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As world leaders gathered in Dubai at the start of COP28 last December, the United Arab Emirates dropped a surprise headline-grabbing announcement. The host nation of the UN talks promised to put $30 billion into a new climate fund aimed at speeding up the energy transition and building climate resilience, especially in the Global South.

ALTÉRRA was billed as the world’s largest private investment vehicle to “focus entirely on climate solutions”. COP28 President Sultan Al-Jaber hailed its launch as “a defining moment” for creating a new era of international climate finance.

Yet four months later, one of the initial funds ALTÉRRA backed with a $300-million commitment agreed to buy a major fossil gas pipeline in North America, Climate Home has discovered.

In March, BlackRock’s “Global Infrastructure Fund IV” acquired half of the 475 km-long Portland Natural Gas Transmission System, with Morgan Stanley taking the rest in a deal worth $1.14 billion overall.

That acquisition would not have come as a surprise to the fund’s investors.

When US-based BlackRock pitched it to the State of Connecticut’s Investment Advisory Council back in 2022, the world’s biggest asset manager gave a flavour of where their money would likely end up. Its presentation – seen by Climate Home – featured a list of “indicative investments” including highly-polluting sectors such as gas power plants and transportation networks, liquefied natural gas (LNG), airports, terminals and shipping.

Climate Home does not know whether ALTÉRRA saw the same presentation, nor did the UAE firm respond directly to a question asking if it was aware before the COP28 announcement that the BlackRock fund might invest in those sectors.

An ALTÉRRA spokesperson told Climate Home its “investments seek to build the energy systems of tomorrow, while supporting the transition of existing energy infrastructure towards a just and managed clean energy ecosystem”.

In addition to the gas pipeline, BlackRock’s infrastructure fund has so far invested in carbon capture, waste management, utilities maintenance services, telecom infrastructure, data centres and the production of industrial gases, according to regulatory filings, a BlackRock job advertisement and press reports accessed by Climate Home.

A BlackRock spokesperson said its global infrastructure fund franchise “targets investments in solutions across the energy transition value chain, driven by the long-term trends of decarbonization, decentralization, and digitalization to support the stability and affordability of energy supply around the world”.

Andreas Sieber, associate director of global policy and campaigns at climate advocacy group 350.org, said Climate Home’s findings “confirm our worst fears”. “The ALTÉRRA fund uses a masquerade of green progress while funnelling investment into fossil fuel pipelines and gas projects, which are the biggest causes of the climate crisis,” he told Climate Home.

Climate finance is a hot topic at UN negotiations, with countries expected to set a new global goal at COP29 in Baku, Azerbaijan, this November, amid persistent calls for higher amounts to help poorer nations boost clean energy production.

The COP28 presidency said last year that ALTÉRRA would “drive forward international efforts to create a fairer climate finance system, with an emphasis on improving access to funding for the Global South”. Al-Jaber added that “its launch reflects… the UAE’s efforts to make climate finance available, accessible and affordable”.

But the sparse details provided at the time prompted climate justice activists to question the real impact it would have in countries that most need financial support to adopt clean energy and adapt to a warming world. Only about a sixth of the fund – $5 billion – was earmarked as “capital to incentivize investment into the Global South”.

Follow the money

ALTÉRRA is a so-called ‘fund of funds’. Instead of directly investing money in individual companies or assets, it puts its cash into a series of funds run by other investment firms. At COP28, it committed a total of $6.5 billion to funds managed by BlackRock, Brookfield and TPG, without setting out how the remaining $23.5 billion would be spent.

Since then, ALTÉRRA has not announced any further investments. Its chief executive, Majid Al Suwaidi, told Bloomberg this month that the fund is “actively planning the next phase of allocations”, without giving further details.

Most of the funds picked by ALTÉRRA remain at an early stage and have yet to announce completed transactions or are still trying to raise more capital from investors. The most notable exception is BlackRock’s fourth Global Infrastructure Fund. By the time it won the $300-million commitment from ALTÉRRA in Dubai, the vehicle was ready to deploy its money.

ALTÉRRA told Climate Home its investment in the BlackRock vehicle is in line with its goals of getting climate finance “flowing quickly and at scale” and of partnering “with funds that invest in the energy transition and accelerate pathways to net-zero”.

