{UAH} Fwd: Negotiations extended, tale of two Chinas, and the state of ambition

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From: "Devex @ COP24" <info@devex.com>
Date: 14 December 2018 07:39:06 GMT
To: georgeokello_8@hotmail.com
Subject: Negotiations extended, tale of two Chinas, and the state of ambition
Reply-To: <info@devex.com>

Here's what you need to know from COP24 in Poland.   Problems reading this email? Try opening the web version   Dzień dobry from Katowice, Today is the last official day of COP24, and despite round-the-clock negotiations, sleepless nights, and last-minute, high-level pleas, the outcome of this year's climate talks remains uncertain. This year's gathering in the heart of Polish coal country has raised major questions about the influence of fossil fuel companies on global climate policy, the ability of negotiators to push for an ambitious climate agenda, and the fortitude of the Paris Agreement. Against a conflicting backdrop of alarming new climate science and pro-coal superpowers working against the tide of climate action, the fate of the Paris Rulebook — the guiding document for implementing the Paris Agreement — still hangs in the balance. Earlier this week, civil society groups talked about a rulebook at a crossroads: ministers coming into the political negotiations would either infuse the process with ambition, or water down rulebook commitments. Heading into the final day of COP, the outcome of negotiations is still unclear, with talks expected to carry into the weekend.   We'll be waiting to see if the calls for ambition are heard or if pleas to curb the impacts of climate change fall on deaf ears. — Team Devex (Michael Igoe, Andrew Green, and Kate Midden) ABOUT THE RULEBOOK... Here's where things stand: Negotiations will likely continue into the weekend. It's unclear how long they'll go. Developing countries and those advocating for higher levels of ambition in the final document are pushing for a COP decision on revising nationally determined contributions for greater ambition. There's frustration with the Polish COP presidency for not creating space for ambitious discussions. Side note: The Poland country pavilion is selling jewelry and soap made out of coal, if that's any indication of their priorities... IN A NUTSHELL THE WEEK'S BIGGEST STORIES: WHAT WE KNOW — AND WHAT WE DON'T In this week's episode of Long Story Short, we delved into issues around corporate sponsorship, ambition, climate financing, and the Paris Rulebook. Listen on SoundCloud or iTunes. WHEN IT COMES TO CLIMATE FINANCE, A TALE OF TWO CHINAS China has taken the top seat as the world's largest investor in renewable energy — but that doesn't tell the whole story. Michael Igoe has the story: While China has celebrated green finance at home, its investments abroad — particularly through its $900 billion Belt and Road Initiative — don't play by the same rules. In the energy and transport sectors, 91 percent of syndicated loans, 61 percent of loans from the China Development Bank and the China Eximbank, 93 percent of Silk Road Fund investments, and 95 percent of Chinese state-owned enterprise investments are in fossil fuels, according to an analysis of China's overseas investments. The same study found that in order to fulfill their NDCs, the 31 BRI countries will require about $469 billion of investment in renewable energy by 2030. The responsibility to shift investments away from fossil fuels and into renewables is not China's alone. Chinese investors are required to comply with host-country environmental regulations, so those countries accepting Chinese finance must also establish policy frameworks in line with their own Paris Agreement commitments. 1 POSITIVE THING SMART READS When it comes to climate finance, a tale of two Chinas Michael Igoe, Devex From Mars to Ikea, concerns emerge about vague climate rules Jeremy Hodges, Bloomberg Collaboration needed to avoid sharp rise in climate-related hunger Andrew Green, Devex Harsh realities in Katowice Center for Climate and Energy Solutions The impact of climate inaction on food security Lisa Cornish, Devex UN Green Climate Fund sees nearly $840M worth of IDB projects lapse Fatima Arkin, Devex Smart policy as the key to a clean energy economy Catherine Cheney, Devex Thank you for reading! Have thoughts, ideas, story pitches or feedback? Reach out to us at editor@devex.com.   ©Devex is the media platform for the global development community. 1341 Connecticut Ave. NW, Washington, DC 20036 USA +1.202.249.9222 info@devex.com | www.devex.com Manage my Devex newsletter subscriptions. Not interested? Unsubscribe from Devex email notifications here.

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