Cop: Chile to submit updated NDCs after deadline

Spanish Market: Emissions
15/11/24

Chile will not submit its nationally determined contribution (NDC) — emissions reduction plan — for 2035 by the February deadline set by the UN climate body the UNFCCC, but in the middle of next year, the country's environment minister Maisa Rojas told Argus at the UN Cop 29 climate summit today.

Rojas said that this is because the country wants to make sure that its updated NDC is "strong".

Cop parties are expected to submit their NDCs in November-February, as part of a cycle that requires countries to "ratchet up" their commitments every five years.

Chile last updated its emission pledge under its NDC at Cop 27, in Egypt, in 2022. The country committed to to carbon neutrality by 2050 and peaking of all greenhouse gas (GHG) emissions by 2025. Its carbon neutrality goal legally bidding as it is part of its climate law.

Chile is not the only one facing challenges in providing updated 2035 target, with southeast Asian nations also flagging headwinds. Host country Azerbaijan also pointed to the "difficulties of developing ambitious NDCs" earlier this year.

The IEA at the start of this year indicated that ahead of the next round of NDCs, it had received "several requests" from countries asking for help on data, analysis and policy advice, and that the agency would provide some support.

Earlier this week, Chile, alongside Germany, launched a global management platform aimed at providing emerging and developing countries with access to international technical and financial resources to reduce carbon emissions, including assistance to incorporate industrial decarbonisation into the design of NDCs.

Rojas today also announced that some Latin American countries, including Brazil, Guatemala, Mexico, Panama and Chile will work towards including methane emission reduction in the waste management sector in their new NDCs, in line with the global methane pledge.

Brazil on 13 November announced the country aims to reduce greenhouse gas emissions by 67pc by 2035, compared with 2005 levels.

By Tng Yong Li and Jacqueline Echevarria

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15/11/24

Cop: Climate summits need reform, former UN chief says

Singapore, 15 November (Argus) — Climate advocates including former UN secretary general Ban Ki Moon today submitted an open letter to the UN calling for a reform of the Cop climate change summit as it has failed to deliver change at the speed and scale required. Signatories also include former executive secretary of the UN climate body the UNFCCC Christiana Figueres, and former president of Ireland Mary Robinson. They suggested excluding countries that do not support the "phase-out/transition away" from fossil fuel energy. The president of Cop 29 host country Azerbaijan Ilham Aliyev drew criticism after stating earlier this week that oil and gas is a "gift of god" . Several media organisations reported earlier today that the letter mentioned the Cop system was not "fit for purpose". The phrase is not included the latest version. "It has become clear that constructive, supportive ideas developed some time ago on the international climate negotiations have been misinterpreted in today's context," Figueres said. She added that the Cop process was an essential and irreplaceable vehicle for supporting the change that is urgently needed. Other suggestions from the signatories include streamlining Cop summits for speed and scale. "We need a shift from negotiation to implementation, enabling the Cop to deliver on agreed commitments and ensure the urgent energy transition and phase-out of fossil energy," stated the letter, whose signatories also The Cop process should also be strengthened with mechanisms to enforce accountability, such as enhanced reporting and benchmarking, independent scientific oversight and transparent tracking of pledges and action. The letter also pointed out that a record number of 2,456 fossil fuel lobbyists were allowed to attend Cop 28, almost four times more than Cop 27. "The fact that there were far more fossil fuel lobbyists than official representatives from scientific institutions, indigenous communities and vulnerable nations reflects a systemic imbalance in Cop representation." Other concerns include the necessity for more robust tracking of climate financing as well as climate Cops not sufficiently integrating latest scientific evidence. There is no permanent scientific advisory body that is a formal part of the Cop structure. This year's Cop has been plagued by diplomatic issues and poorer attendance by heads of state, including from G7 countries, compared with previous years. Papua New Guinea prime minister James Marape pulled out of Cop 29 just before the summit and has sent a streamlined delegation this year, complaining about the lack of global commitment, especially from "large industrial countries" to rainforest conservation. French energy minister Agnes Pannier-Rauncher on 13 November cancelled her planned visit to the summit, because of what she called host Azerbaijan's "unacceptable remarks" on France and Europe. French negotiating teams will work as usual at the conference, but this week marked the first time that the French president was not represented in high-level meetings since the Cop 21 conference in Paris in 2015. Argentina also on 13 November withdrew its delegation from the summit, with the country's foreign affairs ministry confirming that the delegation had been told to leave the event. No reason was given for this, but it was in line with the general policies of president Javier Milei, who has expressed skepticism about climate change. Cop 29 lead negotiator Yalchin Rafiyev on 15 November acknowledged that "the multilateral process is under pressure" and faces "challenges and external complexities" but said the presidency considers Cop 29 a "litmus test for the global climate architecture". "Parties have to come together," he said. By Prethika Nair and Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Oil firms commit $500mn to energy access: Update

