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Your Climate Action Diary - 70

Year 2024 Week 35 Anushthatri Sharma
Hello,
Hope you are well.

It's been a whirlwind of climate news lately, with some important changes and ongoing challenges. Beyond our 3 mains this week (see below), we had several worthwhile stories/reports coming in from other climate-pockets - that were difficult to ignore.

China, which is the biggest emitter of greenhouse gases right now, appears to have not only cut new coal-fired power permits by a huge 83%, but also added clean energy capacity this year equivalent to the UK’s entire electricity output from last year and finished the world's largest pumped hydro plant. That’s promising progress!

But the climate impacts are still harsh. Bangladesh is grappling with its worst floods in decades, leaving 5 million people stranded. Meanwhile, Brazil is sending 1,500 firefighters to battle severe Amazon forest fires. In India, the National Disaster Management Authority has planned to keep a close watch on 189 high-risk glacial lakes to prevent potential disasters. While over in the US, survivors of climate disasters are pushing for an inquiry into big oil’s actions.

However, the most disappointing developments have come from the fossil players, amidst other reports. New reports have shown Shell’s non-profit backing of groups that oppose climate reforms & TotalEnergies running misleading ads about its sustainability. 

Stay Critical, 

Harish 
(Team OnePointFive) 

Push For New Climate-Finance Contributors

Developed nations are pushing to include wealthy, high-emission countries like Saudi Arabia, Russia, and China in the new climate finance goal, arguing that the global economic landscape has shifted since 1992. This proposal, backed by the US & EU, is opposed by developing nations who view it as a shift in responsibility from historically high-emission countries. They argue that the focus should remain on equity & historical commitments rather than expanding contributor bases.

World's First Carbon Removal Bond Issued

The World Bank issued a $225 million bond to fund Amazon reforestation, linking returns to carbon removal from the atmosphere rather than emission avoidance. Investors receive a fixed coupon and potential additional returns based on carbon credits sold to Microsoft. This innovative bond, offering up to 4.362% annual yield, represents a shift towards high-quality carbon removal projects, reflecting growing investor demand for genuine environmental impact. The bond was oversubscribed, indicating strong market interest.

International Court of Justice To Review Nations' Climate Duties

The International Court of Justice (ICJ) will begin public hearings on December 2, 2024 to provide an advisory opinion on countries' climate obligations. Requested by the UN General Assembly, the opinion could influence global climate litigation by addressing whether major greenhouse gas emitters are liable for damage to vulnerable nations. Although not legally binding, the ICJ’s input is expected to shape climate policies and legal actions worldwide, following recent rulings on marine pollution and related cases.