| | | | |  | | By Joel Kirkland | Presented by Chevron | | 
A worker hoists a United Nations flag with other national flags of participating countries at the venue of the COP28 U.N. climate summit in Dubai on Nov. 30. | Guiseppe Cacace/AFP via Getty Images | | The United Nations climate summit in Dubai began with a parade of wealthy nations offering big cash pledges to help poorer countries cope with global warming. That could put pressure on China, the world’s biggest climate polluter, to contribute money to the cause after nearly 200 nations agreed today to a framework for a new global fund meant to help vulnerable people. Right off the bat, the United Arab Emirates pledged $100 million for the fund, write Zia Weise and Sara Schonhardt. The pledge seemed aimed at defusing critics who question whether the oil-rich country hosting the climate conference can be an honest broker. Germany pried open its checkbook and added another $100 million pledge. The European Union promised almost $250 million. Then there came the United States, with a $17.5 million pledge. As tiny as it was, the U.S. pledge was notable because the Biden administration — and pretty much every administration before it — has resisted the creation of a “loss and damage” fund (in U.N. jargon). President Joe Biden’s support came only after other nations agreed that contributions would be voluntary and couldn’t require something akin to climate reparations for the damage done over a century of U.S. industrial growth. The Biden administration is now looking for ways to pull in money from the private sector. That’s because political dysfunction in Washington almost guarantees cash won’t flow from the U.S. Treasury to the climate fund. Attention now turns to China, the world’s second-largest economy, and Saudi Arabia and Qatar, small but wealthy nations. The U.S. and Europe are campaigning for prolific polluters to help broaden the donor base. The big bang of pledges at the start of COP28 built some momentum. But island nations under threat from rising seas and poor populations that face extreme weather say a lot more money will be needed as warming continues. On a Day 1 that, arguably, had to go well for COP28 President Sultan al-Jaber, the landmark approval of the fund’s framework prompted a standing ovation in the main hall. “We have delivered history today,” said al-Jaber, who also heads the UAE’s state-owned oil company.
| | | It's Thursday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Joel Kirkland, with help from Minho Kim. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to jkirkland@eenews.net.
| | | | A message from Chevron: Progress means moving toward a lower carbon future. We’re producing renewable fuels that are lower carbon to work in engines on the road now. | | | | | | Today in POLITICO Energy’s podcast: Zack Colman says what to expect at the U.N. climate talks that began today in the United Arab Emirates.
| | | | GET A BACKSTAGE PASS TO COP28 WITH GLOBAL PLAYBOOK: Get insider access to the conference that sets the tone of the global climate agenda with POLITICO's Global Playbook newsletter. Authored by Suzanne Lynch, Global Playbook delivers exclusive, daily insights and comprehensive coverage that will keep you informed about the most crucial climate summit of the year. Dive deep into the critical discussions and developments at COP28 from Nov. 30 to Dec. 12. SUBSCRIBE NOW. | | | | | | | | |  In this aerial view coal transported by barge lies deposited as water vapor and exhaust rise from the steel mill of Salzgitter, one Europe's largest steel producers, last week in Salzgitter, Germany. | Sean Gallup/Getty Images | More than just semantics: To nobody’s surprise, nations are bitterly divided over how quickly to shift away from oil, coal and natural gas, the major drivers of climate change. Oil oligarchs in the Middle East, including host country UAE, oppose efforts to get some 200 countries on board with language declaring the end of the oil age. China also stands in the way. Words matter: Do we “phase down” or “phase out” fossil fuels? Many European countries say success hinges on landing an historic agreement to phase out the sources of three-quarters of global greenhouse gas pollution. The U.S., an oil-rich country itself, has echoed UAE warnings that putting an expiration date on fossil fuels could upend the talks. Instead, the U.S. supports the phase-out of “unabated” fossil fuels. Translation: No more burning of oil, gas or coal unless we capture its carbon pollution. But that falls far short of simply keeping the fuels in the ground. The gamble: U.S. climate envoy John Kerry has been courting al-Jaber, leader of this year’s COP, for the past few years, report Zack Colman, Karl Mathiesen and Corbin Hiar. The alliance puts to the test a central tenet of Kerry’s climate diplomacy — the notion that countries and people who have profited the most from carbon pollution can also play an essential role in negotiating a global solution. Our guide to the talks: We break down the major goals, tensions and language wars as marathon negotiations aim to stop the worst consequences of climate change. Our guide tackles: What will all these hard-nosed negotiators be wrangling about? Armies of corporate types and climate activists are on hand to pull for their desired outcomes. Can any of it yield a deal to help save the planet? Official tally: A whopping 104,000 people packed into Expo City in Dubai. That includes 52,000 country-level delegates and almost 4,000 journalists. That is a lot of lunches! A royal visit: Charles III, the climate activist and king of the United Kingdom, is expected to be on hand for the two-day world leaders’ summit that starts Friday. He’ll push a big green message. (Look for the U.K. prime minister, Rishi Sunak, to talk about the “pragmatic” approach to cutting pollution.) Biden’s COP team (minus Biden): In addition to Vice President Kamala Harris and Kerry, the U.S. delegation will include a roster of officials: Amos Hochstein, Biden’s senior adviser for energy and investment; John Podesta, senior adviser for clean energy innovation; and White House climate adviser Ali Zaidi. Scott Nathan, head of the U.S. International Development Finance Corp., and Reta Jo Lewis, chair of the Export-Import Bank, will also be on-site.