15/11/24

Cop: Oil firms commit $500mn to energy access: Update

Updates throughout Baku, 15 November (Argus) — European oil firms TotalEnergies, BP, Shell and Equinor today announced a $500mn joint investment commitment "over the coming years" for universal energy access in sub-Saharan Africa and south and southeast Asia. The firms will jointly invest in a broad range of solutions, including solar home systems, mini/metro grids, clean cooking solutions, and enabling technologies such as e-mobility, energy storage and management solutions, TotalEnergies said. The investment is in support of the UN sustainable development goal 7, which aims for universal access to sustainable, affordable and reliable energy by 2030. The timeline for the investment is unclear. "A global private equity firm with a strong track record in impact investing, has been selected to manage the joint investment," the firms said. Investments in clean energy need to rise to around $4.5 trillion/yr by 2030 to be in line with an IEA scenario compatible with a 1.5°C temperature rise above pre-industrial levels, the lower limit under the Paris Agreement. The Paris climate accord seeks to limit global warming to "well below" 2°C above the pre-industrial average and preferably to 1.5°C. Developing countries alone could require up to $1 trillion/yr by 2030 and $1.3 trillion/yr by 2035 . TotalEnergies reported a profit of $22bn in 2023, while Shell and BP posted profits of $20.3bn and $13.8bn, respectively. Equinor made a profit of $11.9bn in 2023 . The announcement was made as the UN Cop 29 climate summit is taking place in Baku, Azerbaijan. The Cop 29 presidency signalled earlier this year that it was working on a $1bn climate fund , capitalised by fossil fuel-producing countries and companies. The fund is due to be a public-private partnership, with "concessional and grant-based support to rapidly address the consequences of natural disasters" in developing countries, Cop 29 president and Azeri ecology and natural resources minister Mukhtar Babayev said earlier this year. But the presidency has yet to announce progress on the plans, although finance announcements are typically expected to land during the summit's 'Finance day', which was yesterday. Cop 29 lead negotiator Yalchin Rafiyev said today that the presidency "received interest in the fund" and that it has not been delayed. By Bachar Halabi and Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Singapore joins EU-China green finance taxonomy

