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SPOTLIGHT
The historic Loss and Damage Fund made progress last week with countries finally nominating representatives for 25 out of 26 board seats. While delay due to in-fighting between developing countries has been resolved, the fund remains in limbo until the last seat is filled. This final hurdle requires consensus between Russia, Belarus and former Soviet nations that are now members of, or aligned with the European Union.
Climate economist Rebecca Lawler from the Treasury Department has been nominated by the US, with Christina Chan from the State Department designated as alternate. Lawler previously advised the US board member to the United Nations’ Green Climate Fund (GCF) and Chan served on the transnational committee that crafted the Loss and Damage Fund last year. Other nominees come from a mix of climate, finance, development and negotiation backgrounds, and many have also worked on the GCF and other multilateral funds. The board’s current composition includes 18 men and 7 women, with 14 representatives from developing countries and 12 from developed countries.
These early roadblocks to establishing the fund’s boardjeopardize the tight timelinemandated by the United Nations to ensure the World Bank meets accessibility, accountability and transparency requirements as “temporary host” of the fund. Without a functioning board, aid payments for countries that can loseup to 20%of their GDP following a single climate disaster are likely to be delayed.
WATCH THIS
The Fifth Estate, the investigative documentary arm of the Canadian Broadcasting Company, recently produced this short film on the history of United Nations Conference of the Parties (COPs), why it's taken them so long to acknowledge fossil fuels as the cause of the climate crisis, and what the outcome from COP28 in Dubai means. Give it a watch here!
ON OUR RADAR
Today is John Kerry’s last day as Special Climate Envoy for the United States. While his stance on loss and damage never appeased the crowds, he gave legitimacy to the US’s climate reputation and improved relations with China even as the US continues to be the top producer of oil and gas globally. Looking ahead, he says he will continue working in the world of climate finance, with a first stop at a major oil-industry conference in Houston.
Replacing Kerry is another John with decades of experience. John Podesta, former Chief of Staff to President Clinton and climate counsel to President Obama, will be adding Kerry’s international work to his already extensive portfolio. Since 2022 he has been leading the administration’s domestic implementation of the clean energy provisions of the Inflation Reduction Act (IRA). His ability to shore up support for the IRA internationally is sure to be one of his biggest hurdles as China, Brazil, the European Union, South Korea, and others have been vocal in their critiques of the IRA's trade implications.
As Kerry departs, the climate denial machine that constantly attacked him is sure to miss him. But they’re not ready to let him go yet.Power The Future, a dirty energy disinformation lobby founded by a former Republican staffer and alumni of the Charles Koch Institute, issuing the State Departmentfor not responding to freedom of information requests about staff names and salaries in Kerry’s office.
NEWS
Climate Diplomacy
COP29: What will be on the COP 29 agenda? Here are 7 issues to watch (Devex)
National climate plans: Record US renewable energy investment not enough to meet climate goals -report (Reuters), Climate techno-fixes raise concerns among the UK's civil servants (Climate Home)
Elections: Trump's green-bashing and Europe's Right put climate goals at risk (Bloomberg $)
Biodiversity COP: Colombia vows to put nature at the heart of global environmental negotiations (The Guardian)
International Finance
June summit: UAE to convene climate finance meeting in buildup to COP29 (Bloomberg $)
Debt: How developing nations battered by climate change are crushed by debt from international lenders (Inside Climate News), It’s time to cancel debt for climate-stricken nations, Barbados leader says (POLITICO)
Cost of culpability: Exclusive: EU wants fossil fuel sector to help pay to combat climate change, draft shows (Reuters)
Banks: Biden installed a climate council at the Export-Import Bank. It hasn't worked. (POLITICO), Major US banks leave global environmental and social standards group (Devex), Exclusive: UN-backed bank group seeks to avoid departures with new climate guidelines (Reuters)
Reform:African Ministers plan to seek revamp of global financial order (Bloomberg $)
Impacts
Energy transition: African leaders call for equity over minerals used for clean energy (The Guardian)
Human rights: UN warns of climate change impact on farms and rural households run by women in poor countries (AP), The US buried nuclear waste abroad. Climate change could unearth it (WIRED)
Litigation: People displaced by climate crisis to testify in first-of-its-kind hearing in US (The Guardian), Vanuatu's call for climate justice (E-Tangata), The Māori climate activist breaking legal barriers to bring corporate giants to court (The Guardian), United Nations official says state repression of environmental defenders threatens democracy and human rights (Inside Climate News)
At a glance: This study analyzes property damage due to floods, tropical cyclones, winter storms and severe convective storms in 36 countries and the impacts of hazard intensification due to climate change. Through just these four weather events, they forecast over $200 billion per year in property damages alone with the Philippines seeing the largest impact on GDP, followed by the US.
