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Your Climate Action Diary - 42

Year 2023 • Week 27 • Anushthatri Sharma
Hi,

Hope you are well !
Climate Finance Negotiations are shoring up - leading to the all important climate conference, COP28 this November. Countries of the South (Incl India) are in a debt crisis and are facing pressure to decarbonise their economies without adequate climate finance flowing in.

There is no doubt, that finance is going to be the key to climate action.

The nature of how our global financial model has evolved in a very peculiar manner - making us prisoners of our own device. The model appears to be far more effective at financing a war (I know, I am picking an example from the extreme, but trying to make a point) compared to meaningful climate action, at scale.

If you work in the financial industry and part of this newsletter, we would love to know what you think. How can we optimise the model to fuel climate-action too? Carbon Pricing? Carbon Markets? Carbon Tax? Philanthropy ? Climate Loans with Low Interest Rates? All options are remain on the table. Give it a thought. Who's know, you might have a solution - no one has thought about.

Regards, 

Harish, Team OnePointFive Tribe

P.S. Prime Minister Mia Mottley of Barbados argued at Paris this Month - “the UK took a 100 years to repay its debt for World War I and Germany had all the benefits of being able to have its debt service capped at 3%-5% of its GDP in order to rebuild after World War II. We are people too, we are countries too, and we deserve a similar treatment.”

NASA's Releases Striking Visualizations, Illuminating Global CO2 Emissions

NASA has created compelling visualizations demonstrating the accumulation of CO2 emissions in the atmosphere over a year. They reveal the disparity in emissions between the northern & southern hemispheres and illustrate how CO2 is transported globally through air currents. These visualizations serve as a powerful tool for science communication. Note: Greenhouse Gas is invisible to the human-eye.

Bonn Climate Negotiations: Struggles over Climate Funding

The climate negotiations in Bonn aimed to lay the groundwork for COP28 in Dubai. Developing countries had previously secured a "loss and damage fund" at COP27. Tensions arose as negotiators struggled to agree on the starting agenda. Disputes mainly centered around finding financial support for developing nations to reduce emissions.

'New Global Financing Pact' Summit Brings Global North & South Countries To Discuss Climate Finance

President Macron of France spearheaded a first of its kind summit in Paris aimed at addressing the financial challenges faced by developing countries. It shone a spotlight on the scale of these crises, the clear demands from countries of the Global South, and the pathways of action that the Global North is choosing to advocate for. The summit has started a crucial conversations.Some announcements were also made, incl. unlocking additional lending capacity and disaster clauses for debt deals

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