27 April 2024 1:02 am

COP28 kicks off with climate disaster fund victory

Nov 30, 2023

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COP28 kicks off with climate disaster fund victory 

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Summary

  • COP28 adopts new fund to help poor nations with disasters
  • U.S., Japan, UAE among first to announce new contributions
  • Countries and oil companies urged to work together

DUBAI, Nov 30 (Reuters) – The U.N. climate summit clinched an early victory Thursday, with delegates adopting a new fund to help poor nations cope with costly climate disasters.

COP28 president Sultan al-Jaber said the decision sent a “positive signal of momentum to the world and to our work here in Dubai.”

In establishing the fund on the first day of the two-week COP28 conference, delegates opened the door for governments to announce contributions.

And several did, kicking off a series of small pledges that countries hoped would build to a substantial sum, including $100 million from the COP28 host United Arab Emirates, another $100 million from Germany, at least $51 million from Britain, $17.5 million from the United States, and $10 million from Japan.

The early breakthrough on the damage fund, which poorer nations had demanded for years, could help grease the wheels for other compromises to be made during the two-week summit.

But some groups were cautious, noting there were still unresolved issues including how the fund would be financed in the future.

“The absence of a defined replenishment cycle raises serious questions about the fund’s long-term sustainability,” said Harjeet Singh, head of global political strategy at Climate Action Network International. “The responsibility now lies with affluent nations to meet their financial obligations in a manner proportionate to their role in the climate crisis.”

Adnan Amin, CEO of the COP28 summit, told Reuters this month the aim was to secure several hundred million U.S. dollars for the climate disaster fund during the event.

Pope Francis, who was forced to cancel his trip to COP28 due to illness, sent a message on social media platform X: “May participants in #COP28 be strategists who focus on the common good and the future of their children, rather than the vested interests of certain countries or businesses. May they demonstrate the nobility of politics and not its shame.”

A ROLE FOR FOSSIL FUELS

Earlier on Thursday, Jaber opened the summit by urging countries and fossil fuel companies to work together to meet global climate goals.

Governments are preparing for marathon negotiations on whether to agree, for the first time, to phase out the world’s use of CO2-emitting coal, oil and gas, the main source of warming emissions.

Jaber, who is also the CEO of the United Arab Emirates’ national oil company ADNOC, aimed to strike a conciliatory tone following months of criticism over his appointment at the head of COP28.

He acknowledged that there were “strong views” about the idea of including language on fossil fuels and renewables in the negotiated text.

“It is essential that no issue is left off the table. And yes, as I have been saying, we must look for ways and ensure the inclusion of the role of fossil fuels,” he said.

He touted his country’s decision to “proactively engage” with fossil fuel companies, and noted that many national oil companies had adopted net-zero targets for 2050.

“I am grateful that they have stepped up to join this game-changing journey,” Jaber said. “But, I must say, it is not enough, and I know that they can do much more.”

Another major task at the summit will be for countries to assess their progress in meeting global climate goals – chiefly the Paris Agreement goal of limiting global warming to well below 2 degrees Celsius (3.6 degrees Fahrenheit).

This process, known as the global stocktake, should yield a high-level plan telling countries what they need to do.

Reporting by Kate Abnett, Valerie Volcovici and Maha El Dahan; Additional reporting by William James and Alvise Armellini; Writing by Katy Daigle; Editing by Matthew Lewis, Miral Fahmy and Christina Fincher

Our Standards: The Thomson Reuters Trust Principles.

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Countdown to COP28: ACT in the Middle East and North Africa

Nov 29, 2023

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ACT Alliance is a Global alliance of more than 145 churches and related organisations and in its Countdown to COP28: ACT in the Middle East and North Africa reiterates what is felt more and more throughout the region.  
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The above image is for illustration and is credit to Dubai92.com
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Countdown to COP28: ACT in the Middle East and North Africa

Rachel Luce, ACT Regional Representative, MENA.

George Majaj, ACT Humanitarian Programme Advisor, MENA. PHOTO: Simon Chambers.

As the Middle East and North Africa (MENA) region prepares to host COP28, we reproduce here our 2022 Annual Report interview with Rachel Luce, ACT Alliance Regional Representative for the MENA region and George Majaj, ACT’s MENA Humanitarian Programme Advisor. The interview will give you some insight into MENA issues and how ACT and its members address these issues during peacetime.

What are some of the key issues facing the region? 

Rachel: There are several protracted crises in the region. Linked to that is mass migration. Educated people are leaving, as is the Christian minority. The Christian migration is really on the hearts and minds of our local members, as this is where the historic churches are located. We also see big changes in the social fabric, and you lose the value of diversity. Migration is a big concern for all the members, along with the conflicts and ongoing wars. 

