Glasgow Dispatch - November 3

View this newsletter online Subscribe Review EESI Welcome! Today is finance day at COP26   In the lead up to COP26 and during the World Leaders Summit, countries announced new international climate finance commitments, outlined here by the COP26 Presidency.  What is climate finance? Developed countries agreed in 2009 to collectively mobilize $100 billion a year in climate finance by 2020 to help developing countries achieve their climate goals. In Paris in 2015, the climate finance goal was extended to 2025. However, to date, developed countries have fallen short of the climate finance goal.  COP26 President Alok Sharma said today that it is “highly unlikely” the goal will be met this year, but that analysis from the Organisation for Economic and Co-operative Development (OECD) suggests “significant progress” will be made in 2022. Fiji Minister Aiyaz Sayed-Khaiyum stated, “the $100 billion a year target for climate finance … is an unfinished pillar of the Paris Agreement’s architecture … When you live in the frontline of climate change, delays can be devastating … Climate finance in 2021 is as volatile as the strengthening storms that rip through the fabric of our economy year in and year out.” Climate finance is a significant emphasis of COP26 and is the subject of multiple negotiating streams. The U.K. COP26 Presidency is also focused on catalyzing private climate finance (see the Key Takeaways section below for more on private finance).  The U.S. connection: The United States has committed to provide climate finance to developing countries. In September 2021, the Biden-Harris Administration pledged to increase U.S. climate finance to $11.4 billion per year by 2024.    ⇒⇒⇒ EESI Resource: Congress plays an important role in supporting this ambition and appropriating climate finance, as described in our recent Congressional briefing, The Role of International Climate Finance.    Missed yesterday’s issue? Check it out here! Confused by COP language? Check out the glossary of terms in the Resources section!   Topics Key Takeaways        U.S. Updates        Around the World        Resources        Events   UNFCCC High-Level Champion Nigel Topping kicks off the Marrakech Partnership event. Credit: UNFCCC Down to work: The World Leader Summit wrapped up yesterday as planned. For the past two days, in the background, technical negotiations have been underway and will get more attention now that the Summit has concluded. Finance and transparency are two major focus areas of the negotiations right now.    Towards $100 billion: Finance ministers met today to discuss mobilizing climate finance. One major new commitment came from Japan, which will deliver an additional $2 billion per year in international climate finance over the next five years. Ministers also committed to increasing funding directed at climate adaptation, but according to many developing country representatives, the funding would still not be at the level needed.   Private finance: The UNFCCC High-Level Champions for Climate Action hosted the first Marrakech Partnership for Global Climate Action event today on finance, which featured the Glasgow Financial Alliance for Net Zero (GFANZ). One of the High-Level Champions, Nigel Topping, emphasized the trajectory of private finance: Two years ago, about $5 trillion of assets were under management by members of the U.N. Convened Net-Zero Asset Owner Alliance; a year ago, the number rose to about $30 trillion; during New York Climate Week in September 2021, the number amounted to $80 trillion; and now, it is at $130 trillion. The Marrakech Partnership events will run every day for the rest of COP26 and focus on action and implementation. ⇒⇒⇒ EESI Resource: Listen to our most recent podcast, Expert Perspective - What is the Net Zero Asset Owners Alliance and Why Does it Matter? Climate information: Earth Information Day—hosted today by the UNFCCC Subsidiary Body for Scientific and Technological Advice (SBSTA)—facilitated “a dialogue for exchanging information on the state of the global climate system and developments in systematic observation.” U.S. Treasury Secretary Janet Yellen. Photo Credit: UNFCCC Net Zero World Initiative: The U.S. launched the Net Zero World Initiative, which is “a new partnership between countries working to implement their climate ambition pledges and accelerate transitions to net zero, resilient, and inclusive energy systems.” According to U.S. Secretary of Energy Jennifer Granholm, DOE and its partners have committed $18 million in initial seed capital and aim to mobilize $10 billion by 2024.   Climate finance: The U.S. and the U.K announced their intention to fully support the Capital Markets Mechanism under the Climate Investment Funds’ (CIF) Clean Technology Fund. U.S. Treasury Secretary Janet Yellen stated, “Through an innovative leveraging structure, this initiative will help attract significant new private climate finance and provide $500 million per year for the Clean Technology Fund’s programming.” Representatives from the U.S., U.K., and Japan spoke in depth about the CIF’s Clean Technology Fund at a U.S. Center event.   Urban heat: Sustainability coordinators from Louisville, Kentucky; Miami Beach, Florida; and Cincinnati, Ohio discussed strategies to deal with urban heat, including reforestation, reducing paved surfaces, using reflective surfaces, and providing cooling stations.   