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‘Dubai Bound to Make Ambitious Results in Global Climate Action’

At COP28, the European Union calls on all parties to take urgent action to bring down greenhouse gas emissions …reports Asian Lite News

The 28th United Nations Conference of the Parties (COP28) in Dubai is bound to make ambitious results in global climate action, Wopke Hoekstra, the European Union’s Commissioner for Climate Action, told the Emirates News Agency (WAM).

“We cannot leave Dubai without more ambition on climate mitigation,” he said on the sidelines of the conference.

“If we fail to reach the goals of the Paris Agreement, no amount of money will be enough to cover the damage. Just look at what’s already happening with a global temperature increase of 1.2 degrees,” Hoekstra pointed out.

EU’s single voice

At COP28, the European Union calls on all parties to take urgent action to bring down greenhouse gas emissions and respect all the commitments made under the Paris Agreement, he noted.

“As always, the 27 EU Member States speak with one voice, based on our common negotiating position. With our strong EU mandate, we will do our utmost in Dubai to drive forward climate action and build a greener future where nobody is left behind.”

The Commissioner observed that COP28 marks a crunch moment for global climate action. “The EU’s bar for success is high. There is no time to lose.”

Commitment to deliver a successful outcome

The commissioner said that in light of the several conversations he had with Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and COP28 President, he believes that “he and his team are very committed to delivering a successful outcome for the world and next generations.”

Hoekstra is confident that COP28 Presidency understand the need to facilitate the highest possible ambition, especially with regard to mitigation, adaptation, loss and damage and climate finance.

Significance of Global Stocktake

He emphasised the significance of the first-ever UN Global Stocktake at COP28 – an exercise for all countries to look back at their progress on climate action after the Paris Agreement and draw conclusions on how much is still to be done.

“It is already clear that the world is not on track to limit global warming to 1.5 °C. But the window is still open. The Global Stocktake is a moment for all countries to reflect and act without delay. Every party needs to accelerate their climate ambitions.”

Hoekstra expressed his optimism that the word could still offer the next generations a 1.5-degree future [global warming limit]. “It requires that the entire world takes action to reduce emissions and prepare for the impacts of climate change.”

Crucial Loss and Damage fund

Talking about operationalising the Loss and Damage Fund, a breakthrough achieved on the very first day of COP28, to which EU member states have made significant contributions, the commissioner said, “I want to make sure this fund becomes operational. It is important that the fund supports the most vulnerable and that every country that has the ability to contribute to the fund actually does so.”

He stressed it is important that every country in the world with the ability to contribute actually does so.

“This is our responsibility to act, and not only the EU, but the whole world. Equally, climate finance and how we actively support nations in the Global South to mitigate and adapt to climate change, need to be high on the agenda,” Hoekstra said.

He quoted a “good news”, the recent estimate of OECD (the Organisation for Economic Co-operation and Development) that said developed nations may have achieved their overdue promise of US$100 billion to help poorer countries cope with climate change in 2022. Of that, the EU and its 27 Member States contributed around US$30 billion (€28.5 billion), the commissioner said.

Need for urgent action

Talking about the urgent need to act, he said, “Climate change is a crisis that we all face.”

Every country in the world is already confronting the impacts, whether it is flooding after heavy rains, extended droughts, extreme weather events, or loss of habitats and livelihoods.

Science, meanwhile, is abundantly clear about what we need to do and keeps giving us warning calls in every report released, the commissioner pointed out.

“We cannot steer away from our climate goals – future generations across the world are depending on us. This is why, I will continue to push for the highest possible climate ambition in Dubai.”

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Stakeholders on a ‘race to zero’ after COP26

They include banks, asset managers, asset owners and insurers, as well as financial service providers such as stock exchanges, data providers, investment consultants and auditors…reports Asian Lite News.

Momentum among non-party stakeholders around the globe towards achieving net-zero emissions, resilient future continues to grow and is underlined by the significant increase in the numbers registered in data sources such as the Global Climate Action Portal (GCAP).

As of October, the portal registered 22,259 actors around the world, an increase of nearly 22 per cent as compared to 2020.

Such actors include cities, regions, businesses, investors, among others. Particularly noteworthy is nearly the 82 per cent increase in the number of participating businesses, bringing the total companies engaged in climate action to 7,370.

One of the GCAP’s data partners, CDP — the not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts — experienced a 35 per cent growth in environmental disclosures between 2020 and 2021 — the highest number of new disclosures since its inception over two decades ago.

This surge in activity is captured in the recently published 2021 Yearbook of Global Climate Action. The fifth in its series, the yearbook showcases the work carried out under the Marrakech Partnership for Global Climate Action and the High-Level Champions since the last publication. It identifies the sectors that need acceleration and sets out the future vision of the Champions.

Three international campaigns led by the High-Level Champions — Race to Zero, Race to Resilience, and Glasgow Financial Alliance for Net Zero — have been instrumental in mobilising action by non-party stakeholders, driving up the number of credible commitments and securing bold action.

As of November, nearly 7,800 members from 110 countries are part of the ‘Race to Zero’, including 67 regions, 1,049 cities, 5,235 businesses, 441 financial institutions, 1,039 educational institutions and 52 healthcare institutions.

Also, 24 partners are now in the ‘Race to Resilience’, representing over 2,500 non-state actor organisations in more than 100 countries who will collectively reduce the vulnerability of 2.3 billion people by 2030.

Meanwhile, more than 450 leading financial enterprises representing over $130 trillion in assets in 45 countries have joined the ‘Glasgow Financial Alliance for Net Zero’ with the aim of mobilising private capital for developing countries.

They include banks, asset managers, asset owners and insurers, as well as financial service providers such as stock exchanges, data providers, investment consultants and auditors.

While significant change is already underway, evidence shows that it must accelerate in all sectors of the economy and society in order to achieve the Paris Agreement goals and avoid the worst impacts of climate change.

One major example is coal, which needs to be phased out at a pace more than five times faster than at present.

Driving this transformation forward are the Climate Action Pathways, the 2030 Breakthroughs, and the State of Climate Action 2021 by the World Resource Institute.

They set out sectoral visions for achieving a 1.5 degrees Celsius resilient world in 2050, showcase the long- and short-term milestones for the thematic areas of the Marrakech Partnership, and present the pace of global climate action, respectively.

The Race to Zero and Race to Resilience campaigns will shift their focus from building momentum to tangible action, and the Glasgow Financial Alliance for Net Zero will encourage the convergence of approaches to a net-zero transition.

To further boost climate ambition from all stakeholders through the Marrakech Partnership, the High-Level Champions have developed a five-year plan under a 10-year vision for this decisive decade of implementation.

The work will be organised under six core functions: Mobilising and aligning non-party stakeholders towards science-based goals that maximise ambition; supporting non-party stakeholders to drive systems transformation; strengthening collaboration between national governments and non-party stakeholders; broadening and deepening engagement globally with a focus on helping developing country stakeholders; tracking progress and enhancing transparency and credibility of non-party stakeholders; and building a shared narrative for the decisive decade of climate action.

One of the main priorities of the High-Level Champions over the next two years will be to support the global stocktake process towards the Paris Agreement objectives as encouraged by parties in Glasgow.

This includes exploring how best to support non-party stakeholders in developing countries and at the regional level to participate and take ambitious action.

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