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COP27: Daily snapshot 15/11

COP27: Daily snapshot 15/11

Global coal use must reduce by almost 90% to limit temperature increase to 1.5 degrees

As COP27 reconvenes for Energy Day The Independent shares new research from the International Energy Agency (IEA) that coal use must drastically reduce.

“Coal is both the single biggest source of CO2 emissions from energy and the single biggest source of electricity generation worldwide, which highlights the harm it is doing to our climate and the huge challenge of replacing it rapidly while ensuring energy security,” warns Dr Fatih Birol, IEA Executive Director.

G7, Norway and Denmark sign $20bn Just Transition Energy Partnership with Indonesia

The partnership aims to support the world’s fourth largest coal producer in moving away from fossil fuels and speeding up its energy transition. 

Speaking at COP27, Svenja Schulze, German development minister said that this is a signal that we are “moving towards implementation, and advancing concrete partnerships,” writes Clean Energy Wire.

Chinese finance community highlights need for insurers to adapt to climate change

The article highlights growing demand for products indexed to climate change, as well as the economic impact of heat-related mortality on the workforce and the risk posed to China’s ageing population.

“Climate change isn’t just a long-term threat – it is a health crisis,” Gordon Watson, CEO at AXA told the South China Morning Post: “Insurers can play a part in addressing climate and health risks by developing insurance solutions that promote sustainable behaviours.”