Wednesday briefing: what to see at the UN climate talks
The UN climate summit starts tomorrow
Two facts loom large at the COP28 UN climate talks, which start tomorrow in Dubai: the Earth is heading for climate catastrophe, and governments are acting too slowly to prevent it.
Diplomats from nearly 200 countries, and many heads of state and government, will meet to try to formulate a plan to accelerate the transition away from fossil fuels. The United Arab Emirates, the world’s fifth-largest oil producer, is hosting COP28, angering activists. The conference takes place against the backdrop of wars in the Middle East and Ukraine, which makes international cooperation even more difficult.
For some insight, I reached out to my colleague Lisa Friedman, who is reporting from the annual conference for the twelfth time.
What are you going to watch this time?
Lisa: A number of important things are about to happen, including a global assessment of how successful countries have been in meeting the climate targets they set in Paris in 2015; and finalizing the details of a new fund to help vulnerable countries cope with the loss and damage caused by global warming. But the most important thing I will pay attention to is the political agreement that countries are debating on phasing out fossil fuels. Burning fossil fuels is the leading cause of climate change, but so far countries have been unwilling to collectively call for its phase-out.
Of the two key issues – the Loss and Damages Fund and an agreement to replace fossil fuels with clean energy such as solar and wind – which do you think is most likely to be finalized?
Lisa: The ‘Loss and Damages Fund’ has a deadline to be operational by the end of COP28, and it seems likely at this stage that this will happen. There have been a number of battles this year over how it would function. The developing countries did not. want the fund to be based at the World Bank, which many believe is dominated by the US. Developed countries, such as the US, wanted to ensure that their taxpayers would not foot the entire bill, and that the richest developing countries, such as China and Qatar, Singapore or Saudi Arabia would also contribute.
In early November, the US signed the draft UN guidelines for the fund, which stipulate that the fund will be housed at the World Bank for a minimum of four years. Neither developed countries nor anyone else would be obliged to pay into the fund.
Regarding the energy transition, I think most people expect an agreement to be reached. The only question is how ambitious it will be.
Here are more facts about COP28.
Leaked documents: Behind the scenes of the summit, the Emirates have tried to use their position as host to lobby for oil and gas deals around the world, according to an internal document obtained by the Center for Climate Reporting and the BBC.
The ceasefire between Israel and Hamas continues
Both Hamas and Israel yesterday accused each other of violating the ceasefire as it entered its fifth day. The Israeli army said explosives were detonated at two sites in northern Gaza near its forces, and militants fired on them in one area. Hamas said its fighters were involved in a “field conflict” provoked by Israel, without providing additional details. But neither side indicated it would withdraw from the agreement.
How the money flows out of China
In a worrying sign for China’s economic and political future, wealthy Chinese families have moved hundreds of billions of dollars out of the country this year, helped by a cheaper currency.
As Covid restrictions have ended, Chinese travelers have bought apartments in Japan – often with suitcases full of cash – and deposited money into accounts in the US or Europe that pay higher interest than those in China, where interest rates are low and falling. In some cases, Chinese people are bypassing Beijing’s controls on transferring money abroad by buying gold bars small enough to fit in carry-on luggage or stacks of foreign currency.
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