The climate and nature crises are deeply linked:ten key points after COP 27 in Egypt

The weekly round-up on the climate crisis and data on carbon dioxide levels in the atmosphere.

COP 27 ended just over a week ago leaving jarring sensations:if on the one hand we can celebrate a success in the thirty-year battle for climate finance, on the other we must point out yet another failure that takes us further away from the objective of the Paris Agreement to contain global warming to within 1.5°C.Giving up permanently on the 1.5°C climate target would be a nice gift to carbon advocates, he said the executive director of the International Energy Agency (IEA) in an interview with Guardian. We will see what the effects of the decisions (not) taken will be in the years to come.

The talks highlighted the central role of nature actions in tackling the climate crisis.In a special the World Economic Forum analyzed the progress made after the COP in Egypt.

1) Call for structural reform of nature and climate finance

In addition to loss and damage financing, much attention was paid during COP 27 to the structural reform of the financial system and the need to create innovative mechanisms that support nature and climate actions at local and global levels.Also under scrutiny multilateral development banks:the sovereign bonds and sustainability-related loans and bonds were high on the agenda.Major financial institutions from Japan to Norway to Brazil, all signatories to the Financial Sector Commitment to Eliminate Commodity-Driven Deforestation, are participating through the initiative Finance Sector Deforestation Action (FSDA).During a meeting between ministers from 16 countries representing the five continents, a 10-point plan to close the global biodiversity financing gap with a view to COP15 on biodiversity which will be held in Montreal, Canada from 7 to 19 December.

2) COP15 on biodiversity

The message that the climate crisis and the nature crisis are deeply linked was expressed loud and clear at the Egypt Climate Conference.However, the attempt to include the COP on biodiversity within the final text of COP 27 failed.Simply lowering temperatures without halting and reversing biodiversity loss by 2030 may be insufficient to halt rising global temperatures.

3) New policies for forests

The announcement of the creation of Leaders' Partnership for Forests and Climate (FCLP) it is the sign of an acquired awareness of the need to halt the loss of forests by 2030.Starting in 2023, the FCLP will also publish an annual Global Progress Report with independent assessments.The goal is to show the first results already at COP 28.A strong impetus came from the new president of Brazil, Lula, who in addition to promising to have stopping deforestation in the Amazon among the priorities of his political action, has offered to host COP30 in three years.Lula he also asked to the United Kingdom, France, the United States and other countries to make donations to an international fund for the protection of the Amazon rainforest.Launched under the first Lula administration, between 2003 and 2010, the Amazon Fund financed conservation projects, before being frozen under the Bolsonaro presidency. Additionally, Brazil, Indonesia and the Democratic Republic of Congo they announced the intention to work together to protect their vast areas of tropical forests.Which is why they have been called “rainforest OPEC”.

4) The status of commitments made on deforestation 

According to a relationship of the United Nations, commitments to reduce forest emissions by one gigaton by 2025 are only 24% of the target.However, the monitoring of joint commitments, edited by Nature4Climate, found that 55% of monitored commitments are demonstrating substantial signs of progress.Tropical Asia is on track to reverse forest loss by 2030:Indonesia's deforestation rate fell 25% last year and Malaysia also saw a 24% drop in the pace of forest loss last year.

In 2021, $2.67 billion was allocated to forest-related programs in developing countries – 22% of the $12 billion pledged at COP26, meaning donors are on track to meet targets by 2025.And private sector funds are also moving, as for example in the case ofIFACC which, one year after its launch, is developing innovative financial mechanisms to help farmers avoid further converting the Amazon, Cerrado and Chaco ecosystems into agricultural land.Similarly, the public-private coalition LEAF has mobilized an additional $500 million in private funding, for a total of $1.5 billion to support tropical forest protection.This is part of the $3.6 billion in new private financing announced at the Climate Conference.

Notable private sector initiatives include the launch of the new company Biomas (by Suzano, Santander, Itau, Marfrig, Rabobank and Vale) to restore 4 million hectares in the Amazon, Mata Atlantica rainforest and Cerrado.Additionally, 1t.org announced the commitment of top four Indian companies (Vedanta, ReNew Power, CSC Group and Mahindra) to join 75 other companies around the world committed to planting and growing seven billion trees in over 60 countries.

5) Nature-based solutions for the first time in the negotiation text

The nature-based solutions were included for the first time in the text of COP 27:a specific section was dedicated to forests, oceans and agriculture.All eyes are now on COP 28 to understand whether this will translate into actions to concretely transform food systems.

