Summarizing COP28 for the overwhelmed individual 🌏
Here's to navigating the major UN climate conference.
I’m finally back from Dubai and the 12 days at COP28 were both exciting and overwhelming at the same time. I was there in support of the Singapore Pavilion (Singapore’s 2nd run!) and you need to catch the videos-on-demand here.
That said, I also thought to collate the things that I paid attention to because I get that it can be a lot.
This is going to be a document full of acronyms, as if UNFCCC COP28 is not already an alphabet soup on its own. I can’t promise that this newsletter alone won’t be overwhelming but at least you’ll find a consolidated summary of:
Some major announcements from Singapore
Updates for various sustainability themes (finance, energy, industry, carbon credits, climate and health, nature)
Fun things I spotted at COP28
Expect some technical news, funky commentary and a round up of things that matter at COP28 outside of disappointing final texts. It’s a lot so you can just browse and not click on the links, I hope this piece gives you a good idea of what went down at COP28!
Thank you for subscribing and supporting my work! If this has helped you, sharing is always appreciated :)
📰 There’s a lot of fanfare around COP28 but just a reminder that there’s an actual agenda of COP28 and you can find the conclusions in this fantastic recap by Carbon Brief. If you want daily reports, please check out Earth Negotiations Bulletin, ECO Newsletter, and this recap by the Singapore Youth for Climate Action.
What’s most important is that fossil fuels made it into the UN text for the first time. Though the language around it wasn’t great, that is the beginning of the end to fossil. As climate policy expert Dr Axel Michaelowa puts it, we should see the outcome as a glass 60% full. 📰
Finance news
If you’re looking for a description of the full list of MAS’s announcements, check out this LinkedIn post by AMD of the Monetary Authority of Singapore, Gillian Koh-Tan.
While COP28 negotiations struggle with texts on finance, outside of negotiation rooms saw movement on finance. High level summaries below!
💰 The Financing Asia’s Transition Partnership (FAST-P) initiative (read)
Money for energy transition! Asian Development Bank (ADB), Global Energy Alliance for People and Planet (GEAPP) and the Monetary Authority of Singapore (MAS) announced the intent to establish a blended finance partnership to accelerate energy transition at scale in Asia. FAST-P is a blended finance initiative which aims to mobilise US$5bn for green and transition investments in Asia.
💰 MAS partners ADB to set up US$2 billion blended-finance fund (read)
More money for energy transition! A key part of FAST-P is also this energy transition acceleration finance partnership to mobilise concessional capital from the philanthropic and public sectors, de-risk projects, and crowd-in private capital to finance energy transition projects in Asia.
💰 Allied Climate Partners, International Finance Corporation, the Monetary Authority of Singapore and Temasek Establish a Green Investments Partnership in Asia (read)
Money for sustainable projects in Asia! ACP, IFC, MAS and Temasek announced intent to establish a green investments partnership to address climate finance gaps and increase the bankability of green and sustainable projects in Asia, starting with SEAsia.
💰 Launch of the Singapore-Asia Taxonomy for Sustainable Finance (read)
The Asian perspective of thresholds and criteria for defining green and transition activities that contribute to climate change mitigation across 8 sectors. What’s key is the traffic-light system to classify projects - I am eyeing those in the “transition” category! What’s cool is that MAS is also exploring how this taxonomy maps to other taxonomies (e.g. EU taxonomy, and China’s Green Bond Endorsed Project Catalogue). Same set of rules for everyone woo! Download the taxonomy here.
💰 The Asia Climate Solutions (ACS) Design Grant announced its inaugural cohort at COP28, & sign ups are open for 2024 due 12 Feb! (here)
The ACS Design Grant targets critical climate mitigation and adaptation sectors in Asia including nature-based solutions, clean energy transition, and sustainable cities and infrastructure.
💰 Launch of the Scaling Up Blended Finance for Climate Mitigation and Adaptation in Emerging Market and Developing Economies (EMDEs) report (read)
More acronyms - the NGFS (Network for Greening the Financial System) launched a technical report on scaling up blended finance for climate mitigation and adaptation in emerging markets and developing economies. They’re also setting up a new Taskforce to explore issues related to the scaling up of adaptation finance, and how central banks and supervisors could best contribute to such efforts.
