We're back at COP and we're back at our COP newsletter and we actually have a real expert today. I'm very happy that you're
here Akshat I want it of course debrief what we've seen this week. It's day five. It's Friday. You know we're kind of taking
stock of the week in your view. And you've been here from day one covering this pretty much 24/7. What is the highlight from
Week 1 and I want to ask you are you more optimistic than we were on Monday. Does it seem that there's momentum going into this
thing. So I would say highlights are we've got a big net zero pledge from India that was kind of not expected. You weren't
expecting. No no. It was a good surprise. We got pledges on methane a sort of a weak pledge on coal a pledge on
deforestation. And we got a financial commitment you know with a big number around one hundred and forty trillion. Yes. And but
all of these a little bit unclear. So the India net zero it's not clear if it's all greenhouse gases because carbon dioxide is
only 75 percent of the problem with deforestation. We've already had some countries like Indonesia saying we're not sure quite
sure what the text means. The global methane pledge. We don't know how strictly they'll be able to monitor whether countries
are meeting their goals and with the finance. We're not sure if the one hundred and thirty trillion dollars will actually go
towards green stuff or it's just an idea that has to be done into an action. Like it's a whole wall of cash. How is that going
to get implemented and applied. And actually you make a very good point because a lot of the CEOs but investors and we've
spoken to they say the thing is removed from brown into green but the green space is now very well developed for investment.
Yes it's very small. And there's a risk that you're creating a huge bubble into this street.
And that's the reason why the finance pledge of hundred billion dollars from developed countries to developing countries was
crucial. Why even though it was billion and not trillion that sum would enable the trillions of private capital to come into
those countries. And but going back to your point of progress I think there was progress in the sense that we got an analysis
from the International Energy Agency that said if we took all the pledges that came through and we also got non-zero pledges
from Nigeria from Thailand. If we add all those up we're only looking at warming going on from one point eight degrees Celsius
from two point one. So that's quite a shift. If the pledges. And it's in check. And of course you know as I said we have the
voice of reason today joining us. Explain to me why is it that India 2070 net zero. A lot of people say well it seems like
it's very down the line like this is not quick it's not happening fast enough.
But explain the significance of Prime Minister Modi putting a date on this. So two ways to think about this right. If it is
all greenhouse gases it's actually consistent with what scientists say because we need to reach an net zero carbon dioxide by
2050 and then to zero all greenhouse gases by 2070 to keep one point five degrees Celsius alive. But the second thing to think
about is India's historical emissions are quite small which means even if you give it the breathing room to have net zero in
2090 it would still not have emitted more than the US or China. And why is it so important to rub up with one. I mean there's a
lot to unpack here. But why is it so important to kind of bridge the gap of financing from rich developed to underdeveloped.
Because I keep hearing this thing of we need to help them. This transition is expensive unless we're all on board it's not going
to happen. Why. Why is it important to bridge this. Another statistic writes that 20 countries the world's top 20
countries account for 80 percent of all emissions. Right. And that the remaining hundred and eighty countries account for 20
percent of the emissions. That inequality is baked into the world that exists.
And if you're not able to bridge that inequality through financing we're not going to be able to get a deal which is
going to be a consensus among the whole country. It's very good to make that context because a lot of the criticism from climate
skeptics at the time is, oh, but it's a rich countries always pay for everything. Actually you pay. But you're also polluting
the most. So it's it's absolute says something worth keeping in mind. And of course that's for week one. But we still have
another week of this. The idea is that we get some kind of text next week with a new and improved pledge. Are we going to get
it. So I think the next week is going to become a lot more technical.
You're going to hear about square brackets. These are undecided terms that negotiators have to come up with
and suddenly get a consensus. And they have to deal with actual legal text of Article 6 which will create an international
carbon. Why is that Article Six important. So we hear a lot. What was the significance and think about what's happening with
Article 6 in the sense of forests right. Most of our forests are in tropical countries. Most tropical countries are less
developed. And if you create a financing mechanism through which you could
trade carbon you could value the forests then you're able to find another route through which money can go from developed
countries to developing countries. And that's crucial to be able to meet time goals. And the ETS system of course where you buy and sell
credits or pollute as you say. I mean this is a big thing in Europe. Why would it be a huge breakthrough if we managed to get
something that looks like a global solution. Why is this such a huge thing. So the EU only covers what 5 10 percent of global
emissions. Right. The. remaining 90 percent is all broken up into different either no carbon market or in the case of China very
weak carbon market. If you get one that's global it puts a price on carbon. And that really is something that economists say is
the most effective policy to be able to enact our plan. So that would be mega. And of course you know on a scale from Greta this is all blah
blah blah. It doesn't work. To Boris Johnson. I feel very pumped out about this. How are you on this communique text. How
optimistic are you. I think that's what makes. If there is anything fun about climate change that's what makes it fun which is we are
trying to do something which is what Boris Johnson saying. He's right. But Greta is right that we're not doing enough and how we
bridge that gap is what climate change and and this meeting is all about. We're going to see read out on the streets today and
tomorrow. So that should be interesting. It's going to be a lot of people out hear. Well Akshat thank you so much for being
with us. I love talking to you. And we'll see you next week again up and running every day covering this. We appreciate your
work. Thanks for having me.