Announcing its first $4.5-billion closing in October 2022, BlackRock said the fund would “continue to target investments in climate solutions, while also supporting the infrastructure needed to ensure a stable, affordable energy supply during the transition”.

In private conversations with potential investors, the asset manager spelled out more clearly what that meant.

Its presentation to the State of Connecticut in December 2022 showed that the fund would not only invest in things like renewable energy, electrification and battery storage, but also in fossil gas power plants and pipelines, LNG and transportation infrastructure like airports, shipping and terminals.

UAE's ALTÉRRA green fund backs fossil fuels climate focus claims

A slide from BlackRock’s presentation of the Global Infrastructure Fund IV to investors

In line with this strategy, BlackRock agreed a deal this March for its Global Infrastructure Fund IV to acquire half of the Portland Natural Gas Transmission System (PNGT), a fossil gas pipeline stretching from the Canadian border across New England in the United States to Maine and Massachusetts.

When it began operations in 1999, the pipeline helped shift New England’s power generation away from coal and oil, but it has also created a stronger dependency on fossil gas, leaving citizens vulnerable to price spikes. The region is now planning to accelerate the rollout of renewable energy sources.

Comment: To keep its profits, Big Oil stole our future

The PNGT was not the first fossil fuel infrastructure the BlackRock team behind the Global Infrastructure Fund had snapped up. In a written testimony submitted this March to the State of New Hampshire, a senior executive listed a dozen oil and gas pipelines backed by earlier rounds of the fund. They included one operated by ADNOC, the UAE state-owned oil company whose CEO is Sultan Al-Jaber, COP28 president and chair of ALTÉRRA’s board.

Responding to Climate Home’s findings on where ALTÉRRA’s money is going, Mohamed Adow, director of Nairobi-based think-tank Power Shift Africa, said it is “extremely concerning to see a fund hailed by a COP president as a solution to the climate crisis investing in fossil fuels”.

“This needs to be a wake-up call to the world that these funds created by COP hosts are little more than PR stunts designed to greenwash the activities of fossil fuel-producing nations,” he added.

Oil-backed carbon capture

BlackRock does not disclose the infrastructure fund’s complete portfolio, but it has invested another $550 million in Stratos, the world’s biggest direct air capture (DAC) project being developed in a joint venture with oil giant Occidental. The plant under construction in Texas promises to suck as much as 500,000 tonnes of carbon dioxide out of the atmosphere annually and bury it underground.

Its proponents see DAC as a key technology to balance out emissions in the race to achieve net zero by 2050, although so far it remains expensive and largely unproven at scale. Stratos won a grant from the US government to fast-track the construction of the facility, and it has struck deals to sell carbon offsets generated in future from the plant with corporate giants like Amazon.

Scottish oil-town plan for green jobs sparks climate campers’ anger over local park

When the DAC partnership was announced last November, BlackRock CEO Larry Fink said Stratos “represents an incredible investment opportunity for BlackRock’s clients… and underscores the critical role of American energy companies in climate technology innovation”.

But Stratos’ critics have questioned Occidental’s motivations and dismissed its DAC investments as a greenwashing ploy to keep pumping oil and slow down the transition away from fossil fuels.

“We believe that our direct capture technology is going to be the technology that helps to preserve our industry over time,” Vicki Hollub, Occidental’s chief executive, told the CERAWeek energy industry conference last year. “This gives our industry a license to continue to operate for the 60, 70, 80 years that I think it’s going to be very much needed.”

Call for safeguards

While BlackRock’s infrastructure fund deploys its cash largely in the Global North, ALTÉRRA’s promised investments in developing countries are still taking shape.

Brookfield in June launched a new “Catalytic Transition Fund” backed by ALTÉRRA with a $1-billion commitment. The fund’s stated focus is “directing capital into clean energy and transition assets in emerging economies”.

Climate Home asked ALTÉRRA if it had adopted any exclusion policies that would, for example, rule out investment in certain types of fossil fuels.

The UAE fund did not respond to the question, but a spokesperson said its investment approach is aligned with the goal “of accelerating the climate transition, with a focus on clean energy, industry decarbonization, sustainable living, and climate technologies”.

Climate activists protest against fossil fuels during COP28 in Dubai in December 2023. REUTERS/Thomas Mukoya

350.org’s Sieber called on Al-Jaber – who was widely criticised by green groups for his dual role as president of COP28 and head of a fossil fuel corporation – to “act swiftly to enforce stringent safeguards” for ALTÉRRA’s investments.

