Table.Briefing: Climate

+++ Table.Special: Bonn conference brings minimal progress + Possible compromises for COP28 + Events in run-up to Dubai

Table.Special: Outcome of SB58 and outlook for COP28

Dear reader,

“We need to stop pointing fingers” – these were conciliatory words from the gray eminence of climate conferences, Alden Meyer. “We are all in the same boat,” warned the Senior Associate of the environmental lobby E3G at the end of an often disappointing SB58 in Bonn.

There was a lot of blame-shifting at SB58. Countries argued about the agenda of the conference well into the second week. Many poorer countries accused the rich countries of not contributing enough to climate financing. They only wanted to discuss an emissions reduction program if finance was also on the agenda. Alexandra Endres has summarized the details of these and other disputes.

Also disappointing was the appearance of COP28 Chair Sultan Ahmed al Jaber. He did acknowledge in Bonn that the fossil fuel exit was “inevitable.” But whether there is at least some hope for an “Only al Jaber could phase out fossil fuels” moment remains to be seen: Against tradition, the COP28 chair did not comment on the UAE’s vision and goals for the next climate conference. Bernhard Pötter has nevertheless listed possible “landing points” for COP28.

After two long SB weeks, we are now taking a breather! After all, there are many more important climate events on the agenda, as our overview shows.

Your
Nico Beckert
Image of Nico  Beckert

Feature

Bonn conference takes minimal steps towards COP28

Protest against the war in Ukraine also in Bonn

The Bonn Climate Change Conference SB58 ended late Thursday with minimal progress toward COP28. Sidetracked by a lengthy dispute over the conference agenda, delegates concluded by sorting out what needed to be done and shelving disputed items.

Thus, the third technical dialogue of the global stocktake (GST) was concluded and issues related to adaptation, loss and damage, and finance were pre-clarified. The dispute over whether emissions reduction (mitigation) and finance belonged on the meeting’s agenda was deferred. The planned decision on the venue for COP29 in 2024 was also postponed – the Eastern European group could not decide between the candidates Bulgaria, Armenia and Azerbaijan amid geopolitical tensions between Russia and the EU.

Irrespective of the technical questions, possible compromises on political issues are emerging for COP28. These include the phase-out of fossil fuels, a global target for renewables, and clarification of the loss and damage committee structures.

Negotiations often made only slow progress. Until the penultimate day, the 5,647 delegates could not even agree on an agenda. Some delegates complained about the rude tone of the negotiations. Even in his opening speech, UN climate chief Simon Stiell addressed the feeling that the common goal was somewhat lost sight of amid national self-interest. He urged delegates to “spend time building stronger relationships across groups and regions.”

The key outcomes of the conference:

Overarching: the global stocktake

The third GST technical dialogue ended in Bonn, where delegates and observers took stock of progress on key issues of emissions reduction, adaptation and finance. Due to a deadlock on the last day, it was impossible to agree on a structure for the GST report in Bonn. This will now be done in Dubai.

Civil society has been heard, said Marine Pouget, GST expert for the climate change network CAN International. She called the technical phase of the GST “quite a success.” But the now starting political phase will negotiate the text that will serve as the foundation for the new versions of the National Climate Targets (NDCs) in 2025 – and there are “a lot of tensions, especially around equity, historical responsibility and financing.”

The dispute now revolves around the questions of how binding the conclusions from the GST can be and how financing is to be coordinated: How, for example, is the rebalancing of global financial flows enshrined in the Paris Agreement (Article 2.1.c) and climate finance from North to South (Article 9) related? This should be clarified at COP28 at the latest.

Climate action: the Mitigation Work Program

Negotiations in Bonn kicked off with a dispute over the agenda, which was not resolved until the penultimate day of the conference. The reason: The EU tried to ensure that the “Mitigation Work Programme,” which envisages more effort in CO2 reduction for the 1.5-degree path, would not only be debated at the COPs – as was previously the case – but also at the technical conferences in Bonn. The EU wants to discuss global emissions reductions more than once a year. However, this requires a mandate.

