COP27: Daily snapshot 07/11
- US climate-envoy John Kerry pitches a framework of selling carbon credits to corporates to facilitate energy transition in developing countries
- The topic of loss and damage is officially on the negotiating agenda after a weekend of debate amongst delegates
- The leaders of India, China, Canada and Australia look unlikely to attend COP27
US suggests carbon-credit style system to fund energy transition in developing countries
Speaking on the suggested framework, climate envoy John Kerry suggests that proceeds could fund new clean energy projects while incentivising emerging markets and developing nations (EMDCs) to transition their national power supplies away from fossil fuels.
Critics speaking to The Financial Times highlight that the plan is ‘light on the details’ and that carbon credits ‘lack credibility’ – seen by many as a form of greenwashing. That being said, with reports warning how far we are from the trajectory needed to limit temperatures to 1.5°C, any and all creativity that speeds up the energy transition should be considered.
Loss and damage on the agenda and discussions begin
Loss and damage is officially on the agenda at COP27, after a very late night for delegates debating why and how to include it. As an African COP and at a time where the cost of adaptation to physical climate risk is really beginning to be felt, this may be a defining topic for the event.
Already South Africa’s president, Cyril Ramaphosa has said the nation needs $84 billion over five years “to cut emissions, harness economic opportunities from energy transition and support affected communities”, via Reuters. This estimate for just one nation highlights the scale of the challenge ahead.
Absent world leaders capture media attention
The leaders of Russia, China, India, Canada, and Australia look unlikely to attend this year’s conference, according to reports. Though Putin’s decision comes as little surprise due to Russia’s invasion of Ukraine, there is concern that some of the world’s largest greenhouse gas emitting countries have not sent their leaders to the table.
United Kingdom Prime Minster, Rishi Sunak has travelled to Egypt and will call for a “global mission for clean growth” during his address at the World Leaders Summit. IIGCC Policy Director, Emily Murrell recently outlined the growth opportunities net zero offers the UK as part of a response to the government ‘net zero call for evidence’.
All the latest from COP27
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