15/11/24

Cop: Singapore joins EU-China green finance taxonomy

Singapore, 15 November (Argus) — Singapore has joined the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) during the UN Cop 29 summit on 14 November, expanding an existing agreement between the EU and China on a set of financial environmental objectives and criteria. The M-CGT allows for wider cross-border green financing and development of sustainable finance markets. It was developed by the People's Bank of China, the EU Directorate-general for financial stability, the Financial services and capital markets union, and the Monetary Authority of Singapore. The M-CGT is a comparison of the sustainable finance taxonomies of China, the EU and Singapore, and it builds on the EU-China Common Ground Taxonomy, an initiative launched in 2021 aimed at enhancing the interoperability of the EU's and China's taxonomies. It is designed to accommodate more jurisdictions in future, which will further help facilitate cross-border climate finance flows, and in turn improve investment environments. The M-CGT constitutes a set of environmental objectives and criteria that serves as a reference for entities such as financial institutions, corporates and investors to determine what can be considered green, said a joint statement by the parties. "While the M-CGT is not legally binding, green bonds and funds that align the M-CGT criteria can be considered by cross-border investors whose markets reference the taxonomies which are mapped to M-CGT, subject to applicable laws and regulations of each jurisdiction," stated the parties. The M-CGT is important "for enhancing the interoperability of taxonomies across jurisdictions," said Ma Jun, chairman of the Green Finance Committee of China Society for Finance and Banking, adding that market usage of the CGT in the past two years, including for labelling Chinese green bonds sold to international investors, has shown it can help to cut cross-border transaction costs and boost green capital flows, particularly to developing economies. The initial mapping exercise for the initiative indicated that around 60pc of common activities could be clearly defined under the most stringent criteria, mainly in the manufacturing, transportation, water and waste sectors, and 5pc of common activities in the electricity generation and construction sectors. Climate finance has been a focus of this year's Cop 29 summit, especially on agreeing a new climate finance goal for developing countries . Discussions have so far only led to a complicated draft that still lacks a position on an amount from developed countries, which are pushing for an increase in private finance mobilisation as part of a multi-layered goal. A UN-mandated high-level group noted yesterday that international private finance could meet around half of the funds that developing countries need — $1 trillion/yr by 2030 and $1.3 trillion/yr by 2035. But private investors have long been calling on governments to improve investment environments through clearer policies and provide easier access to public capital markets. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Korea’s Plagen plans Azeri green methanol plant

15/11/24

Cop: Korea’s Plagen plans Azeri green methanol plant

Baku, 15 November (Argus) — South Korean clean energy firm Plagen has signed an initial agreement to develop a green methanol production plant near the port of Baku, Azerbaijan. Plagen expects that the plant, which it described as Azerbaijan's first green methanol facility, will produce 10,000 t/yr of the fuel by 2028. It will use Plagen's technology, the firm said at a side event at the UN Cop 29 climate summit today. The methanol will be produced from agricultural waste and wood waste, including hazelnuts shells and almond shells, which will be sourced from Azerbaijan, Plagen chief executive officer John Kyung said. The production process yields 96t of methanol from 300t of biomass. The produced methanol will be used as bunker fuel, and contribute Baku port's goal to reach "carbon neutrality" by 2035 amid increased traffic through the Trans-Caspian International Transport Route, as ships seek alternatives to the fraught Suez Canal route. Kyung said today that the firm also has plans to produce green methanol at Indonesia's Batam to supply as bunker fuel to Singapore, the biggest bunkering port in the world. Plagen also expects 32,000 t/yr of green methanol production by 2027 at a plant in Taebaek, South Korea. This is up from 10,000 t/yr as previously planned . By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: European oil firms commit $500mn to energy access

15/11/24

Cop: European oil firms commit $500mn to energy access

Baku, 15 November (Argus) — European oil firms TotalEnergies, BP, Shell and Equinor today announced a $500mn joint investment commitment for universal energy access in sub-Saharan Africa and south and southeast Asia. The firms will jointly invest in a broad range of solutions, including solar home systems, mini/metro grids, clean cooking solutions, and enabling technologies such as e-mobility, energy storage and management solutions, TotalEnergies said. The investment is in support of the UN sustainable development goal 7, which aims for universal access to sustainable, affordable and reliable energy by 2030. Investments in clean energy need to rise to around $4.5 trillion/yr by 2030 to be in line with an IEA scenario compatible with a 1.5°C temperature rise above pre-industrial levels, the lower limit under the Paris Agreement. The Paris climate accord seeks to limit global warming to "well below" 2°C above the pre-industrial average and preferably to 1.5°C. Developing countries alone could require up to $1 trillion/yr by 2030 and $1.3 trillion/yr by 2035 . TotalEnergies reported a profit of $22bn in 2023, while Shell and BP posted profits of $20.3bn and $13.8bn, respectively. Equinor made a profit of $11.9bn in 2023 . The announcement was made as the UN Cop 29 climate summit is taking place in Baku, Azerbaijan. The Cop 29 presidency signalled earlier this year that it was working on a $1bn climate fund , capitalised by fossil fuel-producing countries and companies. The fund was due to be a public-private partnership, with "concessional and grant-based support to rapidly address the consequences of natural disasters" in developing countries, according to Cop 29 president and Azeri ecology and natural resources minister Mukhtar Babayev. But the presidency has yet to announce progress on the plans. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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