“The UAE is on the brink of losing the little credibility it still has left in addressing the urgency of the climate emergency,” Sieber added. “The world, especially communities who are being hit the hardest by climate impacts every day, cannot afford to have one more cent invested in fossil fuels.”

The key question now is whether Azerbaijan – the host of COP29 and itself a substantial producer and exporter of oil and gas – will do things differently. Last week, it announced a new voluntary fund that it said will invest at least $1 billion for emissions reduction projects in developing countries. Baku is hoping to secure contributions for it from fossil-fuel producing nations and companies.

Power Shift Africa’s Adow said developing countries need state-backed climate finance from rich nations, negotiated through the UN climate process, and “not just cooked up in voluntary schemes”. That funding “can be used where the need is greatest, not just where it might make most money for some private profit-seeking businesses,” he added.

(Reporting by Matteo Civillini; fact-checking by Sebastián Rodríguez; editing by Megan Rowling and Sebastián Rodríguez)

 

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Climate Change

With extreme heat now a public health crisis, local data can save lives

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Eric Mackres is senior manager of urban analytics for the WRI Ross Center for Sustainable Cities and attended London Climate Action Week during the June 2026 heatwave. Usama Bilal is an associate professor of epidemiology and co-director of the Urban Health Collaborative at Drexel University.

As thousands gathered in London for one of the year’s largest climate gatherings last week, Western Europe faced its most severe heatwave ever recorded. The irony was not lost.

Across Europe, over a dozen countries issued urgent heat warnings and Spain registered significant deaths. In London, where air conditioning is rare in buildings and on trains and buses, temperatures soared past 36 degrees Celsius (97F) and schools closed early. The mayor announced the city’s first heat action plan – an important step.

Extreme heat is now a public health crisis for many of the world’s cities, as the urban heat island effect intensifies dangerous temperatures – and it’s growing worse. Around 500,000 people die from extreme heat every year. As global temperatures rise, and with a severe El Niño getting underway, even more people will die and be hospitalised unless cities act soon.

But most cities are still taking a far too one-sized-fits-all approach to tackling heat, looking only at temperatures and not its local effects on people and their health.

People experience heat differently

How extreme heat affects people’s health can vary widely across a country and city, depending on their environment and demographics. Cities can save far more lives and prevent more hospitalisations by taking a tailored approach, using data to understand who’s most vulnerable and directing solutions toward them.

The good news: better data now exists that enable cities to pinpoint who’s most at risk. And that data can inform customised adaptation strategies to save lives. Indeed, the future of cities will hinge on their ability to deliver solutions to extreme heat tailored to at-risk people and neighborhoods.

Comment: Climate adaptation in Africa needs investment, not imported solutions

First, cities should start by measuring heat’s risks to people’s health locally. Our work in Brazil and across Latin America shows big differences in what temperatures are dangerous and how quickly risks escalate at higher temperatures. These variations exist between cities, between demographic groups and between neighbourhoods.

But it’s not as simple as finding the hottest places. In temperate Porto Alegre, in southern Brazil, a person’s risk of death increases by 25% at temperatures of 27 degrees Celsius (81F). In tropical Teresina, in northern Brazil, which is hot year-round, the same temperature does not elevate the risk of death. At 32 degrees Celsius (90F), a person’s risk of death increases by a milder 10%.

These differences also exist within cities where the climate is the same. Elderly people, the very young, lower-income communities and those without air-conditioning and shaded green spaces are all more likely to get sick, be hospitalised, or die from heat. Areas with more trees and green spaces usually have lower temperatures, and therefore lower impacts of heat.

Targeted heat alerts

Second, cities can use this data to develop early warning systems and outreach campaigns that give people more targeted heat alerts. Research in the UK found that the elderly, despite being among the most at-risk, often were unable to heed warnings during the 2022 heatwave. Well-designed heat warning systems and city responses strengthen people’s trust in health services. They can change people’s behaviours and better prepare municipal services, helping reduce illness, hospital visits and deaths.

