The week's developments in green tech & energy policy, explained | 09.12.23

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As the second week of COP28 wraps up, it’s time to review early gains from the summit. The opening week saw promising strides on key fronts: a long-awaited funding deal secured vital relief money for climate-vulnerable countries; 100+ countries pledged to triple global renewables by 2030; and major emitters committed to reducing methane emissions by 30% lower than 2020 levels.

Meanwhile, PM Rishi Sunak pledged over £1.6 billion for COP28 climate projects to counter allegations that he has weakened the UK’s commitment to climate action. Plus, London Mayor Sadiq Khan launched a $100M EDGE fund to invest in clean energy projects.

We cover these stories and more in today’s edition — from how carbon capture technology could be a gamechanger for curbing fossil fuels, to the F1 racing series going all out on hydrogen.

CogX Must Reads

Top Stories

🌎 Rishi Sunak pledged to honour the UK’s climate goals in a "pragmatic way". The PM rejected claims that he had watered down the UK’s net-zero ambitions and pledged to commit £1.6 billion for COP28 climate projects. He remarked that Britain was “leading by example” — but added that the green transition costs should not be borne by ordinary Britons. (The New York Times)

💰 London launches $100M EDGE fund to accelerate emissions cuts. Mayor Khan partnered with UK investor SDCL on an initiative backing clean energy projects in London. The fund aims to unlock more private finance in low-carbon infrastructure.  (London.Gov)

The Green Climate Fund pledge tracker

The Green Climate Fund is the world’s largest multilateral fund dedicated to helping developing countries combat climate change. Initially mobilised in 2014, it gained over £7.9 billion in pledges from 45 countries. As of early December, £10.1 billion has been pledged to the fund. (NRDC)

Climate Change

💸 An agreement on a loss and damage fund was reached on first day of talks. The deal will support vulnerable nations impacted by extreme weather events. With backing from over 200 countries, initial funding reached over $429m, led by UAE ($100m) and Germany ($100m). (The Guardian)

🔋 Over 100 countries committed to tripling global renewables by 2030. The pledge aims to double the global rate of energy efficiency improvements and slash fossil fuel use by 2050. Backers also called for the phasing down of unabated coal and ending coal plant financing. (Reuters)

🏭 Major methane emitters pledged to pollution cuts. New national policies and $1 billion in funding have already been committed to slashing methane emissions by 30% below 2020 levels. Additional efforts will target fossil fuels, agriculture and waste — the main sources of emissions. (European Commission)

🗣 COP28 chief under fire for fossil fuel comments. COP28 president Al Jaber defended comments he made that questioned the scientific basis for phasing out oil and gas, in a bid to limit warming to 1.5°C. He claimed his statements were taken out of context and affirmed that reductions are essential. (Bloomberg)

Stat of the week 

An estimated

2,400

representatives affiliated with the coal, petroleum, and natural gas industries are registered for the COP28 climate talks. (BBC)

Green Tech

😶‍🌫️ Scientists: Carbon removal is "necessary" if emissions don't plummet. A new COP28 report warns the world is likely to overshoot the 1.5C warming limit if CO2 removal technologies aren't deployed. Whilst necessary, scientists say the tech should not be a replacement for emission cuts. (Bloomberg)

🚗 F1 explores hydrogen fuel options in new research project. Formula 1 is working with the all-electric rallying series Extreme H to evaluate hydrogen in racing. The study will monitor the progress of hydrogen tech for potential use in combustion engines and event infrastructure. (Motor Sport)

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 In case you missed it

King Charles addressed the COP28 summit on Friday, warning that climate dangers are “no longer distant" and that alarming tipping points are being reached. He closed his speech with the following remark:  “The Earth does not belong to us — but, rather, we belong to the Earth.”

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