COP28 News Roundup | October 20–26, 2023
How are Latin American nations preparing for COP28? Who pays for climate mitigation?
Championing Nature and Indigenous Wisdom: Latin American and Caribbean Climate Week Sets the Stage for COP28
Panama City, Panama — Latin American and Caribbean Climate Week (LACCW) officially commenced in Panama City, uniting stakeholders in an effort to move towards net-zero emissions.
The Climate Week is hosted by the Government of Panama in partnership with the United Nations, along with key regional and global collaborators. With just a month before COP28, the LACCW, the third in a series of four Regional Climate Weeks this year, will run until October 27.
“Renowned for its unrivaled biodiversity and enriched by the wisdom of its Indigenous peoples, the Latin America and Caribbean region embodies the intricate balance between nature, climate and culture,” UN Climate Change High-Level Champion H.E. Razan Al Mubarak said.
One of the primary objectives of LACCW is to rally the Latin American and Caribbean (LAC) community to combat climate change. The commitments made during the event are intended to showcase the region’s dedication to climate and moving towards a net-zero future. It also offers a crucial opportunity to contribute to the Global Stocktake process and define region-specific actions and timelines required to advance the objectives of the Paris Agreement.
The week will also spotlight the indispensable role of Indigenous communities in shaping climate strategies, and ensure their voices are central to climate discussion. There will be planned discussions on achieving equitable climate financing and building community resilience, along with advocating for a just and inclusive energy transition.
“As we seek solutions for resilience and mitigation, we must champion the region’s natural treasures, understanding that our climate goals and nature conservation are inextricably linked. Our collective endeavours, with the invaluable insights of our Indigenous communities, will shape a sustainable future for the region — and the world,” Al Mubarak said.
Migrant Workers Toil in Perilous Heat to Prepare for COP28 Climate Talks in UAE
Dubai, UAE — A recent investigation reveals that migrant workers in Dubai, tasked with readying conference facilities for the upcoming COP28 climate talks, worked under scorching 107°F temperatures in early September.
FairSquare, a human rights advocacy group, obtained evidence of over a dozen workers from Africa and Asia laboring outdoors in heat that violates UAE regulations. These regulations prohibit outdoor work during the hottest hours. The workers, constituting 90% of the UAE’s private sector, face risks due to the combination of extreme heat and humidity.
“Of course, I get headaches and feel dizzy. Everyone in this heat does. This weather isn’t for humans, I think,” one worker said.
The report sheds light on a recurring issue of hazardous working conditions for migrant laborers in the Gulf region. The sponsorship system’s control over workers’ lives is particularly alarming. Despite recent reforms, trade unions are still prohibited, and with the upcoming COP28 conference, many see a discrepancy between the conference’s goals and worker conditions.
“The COP president wants to talk about climate change and health at COP28? This report is a perfect place to start. It shows the climate crisis will be particularly dangerous and deadly when laws aren’t upheld and rights aren’t respected,” said director of the Environment Division at Human Rights Watch Richard Pearshouse.
Experts argue that the situation maked the need for systemic changes in how migrant workers are treated more urgent, not only in the UAE but also across the Gulf region. International organizations, governments, and advocacy groups are called upon to push for meaningful reforms to safeguard the rights and well-being of these vulnerable workers.
Ikea and BT Among 130 companies to Push COP28 for a Timeline to Ditch Fossil Fuels
London, UK — More than 130 major global businesses, including Ikea, Volvo Cars, eBay, Heineken, and others with a combined annual revenue of nearly $1 trillion, have jointly called on world leaders to establish a timeline for moving away from fossil fuels at COP28.
This marks the first time such a large group of companies has collectively urged governments to address the primary cause of climate change, the burning of fossil fuels.
In an open letter, they emphasized that their businesses are already experiencing the impacts and costs of escalating extreme weather events linked to climate change.
“We call on all parties attending COP28 to seek outcomes that will lay the groundwork to transform the global energy system towards a full phaseout of unabated fossil fuels and halve emissions this decade,” the letter said, on behalf of the We Mean Business Coalition.
The president-designate of COP28, Sultan al-Jaber, stated that unabated fossil fuels must be gradually phased down by mid-century to align with the goals of the 2015 Paris Agreement. The accord seeks to limit global temperature rises to well below 2°C above pre-industrial levels, specifically for 1.5°C.
The letter emphasized that these companies, as substantial energy consumers, are actively working towards eliminating their use of fossil fuels in favor of renewable energy sources. They also urged financial institutions and policymakers to collaborate with businesses in redirecting capital to accelerate the transition to clean energy.
Who Pays and How: the COP28 Dilemma of Debt and Equity
While loss and damage funding arrangements may not be fully resolved by COP28, they hold large importance for vulnerable states, particularly Small Island Developing States, whose climate vulnerability requires additional help from larger economies.
The first Global Stocktake will assess progress on mitigation, adaptation, resilience, and finance measures. Preliminary assessments indicate that current pledges fall significantly short of the Paris Agreement’s goal of limiting global warming to 1.5 degrees Celsius.
Climate finance remains a significant challenge, with the Paris Agreement’s target of USD $100 billion annually for mitigation and adaptation not met. The climate finance shortfall hampers progress, eroding trust in a pledge-and-review system designed to build confidence.
Furthermore, the costs of decarbonization are disproportionately higher for developing economies, particularly in adopting clean energy. This ‘climate-investment trap’ results in capital costs two to three times higher than industrialized economies for clean energy projects.
Reforming global climate financial architecture is underway, yet it must complement larger commitments from industrialized economies. Collective action from multilateral development banks, governments, and the private sector will be crucial during COP28.
China Set to Release Long-Awaited Methane Plan Before COP28
Beijing, China — China is on the verge of unveiling a comprehensive plan to combat methane emissions, a potent greenhouse gas.
The plan, currently awaiting final approval from top leaders in Beijing, will cover crucial industries including coal, oil, gas, and agriculture. Although specific targets may not be outlined in the document, experts emphasize that reducing methane emissions is a highly effective strategy for managing global warming, given its significant heat-trapping capacity in the short term.
Almost 90% of China’s methane emissions from the energy sector stem from coal, which still accounts for over half of the nation’s electricity generation.
A draft of China’s independent proposal was finalized in November and is now awaiting official endorsement. As of now, the Ministry of Ecology and Environment in China has not provided comments on the forthcoming methane plan.
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.