The “Like-Minded Developing Countries,” which also include China, India and Saudi Arabia, strictly rejected this. Officially for formal reasons. But behind this was the old dispute about whether the developed countries should be able to demand more ambition from the developing countries when it comes to CO2 reductions, as long as they do not guarantee any new funding for the Global South.

Ultimately, it was agreed not to include either item on the agenda. However, as negotiations on both topics had continued in the background, the chairs of this conference strand (SBI and SBSTA) included an informal note on the progress of the talks in the final declaration. In this way, they do not want to be forced to start all over again at COP28 in Dubai.

The Just Transition Pathway

The just transition to a climate-friendly world was also contested in Bonn. The central dispute: Should the negotiations only address the effects of the transformation on employees in the coal or oil industries, for example – or also broader social issues raised by the transformation of the national economy?

“Here, too, the financial issue was very present,” says David Ryfisch, Head of Division of International Climate Policy at the development organization Germanwatch – especially since the social aspect, of all things, was underfunded in the already existing Just Energy Transition partnership with South Africa. “The donor countries have largely ignored that.”

There were no concrete decisions here. In the end, an informal paper was agreed upon, which will serve as the basis for further discussions at COP28.

Adaptation: What is the ‘global target’?

The Paris Agreement stipulates that a Global Goal on Adaptation (GGA) will improve the adaptation capacities of countries, strengthen their resilience and reduce their vulnerability to climate change in the future. To determine what exactly this goal should look like, a work program was created at COP26 in Glasgow to achieve a result by COP28.

“In principle, the countries seem to be able to agree on this,” says Germanwatch expert Ryfisch. After SB58, the question will be whether there should be one large overall adaptation target or several smaller targets – and how to finance them. It would be conceivable, for example, to take the number of people considered vulnerable worldwide as one target. There are already fairly concrete ideas, says Ryfisch. Further talks will be held on this issue between now and COP28.

Loss and damage: money for climate damage

A central topic in Bonn revolved around the loss and damage fund, which was unexpectedly approved at COP27. A concept is to be in place by COP28, so the focus was now on the details:

  • Who pays into it – just the old industrialized countries or rich emerging economies as well?
  • Who gets access to the money – only certain countries defined as vulnerable, or any country where climate damage exceeds a certain level?
  • What climate damages should be considered – only from extreme weather disasters, or also from slowly evolving events?

The transitional committee, which will discuss the design of the fund, will meet twice more before COP28. A plan must then be in place.

One dispute remained unresolved: Where should the secretariat of the Santiago Network on Loss and Damage be located? The group of Latin American and Caribbean states and the small island states (AILAC and AOSIS) favored the Caribbean Development Bank, while the rest of the G77 favored the UN Office for Disaster Risk Reduction UNDRR. In the end, the decision was postponed. With Lukas Scheid and Bernhard Pötter

  • Climate policy

This is what COP28 could agree on

How it was in 2022: closing plenary at COP with the German delegation

After the end of SB58 in Bonn, the focus is on the future. What are the “landing zones” for compromises at COP28 in Dubai? The pressure is on, with the presidency of the United Arab Emirates (UAE) fueling expectations for a “historic” conference. Despite the bitter agenda dispute at the Bonn conference, some avenues are emerging. Table.Media spoke with many experts. This is how elements for a compromise in Dubai might look:

