Hello and welcome!đż
Apologies for skipping November - I got caught up with preparations for COP28 and time zipped by faster than normal. This edition will explore the outcome of the latest UN Climate Change Conference and share highlights from Bloomberg Green, a two-day forum held on the sidelines of those talks.
As always, your likes, comments and feedback are deeply appreciated!
AN 11TH HOUR AGREEMENT
This yearâs UN Climate Change Conference felt especially crucial in light of the global stocktake and efforts to course-correct temperature levels. But the UAE event was plagued with controversy, and also ran into overtime before a final deal was reached.
Although critics say the language was diluted to appease various petrostates, COP28 did succeed in getting nearly 200 nations to take explicit aim at the use of fossil fuels. However, instead of promising a âphase outâ of coal, oil and gas, the text cited a âtransition awayâ from hydrocarbons in energy production, in a âjust, orderly and equitable mannerâ.
It might seem like quibbling over synonyms but these words are loaded with deeper meaning in diplomatic circles. On one hand, the reference to fossil fuels is an historic first. On the other hand, the overall phrasing is said to lack urgency and ambition.
A better example of consensus was the commitment to triple renewable energy capacity by 2030. Still, securing the talent, technology and funding to boost clean power is not without difficulties, as Reuters reports.
Where the COP summits excel, according to a journalist colleague of mine, is encouraging the media to listen to non-G20 delegates. The international press doesnât typically chase envoys from the Marshall Islands, Samoa or Tuvalu, for instance; yet the Alliance of Small Island States is a vocal group during these discussions.
DELVING INTO THE GREEN ECONOMY
As tens of thousands of delegates convened in Dubai for the UN negotiations, Bloombergâs âClimate Hubâ in the cityâs financial district became an important venue for networking and events, most notably Bloomberg Green at COP28.
It was an honour to work with my colleagues on the agenda, and then hear from the government officials, policy advisors, business leaders, academics and activists we booked for the forum. Here are some of the main takeaways from those conversations:
Renewed urgency: âWeâve got to really decide â are we serious or are we fooling around with an existential issue,â warned the White Houseâs Climate Envoy John Kerry. That sentiment was echoed by former US Vice President Al Gore, who said we are âseeing a very real and present danger of a billion climate refugees crossing international borders to escape conditions that the scientists tell us are becoming physiologically unliveable.â
Changing behaviours: Laura Clarke, CEO of ClientEarth, believes company directors will alter their decision-making when they âare found personally liable for not managing climate risk.â Elsewhere, HRH Princess Lamia of Alwaleed Philanthropies and filmmaker Malaika Vaz expressed concern about climate changeâs âPR problemâ. Both called for better communication strategies to appeal to peopleâs hearts and minds.
Financing sustainable development: âItâs not an issue of shortage of funding, there are trillions out there,â said Nicole Iseppi of Bezos Earth Fund. âWeâre not linking the right capital to the right type of deals or the execution.â Meanwhile, billionaire investor Ray Dalio thinks âyou have to make it profitableâ to motivate large institutions to allocate resources. âYou just canât say itâs a good thing â go do it. There has to be a financial sustainability, like there has to be an ecological sustainability,â he noted.
Actions, not words: US$700 million was pledged by a handful of states to the now operational Loss and Damage Fund, which will assist developing countries in the firing line of environmental degradation. The amount is a fraction of estimates calculated by economists. âI think we are seeing a lot of commitments, and these commitments are lovely words but they seldom make it to the pot,â remarked Ayisha Siddiqa, UN Secretary-General Youth Advisor on Climate Change.
Including diverse perspectives: Climate change is not neutral. Women, as well as young people and indigenous communities, are disproportionately impacted by environmental crises, yet their voices are hardly ever amplified. Empowering them from the very beginning is âa moral obligation and also an economic imperative in terms of global stability,â said Alitheia Capital co-founder âTokunboh Ishmael.
Following much political wrangling, the COP29 summit will take place in Baku, Azerbaijan, to represent the Eastern European region.
Thanks for reading! There will be one more edition for 2023 in your inbox before New Yearâs Eve. Happy holidays and Merry Christmas to those celebrating! Take care and stay curious, Sara x