General News

Egypt highlights debt burden of developing nations at COP28
At the COP28 high-level event of the global climate inventory, Egypt’s Minister of Environment, Yasmine Fouad, represented President Abdel Fattah Al-Sisi and highlighted the challenges facing developing nations. Fouad emphasized the need to assess and mobilize international action, particularly after COP27. She pointed out deficiencies in the multilateral financing framework, urging increased mobilization, better access for developing countries, and prioritization of concessional financing. Fouad highlighted the substantial gap in adaptation support funding, the annual $2.5 trillion climate financing gap, and the debt crisis in developing nations. President Al-Sisi proposed measures, including activating debt management mechanisms, and promoting the Sustainable Debt Alliance Initiative.

Kenya’s President Ruto convenes African Leaders to launch Green Industrialization Initiative, capitalizing on UAE’s Clean Energy Pipeline in Africa
President William Ruto of Kenya, in collaboration with the UAE, is spearheading a significant initiative at COP28, bringing together African Heads of State and influential figures to expedite the continent’s Green Industrialization. Building upon the UAE’s successful USD 4.5 billion Africa Green Investment Initiative, the goal is to finance 15 GW of renewable energy capacity in Africa by the decade’s end and stimulate pivotal investments in green industrialization. The COP28 Presidency highlighted achievements, revealing that nearly USD 2.6 billion has already been allocated for power projects in 8 countries, contributing approximately 1.8 GW of clean capacity to the African grid through the Africa Green Investment initiative, initially launched at this year’s African Climate Summit in Nairobi

Oil & Gas Decarbonization Charter launched to accelerate climate action.
The COP28 Presidency and the Kingdom of Saudi Arabia have jointly announced the participation of 50 oil and gas companies in the Oil and Gas Decarbonization Charter (OGDC), a global initiative dedicated to achieving substantial impact and accelerating climate action within the industry. This charter formalizes the call by COP28 President Dr. Sultan Al Jaber for the industry to commit to achieving net zero emissions by or before 2050, eliminating methane emissions, ceasing routine flaring by 2030, and continually advancing best practices for emission reduction. At the launch of the OGDC during COP28, Dr. Al Jaber underscored its significance as an initial stride, emphasizing the need for the entire industry to collectively work towards keeping global temperature rise within the 1.5°C limit and to set even more ambitious goals for decarbonization. The signatory companies, accounting for over 40 percent of global oil production, include National Oil Companies representing over 60 percent of the signatories, marking the largest-ever commitment of NOCs to a decarbonization initiative.

Over 120 countries back COP28 UAE Climate and Health Declaration delivering breakthrough moment for health in climate talks.
The Presidency, in collaboration with the World Health Organization and the UAE Ministry of Health and Prevention, introduced the groundbreaking ‘COP28 UAE Declaration on Climate and Health.’ Backed by 123 countries, this historic declaration places health at the core of climate action, aiming to accelerate the development of resilient and sustainable health systems. Notable financial commitments include USD 300 million from the Global Fund, USD 100 million from the Rockefeller Foundation, and up to GBP 54 million from the UK Government. The declaration precedes the first-ever Health Day at a COP, signaling a shift in prioritizing the social implications of climate policies. Health Ministers’ active participation underscores this change, addressing urgent concerns such as pollution-related deaths, rising heat-related illnesses, and the exposure of millions to extreme weather events annually.

COP28 Presidency launches landmark initiatives accelerating the energy transition.
COP28 President Dr. Sultan Al Jaber has introduced the Global Decarbonization Accelerator (GDA), a set of groundbreaking initiatives aimed at expediting the energy transition and significantly lowering global emissions. This comprehensive plan focuses on achieving system-wide change by simultaneously addressing both the demand and supply of energy. Dr. Al Jaber emphasized that the GDA involves a broader coalition, with increased participation from countries and companies across various sectors, all aligning with the overarching goal of limiting global temperature rise to 1.5°C

COP28 presidency welcomes INVESTCORP’s collaboration with innovate for climate tech coalition on us$750 million climate solutions investment platform.
The COP28 Presidency expresses its appreciation for INVESTCORP’s declaration of a US$750 million Climate Solutions Investment Platform, a key component of its partnership with the Innovate for Climate Tech coalition, an initiative under COP28. This platform is designed to offer growth capital to companies focusing on products, services, and technologies that facilitate decarbonization and tackle the consequences of climate change. As a part of the collaboration, INVESTCORP, the investment partner of Innovate for Climate Tech, will gain access to the coalition’s knowledge base and leverage networking opportunities to advance climate-related initiatives.

