CUTS Daily Bulletin # 9 | December 08, 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 A Rank Up, Now 7th On Climate Change Performance

India has advanced to the seventh position in the latest Climate Change Performance Index (CCPI), marking a steady improvement from 31st place in 2014. The ranking, released by Germanwatch at COP28, reveals India's consistent top 10 presence for five consecutive years.

Notably, among the G20 nations, India boasts the highest rank, while China, the leading polluter, is placed 51st, and the US, the historical emitter, secures the 57th position.

Opec Rallies Members Against Fossil Fuels Phase Out At Cop 28

As COP28 in Dubai nears its end, the head of OPEC calls on members to reject any agreement targeting fossil fuels. A new draft proposes options from a "phase-out" to omitting fossil fuel language. Over 80 nations demand an end to fossil fuel use, sparking unprecedented debate. Conference host UAE urges unity, but deep divisions persist.

Saudi Arabia, a major oil producer, remains a vocal holdout. The UN climate agency stresses the urgency of limiting warming to 1.5 degrees Celsius. OPEC's resistance raises concerns about COP28's credibility.

High-Level Ministerial Talks Spotlight Culture's Role in Climate Action

Top ministers from the UK, Brazil, and the Climate Heritage Network's envoy recently engaged in a high-level dialogue on culture-based climate action. Central to the talks was the COP's push for the "Group of Friends for Culture-based Climate Change," promoting collaboration globally.

The ministers emphasised sharing culture-driven climate solutions between the North and South. They reached a consensus on including climate-affected heritage in Loss and Damage discussions, stressing art's power in communicating climate challenges. Key organisations highlighted urgent collaborative efforts and the EU's commitment to funding projects under "Horizon Europe."

(Reporting by Sankalan Dey, CUTS International, Jaipur)

Challenges in Global Public Goods Discussed at COP28 UAE: A Critical Analysis of Market Solutions

During COP28 in the UAE, speakers expressed scepticism about relying on market solutions for global public goods like climate change. Fadhel Kaboub highlighted structural deficits, criticising IFIs for incompetence or intentional entrapment. Avinash Persaud emphasised grant-based funding for loss and damage, suggesting IMF involvement.

Adriana Erthal Abdenur warned of disguised trade protection as environmental measures, while Richard Kozul-Wright urged a Marshall Plan for climate change using public finances. Read More… 

(By Martha Getachew Bekele, Africa Lead for Delivery, Quality & Impact)

COP28 Focus: Climate Strides, Global Unity, and Africa's Dilemma

Discussions underscored the vital imperative of integrating proposed measures into the global stocktake agreement for COP consensus. Lord Turner highlighted that precise targets could markedly address climate challenges. Despite Africa's mere 4% greenhouse gas contribution, it ranks among the top 10 most climate-vulnerable regions. Collaborative North-South and South-South efforts were stressed for effective technology transfer.

Emphasis was placed on upscaling grassroots climate finance, especially for vulnerable small-scale farmers. The Asian Farmers Association's role in supporting these communities was acknowledged.

(Reporting by Sankalan Dey, CUTS International, Jaipur)

Interesting Resources
 
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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