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Cop: Australia backs no new coal power call: Correction
Cop: Australia backs no new coal power call: Correction
Corrects missing word in headline London, 20 November (Argus) — Major coal producers Australia and Colombia, along with the EU and 23 other countries including the UK, have pledged not to allow any new unabated coal-fired power generation in their energy systems at the UN Cop 29 climate summit in Baku, Azerbaijan. This comes a day after Colombia, New Zealand and the UK joined a Netherlands-led international coalition focused on phasing out incentives and subsidies for fossil fuels. Most of the coal pact signatories are members of the Powering Past Coal Alliance, under which some countries have committed to phasing out existing unabated coal power generation. Australia is not listed as a member of the alliance, but the cities of Sydney, Melbourne and Canberra are. Unsurprisingly, the list of signatories did not include China or India, the two world's largest coal importers. It also does not include the US, although the country is part of the Powering Past Coal Alliance. "There is no space for new unabated coal in a 1.5°C or even 2°C aligned pathway, yet coal capacity rose by 2pc last year," the pact signatories said today. The pledge focuses on coal-fired generation and does not mention the phasing out of exports or imports. Australia, is the world's second-largest seaborne coal exporter. The country is looking to host Cop 31 in 2026 by outbidding Turkey for the spot. But no realistic policy changes in coal exports is expected from Australia, which will have a federal parliamentary election by May 2025 and winning votes from key coal mining regions in New South Wales and Queensland has proven to be crucial in recent elections. Turkey is on track to overtake Germany as Europe's largest coal-fired generator this year and was not among the signatories of today's coal pledge. Amid calls for a faster phase-down of unabated coal-fired power generation, global coal trade is set to reach a record high of more than 1.5bn t this year , surpassing last year's 1.38bn t, according to IEA data. Coal consumption will probably remain resilient, supported by higher electricity demand growth in China and India. China has not set a new climate plan since 2021, but it is expected to ramp up its ambitions in a new plan due by February 2025. India and Indonesia are strongly encouraging higher coal production to ensure energy security. The US Energy Information Administration (EIA) in September lowered its forecast for US coal-fired generation in this year but raised its expectation for 2025 . By Shreyashi Sanyal Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Cop: Developing nations deplore finance 'radio silence'
Cop: Developing nations deplore finance 'radio silence'
Baku, 20 November (Argus) — With just a few hours to go before a draft text on a new climate finance goal for developing countries is due at the UN Cop 29 climate summit, there is still "radio silence" from developed nations and an absence of plans, said Adonia Ayebare, chair of the group of 77 (G77) and China negotiating group. Parties must agree at Cop 29, in Baku, Azerbaijan, on a new collective quantified goal (NCQG) — a new climate finance target — building on the current $100bn/yr that developed countries agreed to deliver to developing countries over 2020-25. There is a strong hope that the forthcoming text will clearly define financial commitments detailing the amount, quality and mechanism for delivery, Ayebare said. A perfect text does not exist, he said, adding that developing countries have already put forth a figure that reflects their needs. They are broadly calling , for 1.3 trillion/yr while developed countries have not indicated an amount. "We need a figure for the headline of the text [in trillions], the rest will follow." The EU today insisted that the precise number for the goal will depend on agreement on other issues, including progress on mitigation and financing structure. In response to a question about uncorroborated rumours that developed countries may be considering a figure of $200bn/yr, Bolivia's negotiator Diego Pacheco said: "Is this a joke?" Developed country representatives have so far refuted this figure , or that they have settled on an amount. The "super red line" for the Like-Minded Developing Countries (LMDC) group is to not reinterpret or rewrite the Paris Agreement, said Pacheco, representing the group. The NCQG should be grounded in the mandate of the Paris accord, which states finance should flow from developed to developing countries. "Negotiations don't need to reopen the Paris agreement, but we can look at another area [such as] voluntary contributions for example, but that comes after the headline [figure], Ayebare said. Pacheco also talked about developed countries' attempts on mitigation, for example, to "move from the facilitative nature of the Paris Agreement to a prescriptive, intrusive mitigation… cherry-picking some elements of the [global stocktake]," he added. The EU and other developing nations are pushing for language on transitioning away from all fossil fuels that was included in the outcome of Cop 28 in Dubai last year to be included in this year's outcomes. By Prethika Nair and Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Cop: EU warns on fossil fuel ambition backsliding
Cop: EU warns on fossil fuel ambition backsliding
