Energy experts Melissa Lott and Morgan Bazilion join the podcast to discuss the latest stories from COP28. They debate the efficacy of the annual climate summit, the potential impacts of next year's US and UK elections, and key takeaways from the talks such as reducing methane emissions and financing challenges. The importance of practical solutions, private sector engagement, and funding for developing countries is emphasized. The speakers also reflect on the value of attending COP, face-to-face interactions, and share their takeaways from COP28 with optimism.
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Quick takeaways
The focus at COP28 is on transitioning from current clean energy spending to the required $4 trillion by 2030, with private sector engagement and financing being crucial.
While negotiations at COP28 are important, meaningful actions and progress in addressing climate change are happening outside of the negotiations, driven by discussions, agreements, and initiatives beyond the negotiation rooms.
Deep dives
Prioritizing Fielding Solutions and Building Infrastructure
There is a shift in focus at COP28 towards fielding solutions and building infrastructure to address climate change. The emphasis is on going beyond raising ambition and making stronger NDCs. The goal is to transition from the current $1.7 trillion spent on clean energy deployment to the required $4 trillion by 2030. Private sector engagement and financing are crucial, and COP28 highlights the importance of catalyzing private sector finance while also addressing barriers such as policies, regulations, permitting, and financing. The negotiations at COPs are seen as important but not delivering substantial results, with more meaningful actions and announcements happening outside of the negotiations.
The Importance of Interactions Outside Negotiations
While negotiations at COP28 are deemed important, the majority of impactful work is happening outside of the negotiation rooms. The focus is on initiatives like the Global Methane Pledge, the $30 billion Abu Dhabi fund, and the Carbon Management Challenge, which are not part of the negotiation text. The COP serves as a forcing function to encourage higher ambition and greater action, but it is the discussions, agreements, and initiatives taking place beyond the negotiations that are driving change and progress in addressing climate change. Private sector engagement and finance are seen as essential for success.
Challenges and Solutions for Climate Financing
Climate financing, especially for less developed countries, remains a major challenge at COP28. Efforts to direct funds to these countries face hurdles due to limited administrative and institutional capacities. Guarantees such as sovereign guarantees and risk guarantees, along with innovative ways to address foreign exchange and cost of capital risks, are considered important solutions. The focus is on mobilizing private sector involvement while ensuring that funding reaches countries in need. Efforts such as the Bridgerton Initiative and the shift towards the funding of low-income or less developed countries show progress in tackling finance-related barriers.
The Role of Politics and Elections
Politics and elections play a significant role at COP28, and they are seen as potential drivers or obstacles to addressing climate change. The impact of elections on climate discussions and actions is noted, with concerns about a potential shift in political priorities and commitments. The outcome of upcoming major elections, including India and the United States, is considered consequential for climate action. The need for communication and collaboration between governments, private sectors, and civil society is emphasized, given the potential consequences of political changes on climate solutions.
On day 9 of the climate talks, what do the experts think?
As Simon Stiell, Executive Secretary of the UNFCC, said today, it’s go-time for governments at COP28 this week. To examine the latest stories Ed Crooks has assembled a panel of energy experts: regular Energy Gang guest Melissa Lott, who is Director of Columbia University’s Center on Global Energy Policy, Morgan Bazilion, Director of the Payne Institute for Public Policy and professor of public policy at the Colorado School of Mines, and Julio Friedmann, Chief Scientist at Carbon Direct.
Together they debate the efficacy of an annual climate summit, the potential impacts of next year’s US and UK elections on global climate and energy policy and the latest key takeaways from the talks.