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According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<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 

New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

<ul class="summary-list"><li>President-elect Donald Trump has questioned the reality of the climate crisis.</li><li>He's expected to withdraw the US from the Paris Agreement, which he also did in his first term.</li></ul>President-elect Donald Trump has long questioned the reality of the climate crisis, describing it as a "scam" and accusing policies to tackle the crisis of destroying US jobs.Many expect him to withdraw the US from the Paris Agreement to limit emissions upon taking power in January, as he did in his first term.But his hostility to green policies conflicts with another of his priorities — challenging the rise of China."A second US withdrawal from the Paris Agreement would present a significant opportunity for China to expand its leadership role in multilateral climate issues," Herbert Crowther, an analyst with the Eurasia Group in New York told Business Insider.Trump's victory is overshadowing this week's UN climate summit in Baku, Azerbaijan, where pledges from Biden administration officials are tempered by the fact they won't be around for long.And China is already positioning itself to fill the power vacuum and build its global influence."In the week since the election, we're already seeing China try to claim the mantle of global climate leadership and portray itself as the more "responsible" actor in this space," Lily McElwee, fellow in the Freeman Chair in China Studies at the Center for Strategic and International Studies in Washington, DC, told Business Insider."Beijing is out in force at COP29 calling for the United States under Trump to engage in 'constructive dialogue' and highlighting China's contributions to decarbonization through major investments in electric vehicles and other greentech industries."<div type="image" title="Chinese solar power station" height="576" width="1024" msid="115335201" hostid="261" sizebytes="137800"></div><h2 id="f89b9ca3-aa4a-4bb2-a5bf-27324f610f4d">The green tech superpower</h2>China has a curious position as both the world's largest polluter, and a powerhouse of green technology.It tops the <a target="_blank" class="" href="https://interactive.carbonbrief.org/the-carbon-brief-profile-china/index.html#">rankings for greenhouse emissions</a>, which helped power its huge economic growth in recent decades. In 2020, President Xi Jinping pledged that China would become <a target="_blank" class="" href="https://chinaeucn.com/carbon-neutrality-china/#:~:text=In%20September%202020%2C%20president%20Xi,carbon%20neutrality%20to%20the%20world.">carbon neutral by 2060,</a> and it's on track this year to record its first drop in greenhouse <a target="_blank" class="" href="https://www.businessinsider.com/china-meeting-us-climate-solar-panels-coal-power-energy-security-2024-5">emissions since 2016.</a>At the same time, China has pushed harder to produce its own green technology — and sell it to the rest of the world.It is the world's largest producer of electric vehicles and solar panels, and the percentage of its energy coming from renewable sources <a target="_blank" class="" href="https://www.iea.org/reports/renewables-2023/executive-summary#">is rapidly growing.</a>That work brings practical and economic benefits. Analysts also point to other motives for Beijing's green push: influence and power."Where the Trump administration sees renewable energy as a threat to jobs, China is leveraging clean energy as part of a long-term strategic gambit," wrote <a target="_blank" class="" href="https://www.brookings.edu/articles/chinas-belt-and-road-initiative-is-poised-to-transform-the-clean-energy-industry/">Daniel Araya of the Brookings Institute in Washington, DC, in 2018.</a>China, as part of its "Belt and Road" initiative to grow its global influence, has provided developing countries with renewable energy technologies, including wind farms."Green tech plays a critical role in Xi's economic vision. While China has spent a decade trying to catch up to the United States and other advanced economies in existing tech (like semiconductors), it is increasingly focused on securing leadership in emerging industries like cleantech," said McElwee.The strategy is paying off, with global demand for renewable energy production technologies predicted to surge, and China set to account for 60% of installed global renewable energy capacity by 2030, according to an <a target="_blank" class="" href="https://www.iea.org/news/massive-global-growth-of-renewables-to-2030-is-set-to-match-entire-power-capacity-of-major-economies-today-moving-world-closer-to-tripling-goal">October report by the International Energy Agency.</a>The US lags China as a clean tech economic power.Trump has been explicit about his plans to repeal and otherwise roll back climate policies from the Biden administration.That included <a target="_blank" class="" href="https://www.politico.com/news/2024/09/05/trump-inflation-reduction-act-00177493">a pledge</a> just before the election to "rescind all unspent funds" from President Joe Biden's Inflation Reduction Act, which provided billions in funding for clean tech.<h2 id="d064aeb1-2497-4d9c-b893-7e2c1b98241d">Will China step up? </h2>There are also doubts over how much China is willing to take an international leadership role on climate issues.It's been wary of international agreements to tackle climate change in the past, and last year was accused by European officials of <a target="_blank" class="" href="https://www.reuters.com/business/environment/china-denies-reports-it-obstructed-g20-climate-discussions-2023-08-02/#:~:text=China%20denies%20reports%20it%20obstructed%20G20%20climate%20discussions%20%7C%20Reuters">obstructing G20 efforts </a>to tackle the climate crisis, Reuters reported. Assuming a leadership role would likely require China to send money to other countries, said Crowther. "The key question for officials in Beijing will now turn to whether China wants to deepen its financial commitments to helping other countries—particularly emerging markets—accelerate their own energy transitions," he said.Crowther said the run up to next year's COP30 summit in Brazil would provide clues of China's intentions. Ultimately, Xi may be more interested in cementing China's economic advantages than in concrete diplomatic pledges. "Although Beijing will try to boost its image as a global leader on climate change, I don't know how much substance will follow," said McElwee.

