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<ul class="summary-list"><li>United Arab Emirates, a wealthy petrostate, is hosting this year's UN climate summit. </li><li>Countries will debate cutbacks to burning fossil fuels and climate funding for poorer countries.</li><li>On the first day, countries agreed to some rules for the loss and damage fund.</li></ul>DUBAI, United Arab Emirates — There's always one big question heading into the UN's annual climate conference: What would success look like?Several major themes emerged ahead of the two-week event that kicks off today in Dubai, where some 70,000 climate diplomats, nongovernmental organizations, activists, and reporters from around the world are expected to gather. The central tension is whether this year's host — a wealthy petrostate whose largest exports are oil and natural gas — can corral nearly 200 other participating nations toward cutting back on the fossil fuels that are largely driving the climate crisis.The United Arab Emirates appointed Sultan Al Jaber, the head of the state-owned oil company Adnoc, to preside over the summit. He's also the CEO of Masdar, a state-owned renewable-energy company.Climate advocates say that Al Jaber's role as a fossil-fuel executive is a conflict of interest. Documents obtained by the <a target="_blank" href="https://www.businessinsider.com/cop28-host-uae-broker-secret-oil-deals-climate-summit-bbc-2023-11">Centre for Climate Reporting</a> and <a target="_blank" href="https://www.bbc.com/news/science-environment-67508331">first reported by the BBC</a> suggest those concerns might not be misplaced. The documents list talking points for Emirati officials meeting with other countries ahead of COP28 and include the promotion of oil and gas deals, as well as renewable-energy deals.Al Jaber said <a target="_blank" href="https://www.youtube.com/watch?v=rnKMhK-cP8U">during a press conference Wednesday</a> he never saw the talking points or used them in his discussions, characterizing the report as "false" and "incorrect.""Every meeting I have conducted with every government, or any other stakeholder, has always been centered around one thing and one thing only, and that is my COP28 agenda and how we can collectively, for the first time ever, adopt a mindset that is centered around implementation and action to keep 1.5 within reach," Al Jaber said.He was referring to the Paris agreement's goal to limit global warming to 1.5 degrees Celsius by 2030, compared with preindustrial levels. Climate scientists say that surpassing this threshold would cause catastrophes, including more extreme wildfires, droughts, hurricanes, and floods. People are already facing <a target="_blank" href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">the consequences</a> of the climate crisis, with the <a target="_blank" href="https://www.businessinsider.com/last-three-months-on-earth-were-the-hottest-on-record-2023-9">deadly heat waves this year</a> being just one example.Yet the world isn't doing enough to hold warming to 1.5 degrees; indeed, the planet has already warmed nearly 1.2 degrees Celsius, <a target="_blank" href="https://www.unep.org/resources/emissions-gap-report-2023">according to the UN</a>. Countries need to slash greenhouse-gas emissions by 42% in the coming years to stay on track. This is partly why this year's conference is so important. For the first time, there will be a "global stocktake" — UN speak for a climate report card. We already know countries aren't cutting emissions fast enough, but in Dubai, leaders could agree on how to close the gap.Al Jaber outlined a lot of priorities that would help: tripling renewable-energy capacity, fast-tracking energy efficiency across industries, and a "phasedown" of fossil fuels. He also emphasized the need for wealthy countries to make good on their promises to finance climate action in poorer nations and work out the details of a "loss and damage" fund to help those nations rebuild after climate-fueled disasters.There already was an early win on that front during the opening ceremony on Thursday. Countries agreed to some overarching rules for the loss and damage fund: It will temporarily be run by the World Bank, contributions are voluntary, and the money can come from both the public and private sector.However, the fund doesn't an overarching financial goal. A UN-commissioned <a target="_blank" rel="noopener nofollow" href="https://www.lse.ac.uk/granthaminstitute/wp-content/uploads/2022/11/IHLEG-Finance-for-Climate-Action-1.pdf">report</a> said that based on recent disasters, costs of loss and damage could be as much as $150 billion to $300 billion by 2030. So far, UAE and Germany each have pledged the largest sums — at $100 million.Ani Dasgupta, president and CEO of World Resources Institute, told reporters at the summit, "While inadequate to the scale of what is needed, these early contributions will play a critical role in restoring trust between developed and developing countries as the UN climate talks get underway."The progress follows <a target="_blank" href="https://www.businessinsider.com/takeaways-un-climate-summit-loss-damage-fossil-fuels-2022-11">a landmark deal at last year's UN climate meeting </a>in Egypt, where the loss and damage fund was first established after a three-decade push by developing countries. They argued that rich economies like the US and those in Europe should be held accountable for their history producing much of the world's emissions.There's one other development that suggests Dubai could lead to more historic climate action. Earlier this month, the US and China agreed to ramp up renewable energy to displace fossil fuels. As the world's two largest polluters, no other countries have more power to shape climate policy. However, President Joe Biden and China's leader, Xi Jinping, won't be attending the conference.