The very technical discussions revolved around the implementation of theArticle 6 on emissions market mechanisms, the basic framework of which was defined last year at COP 26 in Glasgow.Regarding nature, emissions related to land use fall under this article.In Egypt, guidelines on reforestation, restoration and reforestation were discussed.

6) The use of technology for nature

As with finance, technology was everywhere at COP 27.In Egypt, the role of technology in improving transparency and accountability in monitoring supply chains (and tackling deforestation) and improving the integrity of carbon markets has been a constant refrain.

Among the noteworthy developments, writes the World Economic Forum, the Verra's partnership with Pachama to experiment with a digital platform for measuring, reporting and verifying forest carbon.A new partnership on forestry data was announced by WRI, FAO, USAID, Google, NASA, Unilever and the US Department of State.Nature4Climate showed a beta version of its new online platform (naturebase) to help decision makers implement natural climate solutions.The was also presented new Global Renewable Energy Watch, a partnership between The Nature Conservancy, Microsoft and Planet.

7) Finally we talked about food systems

For the first time, agriculture and food systems also entered the main agenda, with recognition in the final text and at least five dedicated spaces.It was introduced the Food and Agriculture Initiative for Sustainable Transformation (FAST), launched by the Egyptian COP Presidency, is a multi-stakeholder partnership to accelerate access to finance, build capacity and encourage policy development to ensure food security in countries most vulnerable to climate change.

Still on the subject of food, 14 of the largest agricultural trading and processing companies in the world they shared their roadmap to 1.5℃ – with mixed reactions – with detailed plans on how to eliminate deforestation from their agricultural supply chains by 2025.However, if everyone seems to agree that we are talking about the interconnection between the climate crisis and the food crisis, divergences emerge when discussing solutions.The approach of peasant agroecology, whose demands are close to the concepts of climate, economic and social justice, and the "techno-digital" approach supported by industry, are difficult to reconcile and will soon find a new space in which to collide in the COP.Which will prevail?

8) An increasingly blue COP

There has also been greater recognition of the ocean's fundamental role in the climate system.The Egyptian presidency, Germany and the IUCN have launched ENACT (Enhancing Nature-based Solutions for an Accelerated Climate Transformation).The initiative has been launched Mangrove Breakthrough to protect 15 million hectares of mangroves globally by 2030.Also announced were principles and guidelines on high-quality blue carbon.

9) Indigenous people and local communities

The critical role that indigenous peoples and local communities (IPLCs) play as stewards of forests is now established and beyond question.At COP 27, the IPLCs they expressed their frustration that they are not being reached by climate funds.

While COP 27 was a great space for indigenous and non-indigenous actors to share knowledge, listen to each other and build relationships, it is clear that it cannot be the only space, writes the Word Economic Forum. 

10) Africa-led initiatives take center stage

Even if it wasn't the "African COP" as many hoped, several announcements came from Egypt, including the launch of the initiative Africa Carbon Markets, the declaration for theAfrica Sustainable Commodities Initiative, the establishment of a African rehabilitation fund of 2 billion dollars, the increase in funding for the initiatives of the Great Green Wall and the new partnership between the EverGreening Global Alliance and Climate Impact Partners that predicts deploying $330 million in community-led removal programs in Africa and Asia.

Discussions between EU countries continue to set a ceiling on the price of Russian oil.Meanwhile, China is trying to strengthen energy relations with Russia

The rifts between EU countries cannot be healed in order to reach an agreement on the price ceiling for Russian oil. Second Political, the agreement could be reached on December 5 when the ban on imports of Russian crude oil by sea comes into force.Poland and the Baltic states are pushing for a lower cap, while Greece, Malta and Cyprus are seeking a higher price to protect their maritime industries, some EU diplomats say.US officials are putting pressure on Poland and those countries pushing for a tighter cap, reports Always Political in another article.

The European Union had initially proposed setting the price of Russian oil at $65 a barrel, he adds Bloomberg.But given that Russia already sells its crude at a discount, the cap levels being discussed are all higher than current market rates of around $52.In the meantime, reports The Financial Times, Europe continues to import a record amount of Russian liquefied natural gas by sea, demonstrating how the EU has not completely freed itself from dependence on Russia, despite flows through the pipelines having practically stopped.Imports of Russian liquefied natural gas, transported on large tankers, increased by more than 40% between January and October this year, compared to the same period in 2021. “Buying LNG from Russia is not a problem because we are receiving from the Russians what would otherwise have been sent [elsewhere],” said Georg Zachmann, a senior fellow at Bruegel.“What Europe urgently needs is a protection mechanism against the possibility of Russia selectively sending gas to individual buyers in Europe in order to gain political advantages,” adding that Europe's unity was put put to the test.