| | |  The angular, stainless-steel look of Tesla's Cybertruck has drawn positive and negative responses. | Tesla | Tesla’s Cybertruck arrives with a heated debate
Polarized opinions around Tesla’s new truck are making the electric vehicle's fuel source the least controversial feature, signaling a new era for EVs, writes David Ferris. Rather, the debate is heating up around Cybertruck’s nonconventional, stainless-steel design, concerns on pedestrian safety and the character and leadership style of the Tesla CEO Elon Musk. While some traditional, climate-conscious fans of the U.S. EV maker are turning against the new truck’s brutalist design, some new Tesla — and Elon — enthusiasts are praising Cybertruck as “refreshing, bold, sharp, clean, futuristic” and “minimal,” calling its release an iPhone moment. Bidenomics divides UK cabinet members into two camps
Highest officials inside the U.K. government have widely differing perspectives on President Joe Biden’s Inflation Reduction Act and its billions of dollars in climate subsidies, writes Abby Wallace. Some British cabinet members such as Chancellor Jeremy Hunt and Business and Trade Secretary Kemi Badenoch have labeled the U.S. clean tech incentives as protectionist policies triggering a “global subsidy race.” But U.K. Energy Secretary Claire Coutinho welcomed the law Wednesday, lauding its potential to reduce costs of adopting green technologies across the globe. EPA attempts to removal all lead pipes
The Biden administration is proposing a rule that would require water utilities to eliminate all lead pipes within the next decade, following through on the president’s campaign promise to remove all water lines laced with the neurotoxin, writes Ariel Wittenberg. Lead causes irreversible damage to the nervous system and brain, particularly in babies and small children. The new proposal, if finalized, could generate up to $34.8 billion in economic benefits by preventing cognitive and behavioral impairments from lead exposure, according to EPA.
| | | | A message from Chevron:   | | | | | Close the valves: Oil producing countries agreed to further cut their fossil fuel production following a slump in crude prices and predictions of oversupply in 2024. The new normal: The United Nations confirmed that 2023 is set to be the warmest year on record, with global temperatures projected to hit 1.4 degrees Celsius above pre-industrial levels.
| | | | A message from Chevron: Our partnerships enable us to make a bigger impact on the lifecycle carbon intensity of the transportation industry. Working with agriculture, transportation, and other allies, we’re aiming to continue scaling lower carbon intensity fuels. We’re also developing strong value chains to help keep producing renewable fuel solutions using a variety of feedstocks such as plant byproducts and cow manure. Taking these steps bring us closer to our target production capacity of 100,000 barrels of renewable fuels per day by 2030. Driving the world forward today, while forging new roads to the future. That’s energy in progress. | | | | | A showcase of some of our best subscriber content.
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Power lines are seen in view of the New York City skyline. | Matt Rourke/AP | New York could retire more generation from fossil fuels than it adds in renewables, triggering potential power reliability issues as soon as next year, the state's grid operator said. Washington state is taking baby steps toward linking up with California and Quebec’s cap-and-trade system. Biden traveled to GOP Rep. Lauren Boebert’s district in Colorado to tout his climate record and criticize her opposition to federal spending on clean energy. That's it for today, folks! Thanks for reading.
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