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CUTS Daily Bulletin # 07 | November 19, 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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A week of negotiations in Baku so far has done little to move the needle towards a strong and ambitious finance agreement, the main expected outcome from COP29. With countries sticking to their widely-differing positions on climate finance, all eyes are now on the G20 leaders’ summit in Brazil for some political signalling that could help in ending the impasse.
The G20 Summit in Rio De Janeiro will begin Monday and conclude on November 19, three days before COP29 is scheduled to end. Though G20 Summits do not take decisions on climate change, it does figure in the topmost agenda and the expectation is that leaders will demonstrate a commitment to raising greater financial resources, which will push to break the COP29 stalemate
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China has an opportunity at the COP29 climate summit to score points with the European Union, potentially easing trade tensions over its green exports to the bloc by helping to secure agreement on the key unresolved issue at the two-week negotiations.
President-elect Donald Trump’s imminent return to the White House has weakened US credibility at the United Nations conference and increased pressure on the EU to step up and help secure a deal to raise more financial aid for developing countries. China wants to play a role in making that happen without dragging out the meeting, according to people familiar with the country’s negotiating strategy.
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Australia, on behalf of the Umbrella Group of developed countries, said “some parties consistently blocked” progress and welcomed the presidency’s efforts to keep the talks going. The EU also said this would be a priority.
Switzerland also noted that decisions made in Baku on mitigation will serve to inform the next round of nationally determined contributions (NDCs), which is due next year. “It’s not acceptable that in the very body meant to reduce emissions, we do not have a clear message going forward,” the Swiss negotiator said.
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Leaders underscored the need for continuity and synergy in climate-health initiatives, with a critical emphasis on translating past pledges into action. A highlight of the COP29 proceedings was the signing of the Letter of Intent officially establishing of the Baku COP Presidencies Continuity Coalition for Climate and Health.
“This initiative unites the visionary leadership of five COP presidencies that span this critical time for action, underscoring a commitment to elevate health within the climate agenda.” Said Dr Tedros Adhanom Ghebreyesus, WHO Director-General, “This coalition represents a collective will to prioritise climate and health now and for the future.”
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Global tech and environment leaders at COP29 have endorsed a declaration on boosting climate action with digital technologies while cutting the environmental impacts of those same technologies.
The COP29 Declaration on Green Digital Action recognises the importance of digital technologies to mitigate and adapt to climate change. The objectives in the declaration underscore how digital innovations can reduce greenhouse gas (GHG) emissions and provide life-saving tools to inform and warn communities.
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Governments must hurry to clear uncontentious points of disagreement and make space to conclude a deal on financing the energy transition in developing countries, the head of the UN body that oversees global climate talks has urged.
“Bluffing, brinksmanship, and pre-meditated playbooks burn up precious time and run down the goodwill needed for an ambitious package,” UN climate chief Simon Stiell told the opening plenary session of the second week of COP29 this morning.
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Young people who attend the United Nations climate talks have a lot to be angry about. They’ve lost loved ones and months of school. They’ve lost homes and family farms and connections to their families’ native lands.
Fewer leaders were in attendance this year, with a backdrop of uncertainty as political will on climate unravels in major countries like the U.S. and Germany. While many passionate youth want to protest, this will be the third straight COP in an authoritarian country with tighter controls on protests and speech. And for many of the young people hardest hit by climate extremes, it’s simply difficult and expensive to get to the conference
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