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Renewable Tuesday: COP28 [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2023-12-05
Keep track with COP28 pledges to UN funds that help developing countries reduce greenhouse emissions and address the impacts of climate change. The big injustice of the climate crisis is that the poorest and most vulnerable communities, who have done the least to cause the problem, are hit first and worst by the impacts. In an effort to help address this, governments meeting as the Conference of the Parties (COPs) to the UN climate convention have created a number of multilateral funds that pool contributions from many contributors and provide dedicated support to help developing countries reduce greenhouse gas emissions and address the impacts of climate change. At COP28 in Dubai, rich countries are under pressure to rebuild trust with developing countries after the failure to deliver the $100 billion per year goal on time and recent data showing they are off track to doubling adaptation finance from 2019 levels by 2025. One way they can do this is to announce pledges to UN climate funds. To help keep track of pledges as they come in, we’ve created this tracker for five climate funds created under the UN climate convention. It explains briefly what each fund does and tallies pledges in recent years.
The Latest Such Fund
Yale: Students and Faculty Prepare to Head to COP28
Students and faculty from across YSE [Yale School of the Environment] and Yale will be attending the annual two-week climate summit hosted by the U.N. Framework Convention on Climate Change, where “global stocktaking,” a first-of-its-kind international loss and damage fund, and youth participation are expected to take center stage. The first-of-its kind "loss and damage" fund, which was established at COP27 as a way for wealthier nations to compensate developing countries for the devastating impacts of climate change, will be launched during COP28. On November 13, just a few weeks before the conference gets underway, the European Union and its member states said that they will announce a “substantial” contribution to the international fund during COP28.6fki
Loss and damage fund approved at COP28 summit: All you need to know
The fund will help developing countries that are vulnerable to the consequences of climate change. A few crucial details, however, remains unclear. The need of the hour is several trillion dollars, according to some economists.
Yes, we know about “some economists”. Like the ones who predicted two dozen Biden recessions, so far. Ask them how much money and how many lives the fund and other actions will save. Like cutting all of the subsidies for Fossil Foolishness.
US pledges $3 billion for Green Climate Fund at COP28
And Look! He Did!
Biden-Harris Administration Finalizes Standards to Slash Methane Pollution, Combat Climate Change, Protect Health, and Bolster American Innovation
Announced at COP28, the final rule will advance President Biden’s historic climate agenda, prevent 1.5 billion metric tons of greenhouse gas emissions, and deliver billions of dollars in health and economic benefits
Comment from Kossack DocGonzo in the Sunday Good News Roundup
Biden's EPA announced yesterday at COP28 a new rule that will eliminate an estimated 58 million tons of methane emissions during just 2024-2038 alone, and more continuing into the future. The rule forces oil/gas corps to plug old wells, stop leaks in pipelines and other distribution, and otherwise specifically ends methane leaks by the industry. The EPA equates that to 1.5 billion tons CO2, but its “GWP20” covering the announcement’s accounting timeframe is really 84-87x CO2’s, which is more like 5 billion tons CO2 (tCO2e). The human world currently emits about 55 billion tons CO2e, of which about half is absorbed by nature. At that rate we’d emit about 322 billion tons too much by 2038. Cutting 5 billion tons by just this one new methane rule, in just the USA, would be about 1.5% of the total we need to cut. Which doesn’t seem like much, but it’s just the one rule, and just in the USA. If the USA can get China to operate that way, then that would be over 3% of the way. If we can get India and Indonesia to do so, which seems more likely than China, we’d be over 5% of the way. Getting Russia to do it would bring us closer to 10% of the way, with just this one rule, but that seems too unlikely to hope for. We’ll have to do it in other ways, along with the other 95%+ we have to cut.
Biden administration forges first mineral deals at climate talks
The Biden administration has begun forging mining deals at the U.N. climate talks aimed at securing access to materials needed for electric vehicles and other energy technologies. The International Development Finance Corp., a federal agency, formally approved $50 million to reprocess historic phosphate mining waste to produce rare earth metals. In a separate deal, the U.S. promised Monday to help Mauritania with technology that would allow the West African nation to harness renewable energy instead of coal for steel production. The administration in recent months has made a number of moves to make down payments on projects in Africa to shore up lagging U.S. supply chains and show American support for developing and enriching a continent that holds a third of the world’s critical minerals
Countries? What About Ultra-Big Business?
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