Energy & Industry news
🔋 Launch of the report on Greening ICT- A Case Study in Singapore (read)
Alright, let’s decarbonization the ICT sector, particularly in data centers.
🔋 Singapore is supporting the Global Renewables and Energy Efficiency Pledge (read)
This calls for the tripling of global installed capacity in renewables to 11 TW by 2030, and the doubling of the global rate of EE improvements this decade compared to the last decade. This also ties in to our transition credits on coal fired power plants (CFPP).
🔋 Launch of ‘Enabling a Net Zero world’ report on renewable energy procurement and carbon offsets by PwC (read)
The report can be accessed here.
🔋 Keppel and GenZero Join Hands to Accelerate Southeast Asia’s Clean Energy Transition (read)
Keppel Corporation Limited (Keppel) and GenZero, a Temasek-owned investment platform company are jointly pursuing opportunities to accelerate the transition to clean energy (e.g., projects on the early retirement of coal-fired power plants) and the development of sustainable fuel projects across the Asia Pacific - biomethane, biomethanol and Sustainable Aviation Fuels.
🔋 Singapore-International Maritime Organization, NextGEN Connect initiative and the IMO-NorwayGreenVoyage2050 Project (read)
Maritime decarbonization news. Frankly this combination confused me but I realized that the IMO, Norway and Singapore signed an MOU on maritime decarbonization in March 2023. So this is a project that “identifies a key role for regional hubs to help connect large demand clusters and remote locations, with regional fuel supply sources, in order to enable a more inclusive and effective transition to a low-carbon maritime future”.
🔋 Shipping CEOs join forces to accelerate the decarbonization of the global maritime transport (read)
Chief Executive Officers (CEOs) of leading global shipping lines have issued a joint declaration at COP 28 calling for an end date for fossil-only powered newbuilds and urging the International Maritime Organization (IMO), the global regulator, to create the regulatory conditions to accelerate the transition to green fuels. If you want details on some of IMO’s COP28 program livestreams, check them here. (P.S. please follow Lynn Loo on LinkedIn. So lucky to catch her at COP28 and her content on maritime decarbonization is stellar.)
Their joint declaration calls for the establishment of four regulatory ‘cornerstones’:
An end date for new building of fossil fuel-only vessels and a clear GHG Intensity Standard timeline
An effective GHG pricing mechanism which distributes the premium for the green fuels across all the fossil fuel used
A vessel pooling option for GHG regulatory compliance where the performance of a group of vessels could count instead of only that of individual ships
A Well-to-Wake or lifecycle GHG regulatory basis (a bit about this by Bureau Veritas here)
🔋 Surbana Jurong Group and Invest Sarawak sign partnership on energy transition, transformation and decarbonization (read)
Both parties signed an MOU which could cover industry transformation; energy transition and industrial decarbonization; carbon capture, usage and storage decarbonization as well as industrial park development and management.
Climate and health news
🌐 World Bank announced a new Climate and Health Program
With an aim to curtail the far-reaching impacts of climate change on health and livelihoods, World Bank said that this program will “help countries to assess their climate and health vulnerabilities, increase investments in climate-resilient health systems, and work with partners to mobilize additional financing, evidence, and collective action to reduce the impacts of climate change on people’s health and livelihoods”. While this is great, a key reminder that phasing out fossil fuels is an effective health measure too!
🌐 Singapore universities’ climate and health announcements!
The Heat Resilience & Performance Center at NUS Yong Loo Lin School of Medicine is working on issues relating to heat vulnerability. It has been appointed the Southeast Asian node of the Global Heat Health Information Network, a network of experts working to protect populations from extreme and increasing heat.
Saw Swee Hock School Of Public Health launched a climate, environment and health program by the is established to further interdisciplinary research in the region
NUS launched the Centre for Sustainable Medicine with a focus on decarbonizing the healthcare sector and preparing doctors and nurses to handle future climate-related ailments.
