COP28 News Roundup | October 27-November 2, 2023
Why does India refuse to sign the Global Cooling Pledge? What are the dangers of “empty slogans” at COP28?
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.
King Charles to Give Opening Address at COP28 Climate Summit
London, UK — King Charles is set to attend the opening ceremony of the COP28 climate summit, which will be his first major speech on climate concerns since ascending to the throne.
“The king will deliver an opening address at the summit, hosted by the president of the UAE, in Dubai,” a statement from Buckingham Palace said. “While in the UAE, the king will take the opportunity to have meetings with regional leaders, ahead of Cop28.”
During Liz Truss’s premiership last year, King Charles refrained from attending the COP27 summit in Egypt, on the grounds that it was too soon after his accession. He instead hosted a pre-summit reception for leading experts at Buckingham Palace.
King Charles will also be present at a reception to launch the inaugural COP28 business and philanthropy climate forum. The two-day event will run concurrently with COP28, and is being organized by the COP28 presidency in collaboration with the Sustainable Markets Initiative (SMI), an organization founded by the King during his time as Prince of Wales.
COP28 Presidency Launches Net Zero Transition Charter to Drive Corporate Climate Action
The UAE COP28 Presidency has unveiled the new Net Zero Transition Charter aimed at rallying companies to align their operations with the goals of the Paris Agreement.
As part of the Net Zero Transition Charter, signatories must establish a headline goal that aligns their organization with a science-based, 1.5°C-compatible net zero objective, in addition to establishing interim targets. Additionally, companies are required to develop a credible net zero transition plan within one year of the conclusion of the COP28 Climate Summit.
“For every pillar of our action agenda — fast-track the energy transition, fix climate finance, focus on nature, lives, and livelihoods, and full inclusivity — companies can leverage their strengths and resources to advance our collective climate goals and provide us with required solutions,” COP28 President Al-Jaber said.
The COP28 Presidency has announced plans to deliver a progress report by December 2024, evaluating whether the companies that endorsed the Charter have upheld their commitments.
Sticks or Carrots? The West’s Balancing Act with China at COP28
Beijing, China — At COP28, Europe, the United States, and other industrialized nations will attempt to convince Beijing to halt the construction of new coal power plants and increase contributions to climate finance.
Emerging economies like China, Saudi Arabia, and South Africa are concerned about potentially shouldering stronger commitments on greenhouse gas cuts and climate finance. China maintains its status as a developing country and emphasizes that it should receive international climate assistance rather than contribute.
“China is a developing country, with a 1.4 billion population facing difficult challenges in terms of economic development, improvement of people’s livelihoods, pollution prevention, and environmental protection,” said China’s EU Ambassador Fu Cong.
China has fulfilled its obligations under the UNFCCCC, committing to peak emissions before 2030 and achieve carbon neutrality before 2060. Other rich nations, however, have fallen short of their climate finance commitments; the US and EU countries have lagged in contributing to the Green Climate Fund. The UN estimates that developing countries will require at least $12 trillion by 2030 to meet their climate goals.
In addition to climate finance, COP28 aims to persuade China and other emerging economies to halt the construction of unabated coal power plants. This issue is emphasized by US climate envoy John Kerry and will be a focus in the lead-up to the summit.
India Unlikely to Join Global Cooling Pledge at COP28
New Delhi, India — India has expressed reservations about signing a cooling-related carbon dioxide emission reduction pledge during the COP28 conference, citing high costs as a barrier.
“India’s per capita emissions and energy consumption are very low. Its cooling requirements are set to grow multifold in the coming years and it cannot risk committing to investments that will make cooling expensive,” one representative said.
The pledge, developed by the United Nations Environment Program’s Cool Coalition and host nation United Arab Emirates, aims to reduce cooling-related carbon dioxide emissions by at least 68% by 2050 compared to 2022 levels. India contends that the pledge would necessitate substantial investments in sustainable cooling technologies, potentially raising costs for consumers.
Nations are expected to announce their decision on the cooling pledge at COPP28, and India, alongside China, represents a crucial factor in the success of this commitment.
New Delhi in particular is hesitant to adopt targets agreed upon targets under the Montreal Protocol signed in 1992, which regulates ozone-depleting chemicals and hydrofluorocarbons used in appliances like refrigerators and air conditioners. The government officials explained that India’s stance is influenced by the nation’s low per capita emissions and energy consumption, in addition to the projected surge in cooling demand in the coming years.
China Warns Against ‘Empty Slogans’ at COP28 Climate Talks
Beijing, China — Senior Chinese climate official Xia Yingxian has urged countries to adopt a pragmatic approach to climate change, emphasizing the need to consider concerns such as energy security, employment, and economic growth.
Xia Yingxian, head of the climate office at China’s Ministry of Ecology and Environment, emphasized that empty slogans and one-size-fits-all solutions must be avoided, and that COP28 should focus on effective coordination between climate action and other pressing needs like poverty eradication, energy security, and economic development.
“Empty slogans that are divorced from reality and ‘one size fits all’ might seem ambitious, but they harm the multilateral process of climate change,” Yingxian said. “COP28 should promote effective coordination between addressing climate change and poverty eradication, energy security, job creation, economic development and other needs.”
While the phase-out of fossil fuels is expected to be a major topic of discussion at COP28, Xia noted that China, as the world’s largest coal consumer and a major greenhouse gas emitter, has reservations about committing to a complete phase-out. However, he expressed openness to discussing a global renewable energy target during the talks.
China has already made significant strides in combating climate change, including a 51% reduction in carbon intensity since 2005 and an increase in the share of non-fossil fuel energy to 17.5% of total consumption.
More Attention at COP28 Urged for ‘Vulnerable’ Mountain Range Spanning Nepal, China, India
Hindu Kush Mountain Range— As world leaders prepare for COP28, experts are urging for actions to address the climate crisis in the Hindu Kush Himalaya region.
The region, spanning eight countries including Afghanistan, Bangladesh, Bhutan, China, India, Myanmar, Nepal, and Pakistan, is witnessing alarming climate-related disasters. Rising temperatures have accelerated the expansion of glacial lakes, leading to glacial lake outburst floods, devastating landslides, and other floods that cause extensive damage.
“Now is the only window of opportunity for us to take firm and immediate, urgent actions,” said director general of ICIMOD Pema Gyamtsho, an intergovernmental environmental institution headquartered in Kathmandu. “Science must influence policymakers with the urgency that the actions need to be taken at a pace and scale that is probably unprecedented in the past.”
If glaciers continue to melt, it will contribute to rising sea levels and potentially lead to population displacement. Wealthier nations, particularly the Global North, are encouraged to invest in the region. Additionally, a recent study estimates that extreme weather events, exacerbated by the climate crisis, have cost approximately US$143 billion per year between 2000 and 2019. These findings highlight the urgency of addressing climate-related damages and the need for loss and damage funds.
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.
