CUTS Daily Bulletin # 14 | December 13, 2023
For earlier bulletins, please click here
Environment Minister Bhupender Yadav recently stated in an interview that India is happy with the COP28 climate agreement, which recognises that countries should act based on their situations. The deal also has good financial help for developing countries. India has made good progress on climate change but says richer countries must do more.
COP28's gavel is down, but the climate fight is a marathon. We need stronger defences, cleaner energy, and reliable funding to win. It's time for new tactics, not just talks, to tackle the crisis.
(Article by Arunabha Ghosh, Chief Executive Officer at CEEW)
CUTS International’s Event at COP28
 
At COP28 CUTS discussed innovative climate finance beyond the Loss & Damage Fund. Experts urged for a "Fund of Funds" and better accountability to tackle climate challenges in developing countries, focusing on community-led actions, biodiversity conservation, and transparent funding mechanisms.
 
UN climate talks scuppered plans for global carbon offset trading. EU demands for stricter rules clashed with the US and others, delaying the market launch by years. Critics fear loose standards could undermine the EU system and hurt climate action.
African countries had several wins at COP28, including the COP28 Declaration on Sustainable Agriculture and the Global Goal on Adaptation. They also secured funding for green infrastructure and development projects. Africa needs to build on these gains by increasing its diplomatic voice, developing its capacity to access climate finance, and implementing lessons learned on environmental governance.
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.
Dubai's climate pact pledges to ditch fossil fuels, but vague loopholes on carbon capture and "transitional fuels" raise concerns about continued dependence on oil and gas.
With renewable energy struggling to provide base-load power, India should include nuclear development in its climate strategy. Nuclear's high capacity and waste management plans make it a strong partner for renewables in fighting climate change. Concerns about cost and safety can be addressed with existing technology and India's three-stage nuclear program. Just like the young girl at COP28, India must explore all options to save our planet.
(Article by: Nitin Desai, former chief economic advisor and former United Nations Under-Secretary Geneva)
Dubai climate talks commit to "transitioning away" from fossil fuels, not phasing them out entirely, leaving room for interpretation and continued expansion by some countries. While a step forward, it doesn't guarantee meeting climate goals.
The UN climate conference, COP28, tackled the thorny issue of weaning the world off fossil fuels. While progress was made, like setting up a fund to aid developing countries hit by climate disasters, the article warns it'll be a long and bumpy journey.
Interesting Resources
 
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