Climate strategy: USAID launched a new climate strategy today for 2022-2030. At a U.S. Center event yesterday, USAID Administrator Samatha Power stated, “we are already de facto the world's premier adaptation agency because for so many years we have been helping countries … better assess and position themselves to address climate risks.” The strategy is open for public comment through November 24, 2021. ⇒⇒⇒ EESI Resource: Watch or read the highlights of our recent briefing, The Role of International Climate Finance featuring a USAID speaker. ​​Mobilizing capital: At a U.S. Center event on mobilizing capital for climate finance, U.S. government officials spoke about the U.S. International Development Finance Corporation’s (DFC) commitment to increase climate funding. Leonardo Martinez-Diaz, senior director for climate finance to the U.S. Special Presidential Envoy for Climate, stated DFC will increase finance for renewable energy, nature-based solutions, and resilience and adaptation. At the same event, Special Representative of the U.N. Secretary-General for Sustainable Energy for All Damilola Ogunbiyi stated, “We have the single most important opportunity right now to make sure that what happens in continents like Africa is clean from the start because there is nothing to decarbonize. Let's just be honest with ourselves. If you are responsible for 0.55% of global emissions, you are not the focus right now, and that is why there is no climate financing.” ⇒⇒⇒ EESI Resource: Watch or read the highlights of our briefing, Climate Adaptation and Resilience: The Road to COP26, which featured Leonardo Martinez-Diaz. Atlantic Council event on innovation. Photo Credit: Atlantic Council High Ambition Coalition: A group of 27 countries—including the U.S., many small island states, and European countries—and the Least Developed Countries Group released a wide-ranging statement from the High Ambition Coalition covering NDCs, coal-fired power plants, fossil fuel subsidies, methane, transportation policies, national adaptation plans, loss and damage, and finance.    Innovation: The Atlantic Council held an event on how innovation can accelerate action on climate change. Raychelle Omamo, cabinet secretary for foreign affairs in Kenya, stressed that new technology will be necessary to maintain food security. She emphasized that cell phones will be key and that they represent “power in your pocket,” providing cheap and accessible information for farmers, especially women.   Tracking the negotiations Earth Negotiation Bulletin: A play-by-play of the negotiations plus expert analysis from the International Institute for Sustainable Development | @IISD_ENB Carbon Brief: Who wants what at COP26 living document to be updated in real time | @CarbonBrief ECO Newsletter: The climate advocate’s perspective from Climate Action Network International | @CANIntl COP26 Resource Hub: Analysis from the World Resources Institute | @WRIClimate Research and Independent NGOs: Notes from negotiating session taken by researchers at COP26  Background and logistics U.K. COP26 Presidency website: Priorities, details, and logistics for the negotiations | @COP26 UNFCCC COP26 website: Conference details and all updates on documents produced during the negotiations | @UNFCCC and @UNFCCCDocuments Congressional Research Service: Reports related to the UNFCCC UNFCCC glossary of terms EESI resources Briefing series: What Congress needs to know in the lead up to COP26 Creating Policies, Coalitions, and Actions for Global Sustainable Development Momentum on Climate Adaptation The Role of International Climate Finance The Negotiations: What’s on the Table Articles: Quick reads connecting international climate talks to Congress Climate Change Solutions: Biweekly newsletter covering climate, energy, and environmental issues Thursday, November 4 Special event of the SBSTA and the IPCC: Unpacking the new scientific knowledge and key findings in the Working Group I contribution to the Sixth Assessment report: The Physical Science Basis 6:30am-9:30am ET/10:30am-1:30pm GMT Host: UNFCCC   Marrakech Partnership Energy Action Event Agenda 8am-10:45am ET/12pm-2:45pm GMT Hosts: High-Level Climate Champions and Marrakech Partnership for Global Climate Action   Expanding Global Wind Ambition in Pursuit of a Clean Energy Economy 9:30am ET/1:30pm GMT Host: U.S. Center   Partners in Innovation: How UK-US research collaboration can drive the evolution of offshore wind for global net zero 11:00-12:30 ET / 15:00-16:30 GMT Host: British Embassy Washington and British Consulate General in Boston Questions about COP26?   Reach out to EESI Policy Manager Anna McGinn with your question and we will get back to you or include the information in an upcoming newsletter. Thanks for reading!   This newsletter covering COP26 will be running from November 1 to November 14. If you thought this newsletter was interesting, forward it to someone you know! If you were forwarded this edition, sign up here. Thank you to EESI staff for their contributions: Anna McGinn, Savannah Bertrand, Emma Johnson, Amaury Laporte   Environmental and Energy Study Institute  Daniel Bresette, Executive Director   EESI is an independent 501(c)(3) non-profit organization established in 1984 by a bipartisan Congressional caucus to provide timely information and develop innovative policy solutions that set us on a cleaner, more secure and sustainable energy path.   www.eesi.org                 CFC #10627