  • An agreement to phase out fossil fuels. This is the demand from the EU and other Europeans, the island states and some developing countries. India has proposed a “phase down” for all fossil fuels at COP27. The UAE presidency of COP28 is pushing for a decision to end “fossil emissions,” not fossil fuel use. It advocates increased use of CO2 capture and storage or CCS. Because the EU also began to approach this position in the spring with the call for an energy system “free of unabated fossil fuels.” The door may be open here to a compromise here: the phase-out or phase-down of fossil fuels with the option of using CCS.
  • A global renewables expansion target. To achieve the Paris climate targets, renewables expansion would need to triple to about 1,000 gigawatts of capacity per year, especially for electricity generation, by 2030, as called for by IRENA. Germany and the EU have agreed to this target. Think tanks call for a target closer to 1,500 gigawatts. Such a decision would have many supporters: It is global, and therefore voluntary and cannot be broken down for individual countries. It is technology- and growth-oriented and fits well with the agenda of the UAE presidency. It shows a positive mission statement rather than an exit or cutback. And it would put China, by far the largest investor in renewables, in a good light.
  • Defusing the financial dispute. If the OECD announces this year, as is expected, that the developed countries are on track to finally keep their financial promises in 2023, this could have a positive signal effect. So far, the G77 has repeatedly argued that the rich countries have broken their pledge to mobilize 100 billion dollars a year in climate aid for poor countries.
  • More money and loss and damage aid. The second replenishment round for the Green Climate Fund, due in October, should also take some of the heat out of the financial debate. As host of the donor conference in Bonn, Germany has already announced plans to increase its contribution to two billion euros. Finally, by COP28, the UN’s transitional committee is also expected to set up a structure for the loss and damage fund agreed at COP27.

All in all, these could form the foundation for a package of measures at COP28: A balanced mix of mitigation and finance, although there are still no resolutions on adaptation. But more money for the poor, better access to aid, and recognizing the claims of emerging and developing countries could relax the fronts somewhat on the crucial issues in Dubai.

  • COP28

The road to Dubai: Important events in the run-up to COP28

COP28 destination: Dubai, United Arab Emirates

Now that the interim conference in Bonn is over, attention turns to COP28 in Dubai. But in the run-up to it, many meetings will be held to discuss problems in advance and to forge alliances. Here is an overview of the most important events in climate diplomacy:

  • June 22-23, Paris, Summit for a New Global Financing Act. The French president has invited participants to discuss financial issues ahead of COP28 and World Bank/IMF reform. The topic is sure to include changes to the “Bridgetown Initiative” by the guest of honor Mia Mottley, Prime Minister of Barbados.
  • July 24-28, Nairobi, Kenya: The Intergovernmental Panel on Climate Change (IPCC) will elect a new chair. So far, two candidates from South Africa and Brazil and two candidates from Belgium and the UK are up for election.
  • July 17-18, Brussels, EU-CELAC Summit. An opportunity for the EU to coordinate with Latin American countries in the pursuit of an ambitious outcome at the COP.
  • July 22, Goa, India, G20 Energy Ministers Meeting. Preliminary clarification of important issues for COP28 in the energy sector, such as the global renewable energy target.
  • August 29-September 1, Third meeting of the UN transitional committee on loss and damage. By COP28, members are expected to iron out a structure, timeline and who should pay into the fund. The venue of the meeting is still unclear.
  • September 9-10, Delhi, G20 Summit. The world’s 20 largest emitters, jointly responsible for about 80 percent of all greenhouse gas emissions, will also discuss compromises at COP28. It is uncertain whether the appearance of Russia’s President Putin will burden the meeting.
  • September 18-19, New York, SDG Summit. The 2030 Sustainable Development Goals, adopted in 2015, are celebrating their “half-time”. The stocktaking will be negative – above all, the Covid pandemic and the Ukraine war have wiped out much progress.
  • September 20, New York, Climate Ambition Summit: UN Secretary-General António Guterres called on states, civil society and businesses to come to the UN with concrete solutions.
  • Summer/Autumn. The OECD will publish the official climate finance figures for 2021. One thing is certain: Even for this year, the pledge to mobilize 100 billion dollars annually for the Global South from 2020 onwards has not been fulfilled. But the available data could be interpreted to suggest that this target will be met in 2023. That could mean positive tailwind for COP28.
  • October 2, Madrid, Climate and Energy Summit, Building a Grand Coalition to Keep 1.5ºC Within Reach. The next attempt to bring together the “High Ambition Coalition” before COP28 and to adopt a common line for COP28. So far, the HAC, consisting of the EU, island states and vulnerable countries plus current supporters, has usually met once on short notice at the end of the COP.
  • October 4-8: Africa Climate Week and Summit in Nairobi. One of the continent’s climate champions, Kenya, welcomes African countries for an exchange on climate action and common positions in the run-up to COP28.
  • October 5, Bonn, donor conference for the next round of replenishment of the Green Climate Fund. An important signal of how willing the rich countries are to pay before COP 28. Germany has already announced to increase its contribution to two billion euros.
  • October 9-15, Marrakech, fall meeting of the World Bank and International Monetary Fund: A decision on the reform of the World Bank is expected, in particular on climate finance: More money, more say, and other guidelines to facilitate climate aid for poor nations, especially in the event of damage. The new head of the World Bank, Ajay Banga, will make his first appearance.
  • November 30-December 12, Dubai, United Arab Emirates, COP28 Bernhard Pötter
  • Klimadiplomatie

