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CUTS Daily Bulletin # 09 | November 21, 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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Three years of painstaking negotiations to craft a new climate finance package for the developing world now hinge on the final 48 hours of the UN climate conference. The stage is set for a high-stakes showdown as rich and poor nations remain deeply divided, and the clock ticks toward an uncertain Friday deadline.
At the heart of the talks is a new climate finance goal aimed at helping developing nations cut emissions and adapt to the worsening impacts of climate change. Developing countries demand trillions in annual funding, primarily from public sources, while developed nations propose a broader approach including private and emerging economy contributions.
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Argentina’s far-right President Javier Milei is considering withdrawing his country from the Paris Agreement, which aims to curb global greenhouse gas (GHG) emissions, according to several Western media reports. The speculation surfaced after Milei’s government asked its negotiators to leave the ongoing COP29 climate summit last week.
Argentina’s review of the landmark climate treaty comes at a time when the world is preparing for President-elect Donald Trump to withdraw the United States from the deal for the second time.
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Twenty-five countries at the COP29 climate summit Wednesday pledged not to build any new unabated coal-power plants, in a push to accelerate the phaseout of the highly polluting fossil fuel.
The United Kingdom, Canada, France, Germany and major coal producer Australia were among the list of mainly wealthy developed economies to sign the voluntary pledge in Azerbaijan. It commits nations to submit national climate plans early next year that reflect no new unabated coal in their energy systems.
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During the High-Level Ministerial Dialogue on Climate Change Adaptation at the COP29 UN Climate Change Summit in Baku, Azerbaijan, India delivered a powerful statement.
India highlighted that the developing world is disproportionately suffering from the impacts of climate change, which are largely due to historical emissions by developed countries.
India called for a significant boost in climate change adaptation finance, emphasising the need for developed countries to fulfill their commitments.
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Climate commissioner Wopke Hoekstra has restated the EU’s rejection of any attempts to water down a global commitment to ‘transition away’ from fossil fuels but refused to set out any red lines as Azerbaijan prepares a last-ditch bid to clinch a global climate finance deal.
The EU will continue to lead by example, Hoekstra said as he anticipated a promised first formal draft of a COP29 deal on climate finance, but he refused to put a number on the size of a planned ‘new collective quantified goal’ (NCQG) for rich countries to help the developing world avoid fossil fuels and adapt to climate breakdown.
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Azerbaijan is putting together a “clear and robust plan” that will outline the new financial architecture for global climate action, the country’s lead negotiator Yalchin Rafiyev told reports in Baku today.
Key items will be the all-important ‘new collective quantified goal’ (NCQG) for climate finance from rich countries to the developing world, and a work programme on mitigation outlining how emissions reduction commitments should be implemented.
“We are aiming to release these texts at around midnight,” Rafiyev said, adding further documents would follow in the morning.
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On the tenth day of COP29, thematic sessions centered on urbanisation, transport and tourism. The day was marked by the launch of two key initiatives: the COP29 Multisectoral Actions Pathways (MAP) Declaration for Resilient and Healthy Cities and the COP29 Declaration on Enhanced Climate Action in Tourism.
These initiatives are set to play a vital role in tackling climate change and promoting urban resilience. With its tourism declaration, the COP29 Presidency is focused on supporting the tourism sector, a key economic driver, in adopting sustainable practices to reduce its environmental impact. This is the first time that the COP Presidency has organised a tourism focused thematic day whilst the MAP Declaration calls for cross-sector collaboration to create cities that are resilient and inclusive.
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