CCAC at COP28 - Daily Updates: 1 December

The 28th annual COP Climate Change conference opened yesterday in Dubai. This year, the conference will place a strong emphasis on increasing climate change mitigation financing, as well as the role of methane as the second most important greenhouse gas. The conference programme features a wide range of events looking at both methane and finance through the lenses of action in key sectors and pathways such as fossil fuels, agriculture, and waste, as well as the role of subnational and international government regulations.  

One of the key considerations in future climate financing is the pre-emptive establishment of a loss and damage fund to mitigate some of the impacts of climate change upon the most vulnerable.  

In its role as COP28 Presidency, the United Arab Emirates has been vocal in the lead-up to the conference on the need for greater action to reduce methane from the fossil fuel sector. At the opening COP28 Presidency stated it would commit to contributing $100 million to a loss and damage fund.   The UAE’s commitment was mirrored by Germany. 
 
These amounts, impressive as they sound, are still pale in comparison to the commitments needed to stay within reach of the 1.5°C warming limit set by the Paris Agreement. UNFCCC Executive Secretary Simon Stiell warned that the world is taking “baby steps” in the face of a terrifying planetary climate crisis that requires bold action now.  
 
Stiell’s warning came as new data showed the world is heating up at an unprecedented pace. A provisional report from the UN World Meteorological Organization (WMO) confirmed that 2023 is set to be the warmest on record, with global temperatures rising 1.4 degrees Celsius above pre-industrial levels.

In other areas, the first day of COP28 saw positive announcements of new technologies helping to monitor and calculate methane emissions across the globe. Kayrros, a French environmental intelligence company, launched a free version of their Methane Map. The map aims to make climate data more accessible and give governments, institutions, investors, insurers and individuals insights at every level, from regional overviews to specific facilities.  

Carbon Mapper also launched an updated data portal, which gives users new insights into regional and sector-specific emissions and better functionality. The portal aims to make data accessible and actionable to help drive methane and carbon dioxide emission reductions.