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By Sharon Kimathi, Energy and ESG Editor, Reuters Digital
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Hello!
In the grand arena of the United Nations COP28 climate summit in Dubai, governments, companies, and lobby groups are braced for a high-stakes fight over fossil fuels.
The climate summit’s theme of the day is steps towards a ‘just transition’ and the importance of renewable energy adoption.
Over on the main stage, the chief executives of several major energy firms argued in favor of oil and gas and sought to highlight their climate-friendly credentials such as cutting the greenhouse gas methane.
At least 2,400 fossil fuel lobbyists registered for this year’s summit, according to an analysis of U.N. registration data published by Kick Big Polluters Out, an international coalition of climate activist groups. The lobbyists outnumbered the 1,609 delegates from the 10 most climate-vulnerable countries combined, the group said.
The draft text for a COP28 final deal includes three options on fossil fuels, which delegates from nearly 200 countries will now consider. The first option is listed as “an orderly and just phase-out of fossil fuels”. In U.N. parlance, the word “just” suggests wealthy nations with a long history of fossil fuel burning would phase out faster than poorer countries that are developing their resources now.
The second option calls for “accelerating efforts towards phasing out unabated fossil fuels“. A third option would be to avoid mentioning a fossil fuel phase-out.
The United States, the 27 countries of the European Union and climate-vulnerable small island states are pushing for a fossil fuel phase-out to drive the deep CO2 emissions reductions scientists say are needed this decade to avert disastrous climate change.
Here is a rundown of what to watch at COP28 on Tuesday.
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Activists participate in a demonstration against fossil fuels, during the United Nations Climate Change Conference COP28 in Dubai, United Arab Emirates. REUTERS/Thomas Mukoya
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- Countries at the COP28 climate conference are considering calling for a formal phase-out of fossil fuels as part of the U.N. summit’s final deal to fight global warming, according to a draft negotiating text seen on Tuesday.
- Climate activists staged several small protests at COP28 on Tuesday against the presence of the oil, gas and coal industry at the U.N. climate summit and demanded an end to the use of fossil fuels, the major source of climate change. Click here for the full Reuters article.
- None of the world’s major oil and gas-producing countries have plans to eventually stop drilling for those fuels, despite many having pledged to reach net zero emissions, according to data shared with Reuters on Tuesday.
- The Exchange Podcast: The world is short not of capital, but of projects to fund and sovereigns willing to share risk. In this Exchange podcast, Fortescue’s Andrew Forrest discusses why all countries need an Inflation Reduction Act and the lessons of leading the world’s fourth-largest iron ore miner through change. Click here to listen.
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People move in a boat past partially submerged vehicles in a residential area following heavy rains ahead of Cyclone Michaung in Chennai, India. REUTERS/Stringer
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- Cyclone Michaung hit the southern India coast on Tuesday afternoon, after torrential rains sent tall waves crashing into coastal towns, submerging roads and killing at least nine people, including a child.
- The lack of a binding legal definition for greenwashing presents a hurdle to regulators tackling investment funds that exaggerate their sustainability credentials, a global securities watchdog said in a report.
- Want to find out what would happen if the world could quickly slash climate-warming emissions, without having to build so much new renewable energy capacity? Click here for an explainer by Reuters climate and environment journalist Gloria Dickie.
- Greek olive grower Panagiotis Tsafaras has been forced to patrol his groves twice a day recently to fend off thieves trying to steal the crop as prices rise during a poor harvest. Tsafaras has been robbed twice, with thieves stealing more than a tonne of his olives in one incident last month.
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Royal United Services Institute (RUSI) Research Fellows, Genevieve Kotarska and Lauren Young, share their findings on the environmental and human security risks involved during critical mineral extraction for the energy transition:
“Critical minerals are of vital importance for the net zero transition, yet their extraction poses various environmental and human security risks. These include deforestation, pollution, soil degradation, water scarcity, biodiversity loss, human rights abuses, labor exploitation, crime, conflict, corruption and the infringement of Indigenous rights.
“Increasing demand for critical minerals is likely to accelerate these harms. It may also motivate governments to remove or overlook relevant regulations; open new mining frontiers in countries with minimal mining history, which lack the infrastructure or capacity to manage associated risks; lead to harmful boom–bust cycles of mining due to technological advancements; and exacerbate geopolitical tensions as countries race to secure supply chains.
“The UK should be utilizing its role as a global trade, finance and mining hub to mitigate these harms and advocate for a just transition.
“This could include the development of an updated industrial strategy on critical mineral use; reviewing domestic policies to maximize critical mineral recycling and move towards a circular economy; endorsing improved consumer requirements for standards around critical mineral extraction; supporting governments in supply countries to develop the infrastructure and capability to address mining-related risks; and using its position to promote improved regulation, standards and transparency in relation to investment in critical minerals.”
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Breakingviews: If China and the United States agreed to do much more to cut emissions, they might have the critical mass to get the rest of the world to follow. The next step would be to bring the other big polluters into the club – perhaps starting with the rest of the Group of 20 large industrial nations. The G20 collectively accounted for 74% of emissions in 2021.
The United States could corral the other rich democracies in the G20, all of which are allies. The European Union, Japan, Canada, South Korea and the United Kingdom are responsible for 13% of global emissions – but are at least all cutting pollution. Click here for the full feature by Commentator-at-Large for Reuters Breakingviews Hugo Dixon.
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