COP28 Presidency and Bloomberg Philanthropies kick off historic Local Climate Action Summit to celebrate and scale multi-level climate partnerships.
The COP28 Presidency, in partnership with Bloomberg Philanthropies, hosted the inaugural subnational leaders’ summit at COP, drawing over 450 participants from 60+ countries, including 250 mayors and governors. This historic two-day event marked a new era of inclusivity, launching an initiative endorsed by 63 governments to empower local leaders in developing ambitious Nationally Determined Contributions (NDCs). Additionally, a $65 million commitment was announced to support city networks. Distinguished speakers included UN Secretary-General António Guterres, Xie Zhenhua of China, and Governors/Mayors from Bogota, Dubai, Makati, Paris, Rio de Janeiro, and Tokyo. The summit builds on the legacy of the Climate Summit for Local Leaders convened eight years ago during COP21 by Mike Bloomberg and Paris Mayor Anne Hidalgo.

COP28 youth climate champion welcomes global youth statements from YOUNGO members in the presence of world leaders during world climate action summit.
YOUNGO, the recognized children and youth constituency of the United Nations Framework Convention on Climate Change, delivered the collective climate policy demands of children and youth from over 160 countries to COP28 Youth Climate Champion H.E. Shamma Al Mazrui. This event, where YOUNGO presented the Global Youth Statement: A Declaration for Climate Justice (GYS), took place outside the Conference of Youth, signaling a transformative shift in the engagement of young individuals in the battle against climate change. “Young people are the future of this world; it is essential that their voices be heard in the fight for that future,” said H.E. Shamma Al Mazrui, the COP28 Youth Climate Champion.

Blue Zone

U.S. Commits $3 Billion to Green Climate Fund
Vice President Kamala Harris unveiled additional funding for climate action, emphasizing America’s commitment to addressing the climate crisis. She highlighted recent investments in clean energy and initiatives aimed at enhancing the resilience of vulnerable communities in the face of escalating climate disasters. Harris announced a new pledge of $3 billion to the Green Climate Fund, a key financial mechanism supporting developing nations in adapting to climate challenges and reducing fossil fuel pollution. Notably, this commitment builds upon the previous contribution of $2 billion made by the United States to the fund.

UN Chief Calls for Fair Global Financial System and Debt Relief
Addressing a gathering focused on Landlocked Developing Countries, UN Secretary-General António Guterres emphasized the necessity of the international financial system to address and cater to the needs for development. Guterres advocated for the establishment of an efficient debt-relief mechanism, facilitating payment suspensions, extended lending terms, and reduced interest rates. He urged international financial institutions to align comprehensively with the goals of the Paris Agreement. Furthermore, Guterres stressed the necessity for a transformation in the business models of Multilateral Development Banks, fostering increased provision of private finance to developing countries at reasonable costs.

Health Implications at the Core of Climate Negotiations
Dr. Maria Neira, Director of the Department of Public Health and Environment at the World Health Organization (WHO) indicated that negotiators must understand that their discussions extend beyond merely reducing the annual percentage of emissions. They are also negotiating the prevalence of health issues such as asthma, chronic respiratory diseases, lung cancer, and diseases linked to air pollution or the repercussions of climate change. It is essential for them to recognize that the negotiations have direct implications for public health. EU Allocates €2.3 Billion for Global Energy Transition.
European Commission President Ursula von der Leyen has announced a €2.3 billion investment over two years from the bloc’s common budget to support the energy transition in neighboring countries and worldwide. She commended the commitment of over 110 countries to triple renewables and double energy efficiency by the decade’s end, emphasizing the importance of reflecting this pledge in the final COP28 outcome. Von der Leyen stressed the need to provide crucial financial support to countries requiring assistance in phasing out fossil fuels from the global energy mix.

UAE Contributes $100 Million to World Bank Fund for Methane Reduction
President Sultan Al Jaber of COP28 announced a $100 million contribution from his country to a World Bank fund aimed at reducing methane emissions. Additionally, he advocated for more robust, economy-wide national targets for emissions reduction.

Macron Advocates Nuclear Investment for Developing Nations
French President Emmanuel Macron emphasized that developing nations should have the opportunity to invest in nuclear power as a crucial component of their sustainable transitions, with a focus on utilizing small modular reactors. He announced that Belgium would host a nuclear summit in March in Brussels in collaboration with the International Atomic Energy Agency. Macron highlighted that countries committed to nuclear power would collaborate with the IAEA to establish a regulatory framework, ensuring the safe and reliable deployment of nuclear energy. Additionally, he underscored the importance of the World Bank’s involvement in financing the widespread adoption of nuclear energy.

