{"id":47531,"date":"2022-11-10T06:00:12","date_gmt":"2022-11-10T06:00:12","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=47531"},"modified":"2022-11-09T21:43:39","modified_gmt":"2022-11-09T21:43:39","slug":"cop27-bulletin-could-polluter-taxes-fund-loss-and-damage","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2022\/11\/10\/cop27-bulletin-could-polluter-taxes-fund-loss-and-damage\/","title":{"rendered":"Cop27 bulletin: Could polluter taxes fund loss and damage?"},"content":{"rendered":"

The finger pointing on who pays out to climate victims continues. The US’ John Kerry has hinted China, now the (distant)\u00a0second biggest historic emitter<\/a>\u00a0in the world, should chip in.<\/strong><\/p>\n

China’s Xie Zhenhua told a press briefing Kerry had not asked him directly during their informal meetings. (Relations are still frosty since US house speaker Nancy Pelosi’s\u00a0visit to Taiwan<\/a>\u00a0“hurt China\u2019s peoples\u2019 feelings”.)<\/p>\n

Warning against reopening the Paris Agreement, Xie said China made voluntary contributions through south-south cooperation and was under no obligation to do more.<\/p>\n

“We hope…. that we can set up this new mechanism and then we can discuss how to resolve it in a more in depth way,” said Xie.<\/p>\n

Meanwhile a few millions of dollars trickling in from the likes of\u00a0New Zealand<\/a>\u00a0and Scotland won’t go far.<\/p>\n

This stalemate\u00a0has vulnerable nations looking for so-called “innovative finance”. That could mean anything from air passenger taxes to debt cancellation.<\/p>\n

Barbados\u2019 prime minister Mia Mottley is pushing a levy on fossil fuels\u00a0\u2013 including during a phone call to John Kerry.<\/p>\n

\u201cIt\u2019s time for the private sector to stand up and we need to hold them accountable\u201d, said Michai Robertson, the small island (Aosis) negotiator on loss and damage, on Wednesday.<\/p>\n

Developed nations seem more open to this idea than to another demand on their public finances.\u00a0Asked about it in a Cop27 press conference, after\u00a0pausing for a plane to pass overhead,\u00a0the EU\u2019s Jacob Werksman said \u201cwe\u2019re all looking for innovative finance\u201d.<\/p>\n

But it\u2019s not going to be easy. Robertson said it was only in the \u201cexploratory phase\u201d. Getting buy-in from petrostates is an obvious obstacle.<\/p>\n

\n

Kerry’s offset plan is ‘raw cookie dough’<\/h3>\n

UN special climate envoy John Kerry came to Cop27 determined to have something to say about how to fund the transition from coal to clean energy.<\/p>\n

Perhaps he recognises\u00a0that the\u00a0US\u2019\u00a0$1 billion in loans for\u00a0South Africa\u2019s just energy transition deal didn\u2019t cut the mustard. As he prepared for Cop27 the midterms were not looking promising for a climate-friendly majority to pass more support through Congress.<\/p>\n

On Wednesday, Kerry\u00a0sketched out a\u00a0plan<\/a>\u00a0to use carbon credits to finance coal retirement\u00a0and deploy solar, wind and geothermal energy in developing countries.<\/p>\n

Philanthropic groups Rockefeller Foundation and Bezos Earth Fund are interested in the idea and have partnered with the US State Department to put flesh on the bones. It\u2019s being called the\u00a0Energy Transition Accelerator.<\/p>\n

Kerry’s team \u201cworked on this like crazy for a while,\u201d he said. We\u00a0first reported<\/a>\u00a0the idea at the start of November.<\/p>\n

Yet the result \u201cis not so much half-baked as it is raw cookie dough,\u201d said Leo Roberts, of E3G\u2019s coal transition team. There are virtually no details.<\/p>\n

That makes it difficult to judge against the recommendations of UN chief Ant\u00f3nio Guterres\u2019 greenwashing taskforce, which\u00a0set high standards<\/a>\u00a0for using offsets to meet\u00a0net zero pledges.<\/p>\n

Kerry promised \u201cstrong safeguards\u201d and no repeating past\u00a0mistakes, which allowed dodgy carbon credits to flourish.<\/p>\n

\n

\"Anti-Eacop<\/p>\n

A campaigner against the East Africa Crude Oil Pipeline confronts an adviser to Japan’s MUFG bank at Cop27. According to 350.org, campaigners asked the bank to say they would not support the pipeline and the bankers replied they could not comment on individual cases. (Photo: 350.org)<\/p>\n

