“The Earth does not belong to us, we belong to the Earth”

THE ESSENTIAL

(With our teams in Paris and Dubai)

♦ The broom of political leaders began at the beginning of the afternoon in the plenary. A litany of observations of a planet adrift. Strong deaths, recounting national tragedies and challenges. Sincere words surely, among many. “ We can’t save a burning planet with a fossil fuel fire hose “, declared Antonio Guterres, inhabited by climate peril and familiar with punchlines. The UN Secretary General asked the G20, which represents 80% of global emissions, to take responsibility. “ Not reduce. Not abate. Phase Out (“ No reduction; no reduction conditional on capture. An exit “.) The day before, the president of COP28, Sultan Ahmed al-Jaber, had on the contrary supported the continued use of fossil fuels, pleading for countries to collaborate with oil companies to find common ground. With barely spoken words, the battle is launched.

♦ He did not open the ball as expected, but spoke. King Charles III, known for his environmental beliefs, attended his first COP as a British monarch. “ Records are broken so often that we become numb to what they tell us “, did he declare. “ We are conducting a frightening experiment in changing all ecological conditions at once, at a rate that exceeds the capabilities of nature. » He called for a reform of global finance adapted to new challenges. “ The Earth does not belong to us, we belong to the Earth », concluded the king.

♦ The Emirates launches a giant private fund of $30 billion for the transition. This is the announcement made by President al-Jaber before declaring COP28 open. Hosted by the UAE-based fund manager Lunate, Altérra’s first partners are the world’s largest asset manager, BlackRock, as well as the Canadian asset manager Brookfield and the American TPG. It will be dedicated to “solutions” and aims to reach 250 billion by 2030. The sum is as staggering as the details on its operation are meager.

♦ France and Kenya launch a coalition in favor of international taxation capable of raising the billions of dollars that developing countries need to face climate change. “ With Barbados, Kenya and several others, we are launching an “international task force” which will have to report its conclusions to the G20 in Rio to put in place international taxation at COP 30 in Brazil in 2025 », said French President Emmanuel Macron in Dubai. A press conference is due to detail this initiative on Saturday, which has been discussed for years, but which has become clearer since the Paris summit in June 2023. The French president also participated in a finance summit alongside and urged the rich countries of the G7 end the use of coal by 2030 for “ lead by example “.

♦ “ Africa is ready to fully play its role in the fight against climate change… “, declared Kenyan President William Ruto. Building on the success of the Nairobi summit, which resulted in a consensus among African heads of state, Ruto called for a tripling of renewable energies to move away from coal. To promote the energy transition, “ we must consider the opportunity represented by carbon credits and improve CO2 storage », noted, for his part, the President of Mozambique, Felipe Nyusi. Viewpoint shared by Zimbabwean head of state Emmerson Mnangagwa who wants to further develop the carbon market. Namibia, for its part, is proposing to develop its green hydrogen sector. The Congo by Denis Sassou Nguesso emphasizes the vital role of the Congo Basin as a global carbon regulator.

♦ Sea. Five of the world’s largest maritime carriers (without the Chinese Cosco) as well as France, South Korea and Denmark, are committed to adopting ” a solid regulatory framework » by 2027 promoting the ecological transition of the sector. Committed to reducing their emissions by 30% compared to 2008, beyond the 20% objectives set by the International Maritime Organization. Such a coalition is unprecedented.

♦ Food. 134 countries, producing 70% of the world’s food, have committed to prioritizing food and agriculture in their national plans to combat climate change, in a declaration initiated by the United Arab Emirates. These include the United States, the European Union, China and Brazil. These countries will support farmers and other vulnerable food producers, in particular by increasing financing, strengthening infrastructure and developing early warning systems, promises the text. For Elizabeth Nsimadala, president of the East African Farmers’ Federation (25 million smallholders), this declaration is the shot in the arm for the transformation of the food system. It recognizes that the 439 million small family farms are the key to the change needed.” “ This is a decisive step », Reacted Esther Penunia, general secretary of the Asian Farmers’ Organization for Sustainable Development (13 million members). “ But the real work begins. Governments must work alongside farmers’ networks to ensure that Dubai’s promises are translated into concrete, funded policies. »

♦ The Israeli-Palestinian conflict hovers in the plenary. Israeli President Isaac Herzog traveled to Dubai to plead with his counterparts for the release of hostages still held in the Gaza Strip. But he left before his speech. The Iranian delegation also left COP28 to protest against the presence of the Israelis.

♦ Turkey as a candidate for COP31 in 2026. Turkish President Recep Tayyip Erdogan announced this during his speech. Ankara thus enters into competition with Australia.

♦ The loss and damage fundoperationalized with fanfare this Thursday, is now endowed with 700 million dollars, compared to just over 400 yesterday.

♦ A working document with a view to the final agreement has already been published Friday morning and asks countries to decide on a “reduction” or “exit” from fossil fuels. Without doubt the paragraph which will be most hotly debated in the coming days.

IMAGE OF THE DAY

GOOD COP / BAD COP. “Brazil Red” card?

Brazil is preparing to join the group of oil-producing countries.

Will the card be red or green for Brazilian President Lula da Silva? The chief guardian of the Amazon rainforest is praised worldwide for his commitment to this great natural carbon sink, a gigantic haven of biodiversity. And the figures from the start of his term bear this out: deforestation is on the decline – on the Amazonian side at least, because the destruction of the Cerrado savannah, accelerates. This Friday, he was among the first of his counterparts to speak at the COP28 podium. “ The Earth is fed up with climate agreements that are not respected “, thundered Brazilian President Lula, who will host COP30 in two years. The climate emergency is a reality in Brazil, he said, boasting that Brasilia has an ambitious climate strategy compared to the most polluting countries…

But here it is: behind the media spotlight, other difficult to reconcile priorities coexist. On Wednesday, President Lula met with the Emir of Qatar and welcomed his potential for investments in oil exploration projects in Brazil. Then, Thursday November 30, the opening day of the COP, the Brazilian Minister of Energy said he was impatient to join OPEC+, the Organization of Petroleum Producing Countries. The Brazilian presidency confirmed Thursday that it had the invitation, but has not yet responded. The largest oil power, with its 4.6 million barrels per day (compared to 3.5 for the Emirates, for example) could join the Gulf countries and Russia as early as January. The five countries hosting the largest expected volumes of gas and oil production (in millions of barrels of oil equivalent) are Qatar (17%), Saudi Arabia (13%), Brazil (10%), United States (8%) and the United Arab Emirates, host country of COP28 (6%).

Brazil has long procrastinated on the issue. More than a decade ago, the same Lula, already in charge, refused to join OPEC. Times are definitely changing.