CUTS Daily Bulletin # 4 | December 03, 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.
India and China Refrain From Signing COP28 Health & Climate Declaration

India and China opted not to sign the Global Renewables and Energy Efficiency Pledge at COP28 despite India committing to it during its G20 presidency. The initiative, supported by 118 countries, aims to triple global renewable energy capacity by 2030.

While India's decision drew disappointment, experts like Madhura Joshi stressed the importance of transitioning away from fossil fuels. Vibhuti Garg notes India's commitment but highlights the silence on the coal phase-down. Achieving India's renewable goals may require increased investments and funding support.

Trade Must Move Up Global Climate Change Agenda, Says WTO Chief

The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has called on delegates at the COP28 climate conference in Dubai to prioritise trade policy in the fight against global warming.

Emphasising the need for free and predictable trade, she suggested measures such as adjusting tariffs to promote renewables and revising subsidies for fossil fuels. Okonjo-Iweala also highlighted concerns from less developed WTO members regarding the European Union's carbon border tax, indicating that the WTO is prepared to facilitate dialogue to address potential trade frictions.

COP28 Should Focus on CO2 Removal, Rather Than Eliminating Fossil Fuels

UN Secretary-General Antonio Guterres responded to the UN Environmental Programme’s Emissions Gap Report 2023, urging a shift from fossil fuel elimination to economically viable large-scale carbon dioxide removal. Guterres emphasised deploying resources for research on converting CO2 into marketable products like graphene and synthetic fuels.

The key is making CO2 removal profitable, with global universities and governments prioritising and funding this research. The climate discourse must move beyond theological approaches, focusing on advancing the energy transition while acknowledging the role of fossil fuels in improving living standards.

(Article by T. K. Arun, noted economics commentator, India)

Cop28 Officials Have Yet to Clarify
If Protesters are Safe to Protest in Dubai

Organisers of Cop28 and the UN body overseeing the annual climate conference have not clarified whether activists in Dubai are safe to demonstrate, risking civil society in a country where protests are generally prohibited. Despite 80,000 attendees, including activists, some protests have been denied permission, raising concerns about safety given the UAE's restrictions on free expression. Critics argue that hosting Cop28 in such an environment poses risks and that safety assurances should not be necessary.

WHO Leads Global Efforts in Decarbonising Health Sector at COP28

The Climate Health Ministerial, a key event, secured overwhelming support for the Health Declaration. Developed nations like the US and EU emphasised its importance, while others highlighted implementation challenges.

The Last Milestone Pledges, a vibrant affair, saw major philanthropists commit $777 million to initiatives in Africa. Notable recognitions included Ellen Johnstone Sirleaf's lifetime achievement and Dr Atul Shah's game-changer award for Leprosy Tool Formulation.

(Reporting by Sajeev Nair, CUTS International, Lusaka & Nairobi)

Creating a “Fund of Funds”
Paving the Path Beyond Loss and Damage Fund

CUTS International’s Side Event on December 10th, 15:00 - 16:00 GST
(ICC Partner Stage,  BlueZone, B7, Building #88 - Thematic Arena 3)

The forthcoming event is set to deliberate on critical aspects of climate change and biodiversity loss, recognising the urgency to bridge financial gaps for sustainable solutions.


Click here to view background note- >>

Speakers
  • Mr. Sajeev Nair, Regional Director and Board Member, CUTS International, Lusaka & Nairobi
  • Ms. Martha Getachew Bekele, Africa Lead for Delivery Quality and Impact, Development Initiatives
  • Mr. Brian Omenyi, National Coordinator, Sustainable Energy Access Forum (SEAF - Kenya)
  • Ms. Lydia Chibambo, Program Officer - Energy Gender, Zambia Climate Change Network
  • Mr. Rowen Jani, Program Officer, World Wide Fund for Nature, Zambia
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