Petersberg Climate Dialogue wraps: A mixed bag of topics were discussed in closed ministerial meetings with COP28 President-Designate Sultan Al Jaber on the final day of the Petersberg Climate Dialogue in Berlin including financial reform, the upcoming Global Stocktake, and the COP28 agenda. Other major themes tackled by Al Jaber include steps to realize the Loss and Damage Fund, ways to facilitate adaptation finance, and cooperation with countries to speed up the energy transition.

One-on-one time with the US and Germany: Accelerating global cooperation across all pillars of climate action in the lead-up to COP28 in November was a key topic between US climate envoy John Kerry and Al Jaber, according to a statement. German Climate Envoy Jennifer Morgan brought forward the conversation on COP28’s goals on adaptation finance, progress on delivering on climate finance commitments, upping renewable energy capacities, and putting the Loss and Damage Fund into motion.

REMEMBER- Mitigation is the most important factor in the climate fight: “If we do not do more on mitigation, whatever we do on finance, on adaptation, on lost and damage, will fall on short on what we need,” European Commission Executive Vice-President for the European Green Deal Frans Timmermans said in his speech in Berlin yesterday.

And tns are needed: While Timmermans made it clear that more needs to be done on mitigation and reducing emissions, he emphasized that the only way forward is mobilizing private finance. “We need to show private investors that it pays off to invest in the energy transition and circular economy,” Timmermans said. In that regard, Timmermans spoke with Al Jaber on the EU’s leadership role in enhancing global climate resilience and turning promises into action.

Opening speeches also prioritized private finance: “Public, multilateral and private sectors must be mobilized in new and innovative ways on the critical issue of climate finance,” Al Jaber said according to the Financial Times. “Public funds will not suffice on their own,” Baerbock added, saying Germany is working with the US “to make climate finance a firm element of the business model of the World Bank” (watch, minute 18:43).

Barbados doubled down on financing: “The world is running out of time to fix the international financial system that is broken, outdated, and downright unfair but which is absolutely necessary for us to successfully meet and manage the climate crisis,” Prime Minister of Barbados Mia Mottley said (watch, at minute 1:19:40).

And put forth some ideas: A tax on oil and gas company revenues, plus a USD 100-a-ton carbon tax on shipping, and stamp duty on financial transactions, are among three “non-complicated” ways that Mottley suggested for raising finance to help developing countries cope with climate change (watch, minute 1:17:18).

ALSO- COP28 will be the first to dedicate a full day to health: Al Jaber gave a glimpse into the agenda of COP28 in his opening speech on Tuesday, announcing that the climate conference will be “the first COP to dedicate a day to health and the first to host a health and climate ministerial … to broaden our definition of adaptation” (watch, at minute 55:46).