Expect a diplomatic sandstorm in Dubai this week, Nigel Purvis writes, as world leaders and their ministers begin to gather for the 28th global climate summit, known as the Conference of the Parties (COP). Purvis, the CEO of Climate Advisors, writes that the summit’s host country, the United Arab Emirates, has identified two major goals: one, establishing new goals for greening the global economy, and two, clarifying the financial assistance rich countries should provide to poor ones in making this transition. Read on for a preview of how these issues will play out, why this COP is likely to be the most contentious in years—and how the United States and China will jostle for the upper hand throughout.
Joining the controversy over this year’s COP are climate activists. They are critical of the UAE’s presiding over the summit, given its significant oil and gas sector. This skepticism, Oxford’s Manal Shehabi writes, contrasts with an overwhelming enthusiasm for the gathering and its potential to redress climate injustice amongst populations in the Global South. “Dismissing COP28 on the basis of its oil-producing host is hypocritical and dangerous,” Shehabi argues, “and could obstruct, or even cripple, climate negotiations on matters of importance for the Global South and larger global climate action.”
And what matters most for the Global South at this year’s summit? Not a slightly larger Loss and Damage fund, The Economist editor Vijay Vaitheeswaran said in an FP Live yesterday. At last year’s COP, for the first time, global leaders agreed to establish such a fund to support low-income countries suffering from climate crises and disasters. Vaitheeswaran’s take on the fanfare surrounding that announcement is that “it’s something of a distraction… we need to think much more radically and aggressively.” Watch the video or read highlights from Vaitheeswaran’s conversation with FP’s Ravi Agrawal to learn more about what he thinks world leaders should be focusing on instead, which is equity in terms of access to capital to fund the green transition. With COP28 and key discussions kicking off this week, tune in to a free FP forum on Dec. 6 with policymakers, thought leaders, and industry leaders—in-person or virtual—on the power of collaborative efforts to address a warming planet. Register here.—The Editors