Ocean's 28

Welcome back folk - this is the Strawman, the daily climate newsletter that’s like sweet and salty popcorn. We bring you the best of both worlds - serious, and funny. Some may say seriously funny. Not us though, we’re #humble.

Today, we’re looking into the heist being pulled off at COP28, rumour has it the Strawman might end up selling this newsletter as a script for the next Ocean’s movie. We wouldn’t comment on rumours though…

The $100Bn dilemma

Step aside, Danny Ocean. There's a new heist master in town: Sultan Al Jaber, COP28's incoming president.

His mission? To "supercharge" global climate finance and finally hit that elusive $100 billion mark to help poorer countries adapt to climate change.

This $100 billion commitment, which originated at the UN summit in Copenhagen 14 years ago, has become the Holy Grail of climate finance, yet it remains stubbornly out of reach. By 2020, developed countries had raised only $83.3 billion, according to the OECD.

To achieve his ambitious goal, he's set his sights on mobilizing private finance and reforming international finance institutions. His strategy involves rallying public, multilateral, and private sectors, emphasizing that climate finance must be made "more available, more accessible, and more affordable."

His efforts have not gone unnoticed. Prime Minister Mia Mottley of Barbados, a key advocate for World Bank and multilateral development bank reforms, has praised Jaber's dedication to building consensus, recognizing that his success could pave the way for a true turning point at the COP28 summit in Dubai.

Mottley suggests three potential avenues for raising the necessary funds:

• Taxing oil and gas company revenues

• Imposing a $100-a-tonne carbon tax on shipping

• Implementing stamp duty on financial transactions

As with all ideas - easier said than done to implement.

Misdirection and confusion

Like any good heist, you need some misdirection. Jaber seems to bringing this in by the bucket loads - it’s important to note, in his spare time (when he’s not president of COP28), Jaber is CEO of Abu Dhabi National Oil Company.

Right.

So it shouldn’t be a surprise that Jaber isn’t about taking the fossil fuel industry down - well, not entirely.

Instead, he's all about developing low-carbon technologies to reduce emissions.

Many climate activists think this isn’t enough, arguing for more aggressive cuts to fossil fuel production, Jaber is confident that zero-carbon alternatives are key to achieving significant emission reductions.

It puts the entirety of COP28 in a bit of a pickle though. Trust is a vital currency in the world of climate diplomacy, and right now, it's running low. COP28 is set to be a "global stock take," with countries assessing their progress in meeting the emissions cuts outlined in the Paris Agreement. Jaber's "listening tour" and his drive to build consensus have been praised, but there's no denying the challenge ahead. Can COP28 restore faith in the climate fight, or will trust issues continue to derail progress?

That’s it for today - we’ll be back to slide into your inbox with more climate news tomorrow.