COP 27: Top news for the eleventh day of the event – climate change

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Solutions were the focus of discussions on the eleventh day of the United Nations Climate Change Conference 2022 (COP 27). Here’s what business leaders need to know to stay on top of climate policy as talks wind down:

  • A new draft text was published earlier today. The draft includes some changes in key areas of interest.
    • The new draft includes terminology that mandates both “phase-out” and “phase-out” from unabated coal “consistent with national circumstances” and recognizes the need to support a just transition.
      • While it walks a fine line so as not to jeopardize efforts to limit global temperature rise to 1.5 degrees Celsius, it “urges the parties’ Nationally Determined Contributions (NDCs) to align with the Paris Agreement target.” , but does not provide a deadline for such action.

    • Notably, the draft lacked previously included language that would allow Coalition for Rainforest Nations (CfRN) members to count tens of millions of emission reductions through Reducing Emissions for Deforestation and Forest Degradation (REDD) toward their Paris Agreement commitments before 2020. Members of the CfRN are calling for the reintroduction of this provision.

    • In particular, talks on creating a new United Nations (UN) carbon market mechanism under Article 6 are progressing. Discussions focused on 6.4, which establishes a centralized process for managing the system and was finalized earlier this morning. Negotiators are hoping for further clarification on when authorization must be given and whether it can be changed for loans.

    • There is no mention of loss or damage in the text. However, the European Union (EU) proposed a loss and damage fund for the most vulnerable countries, using money raised through aviation, shipping or fossil fuel charges. It suggested that countries beyond those traditionally considered “developed,” such as China, should contribute money to the potential fund.
      • The United States continues to dismiss the language of casualties and damage, although some say the country’s rhetoric on the matter appears to be “slacking off slightly.”

      • The move has been welcomed by other developing countries, including Switzerland, Norway, the United Kingdom (UK) and Australia.

    • Experts expect talks will continue into the weekend as countries struggle to find consensus on these key areas.

  • In a non-binding Memorandum of Understanding (MOU), the USA announced that it would only produce and sell zero-emission medium-duty and heavy-duty commercial vehicles by 2040.

  • The World Wildlife Fund (WWF), the Center for Large Landscape Conservation (CLLC) and the International Union for Conservation of Nature World Commission on Protected Areas’ Connectivity Conservation Specialist Group (WCPA-CCSG) have launched Wildlife Connect, a new initiative aiming to preserve ecological connectivity or the movement of species and the flow of natural processes.
    • The initiative focuses on protecting ecological corridors and networks through mitigation and adaptation actions in four key regions: Africa, Asia, Europe and Latin America.

    • The groups also urged world leaders to at least double public funding for adaptation projects.

The content of this article is intended to provide a general guide to the topic. In relation to your specific circumstances, you should seek advice from a specialist.

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