Rio de Janeiro adopted a heat alert system in 2024 with five alert levels based on past heatwaves’ impacts on health and forecasts of when temperature and humidity will hit those dangerous levels again. The alert levels activate services like cooling centres, extra public drinking water, and changes to outdoor events. When a heatwave struck during Carnival in 2025, the city was able to deploy resources to protect and warn people while still allowing events to go on.

WHO issues new guidance on heat-health action plans, as El Niño sets in

Finally, cities should use local heat data to target cooling solutions to where they can help people the most. Solutions like tree cover, shade structures and cool roofs lower temperatures and can provide targeted relief for the most vulnerable people, like outdoor workers and those who travel by foot, bike or public transit.

In Florianópolis, Brazil, we helped the local government use heat impact modeling to design a green corridor and urban forestry project that will reduce pedestrians’ heat stress up to 7 degrees C. In Hermosillo, Mexico, our researchers worked with the city and found that certain neighbourhoods could feel up to 14 degrees C hotter than the shaded city center. A park is now under construction that will bring better shade and heat relief to one of the city’s most at-risk areas.

A modular street shade structure on display during an event at New York Climate Action Week on Governors Island, NYC in September 2025. (Photo: Megan Rowling)

A modular street shade structure on display during an event at New York Climate Action Week on Governors Island, NYC in September 2025. (Photo: Megan Rowling)

Connecting health and climate planning

Momentum to address extreme heat in cities is growing, from both national and local governments. At last year’s UN climate summit in Brazil, the Belém Health Action Plan saw 30 national health ministries commit to build climate-resilient health systems based on local data and evidence-based policies.

And over 160 local governments joined the Beat the Heat initiative, committing to develop urban heat action plans and deliver passive cooling projects to reduce health risks.

But there’s still a disconnect between health, urban and climate officials. Only 23% of World Meteorological Organization member countries integrate weather information into health surveillance systems. Heat-health impact models, though increasingly easy to scale, are not yet built for every city. Some cities still need to collect local data for specific demographics and neighbourhoods – and many need support.

National and local governments will need to partner on this tailored approach. It will require integrating local heat and health data into public health systems, city planning, infrastructure, and disaster preparedness.

We have the data to know who will be most impacted by extreme heat when – and the solutions to keep people alive and out of the hospital. It’s time for governments to use them.

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Ocean summit stays silent on new wave of offshore oil and gas expansion

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As governments gathered at the Our Ocean Conference in Kenya’s coastal city of Mombasa this month, pledging over $6 billion for marine protection, sustainable fisheries and offshore wind, one issue remained largely absent from the main stage: the continued expansion of offshore oil and gas.

From Norway, Brazil and Guyana to South Africa, Angola and Kenya, countries are pushing ahead with offshore oil and gas projects even as they promise to protect marine ecosystems and tackle the climate change that is heating the ocean, raising sea levels and damaging coastal livelihoods.

Governments argue that offshore oil and gas production is needed for energy security, public revenues and economic growth, but environmental groups say new drilling risks locking countries into decades of fossil fuel production just as they are promising to build a sustainable blue economy. 

Inia Seruiratu, Fijian parliamentarian and the Pacific COP31 Envoy for the Ocean, said the contradiction is becoming harder to ignore. 

“For too long, two conversations – climate mitigation and ocean protection – have run on separate tracks, in separate rooms, with separate experts,” Seruiratu told delegates at a side event during the Mombasa conference held on the shores on the Indian Ocean. 

    “We talk about emissions reductions in one hall, and coral bleaching in the other, as if they were unrelated phenomena rather than cause and effect. As we commit to new marine protected areas, new ocean financing and fisheries action, we cannot continue to treat the symptoms while funding the disease,” he added. 

    In Mombasa, only one side event out of the dozens of panels was dedicated to the threats posed by the expansion of offshore oil and gas. That event was organised by civil society rather than governments.

    Kenyan officials led by deputy president Kithure Kindiki, alongside John Kerry, founder of the Our Ocean conference. (Photo: Kenya State Department for Blue Economy and Fisheries)

    Kenyan officials led by deputy president Kithure Kindiki, alongside John Kerry, founder of the Our Ocean conference. (Photo: Kenya State Department for Blue Economy and Fisheries)

    New wave of offshore projects

    One-third of the world’s global production of oil and gas comes from offshore projects. They harm oceans in part through the greenhouse gas emissions generated by the fuels they produce, with climate change already driving record sea temperatures, coral bleaching and sea-level rise.

