EU to Push for Phaseout of Fossil Fuels Again
This year, the EU is going in strong, setting out its position early on regarding the need for a phaseout of all fossil fuels and related subsidies in a decision text by the Council of the European Union. It supports a global phase-out of unabated fossil fuels (including coal, oil and gas) with a near term peak but recognising a transitional role for natural gas. That’s a lot of words and conditions for a phaseout.
Transitional Loss and Damage Fund Committee Finally Established
The Loss and Damage transitional committee tasked with operationalising the new fund has finally been established. They will make recommendations on the design of the fund and in doing so will have to deal with contentious debates around who contributes, who benefits and where the fund will sit within the broader regime.
Corporates Embrace US Subsidies as IMF Cautions Against Climate Protectionism
Energy companies are loving the US’s Inflation Reduction Act that seeks to shore up green technologies and supply chains through various financial incentives and the EU is taking its own measures to respond. However, the head of the IMF has cautioned that these moves may come at a cost to developing countries who have limited capacities to compete.
What Does the New High Seas Treaty Mean for Climate Change?
The recently concluded High Seas Treaty will bolster the world’s ability to protect climate vulnerable areas on the high seas. It also requires countries to undertake EIAs and which must take climate change into account, one of the first global treaties to ever require this.
Climate High on the AU Agenda at its Annual Summit
The AU has resolved to continue pursuing membership of the G20 and efforts to promote climate finance reform. In parallel the Committee of African Heads of State and Government on Climate Change agreed to participate in climate change legal proceedings brought before the International Tribunal for the Law of the Sea.
EU’s Carbon Border Adjustment Mechanism Could Reduce African GDP by 0.91%
Early analyses indicate that the CBAM will negatively affect developing countries more than developed ones, and that the impact on African exports may be considerable in some sectors
Nigeria’s Leading Presidential Candidates Unimpressive on Climate with only Obi Reimagining Change
Climate change was not meaningfully addressed in any of the parties’ manifestos, and none of the candidates have demonstrated how they will practically upscale adaptation, mitigation or the finance challenges plaguing Nigeria.
Coalition of Trade Ministers on Climate is Launched, While EU Pursues Climate Protectionism
As trade and climate become increasingly prominent on the global agenda, the newly established Coalition of Trade Ministers could play a foundational role in breaking down siloes between the international trade and climate communities, as well as bridging developed and developing country interests.
African Countries Again Object to US Attempts to Influence the Strategic Direction of Global Climate Funds
African governments have sought to prevent the US from co-chairing the Green Climate Fund, on the basis that it has failed to live up to its promise to deliver $2 billion in climate finance to the fund. This follows on from the unsuccessful attempt by the US to take part in negotiations on the Adaptation Fund at COP27 last year (which were objected to by South Africa), even though it was not a party to the Kyoto Protocol under which the Fund was established.
African Group of Negotiators say COP27 Delivered on its Mandate
At this year’s Africa Climate Talks, the Chair of the African Group of Negotiators briefed African Union member states and stakeholders on the outcomes of COP27. He acknowledged that while some considered it to be a failure, the position of the AGN is that success is measured in light of the mandate given, and that COP27 delivered on its mandate.