What to watch at COP28 Dubai, the UN climate summit 

<ul class="summary-list"><li>Leaders are gathering at the COP28 climate conference in Dubai this month. </li><li>The path to financing the world's transition to green energy remains unclear. </li></ul>As world leaders, business, and community leaders all gather at the COP28 conference in Dubai this month, the path to reaching net-zero greenhouse gas emissions by 2050 is becoming clearer, mapped out with distinct milestones and tech-enabled solutions. However, how the world will finance this transition is not so apparent.The estimated $2 trillion currently being invested annually in the green transition is a long way from the $5-$7 trillion needed to trigger and sustain the next great sustainable revolution—a transformation from the current fossil fuel-centric model to a highly renewable, low-emissions system of production.Financing the green energy transition is a trillion-dollar question. The answers lie in the mobilization of new cost-reducing finance instruments that can significantly remove risk from green projects, identifying and dismantling asymmetrical cost structures between developed and developing countries, and unlocking fair and just mechanisms to transition away from fossil fuels.This is how we can mobilize private investment and help achieve economic growth and climate neutrality.The<a target="_blank" href="https://www.deloitte.com/global/en/issues/climate/financing-the-green-energy-transition.html?id=gx:2el:3or:4financing_the_green_energy_transition:5GC1000297:6abt:20231122::ftget_op_ed"> Deloitte Financing the Green Energy Transition</a> report outlines some core financial levers, starting with a fundamental financial principle: the riskier the project, the higher the cost of capital. Harnessing financial instruments is vital to unlocking private capital and the financing of green investment at the lowest cost.The report estimates that getting this right could ultimately reduce financing costs by around $50 trillion by 2050. So, what are the associated risks, and what steps can we take to mitigate them and, consequently, reduce financing costs?<h2>Reducing the risk of green projects</h2>Identifying the types of risk allows us to understand the scale of the problem but also the potential of the opportunity. Unreliable markets and buyers, political instability, and ambiguous climate policies all contribute to elevated financing costs for green projects.Developing economies, where about three-quarters of green investments should occur to meet net zero targets, face even greater challenges with stricter public budget constraints for energy transition projects.One potential solution to reduce the costs and create a level playing field among countries and regions is the adoption of blended and concessional finance—a loan made on more favorable terms than the borrower could obtain in the market.Blended finance can mitigate risk with different layers of repayment priority, protecting investors against losses if a project meets bottlenecks or faces financial difficulties.<a target="_blank" href="https://www.convergence.finance/api/file/2ce2789177a186bd8eff8c7f74a9971a:78c7e7b69148447be571f3ae09448613baf012665702a3b4e48d35fb6ba733e58f62f6049af156c4422927249d515810d4de82d1e2b054f2d1287eb8aad60d79ebaa77d9d1be927c906f27ee1d11c7c7c6b7fdfabeaf754d500a36cabe9f9db0a08e99781a084961923b50c6a75182a8756af2d9f5dc214a78ae88e7b43e7714c8f066b3900e46d7e3d1451932a4118b2c87faf6a74a3ecb6e3bab0f91539726">Concessional public financing</a> can have a multiplier effect. For example, US$1 of concessional public finance can mobilize more than US$4 commercial capital, more than half of which can come directly from private capital. Simultaneously, the creation of green product markets and financial markets can quickly reduce revenue risk with pricing confidence. Offtake contracts can enable buyers to find green products and sellers to secure buyers.<h2>Bridging the cost gap</h2>The cost gap between green and fossil fuel projects is significant but it can be bridged with several mechanisms. Upfront costs can be minimized with innovation through R&amp;D as well as investment subsidies. This makes new technology projects more bankable—i.e., their risk-return profile meets investors' criteria to mobilize sufficient capital—while helping to build up a skilled workforce.At the same time, carbon pricing can help internalize the cost to society and incentivize a reduction. Additionally, public revenue from carbon pricing can be redirected to climate-related initiatives. Doing so would transfer revenues from fossil assets to their green counterparts, helping ease the impact of stranded fossil assets and stranded jobs.It is overwhelmingly clear that the transformation ahead requires a rapid scale-up of investment with an alignment between governments, financial institutions, and investors to jointly develop and agree on mechanisms to foster bankability.This is particularly acute and relevant in developing countries where underinvestment directly correlates to the risk perception from private investors and could lead to missed opportunities given that developing countries are key to the success of the global clean energy transition.If we get this right, we can achieve our collective net zero objectives, at the lowest possible cost, through a just transition. In the end, the probability of this success equals the bankability of projects.<a target="_blank" href="https://www2.deloitte.com/us/en/profiles/JenniferSteinmann.html">Jennifer Steinmann</a> is Deloitte Global Sustainability &amp; Climate Practice Leader.<a target="_blank" href="https://www.deloitte.com/global/en/about/people/profiles.dc8c0bef.html">Pradeep Philip</a> is Lead Partner, Deloitte Access Economics.