George: Most of the crises are becoming protracted. There are fewer political ways to end these issues – for example in Yemen, Syria, Iraq, and Palestine. There’s a lack of interest from funders and media. The political will at home and abroad is not there to solve the protracted crises in most of the countries in MENA, and that has a negative effect on communities. 

How do members in the region work together?  

In the Middle East, national forums meet monthly to discuss what they’re working on, joint areas of action such as training, what they’re hearing from other platforms they’re involved in, and how they might coordinate advocacy. The forums consist of country directors or their deputies. Iraq and Jerusalem have extended their forums so that faith-based agencies can join. 

The MENA Communities of Practice (CoPs), such as Gender Justice and Climate Justice, are connected to the forums. Each national forum sends at least one delegate to a MENA CoP. These are usually the thematic experts. MENA CoPs meet monthly and discuss aspects of the work they want to do together. They go to in-person events, such as trainings, and then report back to their Forum.  

What are the opportunities you see in the region? 

The MENA Gender Justice CoP wants to influence change in Christian family law in the Middle East. For Christians, family law is governed by their church, and it covers inheritances, marriage, divorce, custody, and similar issues. The Evangelical Lutheran Church of Jordan and the Holy Land (ELCJHL) changed their church’s family law a few years ago. The MENA Gender Justice CoP wants to see similar change across the region. They started with a study on Jordan’s church family laws. After hearing the consultant’s questions, the churches they interviewed decided to look into changing their laws. No one knew their own laws until they went to court to find out.  

One of the MENA Gender Justice CoP’s goals is to ensure family inheritances are divided equally between men and women and that women aren’t pressured into signing away their inheritance rights. They also want family laws to be transparent and accessible. Changing these laws makes real, true change in the lives of people.  

MENA’s Climate Justice CoP is growing every year. Season of Creation is on fire in the Middle East right now, which is amazing.  ACT MENA members also invested a lot in Egypt’s COP27. Now they’re talking about how to engage after Dubai’s COP28 in 2023. They’re showing a commitment to global negotiations in the long term.  

In MENA, we started by training members in country-specific multi-stakeholder dialogues where specialists reviewed adaptation, climate financing and mitigation. Once they understood climate justice at a country level, members engaged regionally because they could see the intersections. Now they’re making the link to the global level. They see how the fight at one UN COP can lead to additional financing and how they can push for climate ambition.  

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The oil and gas sector must reduce their planet-warming operations

Nov 24, 2023

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In the recently published IEA article on a special report, it is put simply that to save the climate, the oil and gas sector must reduce their planet-warming operations. 

 

 

 

 

Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA that shows how the industry can take a more responsible approach and contribute positively to the new energy economy.

The Oil and Gas Industry in Net Zero Transitions analyses the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets. Released ahead of the COP28 climate summit in Dubai, the special report sets out what the global oil and gas sector would need to do to align its operations with the goals of the Paris Agreement.

Even under today’s policy settings, global demand for both oil and gas is set to peak by 2030, according to the latest IEA projections. Stronger action to tackle climate change would mean clear declines in demand for both fuels. If governments deliver in full on their national energy and climate pledges, demand would fall 45% below today’s level by 2050. In a pathway to reaching net zero emissions by mid-century, which is necessary to keep the goal of limiting global warming to 1.5 °C within reach, oil and gas use would decline by more than 75% by 2050.

Yet the oil and gas sector – which provides more than half of global energy supply and employs nearly 12 million workers worldwide – has been a marginal force at best in transitioning to a clean energy system, according to the report. Oil and gas companies currently account for just 1% of clean energy investment globally – and 60% of that comes from just four companies.

“The oil and gas industry is facing a moment of truth at COP28 in Dubai. With the world suffering the impacts of a worsening climate crisis, continuing with business as usual is neither socially nor environmentally responsible,” said IEA Executive Director Fatih Birol. “Oil and gas producers around the world need to make profound decisions about their future place in the global energy sector. The industry needs to commit to genuinely helping the world meet its energy needs and climate goals – which means letting go of the illusion that implausibly large amounts of carbon capture are the solution. This special report shows a fair and feasible way forward in which oil and gas companies take a real stake in the clean energy economy while helping the world avoid the most severe impacts of climate change.”

The global oil and gas industry encompasses a large and diverse range of players – from small, specialised operators to huge national oil companies. Attention often focuses on the role of the private sector majors, but they own less than 13% of global oil and gas production and reserves.