    Offshore exploration and production also affect marine life through seismic surveys, underwater noise, vessel traffic and the risk of oil spills, threatening sensitive habitats such as coral reefs, mangroves and seagrass meadows that support fisheries, biodiversity and coastal protection. 

    Now, as onshore reserves mature, a new wave of offshore oil and gas development is advancing across the world.

    Offshore oil and gas expansion threatens key marine ecosystems, report warns

    A May report by Earth Insight found that 85% of all hydrocarbon discoveries made in 2024 were offshore, with new projects advancing from Norway and Brazil to Guyana, Namibia and East Africa. 

    In Africa, countries such as Namibia, Tanzania and Kenya say exploiting fossil fuel resources could help finance development, support economic growth and lift millions out of poverty, particularly at a time when many face high debt levels and limited access to climate finance.

    Kenya’s conundrum

    The debate was on display at the Mombasa conference, where host Kenya announced it was joining the Global Offshore Wind Alliance (GOWA), while also defending plans to explore for oil and gas in the Lamu Basin, a biodiverse coastal region.

    “The energy transition is a journey. It is not a one-stop shop,” Alex Wachira, principal secretary for Kenya’s Department of Energy, told Climate Home News. “Therefore, we must explore the transition and bring on as many options as possible while exploiting the resources we have. At some point, the entire sector will transition to 100% renewable,” he added.

    Wachira said Kenya’s low contribution to global emissions and its continued development needs justify pursuing offshore oil and gas alongside renewables, adding that the country still has “the industrial revolution” to achieve.

    “Kenya needs to have a piece of the pie … our emissions today are the least, but we have suffered the most,” said Wachira.

    How Shell is still benefiting from offloaded Niger Delta oil assets

    The East African nation is seen as a world leader in renewable energy, with about 90% of its electricity generated from geothermal, hydropower, wind and solar.

    Omar Elmawi, a Kenyan climate activist and member of the Fossil Free Ocean Initiative, said Kenya should focus on expanding renewable energy, adding that new fossil fuel projects could result in financial losses as countries move to cut planet-heating emissions and shift to cleaner energy. 

    “We know we cannot have a future dependent on fossil fuels. The rest of the world is talking about how to move beyond them,” Elmawi told Climate Home News.

    “If we invest heavily in fossil fuels within our oceans, we’ll end up with stranded assets and a huge debt that taxpayers will have to pay,” he added.

    A side event on fossil-fuel-free oceans at the Our Ocean conference in Mombasa. (Photo: Kenya State Department for Blue Economy and Fisheries)

    A side event on fossil-fuel-free oceans at the Our Ocean conference in Mombasa. (Photo: Kenya State Department for Blue Economy and Fisheries)

    Offshore wind as a solution

    Many environmental groups argue that offshore wind is a promising alternative, as it can deliver similar economic benefits from energy production without worsening climate change. 

    A study unveiled at the Mombasa conference by Zero Carbon Analytics, Ocean Conservancy and GOWA found that Africa’s offshore wind potential is vast, yet largely untapped.

    The continent could install around 6,750 gigawatts of offshore wind capacity – roughly 28 times its current power generation capacity.

    Developing just 5% of that potential could create an estimated 5.9 million jobs and generate more than $1 trillion in economic benefits, while producing enough electricity to meet all projected growth in power demand through 2040, the study found.

    Campaigners say this could strengthen energy security, reduce dependence on imported fossil fuels and help build new industries around ports, manufacturing and maritime services.

    According to a 2025 World Bank report, every $1 million invested in offshore wind creates around 25 jobs – five times more than fossil fuels.

    Robust marine protection needed

    Bruna Campos, senior campaigner for the Climate and Energy Program at the Center for International Environmental Law (CIEL), said offshore wind offers a cleaner alternative to offshore oil and gas, but warned that poorly planned projects can also cause harm. 

    She called for robust marine spatial planning, environmental assessments and early community involvement to ensure the industry does not repeat mistakes associated with fossil fuel development.

    “You need to understand what are the impacts that offshore wind will have on sensitive ecosystems and communities,” Campos told Climate Home News.

