Here’s Carbon Pulse’s summary of stories from the last Saturday at COP28 in Dubai. Our tireless team of journalists have now published more than 150 articles from this year’s UN climate summit, providing our readers with unrivalled coverage. We reckon few, if any, other media outlets can boast more comprehensive reporting. Subscribe to CP Daily here or email admin@carbon-pulse to inquire about a subscription.
Also, help us celebrate the unsung heroes of these talks, our feline friends – the Cats of COP28.
COP28
Momentum builds behind fossil phaseout in “wild” Global Stocktake language
With the direction of travel on the first ever stocktake of the Paris Agreement moving towards including “fossil phaseout” language in the text, sources inside negotiation rooms, country delegates, and climate stakeholders, underlined the substantial impact of such an outcome at COP28, though called for crucial clarification on “abatement” language.
UN carbon crediting rules heading towards adoption despite “melodrama” in negotiation rooms
Rules governing carbon crediting under the Paris Agreement appear to be heading towards adoption despite some “melodrama” in negotiating rooms, as countries on Saturday discussed the first draft decision text on Article 6.4 at COP28, with an “ambitious” timeline now set for a final clean text of midday on Sunday.
Azerbaijan to be confirmed as host of next UN climate summit
Azerbaijan’s capital Baku will be confirmed as the next host of the annual UN climate summit, the country’s ecology minister announced at COP28 in Dubai on Saturday, after Armenia formally gave its blessing earlier in the week and Russia lifted its veto threat.
Korean-led consortium takes stake in global carbon project developer
A consortium led by two major South Korean companies has taken an undisclosed stake in a global developer of carbon credits as they seek to increase their involvement in nature-based as well as technology-based projects.
Sweden and Switzerland announce carbon removals Article 6 cooperation
Sweden and Switzerland have signed a declaration of intent to test the rules for international carbon markets in the field of removal technologies under Article 6, which they hope will pave the way towards establishing a market under the Paris Agreement framework.
Fossil-friendly nations back High Ambition Coalition declaration to end their use
Two fossil fuel dependent nations on Saturday backed a climate High Ambition Coalition (HAC) declaration at COP28 in Dubai authored by the Marshall Islands, with both of their respective environment ministers calling for an end to the use of fossil fuels.
Nature damaging finance outweighs positive contributions by more than 30 to 1
Global public and private funding that has a detrimental impact on nature stands at a massive $7 trillion per year, while funding with a positive impact last year reached $200 billion, UNEP said in its annual State of Finance for Nature report, released Saturday.
Finland pursues negative emissions around 2040 through “aggressive” carbon capture
Finland plans to achieve negative emissions by around 2040 by “aggressively” pursuing carbon capture, the country’s environment minister told an audience at the United Nations climate conference COP28 on Saturday.
Brazil climbs, UK slips in latest climate change performance index
Brazil has climbed up 15 spots due to progressive climate policies, while the UK slipped back by nine ranks due to policy rollback, in a report published this week alongside COP28, which found no country was on track to limit global warming in line with the Paris Agreement.
A flag without a country – Marshall Islands calls for work on shipping emissions, even as maritime flagging trade earns revenue
The Marshall Islands shares the same concerns over climate change and rising sea levels as its Pacific Island neighbours but also makes significant revenue from its flag registry for ships and yachts, seemingly complicating the country’s messaging on emissions at COP28.
Most UN summit announcements will not result in meaningful emissions cuts, says report
Most of the sectoral pledges announced during COP28 will not lead to a sufficient reduction in emissions to limit global warming by 1.5C, as many are already counted in national plans or lack sufficient ambition, a report published on Saturday found.
Australia needs to fund Nature Repair Market pilot projects to instil confidence
The Australian government should fund demonstration projects that will generate biodiversity certificates in its Nature Repair Market scheme in order to generate interest and understanding among potential participants, experts said on the side lines of the COP28 conference.
Roundup for Day 10 – Dec. 9
It is Day 10 – Nature Day – at COP28, where already tense negotiations about the global stocktake (GST) and Article 6 carbon markets are heating up, with announcements also seeping in on biodiversity and nature-based solutions. Week 2 is well underway, and it’s now crunch time in Dubai. Fortunately, Carbon Pulse’s hard-working correspondents are on the ground in Expo City wading through reports, gathering intel, and skulking around the sidelines of the summit so you don’t have to. In our daily running blog, we will report relevant or useful updates throughout the day.
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