The UNFCCC launched a call for submission in the framework of the Sharm el-Sheikh dialogue on topics to be discussed in upcoming workshops on the scope of Article 2.1(c) of the Paris Agreement (1). Based on submissions received, the chairs of the dialogue will decide which topics to address in the following four workshops over 2024-2025.

The Veblen Institute’s contribution focuses on ending fossil fuel investments protection to bring financial flows in line with Article 2.1(c) of the Paris Agreement. The contribution points out that current international investment agreements and the investor-state dispute settlement mechanism are significant obstacles to climate change mitigation and adaptation. One of the measures needed to achieve the objective of Article 2.1 (c) is to remove fossil fuel investments from the list of activities covered by investment protection as soon as possible. This is why this key issue should be addressed as part of the UNFCCC dialogue in Sharm el-Sheikh.

Note
(1) Paris Agreement, Article 2.1(c) : "This Agreement, in enhancing the implementation of the Convention, including its objective, aims to strengthen the global response to the threat of climate change, in the context of sustainable development and efforts to eradicate poverty, including by: (...) (c) Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development".