At COP28, CUTS International hosted a side event exploring the establishment of a "Fund of Funds" to tackle challenges beyond the Loss and Damage Fund. Mr Sajeev Nair, highlighted COP28's focus on climate finance challenges, launching the "Innovative Finance for Climate and the Planet" campaign. Martha addressed discrepancies in climate financing reporting and accountability, questioning the translation of commitments into practical disbursements.

Dr Rowen Jani stressed biodiversity's interconnectedness with climate change, advocating for innovative financing towards local community-led actions. Miss Pallavi Das emphasised the need for clear climate finance definitions and quality funds for least-developed countries, urging reform in multilateral development banks. Miss Lydia Chibambo highlighted challenges in addressing climate-related biodiversity loss, urging innovative funding mechanisms. Mr. Brian Omenyi focused on strategies like green bonds and debt-to-nature swaps, emphasising the impact of public debt on effective climate finance.

The panel called for transparent, inclusive, and community-involved financial mechanisms to combat climate challenges in developing countries.
(Reporting by Sajeev Nair, CUTS International, Lusaka & Nairobi)

The European Union's proposal to impose a carbon tax on goods imported from countries like India and China has sparked controversy at the UN climate conference in Dubai. The Carbon Border Adjustment Mechanism aims to set a price on carbon emitted while producing energy-intensive products.

While the EU argues it levels the playing field, developing nations fear economic harm. Critics also highlight technical concerns and potential conflicts, emphasising the need for global cooperation to reduce carbon emissions.

This gathering spotlighted the pivotal role of transboundary water cooperation in tackling climate change. With 60 percent of the world's freshwater in shared basins and 153 nations sharing water resources, the session underscored the global impact of climate change. Challenges in institutionalising cooperation and securing funding for climate interventions in transboundary basins were deliberated.

The event showcased best practices and lessons from African case studies funded by the Adaptation Fund and the Team Europe Initiative, highlighting transboundary cooperation's potential to achieve Sustainable Development Goals through collaborative planning and data exchange at the basin scale. The discussions aimed to offer insights applicable to National Adaptation Plans and global climate processes.

The president of COP28 urged negotiators to intensify efforts for consensus on a groundbreaking deal to phase out global fossil fuel use. Over 80 countries, including the US and EU, advocate for a "phase-out" language, facing opposition from OPEC. In a unique move, a 'majlis' was convened for informal discussions.

As the summit approaches its end, deep divisions persist, with Saudi Arabia and Russia emphasising emissions reduction over targeting fuel sources. A draft proposes Azerbaijan to host COP29. The deadline looms for a comprehensive agreement on fossil fuels.

The International Energy Agency (IEA) disclosed on December 10 that commitments made at COP28 will only achieve a 30 percent reduction in energy-related greenhouse gas emissions by 2030, far below the required target. The IEA report highlights positive steps but emphasises their inadequacy in meeting international climate goals, particularly limiting global warming to 1.5 degrees Celsius.

Major players like China, India, Saudi Arabia, and Russia have yet to endorse the pledges, raising concerns about achieving meaningful progress.