And welcome to COP25, live from Madrid.
Here an update from the negotiations today.
The negotiations are not moving fast, and that is not a good sign. Many of the controversial topics are still on the table, most likely waiting for ministers to arrive next week. On Carbon Markets, a new text was released yesterday early morning, which did not solve any of the major issues. There could be a new text tomorrow so we will be able to see if the co-chairs are pushing the parties. Seems like China is backing Brazil in allowing to bring Kyoto-time credits (aka hot air) into the Paris market mechanism. Some not-so-good-for-the-planet BRICS cooperation. Time has been extended for the negotiations on Loss and Damage, where developing countries are pushing for the “implementation arm” of the mechanism to be able to respond technically and financially. As of now, there does not seem to a be a compromise going forward. Similarly, countries are still discussing the Common Timeframes for climate pledges. Many of the developing countries prefer a 5-year timeframe. And the group of independent latinoamerican countries wants a 5+5 scenario. Russia and Japan are strongly pushing for 10 years. Our bet is that we are not seeing a resolution this year.
THE POPE INTERVENES
The Pope sent a letter to COP President asking for the meeting to go well, and highlighting the role of young people:
“Young people today show a heightened sensitivity to the complex problems that arise from this “emergency”. We must not place the burden on the next generations to take on the problems caused by the previous ones. Instead, we should give them the opportunity to remember our generation as the one that renewed and acted on – with honest, responsible and courageous awareness – the fundamental need to collaborate in order to preserve and cultivate our common home.”
MEDIA WRAP UP
Story of the day: Looks like the EU might have a fight on their hands over the carbon boarder tax. Hope Brussels has their boxing cloves ready – We’ll have Kartik follow up with the Indian Delegation today to find out if they’re thinking the same.
2 days ago was Global Health day with a big focus on air pollution. Unfortunately, the message didn’t get to everyone in India it seems. While the media has reported this thoroughly, Union Minister of State for Environment and Forest Babul Supriyo thinks there is “no conclusive data to link air pollution to deaths” – instead he is linking it to things like what you eat, drink and your social class. Nice.
It’s not all bad news from Indian media though. There was some great framing over the climate risk report from Manka Behl at Times of India and a fun story about the carbon footprints of the world’s top 20 footballers.
Finally, on the day of Saudi Aramco’s IPO offering, you might look instead at the World Bank, and the Investor response from Repsol’s push for carbon nuetrality.
The world bank is pushing the Gulf to go way more sustainable.
And Repsol has excited investors, including Mark van Baal, head of investor advocacy Follow This, which has called Repsol the first oil major to be “truly aligned” with the Paris goals.
And finally a lovely long read about communities on the Atlantic coast pipeline in the US – take a moment to appreciate this great story
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