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CUTS Daily Bulletin # 01 | November 12, 2024
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Campaign for the Global Alliance for Leveraging Innovative Finance (GALIF)
 Climate change has dominated headlines, yet its inextricable link with biodiversity remains curiously muffled. This disconnect, despite both issues falling under the purview of most environmental ministries, underscores a dangerous silo mentality. To ensure a future worth inheriting, we must address these intertwined challenges in unison, guided by pragmatism and global equity.
CUTS International's 'Fund of Funds' proposal leverages diverse financing sources, creating a “Global Alliance for Leveraging Innovative Finance” (GALIF) that advocates an agnostic Fund of Funds and seeks to streamline financing, boost investments, and effectively channel resources toward climate and biodiversity initiatives, ensuring a more impactful and comprehensive approach to address these pressing global challenges. To join the campaign please write to us at: galif@cuts.org
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At CUTS International's 40th anniversary (at the Commonwealth Secretariat, London), trade policy expert Pradeep Mehta criticised unilateral trade and environmental measures while highlighting the urgent need for global funding to address climate change and biodiversity loss. Mehta stressed the interconnectedness of these issues, advocating for sustainable production and consumption policies that support developing countries in a just transition to a greener economy. (PAYWALL)
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The annual United Nations climate summit, Conference of Parties or COP29, opened Monday 11th in Azerbaijan with renewed calls for a climate finance goal despite the noticeable absence of prominent world leaders.
At the plenary session of the summit’s 29th edition in the Azerbaijani capital, Baku, United Nations Framework Convention on Climate Change (UNFCCC) executive secretary Simon Stiell appealed for an ambitious new goal in providing climate funding to the world’s poorer nations. He said this would be in the interest of every country, including the largest and the wealthiest.
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Diplomats have greenlit key rules governing the trade of “carbon credits,” breaking a years-long deadlock and paving the way for rich countries to pay for cheap climate action abroad while delaying expensive emission cuts at home.
The rules deal with some of the final hurdles to creating a system in which countries can buy credits for removing or avoiding planet-heating pollution in other parts of the world – for instance, by planting trees or saving rainforests – and count the progress toward their own emissions targets.
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COP29, being held in Baku, Azerbaijan, from Nov 11 to 22, has opened under ominous circumstances. The re-election of Trump as US president looms over the event, reviving memories of his first term when he withdrew from the Paris Agreement, halted climate funding, and significantly slowed international climate progress. (Paywall)
During those years, the US largely stood on the sidelines, often obstructing negotiations through proxies. Aside from partial progress at COP24 in Katowice in 2018 – where the “rulebook” for implementing the Paris Agreement was advanced – Trump’s presidency was largely a setback for climate action. Against this backdrop, COP29 must tackle three interlinked priorities: scaling up climate finance, establishing effective carbon market rules, and setting the next phase of NDCs for 2025 and beyond.
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India's primary priorities at the conference are expected to include holding developed nations accountable for climate finance, enhancing resilience for vulnerable communities, and advancing an equitable energy transition, a delegate said.
The Indian delegation at the conference will be led by MoS for Environment, Forest and Climate Change, Kirti Vardhan Singh as Leader of Delegation, Leena Nandan (Secretary) as Deputy Leader of Delegation, Naresh Pal Gangwar (Additional Secretary) as Lead Negotiator; and, Neelesh Sah (Joint Secretary) as Deputy Lead Negotiator.
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On the opening day of COP29 in Baku, the European Union and its Member States issued a joint statement reaffirming their commitment to strengthening gender integration in global climate action.
The statement reiterates the importance of addressing gender issues in the fight against climate change. It underscores that women are disproportionately affected by the impacts of climate change, while also playing a fundamental role in the response to it. Their full and equal participation in decision-making processes and negotiations is essential for sustainable and equitable solutions.
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U.S. climate envoy John Podesta urged governments to keep faith in the country's promise to combat global warming, saying Donald Trump can slow, not stop, the transition from fossil fuels when he returns to office in January.
The annual U.N. climate summit began on Monday in Baku, Azerbaijan, with many country delegations concerned that Trump's victory in the U.S. presidential elections on Nov. 5 would hinder progress in limiting planetary warming.
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