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CUTS Daily Bulletin # 05 | November 16, 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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Over 1,700 fossil fuel - oil, gas and coal - "lobbyists" have been granted access to COP29, and their number is more than almost every country-delegation at the UN climate conference here, according to an analysis released on Friday. Data showed that fossil fuel lobbyists with 1,773 registered participants are only outnumbered by delegations of three countries - host Azerbaijan (2,229), COP30 host Brazil (1,914), and Türkiye (1,862).
The list of lobbyists includes 24 from India as well. Among Indians, most (17) came as a delegation from the Federation of Indian Chambers of Commerce and Industry (FICCI), three from CII and the remaining four representing different NGOs.
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A group of former leaders and climate experts said the annual U.N. COP climate talks were no longer fit for purpose and needed to be reformed, publishing a critical open letter mid-way through what has so far been a fractious summit.
Nearly 200 countries are gathered in Baku, Azerbaijan with a primary goal of agreeing a new target for how much money needs to be provided to help developing countries adapt to climate change and recover from destructive weather. So far those talks have made little progress.
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The latest draft text on climate finance released on Friday evening at COP29 has streamlined earlier proposals but reveals persistent divisions between developed and developing nations over funding amounts and responsibilities.
The new 25-page document, trimmed from an earlier 34-page version, clearly states that the new collective quantified goal (NCQG) is “exclusively for all developing countries” but presents widely varying options for the scale of funding.
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In the nosebleed seats of a nearly-empty Baku Olympic stadium coated with a layer of dust, activists used a giant banner to beam the words “Pay Up” to the world.
People involved in protests say they have felt a trend in recent years of stricter rules from the United Nations organisers with COPs being held in countries whose governments limit demonstrations and the participation of civil society. And some community spaces for prepping and organising have had to resort to going underground because of security concerns.
In the nosebleed seats of a nearly-empty Baku Olympic stadium coated with a layer of dust, activists used a giant banner to beam the words “Pay Up” to the world.
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India made a forceful intervention against unilateral trade measures at the COP29 climate talks, demanding its inclusion in the conference agenda, joining similar calls from G77 and China, the BASIC group (Brazil, South Africa, India and China), and Like Minded Developing Countries.
During Presidential consultations on the BASIC agenda proposal on Friday, India’s negotiator warned: “These measures discriminate against countries seeking to industrialise through export-led growth, by raising the cost of exports and getting emerging and developing economies to finance carbon transition without flow of adequate technology and finance as mandated in United Nations Framework Convention on Climate Change (UNFCCC) and the Paris agreement.”
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Bangladesh's interim leader Muhammad Yunus said Wednesday that world leaders shouldn't be negotiating at United Nations climate talks this year, and countries responsible for warming up the planet should instead just simply provide the funds to deal with the climate crisis.
"Why should there be a negotiation? You are causing the problem, then you solve it," he told The Associated Press in an interview in Baku, Azerbaijan. "We will raise our voice and tell them it's your fault, like what we did with colonialism."
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