Brazil scores modest wins in G20 declaration

Spanish Market: Emissions
19/11/24

Brazil scored some wins in the final 85-point joint statement issued by G20 leaders, but overall gains were modest.

Brazil, which held the G20 presidency this year, managed to include all of its goals in the final G20 joint statement: a global pact to address hunger, changes to global governance, a call for comprehensive cease-fires in Gaza and Lebanon and reaffirming support for Paris Agreement climate goals.

But Brazil's goals were too bold for the G20 leaders, according to Friederike Roder, vice-president of global policy and advocacy for Global Citizen, a non-governmental organisation (NGO) focused on tackling climate change, poverty and inequality. "Brazil brought its A-game. The G20 just couldn't keep up."

The final joint statement includes "meaningful progress" on topics such as taxing the ultra-rich, but the rest of the G20 "failed to rise to the occasion," Roder added.

Brazilian president Luiz Inacio Lula da Silva addressed G20 leaders on Monday, saying that a 2pc tax on the super-rich could generate $250bn/yr to tackle social and climate issues. The G20 leaders agreed to "seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed," but did not draw any specifics.

The biggest miss came in new collective quantified goal (NCQG) negotiations, Roder said. "G20 members have passed the buck yet again, leaving others to clean up the mess."

G20 leaders pledged to commit to any successful NCQG negotiations at the UN Cop 29 climate summit in Baku, Azerbaijan. But those have stalled, summit president Mukhtar Babayev said.

The joint statement will put pressure on negotiations in Baku, according to Viviana Santiago, the executive director of Oxfam Brasil, an NGO focused on economical, social, environmental and political justice. "This progress on international taxation also means that G20 governments must be champions of a $5 trillion climate finance target at Cop 29," Santiago said. "How can they argue that climate justice is unaffordable when a deal to raise trillions of dollars through taxation of the super-rich is on the table?"

G20 leaders have sent a "clear message to their negotiators at Cop 29: to not leave Baku without a successful new finance goal," UN climate body UNFCCC executive secretary Simon Stiell said.

The G20 summit continues today, with talks focused on the energy transition. Brazil will then pass on the G20 presidency to South Africa.

By Lucas Parolin

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19/11/24

Cop: Small signs of movement, G20 backs climate action

Baku, 19 November (Argus) — A small shift in some finance discussions was perceptible today at the UN Cop 29 climate summit, as talks entered the second day of the political stage, and after G20 leaders reiterated support for climate action. But talks on mitigation — reducing emissions — still appear rocky and dependent on progress on the finance goal. A leaders' declaration from the G20 summit , which firmly backed the Paris climate agreement and action to tackle climate change, appeared to have provided some support to talks. The group committed to "successful negotiations" on the new finance goal for developing countries under discussion at Cop 29. G20 members also pledged to intensify efforts to reach net zero emissions by or around mid-century. The climate finance goal, known as the new collective quantified goal (NCQG), is the focus of this year's Cop. Developed countries committed to deliver $100bn/yr in climate finance to developing nations over 2020-25, and all countries must now decide on the next iteration of this. Talks were stalling , with little change in position heard. Developing countries are broadly calling for $1.3 trillion/yr, while developed countries have not suggested an amount. But there could be some possible movement on the contributor base. The UN climate body the UNFCCC uses a list of developing and developed countries from 1992, with 24 countries plus the EU on the latter. Several developed countries have argued for a wider contributor base, while several developing countries argue that they already provide finance. Argus understands that some developing countries, including China, have softened their stance on the issue. Any outcome is highly likely to denote contributions from UNFCCC-designated developing countries as voluntary, and the lists are not likely to be changed. There is still space for a robust outcome on mitigation, a developed country representative said. But it is not clear where this could be covered if the official channel, the mitigation work programme, fails. There was little progress during meetings today on the programme, and there is little space elsewhere to cover mitigation topics. The Cop 29 presidency has said that it is not planning to produce a cover text — which can cover any issues not officially on the summit agenda. While mitigation could be covered in a follow-up to last year's global stocktake text, several countries are concerned about this option. Language related to mitigation, including transitioning away from fossil fuels and phasing out fossil fuel subsidies, is currently mentioned in the draft text for the NCQG. Developed countries are likely to push for this language to stay — especially if mitigation talks falter — but countries including Saudi Arabia have long opposed this. By Georgia Gratton, Prethika Nair, Rhys Talbot, Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Germany ups climate adaptation fund commitment

