We have an updated text of the Global Stocktake: After garnering outrageous response to an initial “fully unacceptable” and “not consistent” draft of the Global Stocktake, a revised draft still does not include a commitment to phase out or phase down fossil fuels. The updated document instead calls for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner … so as to achieve net zero by 2050 in keeping with the science” with a “need for deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5C pathways.”

Here’s the revised wording: The optional “could”s are out. Instead the revised text “calls on” parties to “contribute to the following global efforts, in a nationally determined manner, taking into account the Paris Agreement and their different national circumstances, pathways and approaches”:

  • Tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030.
  • Accelerating efforts towards the phase-down of unabated coal power
  • Accelerating efforts globally towards net zero emission energy systems, utilizing zero- and low-carbon fuels well before or by around mid-century
  • Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science
  • Accelerating zero- and low-emission technologies, including renewables, nuclear, abatement and removal technologies such as carbon capture and utilization and storage, particularly in hard-to-abate sectors, and low-carbon hydrogen production
  • Accelerating and substantially reducing non-carbon-dioxide emissions globally, including in particular methane emissions by 2030
  • Accelerating the reduction of emissions from road transport on a range of pathways, including through development of infrastructure and rapid deployment of zero and low-emission vehicles
  • Phasing out inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible;

Different pathways for different countries: Developing countries garnered some support in the new draft with an emphasis that climate financing and knowledge transfer in climate tech are “critical enablers of climate action,” yielding to a push from developing economies struggling to grow their economies and manage an energy transition.

Transition fuels are in: The draft text also added a line saying that transitional fuels — including natural gas — can play a role in the energy transition. “References to transition fuels being essential could have been written by a major gas producer. The science is clear: gas is a methane heavy fossil fuel, not a transition fuel,” climate diplomacy expert Ed King told the Guardian.

And coal gets a pass: The revised document has also omitted a line from the first draft that limits new coal-power generation.

A first time appearance for methane: If approved, countries would agree to broaden emissions reduction efforts to include other greenhouse gasses for the first time. The revised draft calls for an accelerated response to slash emissions globally, “including in particular methane emissions by 2030.” Earlier proposals lobbied by negotiators laid out specific targets including a 30% reduction in methane by the end of the decade and a 40% reduction by 2035.

What happens now? Ministers will convene in an informal plenary session scheduled this morning to hammer out the details on language and make last ditch attempts for revisions. The revised draft will need to be agreed upon by almost 200 countries represented at COP to pass. We’ll have all the details on revisions, reactions, and any final decisions in tomorrow’s issue.

IN OTHER COP POLICY NEWS-

25 global + regional utility giants join forces to boost clean energy: In partnership with the International Renewable Energy Agency (Irena), 25 utilities and power companies inked the COP28 Declaration of Action (pdf), setting in motion the Utilities for Net Zero Alliance (UNEZA) as its vehicle for implementation, according to a statement released last week. Under the pact, the companies have pledged to accelerate electrification, integration of renewables into power grids and clean energy deployment in line with the 2030 goals and the 2050 net zero target. The Alliance requested Irena to lead the secretariat.

Notable signatories: Amongst the companies that have signed the declaration are: UAE’s Dubai Electricity and Water Authority (Dewa), Etihad Water and Electricity, Abu Dhabi National Energy Company (Taqa) and Masdar, France’s EDF and Engie, Germany’s Schneider Electric and Siemens, Spain’s Iberdrola, China’s Jinko Power, and the UK’s Xlinks and Octopus Energy, amongst others.

The partners: The Alliance is led by the UAE’s grid operator Taqa, and (other than Irena) will have a number of partners including the UN High-Level Climate Champions, the World Economic Forum, the International Electrotechnical Commission, the Global Renewables Alliance, and Chile’s Coordinador Eléctrico Nacional.

Egypt will list the country’s Red Sea coral habitats as protected and conserved areas (PCAs), according to a statement. The government is aiming to form a committee tasked with setting coral reef protection standards and regulations within the next six months, the statement notes. Covering some 400 sq km off the country’s eastern coastline, Egypt’s Red Sea coral reefs are home to more than 200 hard coral species, generating the world’s highest reef tourism revenues and adding USD 7 bn to state coffers in 2019.

REMEMBER- Our corals are shrinking: Coastal pollution, unregulated tourism, exploitation of marine resources, and overfishing have led to a 13.6% decline in Egypt’s coral populations on average between 2005 and 2019. Climate-induced coral bleaching can lead to reefs’ permanent demise, while ocean acidification makes conditions unfavorable for growth. Under the Intergovernmental Panel on Climate Change’s most upbeat scenario coral reefs are still projected with “very high confidence” to decline by a further 70–90% by the end of this century, with losses increasing to 99% at 2°C of warming.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Big regional businesses ink decarbonization commitment: 14 MENA-based businesses, including the UAE’s FAB and Emirates NBD, have signed an open letter pledging to slash 200 tons of their CO2 emissions by 2030. The signatory companies represent more than 7% of regional carbon emissions. (Zawya)
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