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COP28 Diary, 6th December 2023 (Part 1), Carbon Credit Markets Special.

News from Dubai. A day to be split in two.

Before we start.

Tomorrow is recess at COP28, meaning that its venue is basically closed the great majority of participants. Obviously, not to delay key deliverables, there are some groups that will exceptionally meet.

Because of this one-day recess and given that the day today was really intense, we will split its contents in two: part 1 today and 2 tomorrow.

Part 1

  • The role of the private sector, innovation and technology in the first Global Stocktake

  • Report of the Executive Committee of the Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts - Informal Consultation - SBI 13 (a) / SBSTA 4 (a)

  • Global Stocktake - Contact Group - SBI 8 / SBSTA 5

  • European Union Press Conference”

Part 2

  • USA: Special Presidential Envoy for Climate John Kerry COP 28 Press Conference

  • WIPO, UNCCD: Innovative technologies in mitigation and land restoration: Finding solutions for accelerated uptake” (WIPO = World Intellectual Property Organisation)

  • Greenpeace: Taking Oil to court: Greenpeace vs State of Norway

  • “University of Oxford, SFU, WBCSD, VUW, WUM: What does ‘Net Zero emission’ need to mean to meet the goals of the Paris Agreement”

Apparently quite a lot for one day, no? So, Part 1 for now. Here we go.

The day.

“I have been seen you around”. That was what we heard from the person responsible for the main press conferences from COP28, that we meet by chance very early today. Great quick chat. Now he knows where we come from. Good person. Wearing a suit and dark green sneakers, in perfect synchronisation with COP28 shades.

“The role of the private sector, innovation and technology in the first Global Stocktake”, elaborating on the Global Stocktake (GST) released some time ago, and while no updates are disclosed at COP28.

Panelists: Jason Williams (Citi, Brendan Oviedo Doyle (Peruvian Renewable Energy Association, Sarah Penndorf (Google, Kathleen Govaerts (Belgium) and Rei Goffer ( All moderated by Anna Krupp (UN Global Compact

The opening of the panel was made by Mr. Madr Jafar, COP28 Special Representative for Business & Philanthropy and CEO of Crescent Enterprises. “Public capital will not be enough”. Climate change requires quick human development and both private sector and phylantropy are key enablers and catalysts. And should work together with the governments. “Feels like a global obligation but is a massive opportunity”.

Here interesting quotes:

  • (Jay) “Private sector. More and more companies moving from need to act to willingness to act”. But criticised the countries NDCs were written without sectorial consultations, without segmentation / allocation. This leads to both a problem of credibility and lack of clarity about where the money needs to be spent, if in technology or carbon credits, for example. Good points.

  • (Brendan) “It’s all about pricing / subsidies. Price matters”. (Jay nodded in agreement).

  • (Jay) The sectorial granularity of the NDCs is important to the private sector, for planning and policies. And the role of the government can be of support or control (of “carrots or sticks”). And have as examples, United States IRA and the European CBAM, respectively. Technology is there already. “Viable in 7-10 years. But we need it now. And Now know that we can do. But will we be able in a few years?”

  • (Sarah) Google helping with better information more accessible. Gave the example of the Project Green Light. Give a look. Also in her view, an individual company becoming net zero “does not move a needle”. Governments have a pivotal role in multiplying.

At the end of the panel, Anna suggested giving a look in a kind of Global Stocktake roadmap that was painted on the wall. We recorded for you, video below.

Then, because of the topic Loss and Damage, we run to attend the meeting Report of the Executive Committee of the Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts - Informal Consultation - SBI 13 (a) / SBSTA 4 (a)” . Unfortunately, without further explanations, the meeting was cancelled in the last minute, when several people were already waiting in the plenary. Upon leaving the room, we found a quite and cozy (something rare around) but expensive (this is normal) small coffee shop: AED 10 for a Mirinda (soft drink) + AED 10 for a croissant (late breakfast). And probably because of the quietness of the place, there were clearly several delegations doing their homework. In groups.

For your information SBI = Subsidiary Body for Implementation and SBSTA = Subsidiary Body for Scientific and Technological Advice. According to the UNFCCC, “The SBSTA and SBI work together on cross-cutting issues that touch on both their areas of expertise. These include the vulnerability of developing countries to climate change and response measures”.

Then with time for that little break, we made to the plenary Global Stocktake - Contact Group - SBI 8 / SBSTA 5”. Lots of people with the “Observer” badge willing into the session, but no: only “Party (Overflow)” badges or more. I am in.

Session lasted about one and a half hour and it was spectacular. I will not disclose contents nor countries involved, but worth sharing the dynamics with you.

On screen projected a slide with 3 paragraphs (11 lines), basically summarising extensive discussions from the previous days. Purpose is a final signoff by hundreds of countries. Delegates of the countries ask for the floor. Some praise, others indicate disagreement. After sometime, co-chair indicates that the “meeting is adjourned for a few minutes”. Right after, country delegates stand up and start gathering around one of the delegates, that probably has a suggestion of a way out. This situation spams for over 30 minutes, when the meeting is resumed. Then another revised version of the 3 paragraphs (now with 15 lines). Another country asks for the floor and has doubts. After additional clarification - this time at open plenary - everything is settled. And text endorsed by all countries. All this in an extremely respectful way. Nice to see at the end that those countries that were initially in disagreement or with questions, thank the efforts of those that led the solutions. Respect among differences.

Mid afternoon but still a lot happening, we went to the European Union Press Conference. On stage Teresa Ribera (Presidency of the EU Council) and Wopke Hoekstra (European Commission).

Here is what they said:

  • (Hoekstra) A lot was done. But much more needs to be done. “Science is clear”. “I want this COP to mark the begin of the end of of fossil fuels”. “We need to get rid of fossil fuels”. “Transition has to happen now. And faster.”

  • (Teresa) Human resilience and sustainable investments. “All finance must be climate proof”. “We need to change the logic being applied now”. Since the Paris Agreement, how many billions were invested in NON renewables? Access to fresh water is also critical message of this COP.

Then the QA with the press. By the way, worth comparing with the one from Brazil we posted yesterday. There are similar questions, but with replies of different perspectives.

Q) (Reuters) CBAM criticism

A) (Hoekstra) Don’t believe its a major issue. Aligned with ETS. And carbon markets. Lots of talks with Latin America and Africa for their opportunities.

Q) (Newswire) Global Stocktake, countries against the Renewables Energy Package.

A) (Teresa) we expect the COP Presidency will lead the process.

Q) (AP) Carbon taxes. Countries going to the WTO.

A) (Hoekstra) “We are confident that it is an instrument that creates a level playing field.”

Q) (Business Week) Reform of the multilateral banks?

A) (Teresa) It’s true. But for that topic COP is the place to “only to send signals”.

Q) (media) Fossil assistance will continue?

A) (Hoekstra) “We need to phase fossil fuels out before they boil our Earth”.

Q) (S&P Global) CBAM. China veri critical. How to engage in te polarisation.

A) (Hoekstra) We have to keep the dialogue open.

End of the Press Conference. Sharp on time. Like it started. Also sign of respect for everybody involved and interested.

We will end Part 1 here. Tomorrow we complete this long diary of 6th of December 2023, with the 4 topics of Part 2 indicated above. And including the sections “Before we close the day”, “People and paparazzi” and “Our key takeaways”.


COP28 Meeting Scene. Photo by CarbonCreditMarkets
COP28 Meeting Scene. Photo by CarbonCreditMarkets


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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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