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COP28 Diary, 11th December 2023, Carbon Credit Markets Special.

News from Dubai. One more day left. That’s the plan.


Before we start.

We managed to have access to a 21-pages draft text of the “First global stocktake under the Paris Agreement”(GST). As a reference, the Paris Agreement have about 25 pages.


With the objective of “deep, rapid and sustained reductions in GHG emissions”, the document includes several items that you already know from previous days. For a list, refer to our yesterday’s Diary, part “Before we close the day”.


We highlight “Tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030”.


And without getting into details, as it is still a draft, here some extracts:

  • reduce “both consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050 in keeping with the science”;

  • accelerate and substantially reduce “non-CO2 emissions, including, in particular, methane emissions globally by 2030”;

  • coal, rapidly phase down;

  • phase out “inefficient fossil fuel subsidies that encourage wasteful consumption” as soon as possible; and

  • accelerate “zero and low emissions technologies, including, inter alia, renewables, nuclear, abatement and removal technologies, including such as carbon capture and utilisation and storage, and low carbon hydrogen production, so as to enhance efforts towards substitution of unabated fossil fuels in energy systems”.


Let’s see how it will all end up in the final version.


The day.


Climate Chance Association: Takeaways from the 2023 Global Synthesis Report on Climate Action

An overall analysis of trends, such as:

  • Electric vehicles global sales up by 14% (was 4% in 2020).

  • “CCS volume currently equivalent to Sweden’s emissions”.

  • Deforestation is slowing, but not stopping the decline of the carbon sink.

  • Corporate disclosure rates of scopes 1, 2 and 3 improving (FTSE).



Just Transition in South Asia. Role of the Big Economies

We took note of the situation in Sri Lanka.

  • “There is no monsoon season anymore. It’s just rain and floods all the time”.

  • “We need local solutions”. (with financial reparations from developed economies).

  • “We don’t want to be a dumping ground”.



Blue Sky Maritime Coalition

A coalition of the waterborne transportation in Canada and the United States.

80% of global products are shipped. 2% of United States GDP comes from this sector.

In terms of climate transition, what are the impacts?

Paddle, sails, coal engines, diesel engines. What’s next?

If someone invents a new electric vessel, what’s the impact on the infrastructure in terms of charging stations, logistics, own supply chain?

A report prepared by them lists the issues. Click to access.



Youth observation and entrepreneurship in sustainability

“Super heroes of the environment”. Through small actions, courage and voice to achieve “super results”.

So nice to see young people taking the stage. Young people with powerful speeches.



COP28 Presidency Press Conference

That one was cancelled. And we probably know why: last hours, intense negotiations. Hopefully tomorrow.



International Union for Conservation Nature IUCN - Red List of Threatened Species update 2023.”

The world’s most comprehensive information source on the global conservation status of animal, fungi and plant species.

More than 157,100 species already assessed. Click to give a look yourself. Not many, but there are also good news.

Note: Obviously, with the increase of forest fires are we have been seen, the amphibious are the most threatened.



Brazil: Press Conference by the Brazilian Minister of Environment and Climate Change, Marina Silva

“We just received the draft text”.

“Most countries aligned with 1.5°C”.

Brazilian view on the “success metrics” for this COP28:

1. Loss and Damage, importance of the multilateral process.

2. Mitigation. Before was a taboo.

3. Adaptation. Good text.

4. (the main one, considering that we have been talking about oil for 31 years, since Rio 1992) Inclusion of language about fossil fuels. It's everyone's responsibility, but the developed countries lead.



5th Meeting of the COP, CMP and CMA”.

Announcement, on site presidential speech and promotional video of Azerbaijan as COP29’s host. In principle from November 11 - 22. (Basically two moths after the Formula 1 Grand Prix of Baku, capital of Azerbaijan, Unfortunately Formula E - the same championship but with electric cars - has no race planned for Baku next year. For those that visited COP28 Green Zone, at the Saudi Pavilion there was a Formula E race car exposed. Currently only 11 countries take part in the Formula E Season: Saudi Arabia, Brazil, United States, Mexico, Japan, China, India, UK, Germany, Italy and Monaco).


And there was also the confirmation of COP30 in Belém, Brazil, Amazon region. Minister Marina Silva made reference to a constellation from the Southern Hemisphere (present both in Brazilian and Australian flags). Throughout this COP29 we heard “North Star”, a reference in the Northern Hemisphere. She concluded her speech:

“We understand our responsibility to walk together from the North Star to the Southern Cross, from the skies of the Amazon”



Before we close the day.

Late yesterday a group of countries - once again led by The Netherlands - proposed a 6-steps framework to prevent greenwashing and restore integrity in voluntary carbon markets. Give a look at the press release.



People and paparazzi

It was great meeting Drs. Antonio Augusto Reis and Juliana Ramalho from the Brazilian Mattos Filho Law firm.


We also paid a visit to the Faith Pavilion: “We, as representatives of our respective faith, indigenous and wisdom traditions, acknowledge our collective duty to … support the Faith Pavilion at COP28, the first of its kind.” (Interfaith Statement on Climate Action Towards COP28, November 6, 2023)


Our key takeaways


  • “Tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030” (GST).


  • Reduce “both consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050 in keeping with the science” (GST).


  • “Super heroes of the environment” (a child)


  • “We understand our responsibility to walk together from the North Star to the Southern Cross, from the skies of the Amazon” (Marina Silva)




Announcement Brazil for COP30. Photo by Carbon Credit Markets
Announcement Brazil for COP30. Photo by Carbon Credit Markets


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“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”

“I am among those who think that science has great beauty”

Madame Marie Curie (1867 - 1934) Chemist & physicist. French, born Polish.

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