There is no future in charging in the footsteps of the polluter. There is opportunity in leapfrogging and leading the world in a new direction,” said Mohamed.

 

At COP28, there will be demands on global leaders to phase out fossil fuel emissions and stop funding fossil fuel projects; increase funding for climate solutions in countries that need it most; and reform future COP processes so fossil fuel interest cannot block progress.