Trump called the climate crisis a scam. It could prove a gift to China.

<ul class="summary-list"><li>World leaders are gathering in the UAE for the COP28 climate change summit. </li><li>But President Joe Biden and Xi Jinping of China will be absent.</li></ul>World leaders are gathering today in the United Arab Emirates for the opening of COP28, the world's most important global warming summit.King Charles and Pope Francis are attending alongside delegates from 200 nations.Their core goal will be making better progress toward meeting the Paris 2015 UN Framework Convention on Climate Change to limit global warming to 1.5 Celsius a year above pre-industrial levels.But the leaders of the world's biggest polluting nations — President Joe Biden and China's leader Xi Jinping — will be conspicuous by their absence.<div type="image" title="COP28" height="683" width="1024" msid="105660948" hostid="261" sizebytes="26138"></div>The White House on Sunday announced that Biden would not be attending the opening of the summit, and following criticism of the decision announced a last-minute schedule change Wednesday, sending Vice President Kamala Harris in Biden's place.Previously, the most senior US official scheduled to attend had been US climate envoy John Kerry.Biden has attended both of the previous UN climate summits but is facing criticism for his green policies from Republicans, while also facing pressure from younger Democratic voters to take more action to tackle the climate crisis.Instead, of Xi, China will be represented at the summit by China's climate envoy Xie Zhenhua.<h3>Biden and XI pass on the chance to inject momentum into talks</h3>The US and China are the world's biggest economies, together accounting <a target="_blank" href="https://www.climatewatchdata.org/?utm_source=cait.wri.org&amp;utm_medium=redirecthistorical/Country%20GHG%20Emissions">for around 38% of the world's </a>greenhouse emissions.Tom Evans, a policy advisor at think tank E3G, told Business Insider that the decision by the world's most powerful leaders to skip the opening was particularly disappointing given they'd recently found common ground on the climate crisis amid escalating tensions on a range of other issues.At a meeting in November on the <a target="_blank" href="https://www.businessinsider.com/biden-xi-meeting-china-plan-supplant-us-working-apec-summit-2023-11?r=US&amp;IR=T">fringes of the APEC summit in San Francisco,</a> Xi and Biden agreed to limit methane emissions, and back global efforts to triple renewable energy production by 2030, one of the main goals of COP28."It's a huge shame to not have the leaders of the two biggest emitters here at COP," said Evans, and citing their recent agreement added: "Their attendance could have further cemented that agreement and helped inject momentum into the talks."A key sticking point in the talks is the reluctance of some countries in the developing world to agree to tough cuts in emissions that they say would hamper their economic development.Xi and Biden are doing little to signal their commitment to sharing the burden of reducing the climate crisis equally by not attending the summit, <a target="_blank" href="https://www.nytimes.com/2023/11/27/climate/biden-cop28-climate-dubai.html?smid=nytcore-ios-share&amp;referringSource=articleShare">say critics.</a><h3>Controversy over secret oil deals</h3>Before it even began, the COP28 conference was clouded by controversy.The UAE is one of the world's biggest producers of fossil fuels, and the COP28 President Sultan Al Jaber heads the Gulf State's oil company.The BBC and Centre for Climate Reporting earlier in the week, citing briefing documents, reported that the UAE was planning to broker secret fossil fuel deals with nations attending the summit.<a target="_blank" href="https://www.businessinsider.com/cop28-host-uae-broker-secret-oil-deals-climate-summit-bbc-2023-11?r=US&amp;IR=T#:~:text=A%20COP28%20spokesman%20told%20Business,unverified%20documents%20in%20their%20reporting.%22">In a statement to Business Insider, a </a>COP28 spokesman denied that the documents outlining the planned deals had in fact been discussed in meetings.<h3>The Global Stocktake</h3>But despite the controversy, and even in the absence of Biden and Xi, campaigners remain optimistic.Evans said that central to the success of the summit will be the "Global Stocktake," or addressing the gaps in progress toward meeting the Paris 2015 goals such as phasing out fossil fuels and tripling renewables by 2030.Cherelle Blazer, director of international climate and policy at the Sierra Club, told VOA, <a target="_blank" href="https://www.voanews.com/a/cop28-has-big-agenda-but-won-t-have-biden-xi/7372863.html">that the US delegate </a>attending had the authority to push for meaningful progress."The Senate delegation is going to be there. The full US negotiating team will be there. Kerry will be there. So, everyone that needs to be in place for something actionable to happen will be there," she said.

