Berliner Boersenzeitung - 1.5C goal on the line as countries gear up for key climate talks

EUR -
AED 4.316068
AFN 75.78368
ALL 95.590345
AMD 433.921011
ANG 2.103199
AOA 1078.693153
ARS 1639.785212
AUD 1.624081
AWG 2.115085
AZN 1.998447
BAM 1.953692
BBD 2.367425
BDT 144.224377
BGN 1.960098
BHD 0.443342
BIF 3496.940129
BMD 1.175047
BND 1.48805
BOB 8.122098
BRL 5.804148
BSD 1.175422
BTN 110.788156
BWP 15.737751
BYN 3.321717
BYR 23030.922895
BZD 2.364009
CAD 1.602171
CDF 2720.234209
CHF 0.915114
CLF 0.026583
CLP 1046.250228
CNY 7.992494
CNH 7.994215
COP 4395.921653
CRC 539.208999
CUC 1.175047
CUP 31.138748
CVE 110.718804
CZK 24.309497
DJF 208.829292
DKK 7.472536
DOP 69.974145
DZD 155.20245
EGP 61.946583
ERN 17.625706
ETB 184.837228
FJD 2.569065
FKP 0.864214
GBP 0.865099
GEL 3.14908
GGP 0.864214
GHS 13.242649
GIP 0.864214
GMD 85.778323
GNF 10313.979512
GTQ 8.975086
GYD 245.920458
HKD 9.203498
HNL 31.268177
HRK 7.538985
HTG 153.949298
HUF 356.459886
IDR 20367.502417
ILS 3.409229
IMP 0.864214
INR 110.911284
IQD 1539.311683
IRR 1542719.319578
ISK 143.802053
JEP 0.864214
JMD 185.140228
JOD 0.833171
JPY 184.059961
KES 151.757262
KGS 102.723202
KHR 4714.873056
KMF 492.344575
KPW 1057.555194
KRW 1710.72734
KWD 0.361773
KYD 0.979526
KZT 544.33643
LAK 25792.283247
LBP 105225.46686
LKR 378.490323
LRD 215.562468
LSL 19.235691
LTL 3.469608
LVL 0.710774
LYD 7.437674
MAD 10.742863
MDL 20.222835
MGA 4894.071095
MKD 61.679754
MMK 2467.412574
MNT 4207.19177
MOP 9.480809
MRU 46.925498
MUR 54.88696
MVR 18.1603
MWK 2046.931705
MXN 20.277164
MYR 4.59457
MZN 75.083217
NAD 19.235747
NGN 1598.816408
NIO 43.130063
NOK 10.920412
NPR 177.26371
NZD 1.972799
OMR 0.451806
PAB 1.175412
PEN 4.062727
PGK 5.099342
PHP 71.029227
PKR 327.365667
PLN 4.227866
PYG 7194.237187
QAR 4.280702
RON 5.263274
RSD 117.383642
RUB 87.720656
RWF 1716.15627
SAR 4.436151
SBD 9.438281
SCR 16.52231
SDG 705.619296
SEK 10.86037
SGD 1.48966
SHP 0.877291
SLE 28.907303
SLL 24640.145375
SOS 671.539675
SRD 43.983217
STD 24321.10228
STN 24.999127
SVC 10.284902
SYP 129.899463
SZL 19.235297
THB 37.88334
TJS 10.984361
TMT 4.124415
TND 3.371797
TOP 2.829232
TRY 53.167497
TTD 7.951285
TWD 36.887663
TZS 3052.181577
UAH 51.470562
UGX 4396.218926
USD 1.175047
UYU 46.999286
UZS 14247.445607
VES 583.06901
VND 30915.488845
VUV 138.765659
WST 3.186155
XAF 655.238824
XAG 0.014727
XAU 0.000249
XCD 3.175623
XCG 2.118351
XDR 0.815968
XOF 653.912644
XPF 119.331742
YER 280.367229
ZAR 19.270304
ZMK 10576.837589
ZMW 22.391458
ZWL 378.364682
  • RBGPF

    0.0000

    63.18

    0%

  • CMSD

    0.0000

    23.42

    0%

  • BCC

    -0.9300

    73.31

    -1.27%

  • RIO

    -1.9600

    103.55

    -1.89%

  • CMSC

    -0.0400

    22.97

    -0.17%

  • BCE

    0.4150

    24.645

    +1.68%

  • RYCEF

    -0.0500

    17.45

    -0.29%

  • NGG

    -1.8200

    86.03

    -2.12%

  • RELX

    -1.5500

    34.2

    -4.53%

  • JRI

    -0.0100

    13.16

    -0.08%

  • GSK

    -0.0850

    50.445

    -0.17%

  • BTI

    -1.4000

    58.16

    -2.41%

  • VOD

    -0.4150

    15.715

    -2.64%

  • BP

    -0.7850

    43.845

    -1.79%

  • AZN

    -2.4600

    182.46

    -1.35%

1.5C goal on the line as countries gear up for key climate talks
1.5C goal on the line as countries gear up for key climate talks / Photo: Ulysse BELLIER - AFP/File