\n

In brief…<\/h3>\n

Distancing\u00a0<\/strong>– Sustainable Energy for All (SE4All) has pulled out of Team Energy Africa, a UN-backed initiative to mobilise private sector energy investments across Africa. The move comes after\u00a0we reported<\/a>\u00a0on the involvement of NJ Ayuk, an oil and gas lobbyist and convicted fraudster.<\/p>\n

Should China pay?<\/strong>\u00a0– After\u00a0reports<\/a>\u00a0that small islands (Aosis) want China to pay into loss and damage, Antigua and Barbuda\u2019s prime minister and Aosis lead Gaston Browne\u00a0told Climate Home: \u201cAll polluters, especially large ones, must contribute to the fund.\u201d He added the \u201cdifferentiated assessment\u201d should include \u201chistorical emissions and the current level of development\u201d.<\/p>\n

Scramble for green hydrogen<\/strong>\u00a0– Egypt and Norway have signed a deal to establish a 100 MW green hydrogen plant 100 MW in Ain Sokhna on the Red Sea. Egypt and Belgium also announced a green hydrogen project, Egypt Today\u00a0reports<\/a>.<\/p>\n

Methane action<\/strong>\u00a0– China has drawn up a draft national strategy on methane, its climate envoy Xie Zhenhua\u00a0said<\/a>\u00a0at Cop27. The strategy will target the three main source of emissions \u2013 energy, agriculture and waste. They will set preliminary targets which are only preliminary because China has \u201crather weak statistical capability in this area\u201d. He said public leveraged finance would be key.<\/p>\n

Congress in balance<\/strong>\u00a0– The Democrats are doing better than expected in the mid-term elections, winning Senate seats in Pennsylvania. At the time of writing, who will control the two chambers of Congress – the House and Senate \u2013 was unclear. Democratic control would improve prospects for climate finance.<\/p>\n

Nature gets money<\/strong>\u00a0– The Climate Investment Fund\u00a0announced<\/a>\u00a0it will deploy over $350m for nature-based solutions, globally, starting in Egypt, the Dominican Republic, Fiji, Kenya. COP27 host Egypt is set to invest in adaptation of the Nile Delta area, which stands to lose 30% of its food production by 2030 as a result of climate change.<\/p>\n

Latin America united<\/strong>\u00a0\u2013 The Community of Latin American and Caribbean States (CELAC in Spanish)\u00a0issued<\/a>\u00a0a joint call\u00a0for new climate finance through sovereign funds and debt-for-nature swaps. Colombia\u2019s Environment minister, Susana Muhamad, said debt swaps could help unify the region at climate talks, which is usually divided in two groups: left-leaning Alba nations and right-leaning\u00a0Ailac.<\/p>\n

Petroleum financing<\/strong>\u00a0– The African Development Bank (AfDB)\u00a0signed an agreement<\/a>\u00a0with OPEC Fund to \u201cto expand their partnership to support sustainable economic and social development\u201d. OPEC has contributed more than $1 billion to projects co-financed by the AfDB.<\/p>\n

UK ups adaptation<\/strong>\u00a0– The UK\u00a0will provide<\/a>\u00a0\u00a3200 million ($228m) to the African Development Bank Group\u2019s climate action window, a new mechanism set up for adaptation finance.<\/p>\n

Weather watching wonga<\/strong>\u00a0– Spain has announced it will fund the Systematic Observations Financing Facility, which aims to bring early warning systems to more countries. Norway has increased its donation. The beneficiaries of the facility are mainly African nations or small islands.<\/p>\n","protected":false},"excerpt":{"rendered":"Sign up<\/a>\u00a0to get our weekly newsletter straight to your inbox, plus breaking news, investigations and extra bulletins from key events","protected":false},"author":12,"featured_media":47291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[607,3863,208,4665,4364],"tags":[],"coauthors":[3983,4267,4545,4904],"class_list":["post-47531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-carbon-markets","category-finance","category-climate-finance","category-cop27","category-loss-and-damage","type-newsletter"],"acf":[],"yoast_head":"\nCop27 bulletin: Could polluter taxes fund loss and damage?<\/title>\n<meta name=\"description\" content=\"Sign up\u00a0to get our weekly newsletter straight to your inbox, plus 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