Biden and Xi are glaringly absent from the UN's climate summit. That doesn't bode well for the world.

<ul class="summary-list"><li>COP28 President Sultan Al Jaber held a press conference to defend his support for climate science.</li><li>Al Jaber is under fire again for his comments on fossil fuels and science. </li></ul>DUBAI, United Arab Emirates — When the chief executive of an oil company runs a UN climate summit, sparks are bound to fly.Sultan Al Jaber, the president of COP28 being held in Dubai, took center stage at the UN climate summit earlier Monday to defend his support of climate initiatives. Al Jaber, who is also the CEO of the United Arab Emirates state-owned oil company Adnoc, came under fire after controversial comments became public around how "there is no science" or "scenario" saying that phasing out fossil fuels will achieve global climate targets.He made those comments during a live online event on Nov. 21, roughly a week before the UN climate gathering kicked off; they were <a target="_blank" href="https://www.theguardian.com/environment/2023/dec/03/back-into-caves-cop28-president-dismisses-phase-out-of-fossil-fuels">published by the Guardian on Sunday</a>. The comments alarmed climate advocates in Dubai and led Al Jaber to pull together a press conference to defend his "respect for the science" and his record of saying that fossil fuels are on their way out."I have said over and over that the phase down and phase out of fossil fuels is inevitable," Al Jaber told reporters at COP28 on Monday. "This transition is essential. It needs to be orderly, fair, just, responsible, and well-managed. I am quite surprised at the constant and repeated attempts to undermine this message."Before the the conference started, Al Jaber <a target="_blank" href="https://www.businessinsider.com/cop28-dubai-un-climate-summit-sultan-al-jaber-oil-loss-damage-2023-11">also denied a report</a> that Emirati officials used COP28 meetings with other countries to promote oil and gas deals, as well as renewable energy projects."COP28 President Al Jaber's science-denying statements are alarming and raise deep concerns about the presidency's capacity to lead the UN climate talks, at a time when leadership and a clear vision are most needed," Romain Ioualalen, Oil Change International's global policy lead, said in a statement. "Of course, denying science has been part of the fossil fuel industry's playbook for decades. But science is not up for debate: we must phase out fossil fuels to have a livable planet."The controversies underscore the central debate at the UN climate summit in Dubai. Nearly 200 countries are trying to reach a deal that calls for shifting economies away from fossil fuels, the main cause of the climate crisis. UN scientists warn that countries must make that transition quickly to <a target="_blank" href="https://www.unep.org/resources/emissions-gap-report-2023">cut greenhouse gas emissions by 42% by 2030</a> and avert catastrophic levels of global warming. But they are far off track.Al Jaber says he's on board with a deal of some kind on fossil fuels. But climate advocates are skeptical, in part because Adnoc is planning to invest $150 billion over the next five years on its offshore oil and gas fields.That seems to be inconsistent with a report by <a target="_blank" href="https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_SYR_SPM.pdf">the UN Intergovernmental Panel on Climate Change</a>, which found that emissions from existing and planned fossil fuel infrastructure are already enough to surpass global climate goals. The Paris Climate agreement calls for limiting global temperatures to 1.5 degrees Celsius compared to preindustral levels. The world has already warmed by 1.2 degrees, the IPCC said, and caused substantial loss and damage from deadly floods, drought, wildfires, and other disasters.A spokesperson for Adnoc told Business Insider that the company is spending some of its $150 billion investment on maintaining its existing oil and gas operations. Adnoc is also investing $15 billion on reducing the carbon intensity of its operations and on low-carbon technologies like hydrogen, geothermal, and renewables.Al Jaber was joined by Jim Skea, chair of the IPCC, during Monday's press conference, who said the COP28 president has been "attentive to the science."Skea said that under a 1.5-degree warming scenario, fossil fuel use is "greatly reduced and unabated coal is completely phased out." Oil is reduced by 60% and natural gas by 45%, he said."Unabated" refers to emissions that are not captured at the smokestack. Carbon capture projects are largely unproven and expensive to develop, which is why many climate advocates see them as a distraction from cheap and available solutions like renewable energy.But oil and gas giants like Adnoc, ExxonMobil, and Chevron are investing billions in carbon capture technology, in part because it could give them license to operate in a greener world.During the online event, Al Jaber argued that a complete phase-out of fossil fuels wouldn't allow sustainable development "unless you want to take the world back into caves."The exchange was with Mary Robinson, the chair of the Elders group and a former UN special envoy for climate change, during an event hosted by the nonprofit She Changes Climate that advocates for greater female representation in climate policy.Robinson said the climate crisis is disproportionately hurting women and children because the world hasn't committed to phase out fossil fuels.

Oil titan Sultan Al Jaber backtracks on comments that 'there is no science' around fossil fuels at UN climate summit

<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.

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