Baku, 20 November (Argus) — The EU has warned parties at the UN Cop 29 climate summit in Baku, Azerbaijan, against going back on pledges made last year in Dubai to transition away from fossil fuels. Language on transitioning away from all fossil fuels was included in the outcome of Cop 28 in Dubai last year in a historic first, with almost 200 countries including major fossil fuel producers agreeing to the text. And the EU is pushing for the same commitment to be included in this year's outcomes. "No one should pretend that the previous Cop didn't happen," European commissioner for energy Wopke Hoekstra said today. "There is the clear expectation that once you've signed up to do something, you actually do it," he said, adding that "the last Cop was very specific about transitioning away from fossil fuels". The EU views the declaration of G20 leaders, released on Tuesday morning, as an endorsement "in its entirety" of the outcomes of Cop 28, Hoekstra said. Further enhancing mitigation — reducing emissions — policies will be a "crystal clear element" that the bloc will focus on in the coming days, he said. Failing to include language on transitioning away from fossil fuels would mean last year's Cop should be considered a failure, according to Lidia Pereira, head of the European parliament delegation in Baku. But she trusts delegates from the UAE to be strong advocates for the wording on transitioning away from fossil fuels, she said. The UAE is part of the Arab States negotiating group, which also includes Saudi Arabia, Egypt, Iraq and Libya. Work on a mitigation outcome was rescued from the brink of collapse at the start of last week but is progressing slowly. As of last night negotiators did not have a draft text on mitigation, but must deliver one to the Cop presidency for publication around midnight. If parties fail to come to a conclusion in mitigation talks, the text for a new finance goal may become the main space in which fossil fuel language could land. Its most recent draft, released on 16 November, includes references to transitioning away from fossil fuels. Negotiations on climate financing — the so-called new collective quantified goal (NCQG) — to help developing countries adapt to and address climate change are central to this year's Cop. Thorny issues have included the amount of financing, which countries should contribute, the form that the financing will take and the broadening of the contributor base. The next draft is scheduled to released around midnight on Wednesday, after negotiators have spent days working to bring parties' initial positions closer together. Hoekstra refused to be drawn on reports, raised by Bolivia's representative , that the EU is eyeing a number of $200bn/yr for the NCQG, well below the expectations of likely recipient countries. The EU prefers to focus on other elements, including progress on Article 6 and mitigation, before having a "meaningful conversation about the exact amount", Hoekstra said. Talks on finalising the details of an international carbon market under the Article 6 of the Paris Agreement continue to inch forward at Cop 29, but with key sticking points yet to be resolved. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Cop: Countries still diverge on finance, float numbers
Cop: Countries still diverge on finance, float numbers
Baku, 20 November (Argus) — Ministers leading consultations on a new climate finance goal for developing countries — the central issue at the UN Cop 29 climate summit — said today that "divergent views" on the structure remained, but clarified on new suggestions for amounts. The outcome of the finance discussions are inextricably linked to conclusions on mitigation, or cutting emissions. Developing countries have long argued that they cannot decarbonise or implement an energy transition without adequate finance. Australian climate change and energy minister Chris Bowen said today that ministers heard three different proposals for a "provided quantum" of $900bn/yr, $600bn/yr and $440bn/yr. The provided quantum refers to the public finance "core" of the finance goal. He did not specify which parties were behind the proposals. The Cop 29 presidency appointed Bowen and Egyptian environment minister Yasmine Fouad to head up consultations on the new collective quantified goal (NCQG). This is the next iteration of the $100bn/yr in climate finance that developed countries committed to deliver to developing nations over 2020-25. But "others have mentioned a floor of [$100bn/yr] with linkages to the contributor base resolution, as well as sources and structure", Bowen said. But some countries have argued that, taking inflation into account, this would represent a drop in climate finance from previous goal. Developing countries have broadly called for $1.3 trillion to be mobilised annually, and this has not changed, Bowen confirmed. But mobilised finance could include other sources beyond public finance, such as private-sector financing. And many parties said that "certain building blocks" have to be in place before they can settle on a number, Bowen added. This is likely to refer to increased action on emissions reduction and to the contributor base pushed by developed nations. Challenging negotiations look set to continue. Bolivia, speaking for the UN negotiating bloc of like-minded developing countries, today urged the Cop presidency to "restore balance to this process". "We are also hearing in the corridors figures of [$200bn/yr] being offered by our partners for the NCQG which includes contributions from the MDBs [multilateral development banks]… this is unfathomable, we cannot accept this," Bolivia's representative added. Developed country representatives have refuted this figure, or that they have settled on an amount. A group of leading MDBs estimated last week that they could increase climate financing to $120bn/yr by 2030 for low- and middle-income countries . The group, comprising the World Bank and nine other MDBs including the European Investment Bank, hopes to leverage an additional $65bn/yr from the private sector. New draft texts on some of the key topics under discussion at Cop 29, including the NCQG and mitigation, are due to be released by the summit's presidency at midnight, local time. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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