Summary provided by members of our ESG team; Yme Sanderse, ESG Senior Analyst, Shagun Agarwal, ESG Associate and Aileen Sartor, ESG Analyst.
Day 6 saw the future of fossil fuels under the spotlight again.
Key takeaways:
- Over 50 oil and gas companies committed to achieving ‘near-zero’ upstream methane emissions, eliminating routine flaring by 2030 and reaching net-zero emissions from operations by 2050.
- The Global Carbon Project's report added urgency to this discussion, projecting a 1.1% increase in global CO2 emissions from burning fossil fuels this year compared to 2022.
- 60+ countries pledged to reduce cooling-related emissions by at least 68% by 2050 through the Global Cooling Pledge.
- The EU Energy Days event highlighted the implementation of the clean energy transition, aligning with the commitment of 121 countries to triple renewables and double energy efficiency by 2030.
Lastly, day 6 saw a day dedicated to discussions on the crucial role of indigenous peoples worldwide in addressing climate change, highlighting preventive measures. Representatives explored the need for preventive measures and the importance of learning from indigenous peoples' early warning systems to inform climate decisions.
As always, there was some controversy surrounding the day. Analysis by ‘Kick Big Polluters Out’ revealed that over 2,400 fossil fuel lobbyists were granted access to COP28, surpassing the representation of many country delegations. In a stark and alarming contrast in participation, the number of passes issued to fossil fuel lobbyists exceeds the combined count of 1,509 delegates from the 10 most climate-vulnerable nations.
This surge, including lobbyists from major polluters, is raising serious concerns among Global South countries, public officials, UN constituencies and civil society, amplifying the demand to exclude polluters from crucial climate discussions. This year, for the first time, COP28 attendees were compelled to disclose affiliations – and it is this transparency that has exposed lobbyists who previously operated incognito during COP events.
With much of the conversation focused on the increasing number of fossil fuel lobbyists in attendance, there is a risk that this COP, with a president drawn from the oil and gas community, will be compromised, and so much will depend on what it delivers. This feels like another missed opportunity to include and implement indigenous knowledge and solutions - COP28 again highlighted the need for indigenous voices to be heard yet has not succeeded in providing a platform for such conversations.
As stated by Pema Wangmo Lama Mugum, of the National Indigenous Women’s Federation Nepal, “We have the right to full and direct participation, including for our youth, women, and knowledge holders, in all UNFCCC processes”.
This will only become more important as, by 2050, over 140 million people from various communities in the Global South are expected to be forced to move due to climate change-induced migration. A key takeaway from the day is that future conferences should aim to create more robust platforms for indigenous voices and more swiftly include their inputs into decarbonization/decarbonisation processes.
