COP28 News Roundup | November 3- 9, 2023
Where did over $100 billion in climate pledges go? How will the Paris Peace Forum advance COP28 goals?
Each week, articles are selected from news sources worldwide highlighting key dialogues, trends and issues among COP28 leaders, the gas and oil industry, carbon capture and storage technology, and climate policies.
McKinsey & Company Pushes Fossil Fuel Interests as Advisor to UN Climate Talks, Whistleblowers Say
New York, New York — An AFP investigation has found that McKinsey, a US-based consulting firm, has been advocating for that contradict its public stance on climate goals that fall short of COP28 targets. The firm‘s client base includes major oil players like ExxonMobil and Aramco.
According to confidential documents obtained by AFP, McKinsey’s draft for the upcoming COP28 presidency suggests reducing oil use by only 50 percent by 2050 and calls for trillions in new oil and gas investments annually until then.
Critics argue that McKinsey’s energy scenario for COP28 seems to be “written by the oil industry for the oil industry.” The proposal, according to Kingsmill Bond of the Rocky Mountain Institute, lacks credibility in achieving net-zero targets and appears to prioritize the interests of oil and gas companies over the multilateral climate agreement.
McKinsey responded to the allegations, emphasizing its commitment to sustainability as a “mission-critical priority” and defending its role in supporting COP28 with strategic insights and analysis.
Brazil’s Lula to Present Pastureland Recovery Policy at COP28
Brasilia, Brazil — Brazil is set to announce a groundbreaking plan for the recovery of degraded pastures prior to COP28.
The plan hopes to recover millions of hectares of degraded and unproductive land, and focus on providing financial incentives to farmers for the purchase or lease of such lands. A significant portion of the area is currently utilized for low-tech cattle ranching. The policy aims to transform this landscape by encouraging farmers to invest in soil recovery, employ sustainable techniques such as no-till farming, and use biological inputs.
“We have millions of hectares of land that are degraded, unproductive, that we can recover,” Brazilian President Lula said. The plan seeks to engage farmers in sustainable practices, ensuring eligibility for subsidized loans under the policy.
To facilitate the implementation of the plan, Brazil is considering the establishment of a fund, possibly through the development bank BNDES, to attract foreign capital. This funding could then be directed toward land recovery efforts.
The Mystery Of The Missing $100 Billion Integral To COP28 Agenda
Fifteen years after wealthy countries pledged to mobilize $100 billion annually to support climate action in developing nations, a significant shortfall of as much as $20 billion has put a halt on climate progress.
The disparity between pledged funds and the actual disbursement is the main issue, revealing a gap — small island countries and developing nations often lack the resources to navigate the intricate technical procedures involved in accessing these funds.
As negotiators prepare for COP28, an entire day will now be dedicated to the discussion of climate finance. A new collective quantified goal of $5.8 to $5.9 trillion up until 2030, is under consideration. However, the urgency to address the $20 billion gap caused by delays in technical approval and inefficient spending is most concerning.
Macron’s Paris Peace Forum to Tackle Global Climate Issues With an Eye on COP28
Paris, France — Global leaders gathered for the sixth edition of the Paris Peace Forum this week, a pivotal two-day event aimed at addressing the root causes of pressing global challenges including climate change and carbon market reform.
French President Emmanuel Macron highlighted a new global financing pact launched in June in Paris, emphasizing its significance in collective investment practices. He also spoke on the future of climate finance.
The global financing pact represents “a real evolution in practice and in volume of our collective investment”, said Mr Macron. “I took the commitment to follow-up and here we are.”
The forum aims to foster international collaboration and solidarity to address ongoing and future crises through enhanced international solidarity and cooperation. This year’s discussions placed a special focus on the alarming rate of glacial melting and rising sea levels, anticipating impacts on up to a billion people globally.
The United Nations Framework Convention on Climate Change 28th Conference of the Parties (UNFCCCC COP28) Conference will be held from November 30th — December 12th, 2023, in Expo City, Dubai.
This news trend summary is prepared and edited by Carolyn Neugarten, Intern and Editorial Assistant, FINN Partners. To suggest future articles and topics, please contact Carolyn at carolyn.neugarten@finnpartners.com. You can share and utilize these weekly summaries to engage and prepare for COP28.
