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The COP climate process has been a miraculous success, thanks to technology and capitalism

 The star of Glasgow was South Africa. The country agreed to shut most of its 15 coal plants by 2030, even though coal provides 85pc of its power and employs 80,000 people. 

That deal was made possible by an $8.5bn pilot project of cheap loans from the US, UK, and the EU known as the Just Energy Transition Partnership (JETP). It has had teething problems but remains the global template. 

In Sharm El-Sheikh the star was Indonesia, the second of the JETP series, this time drawing the biggest financial climate package ever put together. The country agreed to halt 13 gigawatts of planned coal plants, phase out unabated coal plants, and start reducing power emissions by 2030, seven years early and at a much lower level than expected. 

In recompense, the US and Japan will lead the West in coming up with $20bn of funding, half from state agencies, which in turn unlocks the other half from HSBC, Bank of America, et al, under the Glasgow Financial Alliance for Net Zero.

Ambrose Evans-Pritchard Telegraph 22 November 2022 


Glasgow Financial Alliance for Net Zero

GFANZ was launched in April 2021 by UN Special Envoy on Climate Action and Finance Mark Carney and the COP26 presidency, in partnership with the UNFCCC Race to Zero campaign, to coordinate efforts across all sectors of the financial system to accelerate the transition to a net-zero global economy. 


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