{"id":87870,"date":"2024-11-11T00:00:00","date_gmt":"2024-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/11\/today-uae-publishes-new-ndc-pledging-47-cut-in-emissions-ebrd-to-back-two-renewables-projects-in-egypt\/"},"modified":"2024-11-11T00:00:00","modified_gmt":"2024-11-11T00:00:00","slug":"today-uae-publishes-new-ndc-pledging-47-cut-in-emissions-ebrd-to-back-two-renewables-projects-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/11\/today-uae-publishes-new-ndc-pledging-47-cut-in-emissions-ebrd-to-back-two-renewables-projects-in-egypt\/","title":{"rendered":"TODAY: UAE publishes new NDC pledging 47% cut in emissions + EBRD to back two renewables projects in Egypt"},"content":{"rendered":"

Good morning, <\/strong>folks, and welcome to a busy Monday as COP 29 kicks off in Azerbaijan <\/strong>today<\/strong> amid challenges on its agenda. We also have a rundown of where green stocks are in the wake of the US presidential election last week. Let\u2019s dive right in. <\/p>\n

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THE BIG CLIMATE STORY OUTSIDE THE REGION- 2024 is on track to be the hottest year <\/strong>on record as <\/strong>global temperatures are expected to surpass 1.5\u00b0C<\/strong> above pre-industrial levels for the first time, according to a report<\/a> by the EU\u2019s Copernicus Climate Change Service. Over the past year, the global average temperature was 1.62\u00b0C above pre-industrial levels, just 0.02\u00b0C below the highest-ever recorded 12-month anomalies of 0.76\u00b0C in mid-2024. The projections suggest temperatures could exceed 1.55\u00b0C above pre-industrial levels by year-end. <\/p>\n

The grim outlook is expected to be a focal point at COP29: <\/strong>\u201cThis marks a new milestone in global temperature records and should serve as a catalyst to raise ambition for the upcoming climate change conference,\u201d Dr. Samantha Burgess, deputy director of the Copernicus Climate Change Service, said.<\/p>\n

The story made headlines in the international press:<\/strong> AP<\/a> | Reuters<\/a> | The Guardian<\/a> | The NewYork Times<\/a> | Washington Post<\/a> | CNN<\/a> | BBC<\/a> | Euronews<\/a> | The Independent<\/a> <\/p>\n

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COP29 SCHEDULE-<\/p>\n

IT\u2019S KICK OFF TIME- <\/strong>Here\u2019s a handy guide (pdf)<\/a> for the main thematic days<\/a> and what to expect and a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.<\/p>\n

DAYS TO LOOK FORWARD TO-<\/strong><\/p>\n

12-13 November:<\/strong> World Leaders Climate Action Summit<\/p>\n

14 November:<\/strong> Finance, Investment and Trade<\/p>\n

15 November:<\/strong> Energy, Peace, Relief and Recovery<\/p>\n

19 November:<\/strong> Food, Agriculture and Water<\/p>\n

21 November:<\/strong> Nature and Biodiversity, Oceans and Coastal Zones<\/p>\n

22 November:<\/strong> Final Negotiations<\/p>\n

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WHAT TO EXPECT TODAY-<\/p>\n

The <\/strong>first day<\/a><\/strong> of the world\u2019s biggest climate summit<\/strong> is set to include plenary<\/strong> meetings that will vote on the summit's agenda<\/strong> and discuss a progress report on financing. It will also be a chance for different country blocs and NGOs to hold coordination meetings in preparation for the rest of the summit. A number of side events and pressers<\/a> by different participants is also scheduled. <\/p>\n

REMEMBER- A <\/strong>China-led group <\/strong>wants climate-related trade barriers<\/a><\/strong> added to the COP29 <\/strong>agenda<\/strong>, and the rules require consensus on the agenda. The group, known as BASIC, argues that developed countries are introducing trade barriers on climate-related grounds that are harming developing nations. The group made a specific reference to the EU\u2019s carbon border tax<\/a> in its request to COP. A lack of consensus can derail the summit\u2019s planned schedule for high-stake talks on finance and climate targets amid alarming climate milestones and global political whirlwinds. <\/p>\n

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THE CURRENT STATE OF PLAY-<\/p>\n

#1- <\/strong>Worries of leadership vacuum: <\/strong>German Chancellor Olaf Scholz and Dutch Prime Minister Dick Schoof both canceled plans last-minute to attend COP29 as they face different political troubles at home, Bloomberg<\/a> reported on Thursday. They both join a list of several<\/a>world<\/a>leaders<\/a> from major economies, including US President Joe Biden, EU Commission President Ursula von der Leyen, and Brazilian President Luiz In\u00e1cio Lula da Silva, who will also be missing from the summit. Biden\u2019s absence is chalked up to the US presidential election, while von der Leyen remains in Brussels due to political transitions within the European Commission. Lula recently withdrew after a head injury.<\/p>\n

#2- Trump\u2019s election also casts its shadow: <\/strong>The prospect of the US becoming a non-player in the global green transition in the next few years will cast its shadow during the summit, and attendees would be required to reckon with alternative pathways without the US, reports The National<\/a> citing several officials attending this year\u2019s COP. <\/p>\n

#3- Key topics at COP29: <\/strong><\/p>\n