In person or online, please check out World Health Organization's COP28 Pavilion programs (https://bitly.ws/349pm)
Don’t miss this Climate x Health podcast series that I curated with medical podcast, Third Spacing.
Carbon credits news
While we did not conclude the negotiations on Article 6 (the one about carbon credits), there is still a lot of movement in this scene.
💳 The list of MOU and Implementation Agreements Singapore has signed on carbon credits at COP28 (read)
What’s missing in the above is an MOU signed with Senegal which came days after the infographic was published. Wow, Singapore sure moves fast.
The signed MOUs are aimed at eventually reaching implementation agreements, which is a negotiated country-to-country deal under which a country selling a carbon credit makes a “corresponding adjustment” to its inventory to give up its claim to the offset in favor of the buying entity.
A ‘corresponding adjustment’ is a tool that countries use to ensure carbon offsets are not double-counted when they are transferred or sold internationally.
💳 MAS Launches Coalition and Announces Pilots to Develop Transition Credits for the Early Retirement of Asia’s Coal Plants (read)
Learning a new acronym here but TRACTION, also known as the Transition Credits Coalition, will study the challenges and propose solutions to scale the early retirement of coal-fired power plants (CFPP) in Asia through high-integrity carbon credits. I was skeptical about these credits, but am honestly really excited for what this pilot will offer when it comes to a just retirement of CFPPs.
Read a bit more about how in this Sep 2023 working paper by MAS and McKinsey but here’s an infographic (I love infographics).
💳 Singapore, Verra and Gold Standard Partner to Develop Playbook for Carbon Crediting (read)
The National Climate Change Secretariat (Singapore), Verra and Gold Standard (independent carbon crediting programs) are inviting countries and independent carbon crediting programs to collaborate on the development of a playbook outlining consistent and streamlined standard operating procedures that countries can use to increase their use of existing carbon crediting programs to achieve and exceed their national climate targets. This will be complete by mid-2024
💳 Sylvera is coming to Singapore! (read)
Sylvera is a carbon data company and they will help Singapore identify top-tier carbon credits and contribute to SG’s climate targets under the Paris Agreement. With their technology and expertise, they will help the Singaporean government identify high-quality carbon credits (aka Internationally transferred mitigation outcomes (ITMOs) in the Article 6.2 context) to purchase from other countries. These credits will be used toward advancing Singapore’s Paris Agreement commitments.
💳 Carbon taxes to accelerate climate action, not later but now (read)
A cheeky headline but in a statement made by Ravi Menon, the managing director of the Monetary Authority of Singapore, he shared his personal take that “Singapore’s carbon tax needs to go even higher to accelerate climate action to address global warming, ”. He also refers to the official guidance of landing between a fee of S$50 and S$80/ton by 2030 which we aren’t yet doing (our highest is S$45 by 2027). I find this interesting, and those are the figures that is often touted by environmentalists when commenting on carbon tax. Simply having one isn’t enough, we need one high enough to send a signal.
Youth news
💪🏻 COP28’s flagship youth day hosted the first ever Youth Stocktake
The Youth Stocktake represents the first extensive research analysis of youth inclusion in UNFCCC and youth policy outcomes. It offers a comprehensive analysis of youth inclusion, engagement, best practices, and strategies for amplifying youth participation in decision-making.
💪🏻 Singapore brings over 35 youths to COP28 (read)
This is a big deal, considering how challenging it can be for a young person to have access to such major events be it accreditation or funding. I remember being offered a badge years ago but did not have the money to get there myself. Besides the Singapore government, universities like NUS and SMU have really stepped up by also sending youths to COP!
