Chris Bowen speech to COP27 on Australia's new climate ambition, COP31 bid and global financial institution reform

Climate Change and Energy Minister Chris Bowen delivered a speech to COP27 High Level Segment today highlighting the new government's actions so far but also indicating there was so much more to do. 

He articulated Australia's bid to co-host with Pacific Nations COP31 in 2026. Turkey is also bidding for that COP.. Czechia and Brazil are reported to be candidate countries for COP29 (2024) and COP30 (2025)

He also identified that global financial institutions and multilateral banks need to be reformed to support the new paradigm of a changing climate and developing countries needing to be sustainably supported in their mitigation and adaptation challenges.

The Guardian has already reported on an advanced copy of the speech. The Climate Council response is below the speech transcript.

I hope the Minister has a chance to meet Mia Motley, Prime Minister of Barbados, to discuss reformation of global financial institutions.

Coastal Wetlands under threat from Sea Level Rise says World Bank

Climate change induced sea level rise of one metre is likely to destroy 60 per cent of the developing world's wetlands says a new World Bank research working paper. The economic loss of these wetlands is estimated at approximately $630 million US dollars per year.

The World Bank study looked at the risk to coastal wetlands in 76 countries at a sea level rise of one metre. Because there are so many uncertainties with the rate of sea level rise, the one metre level was chosen to study the likely impact. This sea level may be achieved this century, with sea level rising 60% faster than IPCC projections. Sea level rise is unstoppable, but it can be slowed through emissions reduction and give us humans and ecosystems a chance to adapt. Sea levels will continue to rise for several centuries.

The study found that about 99% of the coastal wetlands at elevations of one meter or less in the Middle East and North Africa could disappear, as well as 77% in sub-Saharan Africa, 66% in East Asia and 39% in Latin America and the Caribbean. Places like the iconic Sundarbans of Bangladesh and India, a major home and refuge to the Bengal tiger, are under threat.

Climate meltdown: Global Warming heading towards 6 degrees C warns World Bank

Last night I sat down and skimmed through the 106pp report prepared by the prestiguous Postdam Institute for Climate Impact Research (PIK) for the World Bank. It is a shocking read, that we are presently on the business as usual emissions path of 4 degrees C of global warming by about the 2060s and 6 degrees C of warming by the turn of the century, just 88 years hence.

The United Nations Environment Program warns that Greenhouse Gas Emissions Gap Widening as Nations Head to Crucial Climate Talks in Doha. The International Energy Agency warned in their 2011 World Energy Outlook report that we are on a 4-6 degree Celsius trajectory and that 80 percent of carbon emissions infrastructure has already been built and is in operation. We cannot afford to add any new carbon intensive infrastructure that will continue to pollute for 30-50 years, yet the World Resources Institute reveals nearly 1,200 Proposed Coal-Fired Power Plants, the majority in India and China.

But grassroots action is having an impact: thousands rallied against coal across India, and a very first Arab Day of Climate Action (Photos) organised by the Arab Youth Climate Movement occurred on November 10. In the US, the Sierra Club reports victories in stopping the coal rush.

A recent Price WaterhouseCoopers report warned that Business as usual Carbon emissions heading towards 6°C (10.8°F) of global warming this century. So there is widespread agreement from science and scientists, energy experts and experts in global economics and accounting that we are facing a climate meltdown.

Related: 4 Degrees or More? Climate Change: The Critical Decade - a speech by Professor Hans Joachim Schellnhuber, Director of PIK. The article includes a CSIRO media release on +4ºC scenarios for Australia's future climate. | Another view from Systemic Disorder: World Bank’s call for slowing global warming ignores own role

World Bank dirty investments fueling climate change claims Friends of the Earth report

Amid the latest UN climate talks taking place in Bonn Germany Friends of the Earth International have released a report highly critical of the role of the World Bank in continuing to fund dirty energy investment in developing countries and continuing to push carbon markets and offset programs which essentially privatise developing country forests in the process of generating carbon offsets.

The World Bank was made interim trustee of the new Green Climate Fund in December 2010 in Cancun. The Fund was established to assist developing countries to adapt to the impacts of global warming.

Related: Interview with Sarah-Jayne Clifton, coordinator of the Climate Justice and Energy Program of Friends of the Earth International | Follow the Bonn climate talks: Adopt a Negotiator Project; Climate Action Network; Friends of the Earth.