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Dear readers,
Welcome to the Climate Weekly newsletter by the Centre for Science and Environment’s Climate Change programme and Down to Earth.
You may remember the historic decision taken at COP28 in Dubai to establish a Loss and Damage Fund. Part of the agreement is that a 26 member Board will oversee critical decisions related to its action. This Board, with 12 members from developed countries and 14 from the developing world, was expected to have its first meeting on 31st January. However, as of February 23rd, developed countries are yet to nominate members, reports Rohini Krishnamurthy of Down to Earth. The major issue for this delay has remained the availability of seats and the basis of allocation. Those who have not pledged money to the Fund are allegedly being refused a seat. As I commented in the article, it is important to make note of who gets the nomination. Countries like France and Germany for example, have been vocal advocates for the recipients of the Fund to be limited. Nevertheless, this delay risks delaying the process of operationalising the Fund itself. This will in turn hold up the transfer of long overdue funds for developing countries facing climate extremes.
Such gaps in accessing good quality finance is a pressing issue for developing regions like Africa. Sehr Raheja of CSE’s Climate Change Programme highlighted the launch of an “Africa Club” to address it at the 37th African Union Summit held in Ethiopia. This is an alliance of various African financial institutions. By engaging with the international financial system and introducing innovative financial instruments, the initiative aims to address the special needs of African countries. Not only has the African Union recently received full member status to the G20, countries such as Kenya are active participants of global initiatives like the Taskforce on International Taxation. It is, therefore, important to follow these developments given the growing importance of the Union’s voice at the global stage.
Finally, our flagship publication the State of India’s Environment 2024 is now available for you to purchase.
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By - Tamanna Sengupta
Climate Change, CSE
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| EXTREME WEATHER TRACKER |
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Wealthy nations wrestle over seats on Loss and Damage Board, causing delays in fully operationalising Fund
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El Nino likely to bring record-breaking temperatures in Bay of Bengal, the Philippines & Caribbean Sea: Study, 01 March 2024
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CLIMATE NEWS | SCIENCE| IMPACTS| POLITICS |
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