Green Zone

UAE Ministry of Industry and Advanced Technology and UNIDO’s Program on Decarbonizing Industry with Technology
Alongside COP28 UAE, HE Abdullah Al Shamsi, Assistant Undersecretary for Industrial Development and National Content Sector at the Ministry of Industry and Advanced Technology (MoIAT), participated in the ‘Low-Emission Hydrogen for Net-Zero Industrial Development’ session hosted by MoIAT and UNIDO. The session focused on discussing the Ministry’s role in advocating for the use of hydrogen as an energy source in industrial production processes.

MBRIF’s Innovation Symposium at COP28: Pioneering Innovation for Net Zero & AI-Driven Diversity for Social Equality
Exploring the future of net-zero at the Innovation Symposium during COP28 UAE. The symposium featured a panel discussion with MBRIF Alumni, shedding light on the critical role of innovation in achieving net-zero. The event concluded with a keynote addressing how technology, particularly AI, can drive social equality across organizations, highlighting the transformative power of innovation.

Roadmap to Scaling Climate Technologies
The Session discussed the role of Technology and Innovations as accelerators for Net Zero Goal. McKinsey introduced its latest report in that regard. Following the report launch, industry leaders engaged in a discussion sharing insights from their own scaling journeys.

The session also discussed the Platform for Climate Technologies (MPCT), outlining a roadmap for innovation, cost reduction, and global deployment, highlighting the pressing need for a significant increase in the deployment of climate technologies. While twelve sets of climate technologies have the potential to enable about 90 percent of the required abatement by 2050, only 10-15 percent of them are commercially mature.

Private Sector Catalyst for COP28
The COP28 Presidency hosted the Business & Philanthropy Climate Forum (BPCF) During December 1 to 2 at Expo City. This forum coincided with the World Climate Action Summit at the Heads of State Level. The event signifies a pivotal moment in the joint endeavors to tackle the pressing challenges posed by climate change and biodiversity loss.

Acknowledging the dynamism, resources, and innovation of the private sector, BPCF highlights the Pivotal role of Private Sector in propelling substantial climate and nature action. In collaboration with key partners such as the Sustainable Markets Initiative, International Finance Corporation, Organization for Economic Co-operation and Development, World Economic Forum, Bill & Melinda Gates Foundation, Asian Development Bank, XPRIZE, Inter-American Development Bank, and Africa Finance Corporation, the Forum brings together 500 business and philanthropy leaders alongside policymakers. The aim is to encourage co-creation, collaboration, and expedite cross-sectoral progress concerning net-zero and nature-positive goals.

Climate Action Innovation Zone

Set to commence from the 4th till the 8th of December 2023, The Climate Action Innovation Zone is set to make its mark for the third consecutive year alongside COP28, offering a dynamic and inclusive platform for cross-sector collaboration. Scheduled to take place from December 4 to December 8, this free-to-attend Innovation Zone serves as an independent nexus for leaders and practitioners across various domains, including business, finance, cities, regions, and countries. The primary objective is to drive climate action with unprecedented speed and scale.

Comprising two distinctive stages, the first, known as the Climate Action Stage, will be a captivating amphitheater at the heart of the Innovation Zone. It will delve into the critical aspects of transitioning from mere promises to tangible progress, aiming to deliver a future that is not only net-zero but also nature-positive and equitable. The stage will host interactive panel discussions, featuring scientists, policymakers, advocates, academics, and business leaders over the course of five days. These thought-provoking sessions, facilitated by Programme Partners, will share inspirational stories and practical examples, emphasizing the urgency of climate action.

The second stage, named the Island Stage, will be dedicated to daily conferences that bring together key global actors from small island states and climate-vulnerable regions. Organized by Island Innovation, this stage will host over 150 expert speakers, fostering collaboration among donors, investors, and solution providers. The Island Stage’s focus is on accelerating climate adaptation and resilience in small island states, unlocking finance for anticipatory actions, scaling up ecosystem preservation and restoration, creating climate jobs with a focus on gender equality and just transition, and mobilizing capital investment, innovation, and policy to protect ocean ecosystems. Stakeholders from governments, NGOs, academia, businesses, media, and finance are invited to join this conference, which aims to be a beacon of hope in addressing climate challenges on a global scale.

References:
https://www.dailynewsegypt.com/2023/12/02/egypt-highlights-debt-burden-of-developing-nations-at-cop28/
https://www.cop28.com/en/news-and-media
https://finance.yahoo.com/news/cop28-canada-daily-highlights-december
https://www.reuters.com/sustainability/climate-energy/us-lays-out-plan-cop-28-slash-climate-super-pollutant-oil-gas-2023-12-02/
https://unfccc.int/cop28/blogs
https://www.cop-28.org/innovation-zone-mfb3
https://www.cop28.com/en/schedule/launching-the-global-startup-ecosystem-report-climatetech-edi
https://www.linkedin.com/company/mckinsey/posts/?feedView=all