News

World Bank: Use 1.25 trillion in subsidies for climate action

According to a recent World Bank study, countries subsidize climate-damaging sectors with 1.25 trillion US dollars annually. The Development Bank says this sum should be repurposed for climate action. The study identified the following money flows:

  • 577 billion US dollars in subsidies to lower consumer prices for oil, gas and coal
  • 635 billion in subsidies to agriculture and the “excessive fertilizer application.” This leads to soil depletion, water pollution, and more deforestation for agricultural land.
  • Accordingly, 35 billion US dollars flow into the fisheries sector.

“If we could repurpose the trillions of dollars being spent on wasteful subsidies and put these to better, greener uses, we could together address many of the planet’s most pressing challenges,” said Axel van Trotsenburg, Senior Managing Director of the World Bank. However, governments must compensate the most vulnerable groups through social assistance programs, including money transfers, the study states. nib

Climate.Table editorial office

EDITORIAL CLIMATE.TABLE

Licenses:

    Table.Special: Outcome of SB58 and outlook for COP28

    Dear reader,

    “We need to stop pointing fingers” – these were conciliatory words from the gray eminence of climate conferences, Alden Meyer. “We are all in the same boat,” warned the Senior Associate of the environmental lobby E3G at the end of an often disappointing SB58 in Bonn.

    There was a lot of blame-shifting at SB58. Countries argued about the agenda of the conference well into the second week. Many poorer countries accused the rich countries of not contributing enough to climate financing. They only wanted to discuss an emissions reduction program if finance was also on the agenda. Alexandra Endres has summarized the details of these and other disputes.

    Also disappointing was the appearance of COP28 Chair Sultan Ahmed al Jaber. He did acknowledge in Bonn that the fossil fuel exit was “inevitable.” But whether there is at least some hope for an “Only al Jaber could phase out fossil fuels” moment remains to be seen: Against tradition, the COP28 chair did not comment on the UAE’s vision and goals for the next climate conference. Bernhard Pötter has nevertheless listed possible “landing points” for COP28.

    After two long SB weeks, we are now taking a breather! After all, there are many more important climate events on the agenda, as our overview shows.

    Your
    Nico Beckert
    Image of Nico  Beckert

    Feature

    Bonn conference takes minimal steps towards COP28

    Protest against the war in Ukraine also in Bonn

    The Bonn Climate Change Conference SB58 ended late Thursday with minimal progress toward COP28. Sidetracked by a lengthy dispute over the conference agenda, delegates concluded by sorting out what needed to be done and shelving disputed items.

    Thus, the third technical dialogue of the global stocktake (GST) was concluded and issues related to adaptation, loss and damage, and finance were pre-clarified. The dispute over whether emissions reduction (mitigation) and finance belonged on the meeting’s agenda was deferred. The planned decision on the venue for COP29 in 2024 was also postponed – the Eastern European group could not decide between the candidates Bulgaria, Armenia and Azerbaijan amid geopolitical tensions between Russia and the EU.