Meanwhile, writes Reuters, China is seeking to forge stronger energy ties with Russia.Chinese President Xi Jinping said that “China is willing to work with Russia to forge a closer energy partnership, promote the development of clean and green energy, and jointly maintain international energy security and the stability of China's supply chains. 'industry".

Russian energy exports to China have “increased this year by 64% in value and 10% in volume,” Russian Deputy Prime Minister Alexander Novak said.Moscow has become the world's "fourth largest trading hub for the yuan, as the Kremlin pushes for greater ties with Asia amid Western sanctions."Russian Deputy Transport Minister Alexander Poshivai, quoted by the Russian state news agency RIA, said that "Russia has put forward the proposal for Chinese recognition of insurance certificates of Russian companies insuring maritime transport, as well as certificates of reinsurance of maritime transport risks, documents that guarantee financial coverage of risks".But, according to Kommersant, the proposal was rejected by the Chinese authorities.

UN experts:Australia's Great Barrier Reef should be listed as 'in danger' world heritage sites

A mission supported by the United Nations he recommended to add the Great Barrier Reef to the list of world heritage sites in danger.In the absence of "ambitious, rapid and sustained" climate action, the report says, the world's largest coral reef is in danger, with frequent bleaching events threatening the reef (four in the last seven years).According to experts from UNESCO and IUCN (International Union for Conservation of Nature), the work to improve water quality is too slow.[Continue reading here]

The United States will pay tens of millions of dollars to relocate Native communities threatened by climate change

The Biden administration will give three Native tribes $25 million each to move away from coastal areas or rivers.This is one of the largest efforts to date to relocate communities threatened by the effects of climate change.The project, funded by the Department of the Interior, is a recognition that a growing number of places in the United States can no longer be protected from changes caused by a warming planet.Other issues to address will be deciding which places to help first and how to organize relocation.Which can be disastrous.[Continue reading here]

In the USA the drought is drying up rivers and water reserves but there are ingenious solutions to rethink the waterways and continue to exploit them

Climate change and increased demand for water are drying up America's rivers, writes Laurence C.Smith, professor of environmental studies and earth, environmental, and planetary sciences at Brown University.The Mississippi River is at an all-time low, so much so that nearly 3,000 barges - the equivalent of 210,000 container trucks - have remained stranded on America's most important inland waterway.Conditions are even worse in the southwestern United States, where a 22-year drought has shrunken Colorado River basins, straining water supplies for farms, cities and hydroelectric power from the Hoover Dam .In California, nearly 20% of California's urban water agencies have reported that significant water shortages could occur in the coming months as the state prepares to face a possible fourth consecutive year of drought. The good news is that several projects are already rethinking waterways and finding ingenious solutions to continue exploiting rivers.[Continue reading here]

Scottish oil and gas workers who lost their jobs are finding new employment in the renewable energy sector

In Scotland, off the coast of Wick, Beatrice, a wind farm built near a nearby depleted offshore oil field (from which it takes its name) is about to be dismantled, is providing work to some former oil and gas workers.The marine wind industry, while growing rapidly, is still in its infancy and produces only a small fraction of the energy content of the oil and gas extracted from the British North Sea, writes the New York Times.However, it is managing to give work to those who had lost it.[Continue reading here] 

We'll see more rainbows in the future, but that's not good news

 

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Rainbows are often associated with beautiful and romantic moments.In the future we will see even more but this is not good news.Indeed, it will be one of the manifestations of the effects of climate change.In fact, as scientist Kimberly Carlson, professor of environmental sciences at New York University, explains, "climate change is influencing rainbows" which are starting to appear at latitudes where they were less frequent.Many parts of the world, Carlson explains, “particularly places closer to the poles, like Alaska or Siberia, will receive more rain, potentially adding dozens more rainbow-filled days by the end of the century.”A future full of rainbows and less cloudy could be a sign of deep planetary problems, points out Andrew Gettelman, a climate scientist at the Pacific Northwest National Laboratory, because clouds, particularly low-level ones, help cool the planet by reflecting light incoming solar.[Continue reading here]