Climate communications news
📖 Incorporating climate education into climate goals (read)
Phenomenal news. At COP28, 38 countries agree to sign the UNESCO Greening Education Partnership Declaration, committing to incorporate climate education into their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs). Read the declaration here. Livestream Greening Education Hub’s programs! (watch here)
📖 The very first Entertainment and Culture Pavilion (read)
For the very first time, an Entertainment and Culture Pavilion featured in the Blue Zone. What really interested me this year at COP is the larger focus on climate storytelling, science communications and more. I had the great opportunity to speak on a panel on youth voices here, but also got to meet incredible people from Earthrise Studio, Netflix, Overstories, Hollywood Climate Summit, Think-Film Impact Production and more. P.S. Ellie Goulding spoke at the Pavilion too!
Climate storytelling and communication is everywhere at COP and deserves every bit, if not more, attention. Without it, how will you keep up with what’s happening? (Thank your journalists and content creators!)
Carbon disclosures & corporate sustainability news
📔 MAS publishes Code of Conduct for ESG Rating and Data Product Providers (CoC) (read)
CoC is a funky acronym because in sustainability, it could mean Chain of Custody but here it means Code of conduct! This CoC aims to establish baseline industry standards for transparency in methodologies and data sources, governance, and management of conflicts of interest that may compromise the reliability and independence of ESG products. Find the CoC here but in gist, providers need to:
Disclosure their adoption of the CoC and publish the completed Checklist within 12 months from publication of the CoC
For transparency, the International Capital Market Association (ICMA)’s website will host a list of such providers
📔 ISSB at COP28: IFRS Foundation launches knowledge hub in support of global drive to build capacity for the ISSB Standards (read)
For folks working in corporate reporting and ISSB has been the acronym of your nightmares, but on Finance Day at COP28, over 400 organisations (across 64 jurisdictions - including Singapore) have committed to advancing the adoption or the use of the ISSB’s climate-reporting on a global level.
Climate risk reporting is mainstreaming, so you should get prepared. If you want a condensed Scope 1, 2 and 3 emission data preparation guide, CPA Canada has these great resources.
📔 Launch of the “Climate-related Corporate Performance and Accountability System (CPAS) CEO Guide” by WBCSD (read)
The Guide provides a practical pathway for CEOs and Business Leaders to align business performance and innovation with decarbonization. It emphasizes the need for the right incentives from financial markets to scale corporate climate action and meet the increasing demand for accountability from society's stakeholders. Download the guide in the link!
📔 We Mean Business’s livestreams on climate and corporations (read)
All the livestreams in this “business” pavilion at COP28.
Nature, cities and food news
🌴 Joint statement on Climate and Nature (read)
The NDC Partnership, UAE as the Climate COP28 President, China as the Biodiversity COP15 President, and nearly 30 countries and coalitions endorsed this joint statement on climate and nature. In this statement we see the convergence of the 2 COPs, which is sorely needed given the interconnectedness of climate and biodiversity health. Still, a statement is just a statement and we need legally binding commitments. There are a bunch of other pledges so listing it here:
21 countries endorsed a Mangrove Breakthrough to secure 15 million hectares globally by 2030
21 new countries committed to develop Sustainable Ocean Plans to bring half of the world’s oceans under sustainable management by 2030
$100 million in new funding was announced for nature and climate projects
🌴 Launch of the Forest Carbon Results and Credits roadmap
This is a roadmap launched by 15 governments (including Singapore) to outline a plan to scale investment in forest carbon results and credits.
🌴 Launch of Initiative for Greening Construction with Sustainable Wood (read)
For the built environment folks, this is for you!
🌴 The UN’s net-zero food plan to save the 1.5-degree goal (read)
Heck damn I didn’t see this coming! While it’s not part of the official COP28 agenda, the UN Food and Agriculture Organization (FAO) launched a roadmap that identified ten priority areas to push the world closer to achieving zero hunger and climate resilience by 2050. The roadmap still start with a document that contains 20 key targets to be met between 2025 and 2050. For more food news, check out Green Queen’s COP28 coverage.
🌴 NUS launches $1 million scenario-modelling facility to support regional nature-based carbon projects (read)
The NUS Decision Theatre enables users to model outcomes from different scenarios depending on current or forecasted market or policy changes, which will facilitate the development of strategic collaborations across the 10 Southeast Asian countries. You can adjust various parameters, (e.g. type of carbon credit, participating countries, carbon price and project duration) to calculate the mitigation potential and economic opportunity of protecting or restoring forests across the region. It builds on the Carbon Prospecting Dashboard announced at COP27.