    Irrespective of the technical questions, possible compromises on political issues are emerging for COP28. These include the phase-out of fossil fuels, a global target for renewables, and clarification of the loss and damage committee structures.

    Negotiations often made only slow progress. Until the penultimate day, the 5,647 delegates could not even agree on an agenda. Some delegates complained about the rude tone of the negotiations. Even in his opening speech, UN climate chief Simon Stiell addressed the feeling that the common goal was somewhat lost sight of amid national self-interest. He urged delegates to “spend time building stronger relationships across groups and regions.”

    The key outcomes of the conference:

    Overarching: the global stocktake

    The third GST technical dialogue ended in Bonn, where delegates and observers took stock of progress on key issues of emissions reduction, adaptation and finance. Due to a deadlock on the last day, it was impossible to agree on a structure for the GST report in Bonn. This will now be done in Dubai.

    Civil society has been heard, said Marine Pouget, GST expert for the climate change network CAN International. She called the technical phase of the GST “quite a success.” But the now starting political phase will negotiate the text that will serve as the foundation for the new versions of the National Climate Targets (NDCs) in 2025 – and there are “a lot of tensions, especially around equity, historical responsibility and financing.”

    The dispute now revolves around the questions of how binding the conclusions from the GST can be and how financing is to be coordinated: How, for example, is the rebalancing of global financial flows enshrined in the Paris Agreement (Article 2.1.c) and climate finance from North to South (Article 9) related? This should be clarified at COP28 at the latest.

    Climate action: the Mitigation Work Program

    Negotiations in Bonn kicked off with a dispute over the agenda, which was not resolved until the penultimate day of the conference. The reason: The EU tried to ensure that the “Mitigation Work Programme,” which envisages more effort in CO2 reduction for the 1.5-degree path, would not only be debated at the COPs – as was previously the case – but also at the technical conferences in Bonn. The EU wants to discuss global emissions reductions more than once a year. However, this requires a mandate.

    The “Like-Minded Developing Countries,” which also include China, India and Saudi Arabia, strictly rejected this. Officially for formal reasons. But behind this was the old dispute about whether the developed countries should be able to demand more ambition from the developing countries when it comes to CO2 reductions, as long as they do not guarantee any new funding for the Global South.

    Ultimately, it was agreed not to include either item on the agenda. However, as negotiations on both topics had continued in the background, the chairs of this conference strand (SBI and SBSTA) included an informal note on the progress of the talks in the final declaration. In this way, they do not want to be forced to start all over again at COP28 in Dubai.

    The Just Transition Pathway

    The just transition to a climate-friendly world was also contested in Bonn. The central dispute: Should the negotiations only address the effects of the transformation on employees in the coal or oil industries, for example – or also broader social issues raised by the transformation of the national economy?

    “Here, too, the financial issue was very present,” says David Ryfisch, Head of Division of International Climate Policy at the development organization Germanwatch – especially since the social aspect, of all things, was underfunded in the already existing Just Energy Transition partnership with South Africa. “The donor countries have largely ignored that.”

    There were no concrete decisions here. In the end, an informal paper was agreed upon, which will serve as the basis for further discussions at COP28.

    Adaptation: What is the ‘global target’?

    The Paris Agreement stipulates that a Global Goal on Adaptation (GGA) will improve the adaptation capacities of countries, strengthen their resilience and reduce their vulnerability to climate change in the future. To determine what exactly this goal should look like, a work program was created at COP26 in Glasgow to achieve a result by COP28.

    “In principle, the countries seem to be able to agree on this,” says Germanwatch expert Ryfisch. After SB58, the question will be whether there should be one large overall adaptation target or several smaller targets – and how to finance them. It would be conceivable, for example, to take the number of people considered vulnerable worldwide as one target. There are already fairly concrete ideas, says Ryfisch. Further talks will be held on this issue between now and COP28.

