CUTS Daily Bulletin # 13 | December 12, 2023
For earlier bulletins, please click here
COP28 Wrap-Up: Top Stories From the Summit
COP28 Faces Global Disagreements on Fossil Fuels
The Dubai discussions have revealed profound international disagreements over the future role of oil, gas, and coal, hampering efforts by over 200 countries to reach an agreement before the summit's scheduled conclusion.
 
The presence of business executives at climate conferences should be viewed as a positive rather than a negative sign. Global business has historically been organised around trade shows, expos, and conferences that often draw 10,000 people.
 
By 2050, India's power usage for air conditioning is expected to more than triple. Strict adherence to the lofty aims of the Global Cooling Pledge might potentially limit access to cheap cooling. India, on the other hand, has its own Cooling Action Plan.
 
The European Union's proposal to tax carbon emissions from goods imported from countries like India and China, known as the Carbon Border Adjustment Mechanism, stirs debate at the UN climate conference. Developing nations fear economic repercussions and increased trade costs.
Young Indian Activist Interrupts COP28 with Urgent Climate Message

Licypriya Kangujam, a 12-year-old climate justice activist from India, disrupted the COP28 climate summit in Dubai, demanding an end to fossil fuels. Holding a sign reading "End fossil fuels. Save our planet and our future," she was applauded by the audience before being escorted away. Kangujam, in a social media post, emphasised the need to phase out fossil fuels and criticised leaders for neglecting climate change.

Campaign for the 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.
COP28 Falters on Fossil Fuel Phase-Out Commitment

U.N. Secretary-General Antonio Guterres said one of the keys to the success of the COP28 climate summit was for nations to reach an agreement on the need to “phase out” fossil fuels, albeit with countries possibly moving at different rates. Delegates, eager to surpass COP26's "phase down" language, now scramble to amend the text on the conference's closing day. The setback intensifies pressure on global leaders to address climate change effectively.

Young Climate Negotiators Take Center Stage at COP28

At COP28 in Dubai, over 97,000 attendees witnessed a historic UN climate summit. Among them, around 100 youth negotiators, aged 18 to early thirties, play a crucial role. Trained by the UN and the Future Leaders Network, they're determined to influence decisions that will shape their future. Focused on phasing out fossil fuels, these young leaders demand a just transition for a sustainable tomorrow, emphasising that they are not just leaders of tomorrow but leaders of today.

Critique of EU's CBAM: A Closer Look at Motives and Impact on Global Trade

The EU's Carbon Border Adjustment Mechanism (CBAM) faces criticism for its purported aim to curb carbon leakage. Instead of addressing this by taxing imports from EU firms relocating, CBAM imposes a global tax on imports. Critics argue it won't effectively combat emissions but serves to protect local industries, generate revenue, and subsidies EU initiatives. The EU's alleged use of the climate issue as a cover for financial gains is brought into question. Read More…
(Article by Ajay Srivastava, Founder, Global Trade Research Initiative)

COP28 Grapples With Lip-Sync Glitch While Tackling Climate Crisis

The COP28 summit faces a glaring 'lip-sync' dilemma reminiscent of poorly dubbed martial arts films. The IPCC urges a 43% reduction in GHG emissions by 2030, yet countries falter, citing insufficient support for developing nations. The mismatch between rhetoric and action jeopardises the Paris Agreement's 1.5°C goal. To steer back towards success, a unanimous commitment to fossil fuel phase-out and bolstering climate resilience is imperative. Lip service won't suffice; tangible efforts are overdue.

Interesting Resources
 
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