COP28 Daily Wrap-up (Dec 5) – Energy Transition

06.12.23
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Following a busy “Business Day” at the Nature Positive Pavilion yesterday, we’ve arrived at the halfway point of COP28, and eyes are now turning toward Nature Day on December 9th. But in today’s issue, we are going to focus on the Global Stocktake. And tomorrow, the daily brief will be taking the day off to observe the mid-COP day of rest.

Youth Bridge Foundation covered the Business in Action Day in the #NaturePositive Pavilion, a day dedicated to discussing sector transitions, climate and nature strategies, solutions for oceans, and the importance of business accountability.

COP28 Daily Wrap-up – December 5

SPOTLIGHT – GLOBAL STOCKTAKE (GST) AND NATURE

Early reviews of the GST text are in. While there are some encouraging elements, it’s clear that there is still a huge amount of work to do to deliver a strong outcome.

  • Good language on phasing out fossil fuels.
  • Recognises the critical role of nature; the meaningful participation of Indigenous Peoples and local communities; and loss and damage.
  • Significant concern around the omission of agriculture and food systems.
  • Alarmingly, potential for ‘no text’ across crucial areas like finance and fossil fuels.
  • Lengthy text must now be edited so it becomes clear and unambiguous.

Reactions:

COP28: WWF responds to ‘bloated’ updated Global Stocktake draft text

The Nature Conservancy welcomes inclusion of nature, while flagging threat of ‘no text’ outcome

Wildlife Conservation Society response to updated Global Stocktake language

BirdLife International links the GST to the Global Biodiversity Framework

Nature4Climate calls for a course-correcting moment 

IFAW suggests text is encouraging but needs to go further

Food and Ag in (or, more accurately, not in) the GST :

More than 30 organizations have issued a statement to Parties expressing their concern on the omission of food systems in the GST text, calling on them to urgently address this emission.

“We ask Parties to work urgently to adequately reflect this ambition and recognition in the Global Stocktake decision text, in the context of adaptation and mitigation, based on the best available science. The outcome must also inform Nationally Determined Contributions (NDCs), equitably considering the synergies that climate action on food offers with other global and national priorities – as well as the risks which must be navigated.The current draft is a far cry from what is needed.”

 

Announcements

IDB Invest, member of the IDB Group, and IFC, member of the World Bank Group, announced the launch of the Amazon Finance Network, an alliance that brings together financial institutions with the aim of increasing investment flows, mobilizing capital, sharing knowledge on innovative financial solutions, and generating synergies with the public sector. This network is composed of 24 founding signatories from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname, Spain, Switzerland, and the U.S.

The LEAF Coalition yesterday announced with the Brazilian state of Acre the signing of a Term Sheet Agreement for up to 10 million high integrity forest carbon credits. This step paves the way for a binding Emissions Reduction Purchase Agreement (ERPA) to supply up to 10 million high-integrity forest carbon credits to the LEAF Coalition for years 2023 – 2026.

The Philippines and the World Economic Forum have signed an agreement on blue carbon ecosystems and plastic pollution yesterday at COP28.

In the United States a bipartisan piece of legislation called the FOREST Act that would prevent importation of certain commodities harvested from illegal deforestation has been reintroduced. The U.S. Congressional Delegation to COP28 will arrive later this week and the sponsors of the proposed legislation will likely be looking to engage on this and the broader harms of illegal deforestation.

The U.S. International Development Finance Corporation (DFC) has committed a $24 million equity investment in Miro Forestry Developments Limited (Miro) to expand the company’s sustainable forestry and timber processing on degraded land in West Africa.

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