As world leaders gather for COP28 one question looms - who will pay for the green transition?

<ul class="summary-list"><li>At COP28, nearly 200 governments pledged to triple global renewable-energy capacity by 2030. </li><li>For a green transition to happen, companies need to address their supply chains.</li><li>A coordinated, multilayered international effort is also essential to curb the climate crisis. </li></ul><a target="_blank" href="https://www.businessinsider.com/cop28-dubai-uae-climate-summit-attendee-hopeful-fossil-fuels-2023-12">COP28 in Dubai</a> just concluded and attendees were asked tough questions such as: How closely are countries holding to the promises made in Paris at COP21 in 2015?With 2023 shaking out to be the <a target="_blank" href="https://www.businessinsider.com/last-three-months-on-earth-were-the-hottest-on-record-2023-9">hottest year on record</a>, there's more urgency than ever around this goal. Can we deliver?As <a target="_blank" href="https://www.businessinsider.com/ford-global-director-of-sustainability-electric-vehicles-power-grid-2023-7">Ford Motor Company's</a> global director of sustainability, homologation, and compliance, I watched the summit carefully. Despite the challenges ahead, I firmly believe that plans announced at COP28 suggest we can still limit the rise in global temperature to below 2 degrees Celsius and, if possible, to 1.5 degrees Celsius by the end of the century.Here are my main takeaways from this year's UN climate meeting and the steps I believe companies must take to reach these sustainability goals. <h2>Corporations must clean up their facilities and supply chains to advance the green transition</h2>We're facing a hard truth: The world's current climate trajectory — which is trending toward a warming of <a target="_blank" href="https://www.reuters.com/sustainability/climate-energy/climate-track-warm-by-nearly-3c-without-greater-ambition-un-report-2023-11-20/">2.5 degrees Celsius to 2.9 degrees Celsius</a> this century — does not align with the long-term objectives of the Paris Agreement. Turning this trend around requires innovation, hard work, investment, and global cooperation at a pace and scale never seen before. One of the bright spots that came out of COP28 was a <a target="_blank" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">commitment by nearly 200 governments</a> to triple global renewable-energy capacity by 2030 and slash methane emissions. This is an ambitious goal and one that Ford is committed to in our operations — we plan to use 100% carbon-free electricity in all of our manufacturing plants by 2035.But companies also need to look beyond their facilities and address the impact of their supply chains. The <a target="_blank" href="https://initiatives.weforum.org/first-movers-coalition/home">First Movers Coalition</a> is a good example of the kind of collaboration that's needed. This global initiative, which Ford is a part of, harnesses the purchasing power and supply chains of large companies in heavy-emitting industries to create early markets for innovative clean-energy technologies like low-carbon steel and aluminum. More initiatives of this kind could go a long way to funding green innovation. <h2>Governments, companies, and communities must work together</h2>In the wake of the summit's discussions, several things are clear: We need to build a resilient grid, grow the EV-charging infrastructure, and break the cost and convenience barriers to adopting zero-emissions vehicles. Policies and incentives must be enacted to promote advanced renewable energy — such as solar, wind, hydropower, and geothermal — and improve energy efficiency in buildings and industrial processes. <div type="image" title="Cynthia Williams" height="3012" width="4016" msid="106190700" hostid="261" sizebytes="260848"></div>We also need to continue to explore carbon-removal technologies, such as direct air capture, consider the potential of natural solutions like afforestation and reforestation (i.e. creating new forests and reforesting existing ones), and implement policies to reduce waste.Finally, we need to encourage product design that minimizes waste and supports a circular economy, provides subsidies and incentives for green technologies, and fosters a just transition that ensures inclusion and equity for all. The bottom line is that we're all in this together. A coordinated, multilayered international effort is essential. The clock is ticking and the days of vague aspirations are over. Leaders around the world need to be held accountable for the commitments they are making, both in the short and long term. In my view, this is not a burden but an opportunity. We're not only helping to create a sustainable future but also harnessing the clean-energy transition to sharpen our competitiveness, advance innovation, and build a better world — today and for generations to come. Cynthia Williams is a member of the One Planet advisory council. Learn more about her work <a target="_blank" rel="" href="https://www.businessinsider.com/meet-one-planet-advisory-council-supporting-climate-coverage">here</a>.

