At COP27, various stakeholders have deliberated on ways to accelerate the decarbonisation of the carbon-heavy steel industry - currently contributing 8% of world carbon emissions. In response, China’s steel efforts aim to turn around its 'dirty' industry via a range of measures, including new steel furnace technology, hydrogen direct reduced iron and scrapped steel regeneration. China produces over 1/2 the world's total of crude steel.A recently published plan states the
country will “upgrade over 80% of steel production capacity” to slash
carbon emissions and aim to push down overall energy consumption per
tonne of steel: https://climatetracker.org/can-china-decarbonise-its-dirty-steel-industry-by-2030/
The two biggest climate announcements this week have come from the G20 summit in Bali, not COP27. The US and China agree to re-start climate discussions and the US is expected to announce a $15 billion package for Indonesia
to cut its reliance on coal.
As for COP 27 - it has been marked by unresolved agreements. It should be aiming for: 1. keeping the 1.5°C target alive, 2. a robust Global Adaptation Goal, 3. catering for loss and
damage funding (see article) and 4. the
transformation of the world financial system. Watch this space...https://www.reuters.com/business/cop/biden-xi-climate-cooperation-energize-cop27-negotiations-2022-11-14/
COP27
in Sheikh, Egypt will be centered on the themes of decarbonization, the energy transition,
innovative solutions, pro-climate finance, nature and biodiversity, and most importantly, International FUNDING.
McKinsey senior partners will be hosting a series of virtual events with
CEOs, experts, and thought leaders focused on accelerating the net-zero
transition. For the full agenda, and to register for McKinsey’s discussions see below:In the meantime, Here's a revealing McKinsey commentary on how last year's COP26 impacted world business:https://www.mckinsey.com/capabilities/sustainability/our-insights/cop26-made-net-zero-a-core-principle-for-business-
The G7 + Australia are in the spotlight at the Climate Conference starting Sunday 7th Nov. The principle that rich countries are responsible for historical greenhouse emissions, so should cover some of the bill for poorer
countries for climate damages - will be a major focus of the COP27 conference over two weeks in Egypt.So far:$693 Billion: Financial support for fossil
fuel companies provided by G20 countries 2021$58.4 Billion: Combined profits of five largest fossil-fuel companies, 3rd quarter
of 2022$16.8 Million: Donations made by rich
countries to cover loss and damage.Watch this space.... https://qz.com/2019457/g7-countries-are-shortchanging-the-climate-by-billions-of-dollars
