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World leaders have arrived in Dubai for United Nations climate talks with Saudi Crown Prince Mohammed Bin Salman, German Chancellor Olaf Scholz and Brazil President Luiz Inacio Lula da Silva among those due to address the summit.
We’re expecting an announcement from the UAE and several private sector partners on creating a $30 billion climate fund.
Tens of thousands of delegates have registered to attend this year’s COP, which is expected to be the biggest one ever. As well as politicians and diplomats, the event is drawing campaigners, financiers and business leaders. Nearly 200 countries will now have less than two weeks to reach a new, unanimous agreement on how to tackle climate change, and the need for progress has never been more urgent. The UN has already declared 2023 the hottest year on record and greenhouse gas emissions are still rising.
Read More: What Is COP28 and Why Is It Important?
COP28 already had one early win on Thursday as nations agreed on details for running a fund designed to help vulnerable countries deal with more extreme weather stoked by global warming. Rich countries also promised at least $260 million to kick start the facility.
Other key areas for the talks are still on the table, including an agreement to expand renewables, a potential commitment to phase out fossil fuels, the rules for a yet-to-be-launched UN carbon market and the first formal stocktake of the world’s progress fighting climate change since the Paris Agreement was signed in 2015.
Stella McCartney Says New Laws Needed for Fashion (10:57 am)
Leaders should impose environmental regulations on the fashion industry, one of the most harmful in the world, fashion designer Stella McCartney said in an interview with Bloomberg TV.
“We need to have limitations put on us,” McCartney said, adding that taxes for non-leather goods should be removed to create incentives for sustainable products.
Ikea Is Optimistic China Market to Pick Up Speed (10:36 am)
China is now one of Ikea’s fastest growing markets, Jesper Brodin, CEO of Ikea parent company Ingka Group, said in an interview with Bloomberg TV. “We are optimistic that we will be able to pick up speed in China.”
Ikea is working on a transition to renewable materials while reducing prices for consumers.
India’s Corporate Giants Eye $6.5 Billion Climate Finance Effort (9:40 am)
A group of India’s largest companies and international financial giants including Macquarie Group say they have brought together climate-finance solutions that could mobilize $6.5 billion in support of low-carbon development.
Climate Finance Leadership Initiative India said the solutions — which range from partnerships between banks and Tata Motors to offer attractive loans and leasing solutions for electric vehicles to public-private partnerships for municipal infrastructure and a link-up to produce green ammonia — could help mobilize private capital toward the $10.1 trillion needed for India to meet its net zero target by 2070.
The Climate Finance Leadership Initiative was set up by Michael Bloomberg (the founder of Bloomberg LP, the parent of Bloomberg News) and has launched pilots in India and Colombia to bring together private-sector institutions, policy makers and multilateral institutions.
Masdar Plans Green Bond (9:15 am)
Masdar, a major operator of solar power plants in the United Arab Emirates, is planning a second green bond issuance this year to help grow renewable capacity.
The bond issue will be of similar value to its first $750 million green bond earlier this year, Chief Financial Officer Niall Hannigan said in an interview with Bloomberg TV.
Hannigan is confident that Masdar’s target to increase capacity by the end of the decade to 100 gigawatt remains “very much in reach.” The plan may involve acquisitions, he said.
Masdar intends to make a number of announcements about increased capacity over the coming days of the COP28 climate summit which started this week in Dubai.
Masdar’s chairman is Sultan Al Jaber. The UAE faced criticism for naming Al Jaber president for COP28 as he is the chief executive officer of its main oil company which plans to raise crude production capacity.
(All times Dubai.)
--With assistance from Clara Ferreira Marques and Nayla Razzouk.
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Author: Malaika Kanaaneh Tapper and Siobhan Wagner