In this long read, we unpack some of the key developments at COP27. We celebrate the establishment of the loss and damage finance facility and progress on the framework for the global goal on adaptation. We also engage with how attempts to erode the distinction between developed and developing countries, longstanding concerns around equity, and a failure to fulfil historic pledges are still stymying progress on finance and mitigation.
Untangling and keeping track of the various negotiation threads at a COP is something of an art form. In this COP27 primer we unpack the key negotiation issues on the table and offer a view on the positions that countries are likely to take in the light of global developments. In particular, we highlight some of the key demands African countries are putting forward in relation to climate finance, loss and damage, adaptation, increased ambition, just transitions and fossil fuel phase outs.
Four African countries part of a new group of 15 states seeking an ICJ opinion on legal liability for climate change
Mozambique, Morocco, Sierra Leone and Uganda have joined Vanuatu as part of a group of 15 nations called the “Core Group” which announced that they intend to bring a draft resolution to the General Assembly that requests an International Court of Justice opinion on the rights and obligations of states in relation to climate change. These opinions can be highly influential in subsequent legal proceedings, and can be used as a climate justice benchmark in climate litigation.
The EU’s position on a dedicated loss and damage finance facility remains unclear after a recent EU Council resolution on the issue of climate finance. The US is outright unsupportive of dedicated funding. Talks at the Kinshasa Pre-COP earlier this month were generally optimistic on this issue but did not yield any clear direction on how negotiations will proceed at the COP. A task team has however been put together to ensure Loss and Damage is placed on the formal agenda.
Recent comments by World Bank President, David Malpass, ignited furore, when he refused to acknowledge that the burning of fossil fuels is causing climate change. Whilst he has sought to retract this position, it has been used as a platform for global leaders to act on longstanding frustrations with the World Bank’s role in decarbonisation. At the World Bank’s annual general meeting last week Germany and the United States put forward a joint proposal for the “fundamental reform of the World Bank” to its management, including reforms to its approach to climate change. A group of the world’s most vulnerable 20 countries also floated the possibility of suspending the repayment of their World Bank loans, amounting to $685 billion.
The Democratic Republic of Congo’s government has rejected a request by US climate envoy John Kerry to withdraw 30 oil and gas blocks that were put up for auction in July this year. Kerry requested the withdrawal at Pre-COP talks in Kinshasa at the beginning of this month, in order to protect forests. Deputy Prime […]
The IMF has explored the option of debt for climate swaps in a recent working paper,
concluding that they may be appropriate in some cases.
This year’s G20 meeting was heavily influenced by global tensions arising from the war in Ukraine and the global energy crisis. Climate and Environmental Ministers were unable to agree to an official communique as a result of objections over language used on climate targets. This has raised concerns of potential backsliding amongst countries.
According to a report by AfricaNews, newly elected president of Kenya, William Ruto has said that climate change will be key to the government’s agenda. He has also made an ambitious pledge to ramp up clean energy and phase out fossil fuels for electricity by 2030.
Investor groups from around the world, co-ordinated by the founding partners of The Investor Agenda, publicly released a statement, signed by 533 institutional investors with $39 trillion in assets under management, advocating for governments to enact ambitious policies that would leverage the private capital required to effectively address the climate crisis.