Two things in particular captured Stamatiou’s attention at the conference. The first was one of its most positive outcomes: the agreement to establish the Loss and Damage Fund, an important step forward towards a more just and equitable transition for vulnerable communities that are increasingly affected by the extreme physical impacts of climate change. The movement commenced three decades ago by developing counties, seeking wealthier nations to compensate them for loss and damage in relation to climate change impacts, finds Stamatiou as a staunch supporter, stating: “At all stages it needs to be understood that the countries that stand to be beneficiaries of the Fund are those who suffer the most as a result of climate change while being the least responsible for causing it.” To his disappointment however, the in principle agreement remains as such until next year’s conference in Dubai, with a transitional committee to make recommendations as to the manner of operation of the Fund, to be determined at a later date.
Secondly, that the topic of financing people to reduce emissions and adapt to climate change was also discussed at a substantive level. According to Stamatiou: “the Western world, especially those countries that are the main protagonists in bringing about the current climate change crisis must support the Global South’s transition towards clean energy if we are to have any chance of keeping global warming at a safe level. Financial institutions, including development banks need to step up in this regard. Sadly, the conference did not develop new climate finance goals to improve on the existing inadequate target, and to improve the West’s poor performance against this target. Also, attempts to create an action plan to double adaptation finance did not bear fruit and instead this endeavour was pushed further into the future. This is of grave concern, considering that the UN Environment Programme has warned that only a small trickle of adaptation finance was flowing to developed countries at present, with the 2022 Adaptation Gap Report estimating that it was up to ten times lower than what is required to take the necessary action.”
Stamatiou maintains that he witnessed backwards momentum with regard to the temperature objectives of the Paris Agreement, which attempts to limit global warming to 1.5°C. In his opinion, countries with a vested interest in burning and trading fossil fuels attempted to undermine consensus through subtle means, keen to ensure that the clean energy transition doesn’t disrupt investment cycles and their economies. While the Sharm el-Sheikh Implementation Plan did reiterate participating countries’ commitment to the 1.5°C target, Stamatiou was incensed by the non-inclusion of a projected resolution to effect an emissions peak within three years. “No wonder then that UN Secretary General Antonio Guterres commented at the conference, “We are on the highway to climate hell with our foot on the accelerator,”” Stamatiou exclaims. Despite the doomsday consensus, despite statements such as those by Dr Yasmine Fouad, Egyptian Minister of Environment: “Life as we know it will cease to exist as climate change threatens the balance of our one planet,” there seems to be an inability by the parties concerned to commit to concerted actions in order to limit global warming.
Stamatiou’s expertise extends to the Australian and international carbon offset markets and developing corporate carbon offset strategies that complement green technology strategies. As such, he is fully cognisant of the commercial cost of committing to emissions reduction and limiting global warming. Nonetheless, he is convinced that countries could, beyond the rhetoric, do more and remains hopeful: “Australia is making some progress in aligning itself with the requirements of the Paris Agreement. I was also particularly pleased that mention of food, rivers, nature-based solutions, tipping points and the right to a healthy environment were included in a conference cover decision.” Further highlights included witnessing newly elected Brazilian president Luiz Inácio Lula da Silva pledging zero deforestation by 2030, a proposal by Colombia and Venezuela to re-launch the 1978 Amazon Cooperation Treaty Organisation, a pact between South American states to preserve the Amazon rainforest, and the announcement that 150 countries, have now signed up to the Global Methane Pledge, an international initiative to slash methane emissions by thirty percent by the year 2030, Australia being one of the newest, with a pledge by US special climate envoy John Kerry that new initiatives would tackle methane from waste and animal agriculture, including through efforts to change the diets of cattle.
As a proud Greek, Stamatiou was pleased at the participation in the conference by both Greece and Cyprus, with statements provided by the leaders of both countries, although raised his concern over their deepening commitments to oil and gas reserves in the Eastern Mediterranean. He also pointed to the rising tensions over maritime borders to extract oil and gas reserves that were dragging Greece, Turkey, Libya, Egypt, Cyprus, Israel and Lebanon closer to regional conflict. He noted that this obsessive focus on exploiting oil and gas in the region highlighted how off track we were in meeting the Paris Agreement goals, with the International Energy Agency last year bluntly warning that zero exploration and development of new oil and gas fields was the only pathway to keeping the Paris Agreement alive.
Although keeping a keen eye on geopolitics in the Eastern Mediterranean, Stamatiou’s focus remains primarily Australia based, linking climate expertise to broader geo-strategic interests within the Pacific region. “The Australian government recognises that climate change remains the single greatest threat to the livelihoods, security and wellbeing of the peoples of the Pacific. I am proud to assist in a consultation process that will assist Pacific island countries reduce their emissions and build resilience to climate change. It truly is now or never.”
