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.
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.
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.