19/11/24

Cop: Germany ups climate adaptation fund commitment

Berlin, 19 November (Argus) — Germany will contribute another $60mn to the Climate Adaptation Fund, the country's environment and foreign ministries announced at the UN climate summit Cop 29 in Baku, Azerbaijan, today. The federal ministry for the environment and the federal foreign office will contribute $30mn each. The ministries today said that Germany has contributed over $640mn since the fund was established in 2007, making the country the largest cumulative donor. The fund supports countries that are most at risk from climate change to adapt to the consequences of global warming and avoiding future climate damage through proactive action. With the commitment Germany is now "putting other countries under pressure", the German unit of non-governmental organisation Oxfam said. The payments will come from Germany's current budget, German special envoy for international climate action Jennifer Morgan said. Germany is not expected to pass a budget for 2025 this year, since its government lost its majority two weeks ago. Germany supports the adaptation fund through its international climate action initiative IKI, with which the federal ministry of economic affairs and climate action is also involved. The IKI since its establishment in 2008 has contributed a total of $840mn to adaptation activities, in addition to its contribution to the adaptation fund. Germany also launched a new $205mn call for projects through IKI at Cop 29 this week. The call asks for project ideas addressing mitigation — reducing emissions — as well as climate resilience and biodiversity protection, and has nine thematic priorities, including carbon removal activities and the mobilisation of private capital under Article 6 of the Paris agreement, which allows for co-operative approaches in mitigation activities. Other thematic priorities include energy efficiency in buildings, the development and implementation of innovative financing models and programmes for the protection of forests, and the scaling of innovative financing solutions for decarbonising energy-intensive industries. German economy and climate minister Robert Habeck also presented a new contribution to climate finance in Baku this week, aimed at promoting the decarbonisation of industry in emerging and developing countries, together with the UK and Canadian government and the CIF. And he joined the Global Cement and Concrete Association presentation at the summit of the first global standards for "climate-friendly" concrete and cement. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Singapore, Zambia ink Article 6 carbon credit deal

19/11/24

Cop: Singapore, Zambia ink Article 6 carbon credit deal

Baku, 19 November (Argus) — Singapore and Zambia today signed an agreement at the UN Cop 29 summit in Baku, Azerbaijan to collaborate on carbon credits aligned with Article 6.2 of the Paris Agreement. The countries will collaborate on a legally binding implementation agreement on carbon credits, which will include criteria and procedures for transfer under Article 6 of the Paris Agreement. Article 6 of the Paris accord aims to help set rules on global carbon trade. And within it, Article 6.2 allows countries' governments to form bilateral agreements for carbon mitigation projects, the outcomes of which can be traded to contribute towards climate pledges. Mitigation refers to efforts to reduce greenhouse gas emissions causing global warming. The agreement between Singapore and Zambia is also aimed at facilitating knowledge exchange on carbon credit mechanisms. The countries will jointly identify mutually beneficial carbon credit projects and develop the necessary infrastructure to enable these projects. Singapore has entered into multiple carbon credit deals with other countries , but it has only signed implementation agreements with Ghana and Papua New Guinea . Carbon credits are an "innovative source of finance," said Singapore's minister of sustainability and environment Grace Fu today at the summit. "We are working with partners to develop a well-functioning and credible carbon market, including through the co-facilitation of the Paris Agreement Article 6 negotiations, and building a pipeline of high-quality, high integrity credits," she said. Singapore's National Climate Change Secretariat and the world's largest independent carbon credit registries Verra and Gold Standard last week released initial recommendations outlining the development of a carbon crediting protocol to implement Article 6.2. The recommendations are aimed at helping countries to use Article 6 to achieve their UN climate pledges and sustainable development goals, and provides recommendations on how governments can facilitate an effective Article 6.2 market. If such a framework is not established, "countries could take divergent approaches, which could hinder the implementation, scaling and integrity of co-operation under Article 6.2," said Verra. The protocol will be further developed and published once Cop 29 is concluded, said Verra. It will incorporate decisions from Cop 29 and will be implemented in 2025. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Lula urges rich nations to up climate ambitions