I'm Ford's head of sustainability, and COP28 showed me 2 ways companies can advance the green transition

<ul class="summary-list"><li>The Marshall Islands crafted a <a target="_blank" href="https://rmigov.com/RMI-NAP-2023.pdf">$35 billion adaptation plan</a>, unveiled Wednesday at COP28.</li><li>The plan could save people's lives and an Indigenous culture.</li><li>But it can only be carried out with the help of wealthy economies like the US and the EU.</li></ul>To understand the injustices of the climate crisis, take a look at the Marshall Islands.The country is responsible <a target="_blank" href="https://ourworldindata.org/co2/country/marshall-islands#what-share-of-global-co2-emissions-are-emitted-by-the-country">for less than 0.01% of greenhouse-gas emissions</a> that are warming the planet, yet it's among the most vulnerable to its effects. As glaciers and ice sheets <a target="_blank" href="https://affiliate.insider.com?h=f961be1d6c88a6a4450a9965dbe4856019b02a4843e3cf0c30c66f41b594912d&amp;postID=6570db1cf1dbb59a62a057b9&amp;postSlug=marshall-islands-unveil-multibillion-climate-plan-climate-conference-dubai-2023-12&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41558-023-01818-x">melt at an alarming pace</a>, sea levels are encroaching on the dozens of coral atolls and five islands that make up the nation in the Pacific Ocean.Most of the Marshall Islands are only 6 feet — or a couple of meters — above sea level. By 2070, sea levels are projected to rise nearly 2 feet."That doesn't sound like a lot, but that would actually inundate most of the main urban centers every 10 years and damage a lot of our islands, making it unlivable," Kathy Jetn̄il-Kijiner, the Marshall Islands' climate envoy, told Business Insider.High tide and swell waves would put the nearly 42,000 residents of the Marshall Islands at risk of regular flooding and food insecurity.To stave off that kind of devastation, the Marshall Islands crafted a <a target="_blank" href="https://rmigov.com/RMI-NAP-2023.pdf">$35 billion adaptation plan</a>, unveiled Wednesday at the UN climate summit in Dubai, known as COP28. The plan could save people's lives and an Indigenous culture deeply intertwined with the environment, Jetn̄il-Kijiner said. She explained that her necklace was made by local artisans who pound, strip, and dry leaves into a thread that is then woven with shells. Traditions like that could disappear along with the coastlines where native plants and marine life flourish.<div type="image" title="A necklace made of shells from a local artisan." height="3872" width="2907" msid="105820217" hostid="261" sizebytes="565594"></div>The adaptation plan calls for fortifying low-lying islands, building seawalls, elevating homes, and constructing desalination plants. But it can only be carried out with the help of wealthy economies like the US and the European Union.The wealthy nations that are most responsible for the climate crisis are under pressure at COP28 to boost financial aid for developing countries so they can become more resilient to natural disasters and be compensated for climate losses.Vice President Kamala Harris <a target="_blank" href="https://www.state.gov/announcement-of-pledge-to-second-replenishment-of-the-green-climate-fund/">announced on Saturday that the US would pledge $3 billion to a Green Climate Fund</a> devoted to developing countries. Former President Barack Obama made a similar promise in 2014, only $2 billion of which has been delivered so far. The US also committed $17.5 million to a new "loss and damage" fund that <a target="_blank" href="https://www.businessinsider.com/cop28-dubai-un-climate-summit-sultan-al-jaber-oil-loss-damage-2023-11">countries agreed to set up at the outset of COP28.</a>The world's wealthiest nations were supposed to provide $100 billion a year in climate funding by 2020 but hit the target two years later. That isn't enough to cover the amount developing nations would need to adapt to the changing climate — <a target="_blank" href="https://www.unep.org/resources/adaptation-gap-report-2023">the UN recently said they'd require</a> hundreds of billions of dollars more.The Marshall Islands has long been a leader in advocating for aggressive climate action during UN summits. At COP28, the country hopes a deal emerges to double the finance target."It's completely inequitable to expect us to pay for this ourselves," Jetn̄il-Kijiner said.She added that countries also need to agree to phase out fossil fuels."Adaptation can only protect us for now," she said. "But the costs are going to be exponentially worse if we don't address the root cause of the crisis, which is fossil fuels."