    Loss and damage: money for climate damage

    A central topic in Bonn revolved around the loss and damage fund, which was unexpectedly approved at COP27. A concept is to be in place by COP28, so the focus was now on the details:

    • Who pays into it – just the old industrialized countries or rich emerging economies as well?
    • Who gets access to the money – only certain countries defined as vulnerable, or any country where climate damage exceeds a certain level?
    • What climate damages should be considered – only from extreme weather disasters, or also from slowly evolving events?

    The transitional committee, which will discuss the design of the fund, will meet twice more before COP28. A plan must then be in place.

    One dispute remained unresolved: Where should the secretariat of the Santiago Network on Loss and Damage be located? The group of Latin American and Caribbean states and the small island states (AILAC and AOSIS) favored the Caribbean Development Bank, while the rest of the G77 favored the UN Office for Disaster Risk Reduction UNDRR. In the end, the decision was postponed. With Lukas Scheid and Bernhard Pötter

    • Climate policy

    This is what COP28 could agree on

    How it was in 2022: closing plenary at COP with the German delegation

    After the end of SB58 in Bonn, the focus is on the future. What are the “landing zones” for compromises at COP28 in Dubai? The pressure is on, with the presidency of the United Arab Emirates (UAE) fueling expectations for a “historic” conference. Despite the bitter agenda dispute at the Bonn conference, some avenues are emerging. Table.Media spoke with many experts. This is how elements for a compromise in Dubai might look:

    • An agreement to phase out fossil fuels. This is the demand from the EU and other Europeans, the island states and some developing countries. India has proposed a “phase down” for all fossil fuels at COP27. The UAE presidency of COP28 is pushing for a decision to end “fossil emissions,” not fossil fuel use. It advocates increased use of CO2 capture and storage or CCS. Because the EU also began to approach this position in the spring with the call for an energy system “free of unabated fossil fuels.” The door may be open here to a compromise here: the phase-out or phase-down of fossil fuels with the option of using CCS.
    • A global renewables expansion target. To achieve the Paris climate targets, renewables expansion would need to triple to about 1,000 gigawatts of capacity per year, especially for electricity generation, by 2030, as called for by IRENA. Germany and the EU have agreed to this target. Think tanks call for a target closer to 1,500 gigawatts. Such a decision would have many supporters: It is global, and therefore voluntary and cannot be broken down for individual countries. It is technology- and growth-oriented and fits well with the agenda of the UAE presidency. It shows a positive mission statement rather than an exit or cutback. And it would put China, by far the largest investor in renewables, in a good light.
    • Defusing the financial dispute. If the OECD announces this year, as is expected, that the developed countries are on track to finally keep their financial promises in 2023, this could have a positive signal effect. So far, the G77 has repeatedly argued that the rich countries have broken their pledge to mobilize 100 billion dollars a year in climate aid for poor countries.
    • More money and loss and damage aid. The second replenishment round for the Green Climate Fund, due in October, should also take some of the heat out of the financial debate. As host of the donor conference in Bonn, Germany has already announced plans to increase its contribution to two billion euros. Finally, by COP28, the UN’s transitional committee is also expected to set up a structure for the loss and damage fund agreed at COP27.

    All in all, these could form the foundation for a package of measures at COP28: A balanced mix of mitigation and finance, although there are still no resolutions on adaptation. But more money for the poor, better access to aid, and recognizing the claims of emerging and developing countries could relax the fronts somewhat on the crucial issues in Dubai.

