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Your Climate Action Diary - 57

Year 2024 • Week 7 • Anushthatri Sharma
Hi,
 
Interesting news cycle this week !

Especially, if you take a moment to think about the signals coming out of China & EU. Notice how policy is being used to attempt change & raise ambitions, on both occasions. It does raise the bar from 'making commitments' & actually moving the needle into action.

(I have personally developed a fatigue from 'commitments for commitment sake', followed by NO action; but I understand 'making commitments' is still better than 'denial OR no commitment'.)

Give yourself a minute this weekend. What do you think truly drives the political system to make policies of one kind or the other. Leaving you will some thought nudges, but happy to have you add more to the list. 

Good Will? Parliamentary Opposition? Vote Bank? Cost of No Action? International Pressure? Legacy? 

Write back to us at [email protected] 

Happy Reading & Stay Critical ! 
 
Regards,
Harish, 
Team - OnePointFive Tribe

COP29, Azerbaijan: Global Climate Finance Challenge

Mukhtar Babayev, the president of upcoming COP29, stated that developing nations require nearly $6 trillion by 2030 for climate change efforts. Azerbaijan as host, aims to encourage concrete commitments at COP29, emphasizing doubling adaptation finance by 2025. COP29's key goals include tripling global renewable energy capacity and doubling energy efficiency by 2030, with a primary focus on climate finance. (The challenge persists as rich nations struggle to fulfill their 2009 promise of $100 billion annually by 2020.)

China Strengthens Carbon Trading Oversight

China has issued regulations to combat emissions data fraud in its carbon trading system, effective from May 1. Aimed at strengthening the legal framework for the Emissions Trading Scheme (ETS), covering over 2,000 power plants, the rules establish a new supervision system and require data quality control plans.The regulations empower authorities to investigate & penalize companies involved in data falsification. (The move addresses concerns about fraud in the world's largest greenhouse gas-producing nation's ETS, which is set to expand to incl. additional industrial sectors by 2025.)

EU Proposes Ambitious 2040 Emissions Target

The European Union proposed a 90% reduction in net emissions by 2040, building on its 55% target by 2030. The plan outlines phasing out coal, reducing natural gas use, and eliminating oil by 2040, with some fossil fuels for non-energy purposes. The EU faced energy challenges due to the Ukraine war, diversifying suppliers and increasing renewables. Critics argue the targets lack alignment with historical responsibility, relying heavily on carbon capture, and reducing ambitious targets for the agricultural sector. The proposal is part of broader climate policies, incl. the Carbon Border Adjustment Mechanism and the Net Zero Industry Act. (The proposal is to be debated post-EU elections, aiming to be included in the EU Climate Law.)

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