The Marshall Islands brought a $35 billion plan to the table at COP28 in Dubai — without it, the country risks a climate catastrophe  

<ul class="summary-list"><li>At COP28, the UAE set out to tackle the climate crisis' root cause: fossil fuels.</li><li>During the summit, the UAE pledged to contribute $30 billion to a climate investment fund.</li><li>Advocates didn't get everything they wanted, but it was a realistic end given the geopolitics.</li></ul>Dubai was a surreal location for the most important climate event of the year.Like most rich countries, the United Arab Emirates is rife with climate contradictions that spilled into the UN summit, known as COP28. That clash felt tangible in Dubai, a city shrouded in the kind of opulence that oil money can buy. Just look at the superyachts parked in the man-made marina.But the fact that a futuristic metropolis sprang up in the desert within a few decades also makes you feel like anything is possible — like solving the climate crisis. And for the first time at a UN summit, the UAE set out to tackle the crisis' root cause: fossil fuels.That was notable, given that oil and gas production is the backbone of the UAE's economy. The young country is a climate pioneer in the Middle East because its future depends on it: both to support itself financially and to ensure people can keep living in one of the hottest parts of the planet."The world is moving away from fossil fuels, and that's a real risk to their economy," said Karim Elgendy, a climate consultant and an associate fellow at the London think tank Chatham House whose work focuses on the Middle East and North Africa. "So there's this frantic race to decarbonize internally, but also wean themselves off those revenues."The UAE was the first country in the region to pledge to reach net-zero emissions by 2050 and invest in renewable energy at home and abroad. During the summit, the UAE <a target="_blank" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">pledged to contribute $30 billion</a> to a climate investment fund with big asset managers like BlackRock. Dubai <a target="_blank" href="https://www.mediaoffice.ae/en/news/2023/December/08-12/Dubai-announces-ambitious-plan-to-achieve-50-per-reduction-in-carbon-emissions-by-2030">set a more aggressive goal</a> to cut greenhouse-gas emissions this decade.In contrast, its state-owned oil company, Adnoc, last year said it would spend $150 billion on its oil and gas production, putting the country <a target="_blank" href="https://climateactiontracker.org/countries/uae/">far off track to reach its climate targets</a>.Reminders of the UAE's oil dominance are visible everywhere. On the metro ride out to Expo City, the sprawling venue for the summit, you can see industrial power and desalination plants lining the coast. These plants produce most of the electricity and drinking water for Dubai's 3 million residents. Air pollution clouded the skyline.During one of my trips, I saw flames from the top of a smokestack at the power plant, a practice known as flaring. Common in the oil and gas industry, it emits a lot of methane, a potent greenhouse gas that became a focus at this year's UN summit.Within the first few days, at least 50 oil and gas companies <a target="_blank" href="https://www.businessinsider.com/cop28-un-climate-conference-oil-and-gas-methane-emissions-satellites-2023-12">agreed to zero out methane emissions</a> from their operations under a plan announced by COP28's president, Sultan Ahmed Al Jaber. As the CEO of Adnoc, Al Jaber has the influence to corral such a coalition. He's argued that the world can't meet its climate goals without bringing the largest corporate emitters on board.It was no surprise that <a target="_blank" href="https://kickbigpollutersout.org/articles/release-record-number-fossil-fuel-lobbyists-attend-cop28">fossil-fuel lobbyists showed up to COP28 in record numbers</a>. As the summit went into overtime, climate advocates' worst fears about Al Jaber presiding over the event looked as if they'd come true.In the end, global leaders for the first time agreed to start moving away from fossil fuels this decade. Climate advocates didn't get everything they hoped for, but it was likely the most realistic ending given the location and geopolitics.If the UAE can advocate a shift away from oil and gas, maybe <a target="_blank" href="https://www.businessinsider.com/marshall-islands-unveil-multibillion-climate-plan-climate-conference-dubai-2023-12">the world isn't far behind.</a>

I covered the climate crisis and COP28 from an oil-rich nation — here's what I learned and why I'm hopeful for the future  

