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Your Climate Action Diary - 75

Year 2024 • Week 47 • Anushthatri Sharma
Hello,
 
Hope you are well, 

This newsletter drops in a pivotal week as COP29 nears its final stretch. The all-important annual climate-summit held in Azerbaijan this year, began on 11th of November, and the stakes couldn’t be higher.

At the heart of this year’s discussions is climate finance—who’s footing the bill for climate mitigation and adaptation? How much needs to be spent? And how will these critical costs be met?

Years of sluggish action have left the economic impact of climate change far worse than initially projected. Just weeks before the summit, the UN reported record-high greenhouse gas concentrations in 2023, with countries falling "miles short" of the 43% emissions cut required by 2030 to stave off the worst climate scenarios. The World Meteorological Organization (WMO) also confirmed that 2024 is set to be the hottest year ever, based on data from January to September.

Further complication to COP came from Donald Trump’s re-election in the U.S. which introduced new uncertainties into global climate cooperation. US is important because it is the world’s largest historic emitter of greenhouse gases causing climate change & hold a very important climate-finance responsibility in the current climate-negotiation framework). Given Trump's past decision as President to withdraw the U.S. from the Paris Agreement, his return has raises questions about future commitments.

Stay tuned for a full wrap-up on the outcomes of COP29 in our next newsletter!
Stay Informed & Critical, 
Harish

(Team OnePointFive) 

COP29 Debates, Intensify Over Climate Finance

The first draft of post-2025 climate finance goals released at COP29, highlights the need for $1.1–$2.4 trillion annually by 2030 for developing nations to meet mitigation targets, with disputes over adequate, grant-based funding. The negotiations have turned intense with developing countries (including India) demanding accessible & predictable support, while developed nations have hesitated to commit. The negotiations for a robust climate finance framework will be the centre-piece of this COP, which ends day-after.

Prominent ex-COP Figures, Demand Urgent COP Overhaul

Prominent figures, incl. Ban Ki-moon (ex-Secretary-General UN) & Christiana Figueres (ex-Executive Secretary UNFCCC) that were instrumental in bringing about the Paris Agreement in an open letter urged for an overhaul of the UN climate process to shift from negotiation to implementation, enabling rapid action & fossil fuel phase-out. They pressed on reforms for stricter COP eligibility criteria, improved presidency selection, accountability for climate targets, robust financing tracking & equitable representation.

India Challenges EU's Carbon Tariffs, at COP29

India, supported by BASIC countries, opposed the EU's Carbon Border Adjustment Mechanism (CBAM) at COP29, calling it a “discriminatory” trade barrier that unfairly burdens developing nations with low-carbon transition costs, violating equity principles. This new tax to be applied to imports in EU (not meeting EU carbon norms) begins full implementation in 2026. [Note: EU is seeking to equalise the cost incurred by EU businesses operating under strict EU carbon norms, with that of its import from other countries with lesser carbon regulations ]

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