COP28 News Roundup | October 6–12, 2023
What is the UN’s first-ever Health Day? How will major global banks aid in climate finance?
Each week, articles are selected from news sources around the world highlighting key dialogues, trends and issues among COP28 leaders, the gas and oil industry, carbon capture and storage technology, and climate policies.
OPEC, Oil Industry Will Attend COP28 Climate Summit
Fujairah, UAE — Representatives from both the oil industry and OPEC are set to participate in the upcoming COP28 climate summit, according to statements made by OPEC Secretary General Haitham Al Ghais during an energy event in Fujairah, UAE.
“I hope all voices will be at the table at COP28,” Al Ghais said.
COP28 President Al Jaber, who also serves as the Minister of Industry and Advanced Technology of the UAE and CEO of ADNOC, emphasized the pivotal role of the oil and gas industry in driving decarbonization and the transition towards sustainable energy during the recent ADIPEC energy conference in Abu Dhabi.
“This industry can and must help drive the solutions. For too long, this industry has been viewed as part of the problem, that it’s not doing enough and in some cases even blocking progress,” Al Jaber said.
In a recent publication of OPEC’s annual World Oil Outlook, Al Ghais argued against calls to halt investments in new oil projects, stating that those actions could lead to disruptions in both energy supply and the global economy. He stressed the intricate nature of energy dynamics and cited historical examples as a reminder of the consequences when policymakers overlook these complexities.
Leaders Spotlight the Critical Intersection Between Health and Climate Ahead of COP-28 First-Ever Health Day
New York, USA — At the UN General Assembly, Heads of State and health experts gathered for COP28’s inaugural ‘Day of Health’ during the onset of New York Climate Week.
According to the World Health Organization, climate change is an immediate health crisis affecting nearly half the global population. At the Assembly, Health Ministers were called upon to lead climate action with eco-friendly healthcare systems and to advocate for climate finance.
Alarming stats revealed one in four deaths are due to preventable environmental factors, with an estimated 250,000 yearly climate-related fatalities. Rising temperatures, extreme weather, pollution, wildfires, and food/water insecurity contribute to various health issues.
Dr. Sultan Al Jaber, COP-28 President-Designate, emphasized the determination to address health challenges posed by climate change and promote investment in the health sector.
“As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges posed to health by climate change and encourage ambitious investment in the health sector,” said Jaber. “Our goal is to build resilient, equitable health systems capable of withstanding the impact of climate change. COP28 is determined to shine a light on these issues and to bring together partners who can make a positive difference.”
Stakeholders are resolved to address these challenges through health sector investments to build resilient, equitable systems capable of withstanding climate impacts. The event also mobilized awareness and shared impactful initiatives for addressing climate-induced health impacts.
UAE Firm Inks Deal to Buy a Fifth of Zimbabwe’s Land for Carbon Credit Scheme
Harare, Zimbabwe — A Zimbabwe-Dubai company, Blue Carbon, has signed a controversial Memorandum of Understanding (MOU) with Zimbabwe, granting it control over 7.5 million hectares of Zimbabwean forest for carbon credit production.
Blue Carbon’s chairman, a UAE royal family member, believes this deal could bring $1.5 billion in climate finance to Zimbabwe. However, his oil industry ties pose “greenwashing” risks, as these credits could offset the UAE’s emissions.
Questions surround profit distribution to local communities and the contract details remain undisclosed which is raising transparency issues. Zimbabwe’s lack of protection for customary land rights and inadequate community consultation have also introduced concerns.
“You can be uprooted at the drop of a hat,” Zimbabwe Communications Specialist Shaun Matsheza said. ”You can’t actually trust that any investments you make in your land are going to pay off in the end because you could easily be displaced.”
The deal also trespasses on nature reserves and may not fulfill international requirements for additional benefits. Skepticism about carbon credits’ effectiveness in reducing emissions is growing, with many credits showing little climate benefit, which will be discussed at the upcoming COP28 conference.
Gulf Cooperation Council to Make COP28 Turning Point
Riyadh, Saudi Arabia — Jassem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), confirmed on Sunday that GCC member states are committed to address the far-reaching impacts of climate change, and to make the upcoming COP28 summit a pivotal moment in the global response to environmental challenges.
The Gulf Cooperation Council, comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, stated that they recognize the severity of climate change. They are currently working towards collective, sustainable solutions, and hope to mobilize the council group to combat climate change effects.
From Barclays to Citigroup, World’s Top Bankers Likely to Return to COP28 Climate Summit in Dubai This Year
Abu Dhabi, UAE — The upcoming COP28 Climate Summit in Dubai is expected to draw the participation of major global banks, including Barclays Plc, Citigroup Inc., and Standard Chartered Plc.
This follows their absence from last year’s COP27 in Sharm El-Sheikh, Egypt. Reports from Bloomberg indicate that these financial institutions are preparing to send larger delegations to the event.
Bill Winters, the leader of Standard Chartered, has confirmed his attendance at the COP28 meeting in December. Barclays anticipates that discussions surrounding climate finance will resonate in the Middle East, where sustainable finance activities have been on the rise. The return of these prominent figures from the banking sector presents a significant opportunity to highlight their efforts in advancing the transition to green energy.
The last time top executives from major banks made a collective appearance at a COP event was in 2021, which witnessed the launch of the Glasgow Financial Alliance for Net Zero. This alliance comprises many of the world’s largest lenders and asset managers committed to achieving net-zero financed emissions by 2050, marking a significant milestone.
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.