🌴 ‘Mitigation atlas’ launched at to help countries identify mitigation potential (read)
The Global Mitigation Potential Atlas (GMPA), created by an international consortium of researchers, identifies various countries’ mitigation potential – their ability to reduce global greenhouse gas emissions by taking certain measures and actions. It was launched with 8 SEAsian pilot countries, and includes emissions data on the power and hard-to-decarbonise sectors like steel and cement. The data will be kept updated, and will eventually evolve into an international online database on mitigation data and potential around the world. Check out the Atlas here.
🌴 The IUCN and COP28
While there’s a biodiversity COP, the sessions at the IUCN Nature Pavilion gave me great perspective of how nature features in Climate COP’s decisions. Did you know that Article 5 in the UNFCCC Paris Agreement mentions nature? Livestream their sessions here.
🌴 Centre for Liveable Cities and Ramboll launch urban lab putting regenerative principles at the heart of city planning (read)
This will see the launch of Urban Lab, an innovative knowledge generation process with a focus on regenerative urban development approaches. The initiative is set to commence in 2024, and CLC and Ramboll will be a bunch of partners with a focus on - decarbonizing the built environment, integrating nature-based solutions, and enhancing cities’ climate resilience.
🌴 OceanX’s exploration vessel in Dubai, and maybe Southeast Asia? (read)
This amazing science + communications vessel to explore our deep blue was incredible for the conservation geek in me. I was lucky to tour the facility, which was docked at Dubai Marina and got to learn about their latest technology, science contributions and also communication tools (like a VR headset that left me a bit giddy). Hearsay they might be coming to Asia in 2024?
🌴 Coral things to check out
I also got to meet the folks at Archireef and Coral Vita. Two amazing organizations working on coral restoration!
Now, the fun things!
While COP28 can be overwhelming, it often is a huge source of science communication inspiration for me. So here are a few cool things that I spotted.
Fossil of the Day (watch here)
An essential thing to spot at COP, Climate Action Network has been doing this for years (since 1999, in Bonn). This is a session at the end of the day where a prize presenter and someone dressed in a dinosaur costume - sorry a FOSSILIZED dinosaur costume - present an award to a polluting country dubbed the Fossil of the Day. At the end of COP, they name the Colossal Fossil for the worst, most oil-hungry country of the season.
The Daily Dugong (check it out)
I had no idea what this was about then I learned that fossil fuel exploration projects are being conducted in protected dugong territory. This was a campaign to talk about fossil and biodiversity, super striking. While I’m a sucker for the great art, I learned something new (and devastating).
This fossil fuel non-proliferation brochure
A zine by youths but many “adults” should use it. Truly educational, creative, information. If you need help knowing the difference between fossil phase out vs phase down vs unabated, this is for you.
You can attend but you can’t hide
Every COP, the UNFCCC releases a name list of the attendees but this is the first year the UNFCCC has to declare the affiliations of the attendees. Yes, first time in 28 years. With this public listing of affiliations, we can all have greater transparency over who’s present at important climate negotiations (cough Big Oil).
Consumerism and Climate
This was a fun find by Prof Winston, from the Korean Pavilion right next to ours. A great reminder that consumerism, capitalism are all intricately linked to climate. Who need the 5Cs when we have these 3Cs to figure out?
My pins!
Shameless plug but I’m so happy with these pins that I created for the Singapore Pavilion. A little Disneyland-like but I like to think that these pins, while frivolous, can be tools for communications and advocacy. Hehe. Unfortunately, no stock left but if you’d like to support my work, follow me on Instagram!
Conclusion
In general, there was a lot being said, acknowledged, mobilized - but until we see commitments, targets, timelines, they only represent the start and any outcome we want to see requires us to bank on their faith, intention and follow through.
But until then, I hope this provides a good source to get up to date on COP28. Thank you for reading and making it all the way here :)