Good morning, nice people. The COP28 train keeps tearing through the week and the theme of today’s issue is solidly climate finance, we have a whole truckload of updates to share. Need a breather? No worries, tomorrow is officially COP’s “Day of Rest” — and we appreciate it.

ICYMI- HERE’S THE COP28 GUIDE: Click here to checkout handyguide (pdf) for the main thematic days and what to expect. Head to the official events schedule for a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

DAYS TO LOOK FORWARD TO-

10 December: Food, Agriculture, and Water

10-11 December: Final Negotiations

HAPPENING TODAY-Urbanization, Built Environment, and Transport. Discussions will center around solutions addressing the transition to low carbon built environments and infrastructure, sustainable and circular waste systems, and sustainable mobility and freight.

THE BIG CLIMATE STORY EVERYWHERE- Record number of fossil fuel lobbyists attend COP28: Around 2.5k fossil fuel lobbyists — the highest in COP’s history — have been granted access to COP28, according to a report from climate change coalition Kick Big Polluters Out. The number of fossil fuel-champions at the summit have quadrupled since COP27, with climate activists saying that their attendance is “beyond justification,” calling into question the integrity of the climate talks. The number of fossil fuel representatives outnumbers every other attending delegation, except for COP30 hosts Brazil (3.08k) and the UAE (4.4k). “You don’t bring arsonists to a firefighting convention — or the climate talks, for that matter — but that’s precisely what is happening,” the Climate Action Network said.

The story made headlines in the international press:The Guardian | CNN | BBC | CNBC | The New York Times | The Washington Post | France 24 | Euronews

A BRIEF LOOK AT COPLAND- Will the COP28 stocktake deliver a fossil fuel phaseout? The second draft (pdf) of the COP28 Global Stocktake is expected to yield a final verdict on fossil fuels as negotiators mull over whether or not to proceed to an “orderly and just phaseout of fossil fuels,” Reuters reports. If adopted, the COP28 stocktake would mark the first global agreement on bringing an end to oil reliance. The Global Stocktake — set to be the first to assess the progress made on the Paris Agreement targets since 2015 — could see one of three scenarios unfold. With the first calling for a conclusive phaseout, the second is to accelerate “efforts towards phasing out unabated fossil fuels,” while the third would not deliver a verdict on fossil fuels at all.

What about coal? The stocktake draft included two options for phasing out coal production. The first would call for an “immediate cessation of the permitting of new unabated coal power generation,” while the second would not address abating coal, S&P Global reports.

BIG OIL ISN’T HAPPY- OPEC chief claims “energy chaos” is coming: Phasing down oil as an energy source would not lead to an energy transition but an “energy chaos,” Asharq Al-Awsat reports, citing comments made by OPEC Secretary General Haitham al-Ghais at COP28. Relying on one energy source in the future, alternative or traditional, would be unfeasible, al-Ghais added, arguing that climate challenges should be dealt with through international cooperation, making technology accessible, and green investments.

KERRY ADMONISHES US OIL COMPANIES- US climate envoy John Kerry criticized American oil and gas producers — with an emphasis on Chevron — for their insufficient commitment to climate action, Bloomberg reports. “We have no real evidence that they, and a lot of others, are doing what every company needs to do,” Kerry said yesterday at the Bloomberg Green Summit hosted at COP.

IN OTHER NEWS-US joins pact aimed at slashing cooling emissions: Along with 63 other nations, the US has joined a pact calling on reducing emissions from air-cooling by 2050 globally, Reuters reports. The pact aims to cut energy emissions from the industrial cooling sector by 68% — compared to 2022 levels — through deploying more efficient cooling technologies that curb hydrofluorocarbons (HFCs). The signatories are expected to issue their cooling action plans by 2026, Reuters reports.

Emissions from cooling should not be underestimated: Global demand for cooling is expected to triple by 2050 on the back of soaring temperatures brought about by climate change. If tripled, cooling would produce emissions between 4.4 bn and 6.1 bn metric tons, according to the latest report by the UNEP.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host theFuture Minerals Forum from Tuesday, 9 January through to Thursday, 11 January in Riyadh. The event will bring nations and private sectors together to enable the creation of resilient mineral value chains in the resource rich regions of Africa, Western Asia, and Central Asia. The forum will hold a ministerial roundtable with over 60 countries being represented., and delegates will discuss global critical mineral strategies as well as an international exhibition with over 150 exhibitors and industry sponsors.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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