Malawi orders review of Carbon Credit projects as Kenya introduces new Carbon Markets Bill
Malawi and Kenya are both seeking to firm up their domestic policy on carbon markets, with a focus on ensuring more benefits for communities. Echoing Zimbabwe, Malawi has stated an intention to revisit existing contracts, while Kenya is looking to devise a more detailed set of rules on benefit sharing, governance and legal processes.
Wrangling over Climate Finance Language in SDG Summit Declaration
The US, the UK and a handful of developed countries have pushed back on climate finance language within a draft declaration on the SDGs ahead of the SDG summit in New York in September. Issues of contention included the manner in which calls to reform the international financial system were phrased, and the establishment of a multibillion-dollar development stimulus plan.
Ruto calls for the creation of a Global Green Bank
Kenyan President William Ruto is looking to radically shake up the global climate finance architecture, proposing that multilateral lenders provide at least $500 billion/year to settle existing debts and free up domestic resources for climate and development priorities. He also wants the establishment of a global Green Bank, financed by carbon taxes and other climate levies.
Africa Climate Summit under fire from CSOs
Civil Society Organisations are arguing that the African Climate Summit has been “hijacked by Western governments, consultancy companies, Global North think tanks and philanthropy organisations/ foundations.”
Scottish Scientist, Jim Skea, elected to chair IPCC, outwinning Brazilian and South African nominees
Scottish scientist Jim Skea was recently nominated to chair the IPCC. His election extends an unbroken run of male leaders since the IPCC was established in 1988. Skea was also preferred against South African candidate Debra Roberts, who actively campaigned for more representation of women and scientists from the global south. She also wanted to address data gaps for the south, particularly Africa.
IMO Mulls a Global Shipping Levy: Africa May Lose out While Others Gain
Following the agreement of revised targets for the shipping sector, the IMO is discussing the introduction of a global shipping levy. A group of African nations initially came out in support of but then went quiet during negotiations. A recent study anticipates that African GDPs will be significantly impacted by a levy whilst the GDPs of EU and the US stand to benefit.
African Governors Propose Targeted Reforms to Climate Finance Architecture
African governors of the IMF and World Bank met in Cabo Verde to discuss reforms to the global climate finance architecture. Their clearly articulated set of proposed reforms focuses on the need to jointly address global public goods and SDGs, reduce African debt insecurities, and enable a country owned and driven approach.
UAE to Put Trade on COP28 Agenda as Australia Joins Climate Club
The UAE intends to introduce a special focus on trade at COP28, as countries are increasingly using trade to pursue their climate and growth objectives. The decision comes as Australia decides to join the G7’s Climate Club, a group that may increasingly see trade used to disadvantage countries with unambitious targets.
SA calls CBAM “Policy Coercive” and LDCs call them “Beggar Thy Neighbour” Instruments
The South Africa government has called the EU’s CBAM “policy coercive” and a threat to a “delicate national consensus”, as it imposes climate mitigation policy onto developing countries and hinders the country’s independence to create policy in this space.
What Happened at the Bonn Climate Negotiations?
The lack of an agreed agenda dominated discussions at Bonn, as its setting is increasingly becoming a platform to tackle substantive issues. In our analysis we discuss what caused the hold-up, as well as other key matters on the negotiation table, including loss and damage, finance, Just Transitions, the Global Stocktake, trade, adaptation and carbon markets.
