Hello and welcome to our new International Climate Briefing! This biweekly product aims to highlight the most important, recent stories on international climate diplomacy, finance, loss and damage, and more. If you have any colleagues you think may be interested in receiving this update every other Wednesday morning, please forward them this email tosubscribe here.
Consider us also as a resource to help uplift your stories, reports, actions, and events. Contact Daela Taeoalii-Tipton at dtaeoalii-tipton@climatenexus.org!
Note: the next briefing will be shared Friday, September 22 to include important updates from NYC Climate Week and the UNSG Climate Ambition Summit.
SPOTLIGHT
The inaugural Africa Climate Summit wraps up in Nairobi today, where a total of $23 billion in climate finance was committed by governments, development banks, private investors and philanthropists. Major announcements include the UAE pledging $4.5 billion to develop 15 GW of “clean power” by 2030 (unclear if “abated” fossil fuel technologies count) and the purchase of $450 million carbon credits. Germany committed $486 million, including loans to South Africa’s Just Energy Transition Partnership (JET-P), and a green hydrogen project and debt-for-nature swap in Kenya. The US announced a far smaller package of $30 million for climate resilience and food security (subject to Congressional approval), while the UK announced new projects worth $65 million. Though the more than thirty heads of state in attendance weren’t unanimous in their support of phasing out fossil fuels, the Nairobi Declaration, which also forms the basis of their COP28 negotiating positions, calls for a phase out of coal and fossil fuel subsidies, as well as a global carbon tax scheme, and reforming the multilateral financial system to better support heavily indebted and climate vulnerable countries, many of which are in Africa.
The Finance in Common Summit also concluded today with over 500 public development banks, which collectively lend or invest about $2.3 trillion a year, attending in Cartagena, Colombia. While the talks included a focus on better leveraging capital bases for climate resilience and sustainable development goals, there was no mention of fossil fuels or the debt crisis in the draft declaration from the Summit.
ON OUR RADAR
The G20 Leader’s Summit in Delhi takes place this weekend, and the need for climate finance and debt-reduction is expected to form a significant part of the talks. President Joe Biden and Treasury Secretary Janet Yellen will bring with them a nearly $50 billion World Bank offer (also dependent on Congressional approval, of course) framed as a counter to China’s “coercive and unsustainable lending.” However, expectations for the summit are low. Chinese president Xi Jinping and Russian president Validimir Putin will be absent, and climate and energy ministers failed to reach consensus during their July meetings. India isn’t giving up hope just yet, however. A leaked draft shows that the 1.5C target, agreeing timelines to peak greenhouse gas emissions, tripling renewable energy capacity, and language around commitments to phase out fossil fuel subsidies are still part of the talks, even if countries are unlikely to reach consensus. Reach out if you’d like to learn more about the Summit.
September will be busy in New York City, with the UN General Assembly, UN Sustainable Development Goals Summit, UN Climate Ambition Summit, and Climate Week. UN Secretary General António Guterres has set strict requirements for attendance - countries must come with substantial new commitments to climate action - and laid out an ambitious global agenda. Will the US live up to these standards and will Biden attend? Have you seen the letter the Secretary-General sent to President Biden, inviting him to the Summit, and setting out expectations for the US? We’d love to know what he asked him to do. Based on this new fossil finance tracker from Oil Change International, the US is looking more like a laggard than a leader.
Big actions to look out for in the city include a Global Climate Strike planned by Fridays for Future on 9/15 and the March to End Fossil Fuels on 9/17. Activists and advocates from around the world will be in attendance.
Here are some of the eventswe have compiled for the coming weeks. Have more to add? Let us know.
NEWS
Climate Diplomacy
COP: EU to seek COP28 deal on phasing out fossil fuels, draft document says (Reuters), John Kerry urges oil and gas chiefs to bring climate change plans to UN summit (Financial Times $), Support for Australia’s UN climate bid should be linked to ceasing fossil fuel expansion, Pacific leaders say (The Guardian)
Shell alumni leading EU climate policy?: EU nominates Wopke Hoekstra as top climate diplomat (Climate Home)
UAE: Leaked recording of UAE officials reveals the nation’s concern over its public image (The New York Times$)
International Finance
Trade: WTO boss wades into global carbon pricing morass (Politico Pro $), US and China to set up working group to discuss trade tension (The National)
Historic acknowledgement: Australia to acknowledge climate risk to government bonds after world-first court settlement (The Guardian)
Mobilizing private finance?: The investment climate (Phenomenal World)
Carbon markets: As the UN designs a new carbon market, experts call for a different approach (Grist)
Non-debt creating instruments: Explainer: The clamour for elusive climate grants (Eco-Business)
Impacts
Loss and damage: Developing countries call for $100 billion loss and damage target (Climate Home), US denies rigging Loss and Damage Fund's board in rich nations' favour (Climate Home), Outrage as civil society excluded from crucial loss and damage meeting (Devex)
A technical perspective: How community windows can unleash the potential of the Loss and Damage Fund (World Resources Institute)
Climate and conflict: IMF warns rates, conflict and climate top emerging markets risks (Reuters, Bloomberg $)