Every company’s transition strategy can and should include a plan to reduce emissions from its own operations, according to the report. The production, transport and processing of oil and gas results in nearly 15% of global energy-related greenhouse emissions – equal to all energy-related greenhouse gas emissions from the United States. As things stand, companies with targets to reduce their own emissions account for less than half of global oil and gas output.

To align with a 1.5 °C scenario, the industry’s own emissions need to decline by 60% by 2030. The emissions intensity of oil and gas producers with the highest emissions is currently five-to-ten times above those with the lowest, showing the vast potential for improvements. Furthermore, strategies to reduce emissions from methane – which accounts for half of the total emissions from oil and gas operations – are well-known and can typically be pursued at low cost.

While oil and gas production is vastly lower in transitions to net zero emissions, it will not disappear – even in a 1.5 °C scenario. Some investment in oil and gas supply is needed to ensure the security of energy supply and provide fuel for sectors in which emissions are harder to abate, according to the report. Yet not every oil and gas company will be able to maintain output – requiring consumers to send clear signals on their direction and speed of travel so that producers can make informed decisions on future spending.

The USD 800 billion currently invested in the oil and gas sector each year is double what is required in 2030 on a pathway that limits warming to 1.5 °C. In that scenario, declines in demand are sufficiently steep that no new long-lead-time conventional oil and gas projects are needed. Some existing oil and gas production would even need to be shut in.

In transitions to net zero, oil and gas is set to become a less profitable and riskier business over time. The report’s analysis finds that the current valuation of private oil and gas companies could fall by 25% from USD 6 trillion today if all national energy and climate goals are reached, and by up to 60% if the world gets on track to limit global warming to 1.5 °C.

Opportunities lie ahead despite these challenges. The report finds that the oil and gas sector is well placed to scale up some crucial technologies for clean energy transitions. In fact, some 30% of the energy consumed in 2050 in a decarbonised energy system comes from technologies that could benefit from the industry’s skills and resources – including hydrogen, carbon capture, offshore wind and liquid biofuels.

However, this would require a step-change in how the sector allocates its financial resources. The oil and gas industry invested around USD 20 billion in clean energy in 2022, or roughly 2.5% of its total capital spending. The report finds that producers looking to align with the aims of the Paris Agreement would need to put 50% of their capital expenditures towards clean energy projects by 2030, on top of the investment required to reduce emissions from their own operations.

The report also notes that carbon capture, currently the linchpin of many firms’ transition strategies, cannot be used to maintain the status quo. If oil and natural gas consumption were to evolve as projected under today’s policy settings, limiting the temperature rise to 1.5 °C would require an entirely inconceivable 32 billion tonnes of carbon captured for utilisation or storage by 2050, including 23 billion tonnes via direct air capture. The amount of electricity needed to power these technologies would be greater than the entire world’s electricity demand today.

“The fossil fuel sector must make tough decisions now, and their choices will have consequences for decades to come,” Dr Birol said. “Clean energy progress will continue with or without oil and gas producers. However, the journey to net zero emissions will be more costly, and harder to navigate, if the sector is not on board.”

 

Kuwait to be uninhabitable in the next few decades

Sep 4, 2023

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Kuwait to be uninhabitable in the next few decades: Report

Experts say Kuwait needs to push renewable energy transition

By Ali Hamza in Kuwait Times

KUWAIT: As Kuwait experiences a faster rise in average temperatures compared to the global average, numerous reports suggest that many parts of the country will become uninhabitable in the coming decades. According to the Environment Public Authority, certain areas of Kuwait could experience temperature increases of up to 4.5 degrees Celsius above the historical average, rendering large portions of the country unsuitable for human habitation. Additionally, according to statistics from Our World Data, Kuwait ranks third in the world for electricity consumption per capita, with a staggering 19,433 kWh per person.

This high electricity demand is primarily met through fossil fuels in power plants, contributing significantly to carbon emissions. Kuwait also faces a substantial water consumption rate, with 61 percent of its water produced through energy-intensive desalination processes, releasing greenhouse gases into the atmosphere. These gases, acting as greenhouse gases, trap heat from the sun, exacerbating the temperature rise. Kuwait’s economy heavily relies on the oil sector, which involves the burning of fossil fuels and further contributes to greenhouse gas emissions.

In 2021, Kuwait’s per capita CO2 emissions reached 22.49 tons, making it one of the countries with the highest carbon emissions per capita. Consequently, Kuwait currently ranks as one of the most polluted countries globally, ranking seventh for air quality. Addressing the impending environmental disaster in Kuwait requires concerted efforts and innovative solutions. While the country heavily depends on oil and gas production, reducing greenhouse gas emissions is essential. Technologies like Direct Air Capture (DAC) offer the ability to capture CO2 directly from the atmosphere, regardless of location, for storage or other uses.