    West African nations target Eastern Atlantic for early high seas protection

    A 2024 UN study found that offshore wind farms can disturb whales, seals, porpoises and migratory fish, particularly during construction, when underwater noise and seabed disruption are greatest. At the same time, turbine foundations can act as artificial reefs, creating habitat for some species and boosting local fish populations. 

    Pacific COP31 Envoy for the Ocean Seruiratu said that while investing in renewables is crucial, it is also important to keep pushing for fossil fuels to be phased out. 

    He said his own country, Fiji, is among a growing block of nations calling for “a binding international mechanism for an orderly and equitable phase-out of fossil fuels”. 

    “Every offshore drilling decision, every new exploration site, every delayed phase-out is a decision made against the common good,” he added. 

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    UN plastics pact talks restart amid fears production curbs will be left out

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    Governments are holding “critical” talks this week on a global treaty to curb plastic pollution, as some countries and activists warn that key issues – including measures to rein in soaring plastic production – are being sidelined.

    Diplomats are meeting in person in Nairobi for the first time since negotiations were suspended in chaos nearly a year ago, stymied by a long-running deadlock that pits petrostates against more ambitious nations over the reach of the UN pact.

    Because nearly all plastic is made from planet-heating oil, gas and coal, the sector’s trajectory will have a major influence on global efforts to cut greenhouse gas emissions.

    The four-day informal gathering, which begins on Tuesday, has been billed by the chair of the talks, Chilean ambassador Julio Cordano, as a “brainstorming” session in which countries are invited to put forward possible solutions to some of the treaty negotiations’ most divisive elements.

    Cordano is expected to distill those views in a new document intended to serve as the basis for a new draft text of the future treaty, which governments would take up at the next official round of negotiations, scheduled for March 13-24, 2027.

    Two earlier rounds, each billed as the final one, ended without agreement, derailed largely by a standoff over how the treaty should address plastic production, which the UN says is set to triple by 2060 without intervention.

    Production curbs in the spotlight

    Large fossil fuel and petrochemical producers, led by Saudi Arabia, the United States, Russia and India, have repeatedly argued that the treaty should focus only on managing plastic waste. A US State Department spokesperson told Climate Home News that Washington supports “practical, cost-effective solutions” to plastic pollution, while opposing “global plastic bans”.

    A majority of countries – including most European, Latin American, African and Pacific island nations -want to limit the manufacturing of plastic to “sustainable levels”, but have not pushed for any wide-ranging ban.

      Ahead of what it described as “critical” talks in Nairobi, the French government said last week it had already shown flexibility and “significantly scaled back” its initial ambitions. But a French official told a meeting of EU environment ministers that without an explicit reference to the “unsustainable nature” of plastic production, the treaty would be “fundamentally unbalanced, ineffective and, worse still, could set us on the wrong path for decades to come”.

      In a separate written communication, the French government lamented that informal meetings held in recent months have given “disproportionate visibility to the positions of the least ambitious states”, fuelling a “risk that partial agreements may be reached only on the issues with the broadest consensus”.

      Dennis Clare, a negotiator for the Pacific island nation of Micronesia, told Climate Home News that “if we fail to address any key elements”, including overproduction, the impacts of the plastic crisis on the climate, human health and ecosystems will only grow more severe.

      Fears over “political calculations”

      Despite such concerns, plastics production is not mentioned in the wide-ranging list of topics Cordano has drafted for the meeting – an omission that has alarmed observers.

      Christina Dixon, a campaigner at the Environmental Investigation Agency (EIA), said there appeared to be an attempt to write off this crucial element of the treaty as “too complicated and politically unviable”.

      David Azoulay, environmental health programme director at the Center for International Environmental Law (CIEL), said the meeting’s proposed structure was “highly concerning”. He accused the chair of “making political calculations in favour of potential short-term wins” and aiming to deliver a treaty “based on the lowest common denominator”.

      UN asks AI companies to reveal full environmental impacts

      Speaking to journalists last week, Cordano pushed back, insisting that “no topic is off the table” and inviting countries to bring whatever proposals they judged necessary for a successful outcome.

      He added that the treaty could not be allowed to settle for just any level of ambition, and that he would not be happy with an outcome at all costs.

      “This is what makes it so difficult and complex,” said Cordano, who was elected in February after his predecessor’s resignation. Countries “are trying to be creative” in finding solutions, he explained, because “the road to the objective of our work might not be so obvious”.

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