COP28 negotiators introduced a draft for the new Global Goal on Adaptation (GGA) yesterday outlining the new global framework for adaptation plans and funding, The Guardian reports. Delegates from climate-vulnerable countries have raised their concerns about the draft as it did not stipulate any targets committing “wealthy countries to provide the finance needed to make the adaptation goal a reality on the ground,” said Teresa Anderson, global lead on climate justice for ActionAid International.

Where did the draft fall short? Despite highlighting the funding gap for adaptation strategies and calling upon developed countries to double their adaptation finance, the draft failed to address a clear goal for effectively increasing the funding. There is a c. USD 387 bn gap in climate finance, according to UNEP’s Adaptation Gap report. The framework also pushed back setting solid, measurable targets for global adaptation until the implementation of a two-year program to develop a system for evaluating progress on the adaptation goals. Talks on Equity and Common But Differentiated Responsibilities (CBDR), one of the UNFCCC principles, are also being foiled by some developed countries. Developed countries have reportedly introduced a “no text,” option, leaving out any mention of a CBDR provision in the draft.

Global finance experts roll out climate finance roadmap: The UN’s Independent High-Level Expert Group (IHLEG) released its Climate Finance Framework (pdf) report outlining the action plans needed to implement the recently released UAE Leaders Declaration on a Global Climate Finance Framework (pdf), and deliver on the Paris Agreement. The report outlines a roadmap to deliver climate funding and address the issues facing emerging markets and developing countries (EMDCs) in their implementation of adaptation and mitigation policies.

Roland Berger + Bee’ah Group-led consortium debuts global mechanism for recycling: A consortium led by UAE waste management company Bee’ah Group and management consultancy firm Roland Berger, in collaboration with DFINITY Foundation and the International Solid Waste Association (ISWA), launched the first global Voluntary Recycling Credits (VRC) initiative to cut companies’ solid waste footprints, Wam reported last week. The consortium premiered the first live transaction last week at COP28. The complete VCR platform is set to be officially introduced some time in 2024.

ALSO- Climate Change Ministry unveils global ‘Waste to Zero’ decarbonization initiative: Spearheaded by the Climate Change and Environment Ministry (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer), the government launched its global ‘Waste to Zero’ initiative to reduce carbon emissions in the waste management sector, Wam reported on Thursday. Backed by global management consultancy firm Roland Berger, the initiative will serve as a voluntary coalition comprising governments, NGOs and the private sector. The initiative will promote cooperation and developing solutions for waste management by hosting discussions, workshops, and awareness programs globally.

As well as a comprehensive green-powered action plan to hit new environmental targets: Ten initiatives and decisions, including implementing a framework for the Biodiversity Strategy 2031 were approved during a cabinet meeting at Expo City Dubai yesterday, The National reports. The strategy aims to rehabilitate 80% of degraded land and marine areas, preserve at least 21% of ecosystems, and enhance the status of endangered species by 10%. The UAE also committed to the “global cooling pledge” along with 60 other nations to reduce emissions in the cooling sector and joined a global effort to remove carbon from the waste sector.

The UAE and US’ Agriculture Innovation Mission for Climate (AIM for Climate) initiative reeled in investments of around USD 17 bn, according to a statement (pdf) on Friday. USD 12 bn of the investments came from over 600 government partners, while the other USD 5 bn came from 27 new Innovation Sprints — initiatives led and funded by partners to support small farmers in low and middle-income countries, and invest in emerging technologies, agroecological research, and methane reduction. The USD 17 bn in investments is more than double the USD 8 bn pledged at COP27, and 4x the USD 4 bn invested when the program first launched at COP26.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • UAE pledges USD 220 mn for Africa’s health sector: The UAE will extend a USD 220 mn grant to help some African countries build health care systems to address the impacts of climate change.(Wam)
  • Another green loan from ADCB: Abu Dhabi Commercial Bank (ADCB) extended an AED 500 mn sustainability-linked loan to Lulu Group.(Statement)
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