<keyword id="3820" type="General" weightage="100" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, Chairman and Managing Director, Reliance Industries, has been appointed as the member of <keyword id="223206" type="General" weightage="80" keywordseo="advisory-committee" source="Orion">Advisory Committee</keyword> to the President of the 28th Session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC). Mukesh Ambani joined other important global leaders on the COP28 Advisory Council such as Larry Fink, Chairman and CEO of BlackRock, Olafur Grimsson, Chairman of Arctic Circle (Former President of Iceland), Laurent Fabius, President of COP21 / Paris Agreement, Former Prime Minister of France, Francesco La Camera, Director General, International Renewable Energy Agency (IRENA), Bob Dudley, Chair of the Oil &amp; Gas Climate Initiative (OGCI), former CEO of BP. Mukesh Ambani is the only Indian, other than <keyword id="111359" type="General" weightage="50" keywordseo="sunita-narain" source="Orion">Sunita Narain</keyword>, Director General, Centre for Science and Environment, on the Advisory <keyword id="47865" type="General" weightage="80" keywordseo="committee" source="Orion">Committee</keyword> to the President of COP28. The COP28 UAE Advisory Committee brings together the climate expertise of thought leaders from countries across six continents. Representing policy, industry, energy, finance, civil society, youth, and humanitarian action, the 31 members of the Committee, of which 65 per cent are from the Global South, will provide guidance and counsel to the COP Presidency in the run up to COP28 and beyond. The UNFCCC Secretariat announced in January 2023 appointed <keyword id="2021753" type="General" weightage="50" keywordseo="sultan-ahmed-al-jaber" source="Orion">Sultan Ahmed Al Jaber</keyword>, Minister of Industry and Advanced Technology and UAE Special Envoy for Climate Change, as COP 28 President-Designate. UAE has been chosen to host the 28th session of the Conference of Parties (COP 28) to the UNFCCC (United Nations Framework Convention on Climate Change) from November 30, 2023 to December 12, 2023. It will be held at Dubai Expo City. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/lic-shares-surge-over-3-after-it-posts-a-five-fold-jump-in-q4-net-profit/articleshow/100495712.cms">LIC shares surge over 3% after it posts a five-fold jump in Q4 net profit</a> <a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-titan-eicher-motors-tata-motors-reliance-and-other-big-companies-performance-in-nifty-50/articleshow/100474408.cms">Big boys drive Nifty50’s revenue and profit growth in FY23</a> <a href="https://www.businessinsider.in/business/corporates/news/gqg-partners-rajiv-jain-doubles-down-on-his-adani-bet/articleshow/100450041.cms">GQG Partners’ Rajiv Jain doubles down on his Adani bet</a>

Mukesh Ambani joins COP28 Advisory Committee

<ul class="summary-list"><li>UAE's state-owned oil company brokered deals to boost fossil fuels at home and overseas in 2023.</li><li>The deals included supplying gas to China and expanding into Egypt and Azerbaijan.</li></ul>Last year, while the United Arab Emirates oversaw a historic agreement to fight the climate crisis, it was brokering deals for oil and gas that could bring the country tens of billions of dollars and boost fossil-fuel production globally.An <a target="_blank" href="https://www.globalwitness.org/en/campaigns/fossil-gas/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/">analysis by the climate watchdog Global Witness</a> found that the UAE's state-owned oil company, known as ADNOC, closed more than a dozen deals to expand its oil and gas footprint at home and overseas.Among the transactions were ADNOC's first contract to supply gas to China; a joint venture with the oil giant BP in Egypt; and a stake in Azerbaijan's gas field in the Caspian Sea. ADNOC also bought a Dutch fertilizer company and acquired a stake in an Austrian plastics maker, both of which rely on fossil fuels for their products.In November, during the UN climate summit in Dubai, <a target="_blank" href="https://www.businessinsider.com/cop28-host-uae-broker-secret-oil-deals-climate-summit-bbc-2023-11">the BBC and the Center for Climate Reporting</a> reported that UAE planning documents showed that oil, gas, petrochemical, and renewable-energy projects were among the talking points for meetings with countries in the lead-up to the climate summit, COP28. The summit was led by ADNOC's chief executive, Sultan Al Jaber.Global Witness found that ADNOC either pursued or closed fossil-fuel deals with firms in 11 of the 16 countries targeted in the UAE planning documents. These included deals to sell liquefied natural gas to Chinese-owned firms and to expand oil and gas businesses in Egypt and Azerbaijan — two countries that open up the UAE's access to Europe as it seeks non-Russian gas. Global Witness estimated that the overall value of the deals it analyzed was nearly $100 billion, though some haven't been finalized."Make no mistake, COP28 was hijacked by the interests of the fossil fuel industry, who weren't content simply to block or stall genuine climate policy but used the opportunity to pursue more climate-wrecking oil and gas deals," Patrick Galey, a senior investigator at Global Witness, said in a statement.ADNOC did not return a request for comment from Business Insider, but Global Witness presented its findings to the oil giant. A spokesperson told Global Witness that the allegation that ADNOC used COP28 to pursue business deals was "completely baseless and false."The spokesperson argued that COP28 "delivered the biggest climate breakthroughs" since the Paris Agreement in 2015, when world leaders agreed to try to limit global warming to 1.5 degrees Celsius above preindustrial levels.<h2 id="ab608433-ab72-4ca8-86e5-40fa507c2070">A historic deal in Dubai</h2>A <a target="_blank" href="https://www.ipcc.ch/report/sixth-assessment-report-cycle/">panel of hundreds of climate scientists</a> convened by the UN has said that temperature threshold is likely to be crossed within the next decade, pushing the planet toward a catastrophe, unless countries rapidly stop burning fossil fuels. They've said emissions from existing oil, gas, and coal infrastructure are on track to exceed the Paris Agreement goal.So far, the planet has warmed by about 1.1 degrees Celsius, and <a target="_blank" href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">deadly heat waves, wildfires, flooding</a>, and <a target="_blank" href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">drought-caused famine</a> are on the rise.At COP28 in Dubai, countries for the first time called for a transition away from fossil fuels this decade and for the tripling of renewable energy by 2030. In a side agreement brokered by the UAE, oil and gas companies accounting for 40% of global production <a target="_blank" href="https://www.businessinsider.com/cop28-un-climate-conference-oil-and-gas-methane-emissions-satellites-2023-12">promised to nearly eliminate their methane emissions</a> by 2030.But the Dubai deal left the door open to more fossil-fuel production by promoting technology such as carbon capture, which is still in the early stages of development. The deal also said "transitional fuels" could play a role in reducing emissions — a nod to gas, which is less polluting than coal but a major emitter of methane.<a target="_blank" href="https://climateactiontracker.org/countries/uae/">Climate scientists have found</a> that while the UAE is investing in renewable energy, carbon capture, and other low-carbon technologies, that activity is dwarfed by the country's fossil-fuel expansion. The UAE, the seventh-largest oil producer, is investing $150 billion to boost its own oil and gas production through 2027. Global Witness' investigation also sheds light on how the country is securing new markets overseas.Galey said he was concerned that another petrostate, Azerbaijan, which is hosting this year's UN climate summit, could follow the UAE's lead. COP29 is set to be led by Azerbaijan's ecology minister, Mukhtar Babayev, who spent nearly two decades in senior positions at the country's state-owned energy company until leaving in 2018.Azerbaijan is an emerging economy that relies on oil and gas for nearly half of its GDP and more than 92% of its export revenue.COP29 organizers didn't return a request for comment from BI. They told Global Witness that they "reject in the strongest terms the suggestion that Azerbaijan has a hidden agenda" in hosting the climate summit.

