Chartbook #169: Polycrisis @ COP27, Carney's dream & the global LNG squeeze: reading and listening from the climate conference
South African coal
Ahead of COP27 the most interesting climate/energy read was David Pilling’s remarkable FT report on the difficulties in implementing the decarbonization agenda at South Africa’s ESKOM, one of the most touted schemes to come out of COP26 in Glasgow.
South Africa’s coal-heavy power system makes it one of the most carbon-intensive per unit of GDP in the world.
But ESKOM fails woefully to actually supply reliable power.
Indian should be a key player at COP27
On the Indian perspective an essential follow is Navroz Dubash of CPR, @NavrozDubash
Here is an excellent short piece in the Hindustan Times on the key issues of loss and damage and finance.
Also this CPR podcast.
Meanwhile in Egypt, “polycrisis” is framing the inaugural speech by Egypt’s Prime Minister
The Finance sessions continue the derisking agenda that has been rolling for many years, but Mark Carney’s GFANZ dream is in trouble.
This piece marks a notable turn in the tone of FT coverage from @KenzaBryan.
The split from the UN-backed body reflects the difficulties Carney’s team has had keeping this self-governing club of financiers together. It came under intense pressure from mutinous American banks reluctant to divorce the fossil fuel sector in the middle of an energy crisis. It also faced a backlash by litigious rightwing political forces who criticise “woke investing” and say the financial sector’s first duty ought to be to shareholders. Contacted for an interview, Carney sent the FT a written statement in which he said the perceived risk of antitrust penalties over collective action had been a “big challenge” for Gfanz this year, and called on governments to “move more rapidly” on setting guidelines for company transition plans.
Despite all the high-minded talk, high-emission financing continues at an unchanged pace:
Read the FT piece and then read this blistering thread from
And also this by Daniela on EU-Namibia Green hydrogen deals
Meanwhile, as Tim Sahay highlights, the US is doing clean energy deals with UAE that dwarf all the discussion about rich country support for climate finance at COP27.
And surging European demand for LNG is now forecast to squeeze out developing Asian consumers, according to this dramatic Bloomberg report.
So a strategic question now is whether emerging market green developmentalism and “electrostates” can overcome the headwinds.
More COP27 coverage on Chartbook Newsletter, when interesting news comes in.
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