Was COP28 worth all the fuss?

Presented by Equinor: Your guide to the political forces shaping the energy transformation

Dec 13, 2023 View in browser   By Corbin Hiar Presented by COP28 President Sultan al-Jaber and John Kerry, U.S. special presidential envoy for climate, pose for photos at the end of the COP28 U.N. Climate Summit on Wednesday in Dubai, United Arab Emirates. | Kamran Jebreili /AP The United Nations' annual climate negotiations are contentious, confusing and — every so often — consequential. COP28, which belatedly concluded today in Dubai, United Arab Emirates, may have been one of those rare summits that actually matters. That's because, for the first time, diplomats unanimously recognized what's been painfully obvious for decades: The world needs to transition "away from fossil fuels in energy systems," as the hard-fought agreement put it, to have a shot at avoiding catastrophic global warming. The overdue acknowledgement that oil, gas and coal are the main cause of climate change was all the more surprising because it happened at a conference in the UAE, a petrostate along the Persian Gulf. "We’re in an oil country surrounded by oil countries that are now signing a piece of paper saying we need to move away from oil," Danish Climate Minister Dan Jørgensen marveled, according to the Dubai wrap-up from Karl Mathiesen and an inexhaustible team of POLITICO reporters. "It is historic." But it's too soon to judge: The true measure of COP28's success will only become apparent in the coming months and years, when the leaders of nations and companies decide how to interpret the deal. Will they strive to triple renewable energy capacity by 2030, a target that's well within reach, POLITICO's Giovanna Coi reports? Or will they seize on potential loopholes in the text that support continued investment in "transitional fuels" (read: natural gas) and commercially unproven carbon capture technologies, as your host reported for E&E News? U.S. climate envoy John Kerry made the optimistic case at COP28. Kerry played a central role in brokering the agreement, Mathiesen and company also reported. “This document sends very strong messages to the world,” he said. “This is much stronger and clearer as a call” for halting global warming at 1.5 degrees Celsius — an increasingly out-of-reach goal of climate negotiators — “than we have ever heard before.” But representatives of island nations most at risk from sea-level rise and other climate impacts weren't even in the room when the UAE celebrated the agreement and gavelled COP28 to a close. "This is not an approach we should be asked to defend," said Anne Rasmussen, the lead negotiator for Samoa. Next stop: Baku. The leadership of the climate negotiations now shifts from one oil state to another: COP29 will be held in the capital of Azerbaijan, a former Soviet republic that relies on fossil fuels for more than 90 percent of its exports. Azerbaijan scored the diplomatic honor — and commercial opportunity — by winning the support of Armenia, a neighboring rival that it has warred with on and off for decades. Russia also helped by blocking the bids of nearly every other viable candidate from Eastern Europe, the region next in line to host the talks, because they had been critical of Moscow's decision to invade Ukraine.   It's Wednesday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Corbin Hiar. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to chiar@eenews.net.   POLITICO AT CES® 2024: We are going ALL On at CES 2024 with a special edition of the POLITICO Digital Future Daily newsletter. The CES-focused newsletter will take you inside the most powerful tech event in the world, featuring revolutionary products that cut across verticals, and insights from industry leaders that are shaping the future of innovation. The newsletter runs from Jan. 9-12 and will focus on the public policy-related aspects of the gathering. Sign up today to receive exclusive coverage of the show.     Listen to today’s POLITICO Energy podcast Today in POLITICO Energy’s podcast: Annie Snider introduces you to the 27-year-old tasked with saving the Colorado River.   A message from Equinor: The energy transition is the defining opportunity of our time. At Equinor, we are determined to use our competence, skills, and innovative spirit to continually search for solutions that will advance the energy transition. Our ambition is to break new ground, create lasting value, and supply energy to a thriving world while achieving net zero by 2050. Discover more about Equinor at www.equinor.com/USA.   Power Centers A pair of North Atlantic right whales interact at the surface of Cape Cod Bay, in Massachusetts, on March 27, 2023. | Robert F. Bukaty/AP Bubble power Offshore wind developers in New England have found a novel solution to the noise created underwater during construction: blowing bubbles. Heather Richards writes that walls of air bubbles are being deployed around the steel turbines being hammered into the floor to absorb the sound energy. It's meant to blunt the impact of sound on whales, dolphins and other endangered species in the North Atlantic. “You can knock out about 80 to 90 percent of the acoustic energy and get it below levels where they're harmful to marine mammals," said Richard Hine, whose company, ThayerMahan Offshore, is the first U.S. firm testing so-called bubble curtains for turbine construction. Methane rule's next hurdle: states EPA's final rule to slash methane emissions from oil and gas operations leans heavily on states to enforce the new standards. And while some major oil- and gas-producing states are on board, others are unhappy about the cumbersome load it creates, Shelby Webb writes. “We are concerned it’s a lot more paperwork, and paperwork doesn’t necessarily mean more environmental quality,” said David Glatt, director of the North Dakota Department of Environmental Quality. “There will be a cost not only to the state but to industry as well.” How the states respond to the rule — and whether they file suit against it — could dramatically affect the Biden administration's efforts to cut greenhouse gas emissions.   A message from Equinor:   In Other News (Almost) total recall: Tesla on Wednesday said it is recalling nearly all of the vehicles it has sold in the U.S. to fix an issue with the Autopilot feature. Warning: Two former Department of Energy employees say a profit-driven carbon removal industry is the wrong approach. Supply chains: A key component of electric vehicle batteries may make the $7,500 tax credit for EVs harder to get starting in 2025.   A message from Equinor: The energy transition is the defining opportunity of our time. Our world needs energy to keep moving forward — but it must be affordable, reliable, and sustainable. We all have a role to play. At Equinor, we’re using our competence, skills, and innovative spirit to continually search for solutions that will advance the energy transition. Our ambition is to break new ground, create lasting value, and supply energy to a thriving world while achieving net zero by 2050. From oil and gas to offshore wind and carbon capture, we’re delivering safe, secure, and reliable energy while creating jobs and investing in a more sustainable US energy system. But this is only the beginning. Discover more about Equinor at www.equinor.com/USA.   Subscriber Zone A showcase of some of our best subscriber content. Reps. Mike Levin (D-Calif.) and Sean Casten (D-Ill.) during a hearing in 2022. The two released grid legislation Wednesday. | Francis Chung/POLITICO Two House Democrats have unveiled a bill to ease the build-out of transmission projects and add more renewable energy to the grid, the latest salvo in an attempt to speed up the permitting process. The Nuclear Regulatory Commission approved a nonwater-based reactor for the first time in 56 years. Tennessee Valley Authority will work with Kairos Power to build the test reactor that uses fluoride salt for cooling, instead of liquid metal, gas or water. There's more bad news about dwindling Antarctic sea ice. That's it for today, folks! Thanks for reading.   SUBSCRIBE TO CALIFORNIA CLIMATE: Climate change isn’t just about the weather. It's also about how we do business and create new policies, especially in California. So we have something cool for you: A brand-new California Climate newsletter. It's not just climate or science chat, it's your daily cheat sheet to understanding how the legislative landscape around climate change is shaking up industries across the Golden State. Subscribe now to California Climate to keep up with the changes.       Follow us on Twitter Arianna Skibell @ariannaskibell   Follow us

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