The United Arab Emirates pursued nearly $100 billion worth of oil and gas deals the same year it led the global climate summit, analysis finds 

<ul class="summary-list"><li>BI spoke to several experts about what to watch in 2024 for climate action.</li><li>AI has the potential to reduce emissions in manufacturing, agriculture, and the power sector.</li><li>High borrowing costs won't stop renewable energy projects.</li></ul>It's been a transformative year for climate action. Artificial intelligence burst into our collective conscience like never before. Globally, renewable-energy capacity and electric-vehicle sales <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuaWVhLm9yZy9yZXBvcnRzL3dvcmxkLWVuZXJneS1vdXRsb29rLTIwMjMvZXhlY3V0aXZlLXN1bW1hcnk_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eB983a0a5a">hit new records</a>. Yet <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93aGF0LWNsaW1hdGUtY2hhbmdlLWNyaXNpcy1leHRyZW1lLXdlYXRoZXItaXMtY29zdGluZy15b3UtMjAyMy05P3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB71e74b83">extreme weather</a> was a reminder that decarbonizing the economy isn't moving fast enough.BI spoke to several experts about what they're watching in 2024. Here are the takeaways: <h2>AI is headed for another blockbuster year</h2>For the first time, AI was a focus of many sideline events at the UN summit in Dubai, known as COP28. It's already being used to monitor greenhouse-gas emissions by analyzing vast amounts of data from satellites, drones, and land-based sensors. Scientists are also using AI to predict extreme weather events more precisely.AI has the potential to reduce greenhouse-gas emissions by 5% to 10% by 2030, <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuZ3N0YXRpYy5jb20vZ3VtZHJvcC9zdXN0YWluYWJpbGl0eS9hY2NlbGVyYXRpbmctY2xpbWF0ZS1hY3Rpb24tYWkucGRmP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB8d1efd26">a November report by Google and Boston Consulting Group</a> found. The cuts could come from the manufacturing, agriculture, and power sectors, but adoption is slow, said Alp Kucukelbir, the cofounder and chief scientist at Fero Labs, which develops machine-learning software for manufacturers. Kucukelbir coauthored <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuaWNlZi5nby5qcC9wZGYvc3VtbWFyeS9yb2FkbWFwL0lDRUYlMjBBSSUyMENsaW1hdGUlMjBDaGFuZ2UlMjBNaXRpZ2F0aW9uJTIwUm9hZG1hcCUyMERSQUZUJTIwRk9SJTIwQ09NTUVOVCUyME9jdCUyMDMlMjAyMDIzLnBkZj91dG1fbWVkaXVtPW5ld3NsZXR0ZXImZW1haWw9Y2JvdWRyZWF1JTQwaW5zaWRlci5jb20meD04MTI4ZTI5ZTMwN2Q4YzI2MjI4NzBjNDNkMmU4MzFhMjJjZTUwMDkyNTVhMTUwZDU0NzE3MDM1ZThjYjBkMGE2/628bdf90094963f5ad0eef3eB9732a333">an AI climate framework with other academics</a> released at COP28 that outlined the opportunities, risks, and barriers to adoption."Any factory operating today is already digitized to the extent where you can bring in AI and empower the factory to improve the amount of recycled materials it's using, reduce waste, reduce energy consumption, and improve the yields of its production," Kucukelbir said. He's keeping tabs on how governments approach AI and whether they cover the potential benefits and education gap. There aren't enough workers with AI knowledge, a problem governments can help address. Kucukelbir noted that the US Department of Energy <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuZW5lcmd5Lmdvdi9hcnRpY2xlcy9kb2UtbGF1bmNoZXMtbmV3LW9mZmljZS1jb29yZGluYXRlLWNyaXRpY2FsLWFuZC1lbWVyZ2luZy10ZWNobm9sb2d5P3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eBba5390ce">this month announced</a> a new office dedicated to AI and other emerging technology. <h2>Rising costs won't slow the green transition</h2><a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuaWVhLm9yZy90b3BpY3MvaW52ZXN0bWVudD91dG1fbWVkaXVtPW5ld3NsZXR0ZXImZW1haWw9Y2JvdWRyZWF1JTQwaW5zaWRlci5jb20meD04MTI4ZTI5ZTMwN2Q4YzI2MjI4NzBjNDNkMmU4MzFhMjJjZTUwMDkyNTVhMTUwZDU0NzE3MDM1ZThjYjBkMGE2/628bdf90094963f5ad0eef3eB00df711e">Renewable-energy