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CUTS Daily Bulletin # 02 | November 13, 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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Exxon CEO Darren Woods has expressed concern that frequent changes in climate policy are harmful to business. He highlighted the uncertainty caused by former President Donald Trump’s decision to withdraw from the Paris Climate Accords during his first term, followed by President Joe Biden’s decision to rejoin the agreement after taking office. Woods warned that such back-and-forth shifts in policy create instability, which can be challenging for companies to navigate.
Woods urged President-elect Trump to keep the U.S. in the Paris Agreement.
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Earth’s biggest polluters aren’t sending leaders to UN climate talks in a year of weather extremes. The people who are responsible for this are absent. Belarus President Aleksandr Lukashenko said during his speech at the summit. “There’s nothing to be proud about.”
The world’s biggest polluters and strongest economies—China and the United States—aren't sending their No. 1s. Neither are India nor Indonesia. That’s the world’s four most populous nations, with more than 42 percent of all the world’s people.
“It’s symptomatic of the lack of political will to act. There’s no sense of urgency,” said climate scientist Bill Hare, CEO of Climate Analytics. He said this explains “the absolute mess we’re finding ourselves in.”
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The UK has set a new target to reduce its emissions by 81 percent by 2035, as announced by the Prime Minister at the UN Climate Change Conference (COP29) in Azerbaijan. This updated goal surpasses the previous target of a 78 percent reduction, which was set under the former Conservative government and included emissions from international aviation and shipping. It also exceeds the earlier commitment of a 68 percent reduction by 2030.
The new target aligns with recommendations from the UK's independent Climate Change Committee (CCC) and is aimed at limiting global warming to 1.5°C above pre-industrial levels.
At the summit, the UK Prime Minister was one of just seven G20 leaders in attendance, with notable absences including the leaders of the US, China, France, and Germany.
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At the COP29 climate summit in Baku, Azerbaijani President Ilham Aliyev criticised Western nations for their attacks on his country's oil and gas industry, calling it part of a "campaign of slander and blackmail." Aliyev defended fossil fuel use, arguing that the market and people need these resources, and accused the U.S. and EU of double standards.
The debate highlighted the ongoing divide between developed and developing nations over climate responsibilities. Aliyev emphasised Azerbaijan’s efforts to diversify its economy but insisted on a "realistic" approach.
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The UK’s commitment to reducing emissions by 81% by 2035 is a positive step, according to climate advisers, but it should be seen as just the beginning of the country's efforts to protect future generations from the climate crisis. Taking action early is essential to building momentum and setting a leadership example for other nations. However, the real test will be in the delivery of these goals.
The hope is that this ambitious target encourages other countries to set strong Nationally Determined Contributions (NDCs) and push for the necessary financing to keep global warming on track for 1.5°C.
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India’s plans to set up a carbon market received a boost at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, after the United Nations Framework Convention on Climate Change (UNFCCC) ratified key rules for a global carbon trading mechanism at this UN-sponsored climate event, officials said.
On Monday night, states assembled for the first day of the UN Climate Change Conference reached a consensus on standards for projects to qualify for carbon credits under Article 6.4 of the Paris Agreement, UN Climate Change reported.
This agreement enables climate action by increasing demand for carbon credits and ensures that the international carbon market operates with integrity under UN supervision. It also guarantees that emission reductions and removals are real, additional, verified, and measurable.
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