COP Daily News

COP27 Daily Briefs – 11th November 2022

U.S. Leadership in Tackling Climate Change
President Biden pledged that the United States will do its part to avert a “climate hell.”

President Biden attempted to reassure that the United States is dedicated to addressing the issue. Still, impoverished nations resisted the sizeable U.S. delegation in attendance and demanded that the world’s wealthiest nations pay more to assist.[1]

During his speech, Biden apologized for the U.S. withdrawal from the Paris Climate Accord under former President Donald Trump. “We immediately rejoined the Paris Agreement, convened major climate summits, and re-established. I apologize we ever pulled out of the agreement,” he said.[2]

A deal to support Egypt’s transition to renewable energy was one of the highlights of the U.S. president’s day trip to Sharm Elsheikh, which was intended to “showcase” American leadership on the issue of climate change. Along with other actions, the U.S. recently unveiled new methane regulations to crack down on “super emitters.”[3]

In his speech, President Biden highlighted the Inflation Reduction Act, one of several domestic climate efforts, a significant tax and climate legislation that allocates $369 billion to renewable energy programs. [4]

Biden assured that good climate policy is good economic policy and that the United States of America will meet its emissions targets by 2030 since the U.S. has pledged to cut its greenhouse gas emissions between 50 and 52% by 2030.

Fossil fuels are a dead end
Negotiations, sharing solutions to curb emissions by the world’s biggest-polluting industries, and continued calls for climate justice and finance for hard-hit developing countries were in the spotlight on Friday.[5]

To meet the Paris Agreement’s goals and prevent the climate crisis’s worst impacts, the world must abandon fossil fuels as quickly as possible, Selwin Hart, Special Adviser to the Secretary-General on Climate Action, told U.N. News today.

“There is no argument around the science at all. But of course, developing countries, especially the poorest, will need assistance to transition to a renewable energy future,” he explained.

Climate Change-makers must pay the bill
Participants representing Africa at the COP27 called on those who cause GHG emissions and the problems that led to climate change to bear the bill for this matter.

In a session entitled “Protecting people on the move in the midst of the climate crisis”, keynote speaker Namira Negm, Director of the African Migration Observatory in Morocco, said: “Here in COP27, we must not deviate from this goal,” and “We hope to see the human face and the suffering of peoples due to climate change on the agenda of the summit .”

Addressing those she considered responsible for this suffering, she believes they must bear the resulting burdens, and pay the bill for their actions to achieve development .”[6]

Pelosi: We must listen to those most affected by the climate crisis
“We have to listen to those most affected by climate crises,” U.S. House Speaker Nancy Pelosi said Friday during a press conference on the sidelines of her participation in the COP27.

She added that President Joe Biden assured that when the U.S. starts working on climate change issues, the U.S. must do it correctly and listen to the most affected, such as vulnerable countries or vulnerable people.”

60 billion dollars have been earmarked to diversify the economic landscape and improve inclusion. In addition, there is also legislation for extra investment in the domains of education, research, and work on inclusion, she noted.

This year, the (U.S.) House of Representatives has budgeted more than $3 billion to assist activities in the field of climate change, and she emphasized that the United States will continue to follow all of its international obligations to fight climate change.[7]

Egypt, Germany and America announced during COP27 to support the energy axis of the NWFE program
In continuation of efforts to mobilize facilitated development financing mechanisms for the national platform for green projects, the “NWFE” program, to advance the green transformation in Egypt and the transition to renewable energy, the Arab Republic of Egypt, the United States of America and the Federal Republic of Germany issued a joint statement and political declaration to support the energy axis within the “NWFE” program.

This comes as U.S. President Joe Biden announced that Germany, the United States and the European Union would provide a $500 million financing package to Egypt, facilitating Egypt’s transition to clean energy.

At the same time, the German Federal Ministry for Economic Cooperation and Development announced, in a statement, the provision of 250 million euros to the Arab Republic of Egypt to support the acceleration of the transition of renewable energy to reach 42% of the total energy generated by 2030, instead of 2035.

Funding for the energy axis is scheduled to be available within the national platform for green projects, the “NWFE” program. The German ministry stated that the Egyptian state aims to stop operating at least 12 natural gas power plants with a total capacity of 5 gigawatts, which is a significant component. To restructure the energy sector, reflecting ambitious climate action policies and Nationally Determined Contributions.

Dr Rania Al-Mashat, Minister of International Cooperation, commented,” We adopt a partnership-based approach between the relevant parties to stimulate innovative financing mechanisms and accelerate The pace of implementation of pledges and the transition to a green economy. This announcement represents a milestone and a turning point in the strategic partnerships between Egypt and bilateral development partners, especially the United States and Germany, towards efforts to combat climate change.[8]

Breakthrough Agenda
At a session titled “Breakthrough Agenda”, Mahmoud Mohieldin, the U.N. Climate Change High-Level Champion for Egypt, said the Sharm El-Sheikh Adaptation Agenda, which was adopted at the COP27, aims to improve the resilience of 4 billion people by 2030 through projects in the fields of food and agriculture, water and nature, coasts and oceans, human settlements, and infrastructures.

The Decarbonization Challenge: investing in the highest emitting sector
Speakers at a session on “The Decarbonization Challenge” underscored the importance of investing in the decarbonization of the highest emitting sectors and identifying new technologies to streamline the process further.

The session included Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, US Special Presidential Envoy for the Climate John Kerry and the Head of Programs of Third World Network Meena Raman.

U.N. Environment Programme unveiled MARS
The U.N. Environment Programme unveiled the satellite-based Methane Alert and Response System (MARS) as part of efforts to cut down on the major contributor to global warming. MARS satellites will detect and identify the source of methane “hot spots”. Then, UNEP would notify governments and companies about the emissions “so that the responsible entity can take appropriate action.”

Germany joined France and the Netherlands in pulling out of a 1994 energy treaty
Germany joined France and the Netherlands in pulling out of a 1994 energy treaty that critics say protects investments in fossil fuels. France and the Netherlands have withdrawn from the treaty in recent weeks as they deem it incompatible with the Paris climate accord to combat global warming.[9]