COP28 and Trade: Will Anyone Say Anything?
Despite climate related trade measures like the CBAM being one of the most controversial climate developments this year, it is still not clear whether they will formally be addressed at COP28. After a sour ending at the Bonn climate talks in June this year, countries still can’t agree whether to even discuss these types of unilateral response measures. Developed countries argue they should be addressed under the WTO, whilst African countries also want it dealt with under the global climate regime.
COP28: What are the African Positions on the Global Stocktake?
This COP is the moment for an open and frank discussion of what caused past failures, and an opportunity to reimagine what the Paris Agreement could bring over the next five years under the Global Stocktake. African countries may, however, be disappointed in the lack of actionable measures when it comes to proposed outcomes for adaptation, finance and trade ahead of the Stocktake.
Loss and Damage Fund Recommendations Finalised
In a bittersweet victory, the Transitional Committee has finally arrived at a set of recommendations on the design of the Loss and Damage Fund ahead of COP28. It, however, entails hosting it at the World Bank and developed countries have no obligation to financially contribute. The US has also refused to approve it. Negotiators at the COP will now need to deliberate on whether to adopt the proposal.
Latest global stocktake report replete with bold and developing country centric positions
The most recent Global Stocktake Report from the UN Secretariat puts forward what are primarily developing country positions on key issues such as finance, mitigation, loss and damage and trade response measures. Getting parties to agree what are collectively the most contentious issues in the negotiations in the next two months will be no mean feat.
Climate change fund replenishment falls vastly short
The latest replenishment of the UN’s climate fund, the GCF, barely moves the needle on what has been historically pledged. It also doesn’t touch sides with the amount needed by developing countries. This bodes poorly for the trust deficit between developed and developing countries at COP28.
Slow progress and small wins at the IMF and World Bank meetings
At their annual meetings in Marrakesh this month, the World Bank and IMF agreed to some incremental reforms, including increasing IMF lending resources, representation for Africa on the IMF Executive Board, and quicker administrative processes for World Bank lending. However, little was achieved on debt reform or capital increases for the Bank.
Interview with Kenya’s special climate envoy, Ali Mohamed, on the outcomes of the Africa Climate Summit
We had the pleasure of speaking with the Special Climate Envoy for Kenya, Ali Mohamed, in the days that followed the Africa Climate Summit to discuss his views on its outcomes and what they might mean for Africa’s positioning in the climate negotiations. In the interview that follows we discuss the framing of African action, climate finance, renewable energy, carbon taxes and loss and damage.
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.