investment</a> hit record levels in 2023, but high interest rates created challenges for offshore wind projects. Last month, the Danish company Ørsted <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3MvYmlkZW5zLXdpbmQtcmV2b2x1dGlvbi1mYWNlcy1zZXRiYWNrLWFzLW1ham9yLXByb2plY3RzLWhhbHRlZC0xMDMyNzcwODc1P3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB81055bf3">canceled plans to build</a> two large offshore wind projects off the coast of New Jersey. But on Wednesday, Ørsted said it would move ahead with plans to build the world's largest wind farm in the North Sea after the UK increased financial support for the industry, <a target="_blank" href="https://www.ft.com/content/4d3cc6d4-f479-4607-9574-63e320af80ff">The Financial Times reported</a>.James Sallee, a professor at UC Berkeley and an economist who studies energy and the environment, said the offshore wind industry is still new in the US, so projects are more costly and risky. The higher cost of borrowing money exacerbates that. Still, he doesn't expect higher interest rates to be a setback for the green transition. "There's a lot of momentum in standard solar and wind projects," Sallee said. "They're still the cheapest sources of new power in places where the natural resources are good. They will be in good shape. But some marginal projects, like big offshore wind, are at risk of being stopped."Some good news: Inflation is cooling, setting the stage for the Federal Reserve to <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zdG9jay1tYXJrZXQtb3V0bG9vay1kaXNpbmZsYXRpb24tZmVkZXJhbC1yZXNlcnZlLXJhdGUtY3V0cy1nb2xkbWFuLXNhY2hzLTIwMjMtMTI_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eBb46a5ead">slash interest rates as many as five times</a> next year. <h2>Hot days ahead</h2>This year <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9sYXN0LXRocmVlLW1vbnRocy1vbi1lYXJ0aC13ZXJlLXRoZS1ob3R0ZXN0LW9uLXJlY29yZC0yMDIzLTk_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eB65dec1bf">has been the warmest on record</a>. Climate scientists <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cubWV0b2ZmaWNlLmdvdi51ay9hYm91dC11cy9wcmVzcy1vZmZpY2UvbmV3cy93ZWF0aGVyLWFuZC1jbGltYXRlLzIwMjMvMjAyNC1maXJzdC1jaGFuY2Utb2YteWVhci1hYm92ZS0xLjUtYy1zYXktY2xpbWF0ZS1zY2llbnRpc3RzP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB0e0e63c6">predict 2024</a> will be another scorcher. The climate crisis, combined with the weather pattern known as El Niño that leads to warmer temperatures, is increasing the risk of disasters. BI will continue covering how these weather-related disasters are reshaping where people live and disrupting industries like insurance and agriculture.Please share your story with us.

You Searched For "cop28" and got 8 results

What to watch at COP28 Dubai, the UN climate summit

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As world leaders gather for COP28 one question looms - who will pay for the green transition?

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The Marshall Islands brought a $35 billion plan to the table at COP28 in Dubai — without it, the country risks a climate catastrophe

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I covered the climate crisis and COP28 from an oil-rich nation — here's what I learned and why I'm hopeful for the future

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Mukesh Ambani joins COP28 Advisory Committee

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The United Arab Emirates pursued nearly $100 billion worth of oil and gas deals the same year it led the global climate summit, analysis finds

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There's no slowing the green transition in 2024

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