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

EUR -
AED 3.834305
AFN 70.98687
ALL 97.554921
AMD 407.276164
ANG 1.881775
AOA 952.057564
ARS 1050.919957
AUD 1.616743
AWG 1.879062
AZN 1.774051
BAM 1.948628
BBD 2.108141
BDT 124.770808
BGN 1.954431
BHD 0.393522
BIF 3023.20119
BMD 1.043923
BND 1.407049
BOB 7.241626
BRL 6.05308
BSD 1.044157
BTN 88.028118
BWP 14.264051
BYN 3.416925
BYR 20460.892032
BZD 2.104694
CAD 1.475304
CDF 2996.059619
CHF 0.927849
CLF 0.036932
CLP 1019.08511
CNY 7.557742
CNH 7.587447
COP 4577.34165
CRC 532.141566
CUC 1.043923
CUP 27.663961
CVE 110.081958
CZK 25.302818
DJF 185.526257
DKK 7.459389
DOP 63.05541
DZD 139.534968
EGP 51.795229
ERN 15.658846
ETB 128.871943
FJD 2.383433
FKP 0.823986
GBP 0.833312
GEL 2.850171
GGP 0.823986
GHS 16.381352
GIP 0.823986
GMD 74.118765
GNF 9009.056258
GTQ 8.062328
GYD 218.454396
HKD 8.124775
HNL 26.332988
HRK 7.446574
HTG 137.045633
HUF 409.823057
IDR 16578.124592
ILS 3.803586
IMP 0.823986
INR 88.008299
IQD 1368.061174
IRR 43936.102444
ISK 145.073671
JEP 0.823986
JMD 165.710139
JOD 0.740559
JPY 161.116967
KES 135.188684
KGS 90.601454
KHR 4227.888832
KMF 489.547318
KPW 939.530361
KRW 1469.525299
KWD 0.321299
KYD 0.870131
KZT 521.371204
LAK 22929.769842
LBP 93483.310037
LKR 303.831812
LRD 187.723485
LSL 18.832063
LTL 3.082433
LVL 0.631459
LYD 5.110026
MAD 10.474199
MDL 19.087484
MGA 4884.515948
MKD 61.49218
MMK 3390.621387
MNT 3547.250512
MOP 8.367625
MRU 41.668174
MUR 48.771754
MVR 16.128446
MWK 1812.250306
MXN 21.567712
MYR 4.662682
MZN 66.703187
NAD 18.832419
NGN 1757.05801
NIO 38.374893
NOK 11.640541
NPR 140.845347
NZD 1.797933
OMR 0.401896
PAB 1.044177
PEN 3.964829
PGK 4.144439
PHP 61.595113
PKR 290.158659
PLN 4.309318
PYG 8135.060637
QAR 3.800511
RON 4.977005
RSD 116.964264
RUB 108.588838
RWF 1431.218519
SAR 3.920319
SBD 8.759131
SCR 14.201375
SDG 627.91969
SEK 11.562251
SGD 1.409792
SHP 0.823986
SLE 23.684764
SLL 21890.549611
SOS 596.60465
SRD 37.052985
STD 21607.099729
SVC 9.136376
SYP 2622.887865
SZL 18.832093
THB 36.264319
TJS 11.130563
TMT 3.66417
TND 3.310798
TOP 2.444973
TRY 36.131874
TTD 7.092035
TWD 33.783959
TZS 2766.396264
UAH 43.331029
UGX 3868.761844
USD 1.043923
UYU 44.506204
UZS 13393.532701
VES 48.623811
VND 26536.524258
VUV 123.936644
WST 2.914206
XAF 653.564217
XAG 0.034693
XAU 0.0004
XCD 2.821254
XDR 0.798661
XOF 655.068644
XPF 119.331742
YER 260.902418
ZAR 18.930709
ZMK 9396.565061
ZMW 28.79214
ZWL 336.1428
  • RBGPF

    0.8100

    61

    +1.33%

  • RYCEF

    -0.0300

    6.77

    -0.44%

  • CMSC

    0.0578

    24.73

    +0.23%

  • SCS

    0.4500

    13.72

    +3.28%

  • NGG

    0.1500

    63.26

    +0.24%

  • GSK

    0.1900

    34.15

    +0.56%

  • AZN

    0.7700

    66.4

    +1.16%

  • BTI

    -0.0500

    37.33

    -0.13%

  • VOD

    0.1800

    8.91

    +2.02%

  • RIO

    0.6300

    62.98

    +1%

  • RELX

    -0.1800

    46.57

    -0.39%

  • CMSD

    0.1200

    24.58

    +0.49%

  • BCE

    0.2500

    27.02

    +0.93%

  • BCC

    8.7200

    152.5

    +5.72%

  • JRI

    0.1600

    13.37

    +1.2%

  • BP

    -0.4000

    29.32

    -1.36%

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)