In the statement, China and the US say they will “pursue efforts to triple renewable energy capacity globally by 2030”. Photo: @POTUS/X.

China-US climate deal in place to “triple RE capacity globally by 2030”

China and the US have released a statement agreeing “to jointly tackle global warming by ramping up wind, solar and other renewable energy with the goal of displacing fossil fuels”. In the statement, China and the US say they will “pursue efforts to triple renewable energy capacity globally by 2030” and “anticipate post-peaking meaningful absolute power sector emission reduction, in this critical decade of the 2020s”, the New York Times reported. The agreement said that the growth should reach levels high enough “so as to accelerate the substitution for coal, oil and gas generation.”

In 2021, climate finance flows hit $1trillion mark globally: Report 

Annual climate finance flows crossed the $1 trillion mark globally in 2021, new research revealed. The paper by US non-profit Climate Policy Initiative (CPI) warned that the level still has to increase fivefold by 2030 to battle the worst impacts of climate change. According to the report, average finance flows in 2021 and 2023 were $1.3 trillion–double the 2019 and 2020 levels. But 28% of the increase was attributed to increased access to data. 

Developed countries failed to achieve $100 billion goal in 2021: OECD 

Total climate finance provided and mobilised by developed countries amounted to $89.6 billion, falling short of the $100 billion target they had set earlier. There was still a 7.6% increase in climate finance compared to 2020, the report by the Organisation for Economic Cooperation and Development (OECD) found. Public climate finance doubled between 2013 and 2021–from $38 billion to $73.1 billion. It also accounted for a majority of the climate finance in 2021. The report, however, found that adaptation finance dropped by $4 billion in 2021. 

France, Kenya to announce taxation taskforce at COP28

France and Kenya announced plans to launch an international taxation task force at COP28. This taskforce will aim to push for new levies to increase climate finance. These levies will be proposed for international shipping, aviation and fossil fuels. The taskforce will work to get consensus on specific proposals by COP30, to be held in 2025. 

McKinsey pens energy scenario for COP28, pushes oil and gas industry interests, drives African agenda to boost carbon markets

According to an AFP probe, the world’s top management consultancy McKinsey & Company as a key advisor to the UN’s COP28 climate talks is pushing the interests of its big oil and gas clients, undermining efforts to end the use of the fossil fuels driving global warming, France24 reported. 

An “energy transition narrative” drafted by Mckinsey only reduces oil use by 50% by 2050, and calls for trillions in new oil and gas investment per year from now until 2050, the report said. The 2015 Paris Agreement calls on nations to cap warming at 1.5 degrees Celsius, and IPCC, the UN’s scientific advisory body, has said the world economy must be carbon-neutral by 2050 to stay below 1.5C. ”On average, 40-50 MMb/d (millions of barrels per day) of oil is still expected to be utilized in 2050,” compared to about 100 MMb/d today, McKinsey’s narrative said, that is twice the amount allowed in the International Energy Agency (IEA) net zero roadmap, reported AFP.

Leaked documents analyzed by Climate Home News show that US consultancy firm McKinsey “dominates an ecosystem pushing carbon markets in Africa and processes designed to help governments develop long-term energy plans”. Climate campaigners have warned that the focus on carbon markets as “a dangerous distraction” from African climate priorities and accused McKinsey of working to protect the interests of its western corporate clients.