Given the substantial greenhouse gas emissions from the oil and gas industry, adopting Carbon Capture and Storage (CCS) technology to capture CO2 emissions from industrial processes and power plants can help mitigate emissions while allowing continued hydrocarbon production. Kuwait’s significant reliance on desalination for fresh drinking water poses another challenge. To reduce greenhouse gas emissions associated with desalination, Kuwait can transition to more renewable energy sources, such as solar thermal desalination.

Kuwait’s flat and open terrain provides an ideal setting for wind power generation. Installing wind turbines strategically can harness wind energy and convert it into electricity. Moreover, investments in large-scale solar panels can lead to hybrid electricity systems, combining multiple renewable energy sources like wind and solar with energy storage systems for a more stable energy supply. Promoting electric-powered vehicles, such as electric buses and installing charging stations in parking lots, can further reduce carbon emissions.

Several companies have already initiated projects to promote renewable energy sources in Kuwait. For example, KOC’s Sidrah 500 project is a large-scale photovoltaic solar energy initiative with the capacity to generate 10 MW of electric power from solar energy. This project is expected to save 500,000 barrels of oil over 20 years, equivalent to planting 500,000 trees.

Numerous other renewable energy projects are in development in Kuwait, with the Shagaya solar power project aiming to generate approximately 3.2 GW of electricity from renewable sources by 2030. “Kuwait possesses significant potential for large-scale renewable energy production, but it has a long road ahead,” said Sameer Ahmad, an environmental supervisor at Dietsmann Technology, emphasizing the need for sustained efforts and progress in this direction.

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Riskiest investments and Big Oil’s greenwashing campaign

Dec 13, 2022

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In today’s world, the riskiest investments are in the Middle East and Africa, whilst Big Oil’s greenwashing campaign is in full swing, as described in RGnB.org.  Aren’t Big Oils and Hydrocarbon economies of the MENA in cahoots? 

The above Image is of Canva

Big Oil’s greenwashing campaign

A released new memo and documents last week showed how the fossil fuel industry engages in “greenwashing” to obscure its massive long-term investments in fossil fuels and failure to reduce emissions meaningfully, writes Dan Bacher.

The new documents are part of a Committee’s ongoing investigation into the “fossil fuel industry’s role in spreading climate disinformation and preventing action on climate change,” according to a press statement.

“Even though Big Oil CEOs admitted to my Committee that their products are causing a climate emergency, today’s documents reveal that the industry has no real plans to clean up its act and is barreling ahead with plans to pump more dirty fuels for decades to come,” said Chairwoman Maloney.

Middle East, Africa riskiest investments in the world: Report

Syria, Yemen, and Libya were on the list of the highest-risk countries in the third quarter of 2022

The Middle East and Africa (MEA) have been identified as the region with the highest risk offerings, with a score of 54 out of 100, for investors driven by “social unrest, food insecurity, rising debt, and inflation,” according to a leading data and analytics company, GlobalData.

Syria, Yemen, and Libya were on the list of the highest-risk countries in the third quarter of 2022.

The research showed that the Americas region’s risk score was 47.7 out of 100 during the third quarter, making it the second-highest area with investment risk, followed by the Asia-Pacific region at 41 and Europe at 33.4.

Rush to buy Middle East oil amid Russia supply fears in 2023

“While rising oil prices have increased the revenue of major oil producers and exporters in the MEA, high fuel costs have adversely impacted low-income nations – especially given their heavy dependence on staple food imports from Russia and Ukraine,” GlobalData economic research analyst Puja Tiwari said.

Tiwari added: “Humanitarian crisis across Lebanon, Syria, Iraq, Libya, and Yemen, along with skyrocketing poverty, is impacting the MEA region. Due to curtailment of wheat exports from two main producers in the world (especially wheat from Russia and Ukraine), many countries across the MEA are already facing a major food crisis.”

The research also showed that global risk rose from 44 and 44.9 out of 100 in the second and third quarters of 2022, respectively.

 Tiwari said the major causes of global risk include rising costs due to the onset of the Russia-Ukraine conflict and sanctions on Russia, followed by Europe’s energy crisis, China’s slowdown of growth, aggressive interest rate hikes by central banks, currency depreciation and stock market crashes.

“While governments of major economies are undertaking various fiscal measures to deal with the rising prices, this will weigh on already strained government finances. Moreover, with several economies tightening monetary policy, the increased borrowing costs will remain another challenge moving into Q4 and beyond,” Tiwari said.

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