1.5C goal on the line as countries gear up for key climate talks

Facing record-shattering temperatures and a geopolitical tinderbox, countries are scrambling to lay the groundwork for crucial UN climate talks next month tasked with salvaging global warming goals laid out in the landmark Paris deal.

Text size:

Ministers meet next week in the United Arab Emirates to grapple with flashpoint issues, including the future of fossil fuels and financial solidarity between rich polluters and nations most vulnerable to the devastating impacts of climate change.

World leaders meeting in Dubai for the COP28 summit between November 30 and December 12 will also have to respond to a damning progress report on the world's commitments under the Paris Agreement.

The 2015 deal aims to limit global warming to well below two degrees Celsius since the pre-industrial era and preferably a safer 1.5C.

The results are already in on that "global stocktake": the world is far off track.

"The challenge we face is immense," incoming COP28 president Sultan Al Jaber acknowledged in October.

Keeping the Paris goals in reach needs an enormous collective effort to slash greenhouse gas emissions this decade.

But that may be even more challenging in a world roiled by geopolitical storms, with conflict between Israel and Hamas adding to tensions over Russia's invasion of Ukraine, United States-China rivalry and a mounting debt crisis.

This year has seen a catalogue of climate extremes and the highest global temperatures in human history, stoked by the El Nino weather phenomenon that is warming temperatures.

That may serve to focus minds, making clear that the dangerous changes to Earth's fragile life support systems are already in motion.

The question is whether countries perceive climate change as a "collective threat", Alden Meyer of think tank E3G told AFP.

- Fossil fight -

The climate talks, which will kick off with a two-day world leaders summit, are expected to be the biggest ever, with predictions of 80,000 attendees.

Observers have raised concerns that eye-catching initiatives on the sidelines of the meeting could obscure the main negotiations, which this year should reflect the poor performance on the Paris goals.

"The risk is that we will be sold a whole raft of declarations and side coalitions," said Lola Vallejo, of the Institute for Sustainable Development and International Relations.

The focus should instead be on "an ambitious agreement on the stocktake of the Paris Agreement, including fossil fuels and loss and damage", she said.

The UAE has proposed targets to triple global renewable energy capacity, double the annual rate of energy efficiency improvements by 2030 and called for massive scaling up of climate finance.

Rich polluters are under pressure to finally meet their promise to provide $100 billion in funding by 2020 for poorer nations to prepare for climate extremes and fund the energy transition.

An agreement to help vulnerable countries cope with climate "loss and damage" is also a key point of contention.

The flagship achievement of last year's COP27 in Egypt, it was mired in disagreement during recent talks to flesh out the details -- like who pays, how much and the fund structure.

But the biggest tussle is likely to be over weaning the world off coal, oil and gas -- the main drivers of global warming.

Jaber, who heads the UAE state-owned oil firm ADNOC, has said he believes the phasing down of fossil fuels is "inevitable", without specifying when.

ADNOC last year announced plans to invest $150 billion in oil and gas expansion over five years.

Meyer said technology to capture emissions at source or remove them from the atmosphere touted by the UAE and others are not anywhere near at a scale to make a significant contribution in the years to 2030.

"You can have a pathway to 1.5C or you can expand oil and gas production. You can't have both," he told AFP.

"The UAE is trying to pretend it doesn't have to choose."

- 'Jumpy ride' -

There are some positives.

The International Energy Agency has said world fossil fuel demand is forecast to peak this decade due to the "spectacular" growth of cleaner energy technologies and electric cars, helped by ambitious policies in China, the United States and Europe among others.

But that is not enough.

On our current trajectory the world will still warm by far more than 2C.

With nearly 1.2C of warming so far, scientists warn some impacts are hitting harder and faster than expected.

Climate change should be viewed as an "existential threat", according to a recent study by prominent researchers.

Co-author Johan Rockstrom, director of the Potsdam Institute for Climate Impact Research, said he now expects the world to blow past the 1.5C threshold, before attempting to drag temperatures back down again by 2100.

"That will be a very jumpy ride, a real gauntlet for humanity," he told AFP.

(S.G.Stein--BBZ)