CUTS Daily Bulletin # 12 | December 11, 2023
For earlier bulletins, please click here
Campaign for Global Alliance for Leveraging Innovative Finance (GALIF)
 
Rising carbon emissions and biodiversity loss pose a grave threat, affecting all, regardless of privilege. Global environmental finance must urgently evolve, with current climate finance at $600bn needing a 600 percent increase by 2030. Despite commitments at COP 27 and COP 15 (Biodiversity), a roadmap is absent.

CUTS 'Innovative Finance for Climate and the Planet' seeks to address this, advocating for green bonds, tailored finance solutions, and ecosystem-driven investments to bridge global financing gaps.

This initiative aims to propel actionable solutions for climate and biodiversity goals over three years, engaging key stakeholders and leveraging platforms like the G20, particularly India's presidency in 2023. If you wish to join, please write to: ifcp@cuts.org.
Early Warnings for All: The Opportunities for Public-Private Partnerships

This event hosted by CEEW addressed the challenges and prospects in establishing robust early warning systems (EWS) for climate-related disasters. Discussions, featuring UNDRR and WMO, spotlighted India's vulnerability, revealing 75% of its districts as climate disaster hotspots. Speakers stressed investing in risk understanding, adaptive measures, and year-round preparedness. While flood warnings in India covered one-third, cyclone warnings achieved full reach.

The global status report disclosed only 50% of countries having multi-hazard warning systems, urging broader coverage and community involvement. Emphasising GAPS and past experiences, the event highlighted the urgency to expand EWS for comprehensive global protection against climate disasters.

(Reporting by Sankalan Dey, CUTS International, Jaipur)

Carbon Tax Turns Into Climate Fight at COP28

COP28 in Dubai: Unfinished Business and Concerns for Africa in Climate Talks As COP28 is about to conclude in Dubai, the critical task of reviewing the Paris Agreement through the Global Stocktake (GST) remains incomplete. The GST evaluates progress in mitigation, adaptation, and support, emphasising equity and scientific insights. Concerns for Africa include a reliance on emission offsetting rather than reduction, market-based solutions, and a disregard for differentiated transition approaches.

The broken financial system, with developing nations burdened by climate debt, adds urgency. As key agreements stall, the outcome impacts climate justice and the intertwined futures of climate and development, emphasising the need for decisive action. Read More… 

(By Martha Getachew Bekele, Development Initiatives)

Global Climate Action for High-Level Event

The prestigious Global Climate Action Summit convened distinguished guests and leaders to deliberate on advancements and hurdles encountered in climate action, notably amid COP 28. Emphasising a science-driven approach, the event stressed the imperative for tangible outcomes to uphold the 1.5-degree Celsius global warming limit.

The COP 28 presidency reaffirmed its dedication to being an action-oriented conference, guided by science, prioritising on-the-ground results. Discussions centred on an integrated action agenda aligned with the COP 28 vision and 2030 goals, underscoring solutions, breakthroughs, and adaptation agendas. Recognition was extended to non-state actors, including MDBs and industry, emphasising their vital contributions.

The importance of collaboration between governments and non-party stakeholders, particularly in youth activism and NGO engagement, was highlighted for effective climate change combat. Celebrating accomplishments like the Global Climate Action Markets Partnership, the event underscored the necessity for ongoing leadership and commitment to foster transformative change in addressing climate challenges.

(Reporting by Sankalan Dey, CUTS International, Jaipur)

COP28 Marks Final Opportunity to Sustain 1.5-Degree Goal

US envoy John Kerry has cautioned that the UN's COP28 climate summit in Dubai represents the world's ultimate opportunity to preserve its target for curbing global warming. Kerry's warning followed COP28 president Sultan Al Jaber's proposal of a draft deal omitting a fossil fuel phase-out, leading to disappointment from the United States, the European Union, and climate-vulnerable low-lying islands.

Kerry stressed, "This is the last COP that we'll have a chance to keep 1.5 degrees alive. This is it," emphasising the urgency to act.

Why Climate Efforts Fail To Cut Emissions

The 28th Conference of the Parties (COP) in Dubai spotlighted the critical goal of limiting global temperature rise to under 1.5 degrees Celsius by century-end. Despite calls for a tripling of renewable energy by 2030, challenges persist, including non-binding resolutions, technology hurdles in transitioning to renewables, and ongoing fossil fuel support by developed nations. Bridging the gap between global ambitions and practical, country-specific plans remains a pressing issue in effective climate change mitigation.
(Article by Ajay Srivastava, Founder, Global Trade Research Initiative)

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