Over $12 billion pledged for Green Climate Fund; 118 countries commit to tripling renewable and double energy efficiency by 2030
Brazilian President Lula da Silva (second from left) with French President Emmanuel Macron (third from left) at COP28. Photo: @EmmanuelMacron / X (previously Twitter) The 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai, United Arab Emirates (UAE), began November 30, 2023. Here’s a look at what happened on the third day of COP28.
France would completely phase out coal by 2027, French President Emmanuel Macron announced in a press conference at COP28. Other G7 countries have also agreed on phasing out coal by 2030, he added, urging G20 countries to also agree on it.
France would double its energy efficiency target and triple its renewable energy capacity by 2030, Macron stated. The country will also triple its nuclear energy capacity by 2050.
On Loss and Damage, Macron highlighted the $109 million that France has committed to the L&D Fund and also the 1.2 billion Euros contract with Bangladesh, calling it a ‘sort of’ a L&D Fund as well. He also called for a complete reform of the Bretton Woods system of international finance, as many countries have been left out of it.
Macron highlighted his work alongside Brazilian President Lula da Silva on new mechanisms of international taxation that would bring in money to address climate change impacts and support climate action. He also announced a water and oceans summit in Nice to be held in 2025 along with Kazakhstan.
The draft text on the Global Stocktake is still being negotiated, with little agreement from countries on key themes of mitigation, adaptation and means of implementation, including finance. L&D and response measures remain to be discussed.
So far, under the GST, there have been proposals for three new entities: A Work Programme for Article 2.1c, a Technology Implementation Programme and a Capacity Building Fund.
In a summit on methane and other greenhouse gases, COP28 President-Designate Sultan Al Jaber urged nations to commit economy-wide Nationally Determined Contributions (NDC) that cover all greenhouse gasses, including methane, by 2035.
Al Jaber noted that the United Arab Emirates has committed to channelling $100 million to the World Bank’s Global Flaring and Methane Reduction Trust Fund, a multi-donor trust fund aiming to end routine gas flaring at oil production sites across the world.
The methane finance sprint, a funding campaign to cut methane emissions in line with the Global Methane Pledge, has mobilised $1 billion in new grant funding. The Global Methane Pledge is an initiative launched at COP26 to reduce the 2020 methane levels by 30 per cent by 2030.
COP28 presidency, along with the UN Environment Programme and Cool Coalition, launched the Global Cooling Pledge to improve energy efficiency and climate friendly approaches, while also increasing access to sustainable cooling for the most vulnerable. More than 50 countries have endorsed the cooling pledge
The COP28 presidency launched the Global Decarbonisation Accelerator to activate decarbonisation in the industry, energy and transport sectors by facilitating access to policymaking and standards, financing, infrastructure and technology. Al Jaber said it addresses the demand and supply of energy at the same time and aligns more countries and companies to keep 1.5 degrees Celsius within reach.
Some 118 countries have signed a global pledge to triple renewable and double energy efficiency by 2030. India is believed to have not signed on to this target. Al Jaber said the pledge will help the world transition away from unabated coal.
Ursula von der Leyen, President of the EU Commission, pledged 2.3 billion Euros over the next two years to support this energy transition.
COP28 presidency, UN Climate Change and Bloomberg philanthropies launched an Industrial Transition Accelerator to speed up decarbonisation across heavy-emitting sectors, including energy, industry, and transportation, and accelerate the delivery of Paris-aligned targets.
The United States announced a $3 billion pledge to the Green Climate Fund (GCF). Together with pledges from Italy, Switzerland, Portugal and Estonia, it brings the total raised in the latest GCF replenishment round to $12.7 billion.
Article 6.2: Draft guidance on cooperative approaches under Article 6.2 was released, taking on topics like the definition of a cooperative approach and authorisation process details. Parties engaged in informal discussions, asking for more time to work on the 33-page-long document and proposing streamlining for more efficient negotiations focused on the minimum guidance necessary for implementing cooperative approaches.
Article 6.4: Informal consultations took place to discuss supervisory body recommendations on removal activities, methodologies and other matters. Some groups expressed support for the recommendations, while others stressed the necessity for additional work before adoption.
Various groups and countries shared views on the recommendations related to removal activities. Concerns were raised about potential environmental and social impacts, reversals, monitoring periods, and the broad definition of removals.
Some emphasised the need for further work and improvements to ensure environmental integrity, human rights, and a robust carbon market. Informal consultation will continue on December 3.
During the Mitigation Work Programme meeting, China expressed dissatisfaction with the informal note, emphasising the absence of a mandate for its production. Various countries, including the Alliance of Small Island States, Zimbabwe, Colombia, Saudi Arabia and Switzerland, provided input on the global dialogues.
Some parties raised points on how the work programme can ensure no duplication with the Global Stocktake negotiations stream. Informal consultations would continue today.
A pavilion event on operationalising carbon markets for achieving energy Transition goals by the Shakti Foundation saw speakers from Delhi-based think tank Centre for Science and Environment (CSE), research institute The Energy and Resources Institute, think tank Council on Energy, Environment and Water, nonprofit World Resources Institute and green consultant Perspectives Climate Group.
Speakers discussed current issues with the voluntary carbon market, India’s role in Article 6.2 and ways in which carbon markets can accelerate finance. CSE presented its new paper Discredited, which focuses on the voluntary carbon market in India.
Two panel discussions on day two of COP28 brought the focus of finance to the subnational and local levels. Mayors of cities from different countries and representatives of international financial institutions, including multilateral development banks (MDBs) discussed ways to improve climate finance and ambition at the city level.
The key points that emerged included:
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