    • COP28

    The road to Dubai: Important events in the run-up to COP28

    COP28 destination: Dubai, United Arab Emirates

    Now that the interim conference in Bonn is over, attention turns to COP28 in Dubai. But in the run-up to it, many meetings will be held to discuss problems in advance and to forge alliances. Here is an overview of the most important events in climate diplomacy:

    • June 22-23, Paris, Summit for a New Global Financing Act. The French president has invited participants to discuss financial issues ahead of COP28 and World Bank/IMF reform. The topic is sure to include changes to the “Bridgetown Initiative” by the guest of honor Mia Mottley, Prime Minister of Barbados.
    • July 24-28, Nairobi, Kenya: The Intergovernmental Panel on Climate Change (IPCC) will elect a new chair. So far, two candidates from South Africa and Brazil and two candidates from Belgium and the UK are up for election.
    • July 17-18, Brussels, EU-CELAC Summit. An opportunity for the EU to coordinate with Latin American countries in the pursuit of an ambitious outcome at the COP.
    • July 22, Goa, India, G20 Energy Ministers Meeting. Preliminary clarification of important issues for COP28 in the energy sector, such as the global renewable energy target.
    • August 29-September 1, Third meeting of the UN transitional committee on loss and damage. By COP28, members are expected to iron out a structure, timeline and who should pay into the fund. The venue of the meeting is still unclear.
    • September 9-10, Delhi, G20 Summit. The world’s 20 largest emitters, jointly responsible for about 80 percent of all greenhouse gas emissions, will also discuss compromises at COP28. It is uncertain whether the appearance of Russia’s President Putin will burden the meeting.
    • September 18-19, New York, SDG Summit. The 2030 Sustainable Development Goals, adopted in 2015, are celebrating their “half-time”. The stocktaking will be negative – above all, the Covid pandemic and the Ukraine war have wiped out much progress.
    • September 20, New York, Climate Ambition Summit: UN Secretary-General António Guterres called on states, civil society and businesses to come to the UN with concrete solutions.
    • Summer/Autumn. The OECD will publish the official climate finance figures for 2021. One thing is certain: Even for this year, the pledge to mobilize 100 billion dollars annually for the Global South from 2020 onwards has not been fulfilled. But the available data could be interpreted to suggest that this target will be met in 2023. That could mean positive tailwind for COP28.
    • October 2, Madrid, Climate and Energy Summit, Building a Grand Coalition to Keep 1.5ºC Within Reach. The next attempt to bring together the “High Ambition Coalition” before COP28 and to adopt a common line for COP28. So far, the HAC, consisting of the EU, island states and vulnerable countries plus current supporters, has usually met once on short notice at the end of the COP.
    • October 4-8: Africa Climate Week and Summit in Nairobi. One of the continent’s climate champions, Kenya, welcomes African countries for an exchange on climate action and common positions in the run-up to COP28.
    • October 5, Bonn, donor conference for the next round of replenishment of the Green Climate Fund. An important signal of how willing the rich countries are to pay before COP 28. Germany has already announced to increase its contribution to two billion euros.
    • October 9-15, Marrakech, fall meeting of the World Bank and International Monetary Fund: A decision on the reform of the World Bank is expected, in particular on climate finance: More money, more say, and other guidelines to facilitate climate aid for poor nations, especially in the event of damage. The new head of the World Bank, Ajay Banga, will make his first appearance.
    • November 30-December 12, Dubai, United Arab Emirates, COP28 Bernhard Pötter
    • Klimadiplomatie

    News

    World Bank: Use 1.25 trillion in subsidies for climate action

    According to a recent World Bank study, countries subsidize climate-damaging sectors with 1.25 trillion US dollars annually. The Development Bank says this sum should be repurposed for climate action. The study identified the following money flows:

    • 577 billion US dollars in subsidies to lower consumer prices for oil, gas and coal
    • 635 billion in subsidies to agriculture and the “excessive fertilizer application.” This leads to soil depletion, water pollution, and more deforestation for agricultural land.
    • Accordingly, 35 billion US dollars flow into the fisheries sector.

    “If we could repurpose the trillions of dollars being spent on wasteful subsidies and put these to better, greener uses, we could together address many of the planet’s most pressing challenges,” said Axel van Trotsenburg, Senior Managing Director of the World Bank. However, governments must compensate the most vulnerable groups through social assistance programs, including money transfers, the study states. nib

    Climate.Table editorial office

    EDITORIAL CLIMATE.TABLE

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