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Your Climate Action Diary -78

Year 2024 • Week 52 • Anushthatri Sharma
Hello,
 
Thank you for being part of our journey!

As we close out 2024, we reflect on our extraordinary year of shared learning and engagement with you.

Throughout the year, we read across a wide array of news publications, curated the most important developments in climate action, and shared them with you through 24 biweekly newsletters. From the latest in climate research to breakthroughs in policy and innovation, we aimed to keep you informed and inspired.

At the onset of this year, we set out to offer you a little more than the developing-climate-stories themselves. We had decided to include reflections from the editor’s desk to give you a sense of the mood during each week’s climate discussions. Whether it was quiet optimism or a sense of urgency, these glimpses aimed to add context to the time in which the news was unfolding, bringing you closer to the story as is.

Thank you for being with us through it all. Your support and feedback have made every word, every snapshot, and every email worthwhile.

Here’s to another year of climate action, knowledge-sharing, and making a difference together!

Harish 
(Team OnePointFive)

Catastrophe Bonds Market Hits $50B

Catastrophe-bond issuance hit a record in 2024, with $17.7 billion in new bonds sold, pushing the overall market to nearly $50 billion. This marks a 7% increase from 2023, as insurers shifted more climate disaster risks to private investors. Bonds covered events like windstorms, earthquakes, and cyber risks. Despite market returns dropping to 16% from 2023's record 20%, the rise underscores growing reliance on insurance-linked securities amid escalating costs from extreme weather and other catastrophic events.

US Pledges 61% Emissions Cut

The Biden administration has pledged to cut U.S. emissions by at least 61% by 2035 under the Paris Agreement, signaling heightened climate ambitions. This commitment anticipates intensified climate action from states, cities, and companies, even as President-elect Donald Trump plans to dismantle key federal climate policies. The move reflects optimism and defiance, underscoring reliance on decentralized efforts to combat climate change amid potential federal setbacks under the incoming administration.

Japan Targets 60% Emissions Cut by 2035

Japan has finalized a plan to reduce greenhouse gas emissions by 60% from 2013 levels by 2035, advancing its 2030 goal of a 46% cut. While aligning with global goals, including the Biden administration's new US target, critics argue Japan's measures fall short of the IPCC-recommended 66% reduction to limit warming to 1.5°C. Despite opposition, Japan will submit this target as a Nationally Determined Contribution, balancing decarbonization with economic growth and energy security in its Green Transformation 2040 vision.

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