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By Sharon Kimathi, Energy and ESG Editor, Reuters Digital
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Hello!
The day is finally here. The carpets are rolled out and the podiums are set in place as delegates from nearly 200 countries gather around for the COP28 climate summit in Dubai, United Arab Emirates.
On Thursday’s agenda, the conference host hopes to sell the vision of a low-carbon future that includes, not shuns, fossil fuels, as countries are split over whether to prioritize phasing out coal and oil and gas or scale up technologies like carbon capture to scrub away their gas guzzling climate impact.
Fossil fuel discussions are also plaguing the financial sector as four major banks have abandoned efforts for the Science Based Targets Initiative (SBTi) to validate their goals because of concerns it could hinder their ability to continue financing fossil fuels, according to people familiar with the matter.
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UAE Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber speaks during COP28 opening in Dubai, UAE. REUTERS/Amr Alfiky
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- The incoming COP28 president, Sultan al-Jaber, opened this year’s U.N. climate summit by urging countries and fossil fuel companies to work together to meet global climate goals.
- Among the key decisions nations must make in Dubai – a gleaming high-tech city in a country awash in petrodollars – will be whether to agree, for the first time, to gradually “phase out” global consumption of fossil fuels and replace them with sources like solar, wind and others. Click here for the full Reuters feature.
- Hundreds of Catholic institutions around the globe have announced plans to divest their finances of oil, gas and coal to help fight climate change. But in the United States, the world’s top oil and gas producer and where about a quarter of the population is Catholic, not a single diocese has announced it has let go of its fossil fuel assets.
- Restricting factory farming should play a key role in efforts to cut climate-warming greenhouse gasses, said the environmental charity World Animal Protection, as emissions from “food systems” emerge as a major focus of COP28 climate talks in Dubai.
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Noel Quinn, Group CEO of HSBC, and Bill Winters, Group CEO of Standard Chartered, attend the Global Financial Leaders’ Investment Summit in Hong Kong, China. REUTERS/Tyrone Siu
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- Four major banks – Standard Chartered, HSBC, Societe Generale and ABN Amro – have quit a United Nations-backed initiative to scrutinize climate targets set by corporations, according to people familiar with the matter. Read the exclusive scoop here by Reuters journalists Tommy Wilkes.
- As China-founded e-commerce behemoth Shein moves to list in New York, U.S. lawmakers are again calling on the company to prove that forced labor is not used to make its $5 T-shirts and $10 sweaters.
- A global watchdog proposed that banks will need to publish detailed information about the impact of climate change on their business to help investors and regulators check on how the risks are being managed, starting in January 2026. Click here for more.
- Countries must double the pace of measures to improve energy efficiency if global climate targets are to be met, the International Energy Agency (IEA) said in a report.
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With a month to run, 2023 will reach global warming of about 1.4 degrees Celsius (2.5 Fahrenheit) above pre-industrial levels, adding to “a deafening cacophony” of broken climate records, the World Meteorological Organization (WMO) said.
“Greenhouse gas levels are record high. Global temperatures are record high. Sea level rise is record high. Antarctic sea ice is at record low,” WMO Secretary General Peterri Taalas said.
Click here for a Reuters summary on all the latest U.N. research reports released amid COP28.
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