19/11/24

Lula urges rich nations to up climate ambitions

Rio de Janeiro, 19 November (Argus) — Brazil's president Luiz Inacio Lula da Silva today said developed nations must boost their climate efforts by presenting more ambitious targets for carbon neutrality. "I propose that the G20's developed nations bring forward their carbon neutrality target from 2050 to 2040 or 2045," Lula said in a speech on the second day of the G20 summit in Rio de Janeiro. "Without recognizing their historical responsibilities, rich nations will have no credibility to demand ambitious [actions] from other countries," he said. The G20 is responsible for 80pc of the world's greenhouse gas emissions. The Brazilian president also called on developing nations to present nationally determined contributions (NDCs) that cover all aspects of the economy. Brazil presented its new NDC at the UN Cop 29 climate summit in Baku last week, which aims to reduce 2035 emissions by 59-67pc from 2005 levels. Under the terms of the 2015 Paris Agreement, all signatory countries must present updated NDCs by next January. Lula also touted Brazil's deforestation efforts , saying that the country decreased forest cutting by 45pc in the last two years. He reaffirmed his pledge to end deforestation in the country by 2030. Energy transition was one of Brazil's three goals for its G20 presidency this year. The topic and climate change gained a more prominent spotlight in discussions once conversations on climate finance goals stalled at Cop 29. Developing nations will need at least $2.4 trillion/yr to adapt to climate change, accelerate carbon emissions mitigation and deal with climate disasters, the Interamerican Development Bank's climate change advisor Avinash Persaud said. As part of its G20 presidency, Brazil set up a disaster reduction group and a task-force to mobilize nations against climate change. The final G20 declaration includes 25 points on sustainable development, energy transition and climate action. Those include reaffirming support for Paris Agreement climate goals , the need for urgent action to "scale up and prioritize" economic adaptation to climate change, working towards facilitating low-cost financing for developing nations to transition to low carbon emissions and a reiterated commitment to boost efforts to phase out and rationalize fossil fuel subsidies. Brazil will look to continue its role as a leader of energy transition next year, when it will host Cop 30 in Belem, near the mouth of the Amazon River. By Constance Malleret and Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Countries join fossil fuel subsidy phase-out group

19/11/24

Cop: Countries join fossil fuel subsidy phase-out group

Baku, 19 November (Argus) — Colombia, New Zealand and the UK today joined a Netherlands-led international coalition focused on phasing out incentives and subsidies for fossil fuels. They made the announcement at the UN Cop 29 climate summit in Baku, Azerbaijan. The coalition was first formed at Cop 28 in December last year. Member countries that sign up to the coalition commit to publish an inventory of their fossil fuel subsidies a year after joining, and to develop a plan to phase them out. Countries agreed at Cop 26, in 2021, to phase out inefficient fossil fuel subsidies, and reaffirmed this a year later at Cop 27. G20 members first pledged in 2009 to do the same. But global fossil fuel consumption subsidies hit over $1.2 trillion in 2022 and more than $600bn in 2023, IEA data show. "We truly feel that this is something we should tackle at a European level as well", EU energy commissioner Wopke Hoekstra said today. "This is something the next Commission will push; this is something I will personally push", he added. New Dutch climate and green growth minister Sophie Hermans admitted that phasing out fossil fuel subsidies is a "sensitive topic", but that the country is working on a plan. The first step is to make transparent which fossil fuels subsidies are in countries' systems, she said. The coalition now has 16 members — Austria, Antigua and Barbuda, Belgium, Canada, Costa Rica, Denmark, Finland, France, Ireland, Luxembourg, the Netherlands, Spain and Switzerland, as well as the three countries that joined today. Four members have made their national inventory of fossil fuel subsidies transparent — Belgium, France, Ireland and the Netherlands. 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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