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Climate Brief: Only 24 of 193 Have Updated Climate Pledges Heading into UN Climate Talks [1]
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Date: 2022-11-01
x 📣 BREAKING: New @UNFCCC report shows that governments' climate plans are still not strong enough to limit warming to 1.5°C.
They're on track to warm our planet by 2.5°C, which would be catastrophic for people and nature. 🚨#COP27 #ClimateCrisis #NDCs pic.twitter.com/WyPGNCTpEt — WWF Climate & Energy (@climateWWF) October 26, 2022
In a UNFCCC report last week Climate Plans Remain Insufficient: More Ambitious Action Needed Now, Executive Secretary of UN Climate Change Simon Stiell said that “the downward trend in emissions expected by 2030 shows that nations have made some progress this year. But the science is clear and so are our climate goals under the Paris Agreement. We are still nowhere near the scale and pace of emission reductions required to put us on track toward a 1.5 degrees Celsius world. To keep this goal alive, national governments need to strengthen their climate action plans now and implement them in the next eight years.”
“Government decisions and actions must reflect the level of urgency, the gravity of the threats we are facing, and the shortness of the time we have remaining to avoid the devastating consequences of runaway climate change.”
From a Reuter’s article Explainer: COP27: Conversations to watch at the climate summit:
Fossil Fuels
As countries in the Global North backslide in their efforts to phase out fossil fuels, China has approved new coal mines and coal production is rising in Vietnam and Indonesia, look for Africa to demand the right to develop fossil fuel reserves.
x "From 2016 until last year, Exim’s financing of fossil fuels in Africa dwarfed renewable funding by a factor of 51 to one. This approach to lending threatens to undercut Biden’s message of climate leadership at what has been dubbed “Africa’s Cop” COP27
https://t.co/otejqdmctg — Extinction Rebellion Cape Town (@CtxRebellion) November 1, 2022
Loss and Damage
Loss and damage, or reparation for losses from climate-related disasters, once again holds a prominent place at this year's COP, with developing countries lobbying for a specific funding mechanism. Richer countries like the US and the EU are in favor of committing money but do not support creating a specific fund.
Adaptation
Despite the fact that only $80 billion in climate finance was pledged to the Green Climate Fund to help poorer and vulnerable countries adapt to climate change, discussions will occur on whether to increase the funding from the current call for $100 billion.
In Glasgow last year, poor and vulnerable countries were able to secure a pledge that adaptation funding would double by 2025. The U.N. Trade and Development office expects adaptation to cost close to $300 billion in 2030.
x With multiple crises facing the world, why invest in @theGCF now? 🌏
GCF Spokesperson @scottcraig talks about how tackling the climate crisis will address other global challenges that intersect with climate change. Let's take the chance at #COP27 to #InspireMoreClimateAction. pic.twitter.com/id0Gs82oT4 — Green Climate Fund (@theGCF) November 1, 2022
DEVELOPMENT BANKS
High-level officials are suggesting that multinational development banks address climate change challenges globally rather than focusing on individual countries. Poorer nations (both lower- and middle-income) could avoid paying high-interest rates through grants and concessional loans.
U.S. Special Envoy John Kerry said in a speech last month that reforms would be crucial to "address the crisis of this moment," and that there were proposals that could "unlock several hundred billion dollars in additional MDB [multinational development bank] lending capacity without requiring new shareholder capital" and without risking credit rating downgrades.
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https://www.dailykos.com/stories/2022/11/1/2132859/-Climate-Brief-Only-24-of-193-Have-Updated-Climate-Pledges-Heading-into-UN-Climate-Talks
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