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CUTS Daily Bulletin # 06 | November 17, 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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COP-29, the annual conference for the United Nations Framework Convention on Climate Change, is happening in Baku, Azerbaijan, one of the birthplaces of the modern oil industry and (according to civil liberties group Freedom House) among the most oppressive societies on the planet. With major countries accounting for a large portion of the global carbon footprint absent from the summit in Baku, talks hold little weight. But the real problem is politics and the sustained coddling of the fossil fuel industry by political leaders.
Wavering global commitment to climate action is a worry because the coming 12 months will set the next decade of climate policies.
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Unlocking climate finance for developing countries requires innovative solutions. One promising approach involves leveraging global solidarity through targeted levies on carbon emissions and strategic economic activities. By redirecting revenues to support vulnerable nations, climate resilience and sustainable development can be amplified.
A policy of solidarity levies could help ensure that polluters pay their fair share of the cost of cleaning up the environment and that some of the money collected goes to developing countries that need climate assistance.
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The green energy industry has long been demanding increased financing to tackle climate change, a key agenda in the ongoing climate change conference COP29. Meeting global climate goals will require over $1 trillion annually by 2030, far beyond te current commitments, Naveen Khandelwal, CEO, BrightNight told Arunima Bharadwaj in an interview.
It’s been fifteen years since the $100 billion annual target was set, and this year’s New Collective Quantified Goal (NCQG) aims to address the glaring gap. Khandelwal is optimistic that with the new NCGQ, capital flow will expand to under-served regions, ensuring a global transition to renewable energy. In India’s case, he highlighted that financing for new technologies and emerging markets remains tough.
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Amid several reports claiming how COP officials facilitating discussions about fossil fuel deals, a group of prominent scientists, advocates and policy leaders including Ban Ki-Moon, former secretary-general of the United nations, Christiana Figueres, former chief of the UN climate change body, and Mary Robinson, former President of Ireland, have called for urgent overhaul of the UN climate process saying it needs “a shift from negotiation to implementation” as the existing approach is no longer fit for purpose.
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Cities in Asia and the United States emit the most heat-trapping gas that feeds climate change, with Shanghai the most polluting, according to new data that combines observations and artificial intelligence.
Nations at UN climate talks in Baku, Azerbaijan are trying to set new targets to cut such emissions and figure out how much rich nations will pay to help the world with that task.
Earth’s total carbon dioxide and methane pollution grew 0.7 per cent to 61.2 billion metric tons with the short-lived but extra potent methane rising 0.2 per cent.
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This year at COP29, there was no actual march. Instead, activists held a rally inside a large plenary room – and then made a human chain outside in the space between plenary rooms. There no chanting was allowed, only humming and finger-snapping.
All eyes may be on finance at COP29, but negotiators are also fighting about an overlooked decision on gender that remains gridlocked after the first week of talks. The main sticking points are human rights language and finance for closing the gender gap in climate action.
Observers say Iraq, Saudi Arabia, Egypt and the Vatican – among other socially conservative countries – have been the main blockers. Divisions are so bad that talks could collapse. Two negotiators told Climate Home that there’s a risk of reaching no agreement and pushing the decision to next year’s COP.
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