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SPOTLIGHT
The past seven days have been an important test for the future of US-China climate relations. John Podesta and Liu Zhenmin, the new climate envoys for the US and China respectively, met for the first time last week to kick start their relationship in the lead-up to the United Nations climate conference (COP29) later this year.
The official joint readout demonstrates a commitment to implementing the Sunnylands Agreement inked last November by their predecessors. Looking toward COP29, the parties announced a second “Methane and Non-CO2 Greenhouse Gases Summit,” as well as an intention to collectively engage on updated national climate plans (NDCs), which are due in early 2025 and must encompass all greenhouse gasses across the whole economy.
While the signals coming out of this first meeting are positive, Podesta and Zhenmin have a tough job ahead of them. Their predecessors worked together for many years to maintain momentum for climate action amid other political tensions. However, as the Biden administration seeks to bolster domestic clean energy manufacturing, “oversupply” and “dumping” of Chinese products in US markets has led to a flurry of new tariffs targeting electric vehicles, semiconductors, critical minerals, solar cells, and more.
Though the EV tariff is largely seen as symbolic since China doesn’t rely on US markets, the consequences of escalating trade tensions appear to pit Biden’s climate and China agendas against one another.
Kenya’s President William Ruto will be in the US next week, with a pitstop in Atlanta May 20-21st before visiting Washington, DC on May 23rd. This will be the first official state visit from an African head of state since Ghana’s President in 2008. The focus of the visit is investment and the extension of “Agoa,” a US-African trade pact set to expire next year, but advocates are hopeful Ruto will also highlight Africa’s serious need for climate finance.
Just over two weeks ago, Ruto hosted an Africa Heads of State Summit in Nairobi focusing on the need for a $120 billion replenishment of the International Development Association (IDA). With IDA as the primary source of development finance for 39 countries in Africa, the summit was an important opportunity for African leaders to highlight investment priorities like climate and conflict resilience and digital and energy access.
Most African countries are facing adebt crisis, including Kenya. As the World Bank’s major shareholder, the US has an opportunity to not only support but lead efforts to overhaul the international financial architecturewhose structures and payment terms have trapped vulnerable countries in Africa in a debt cycle.
While Kenya is a global leader in renewable energy generation, constituting 80% of their electrical mix, Ruto has also expressed support for controversial climate policies like carbon markets and “gas as a transition fuel.”
Speaker Mike Johnsondeclinedthe request for Ruto to address Congress, which holds the purse strings to authorizing significant sums to replenish IDA, but the President’s historic visit still presents important opportunities to advance priorities for the benefit of his country and continent.
NEWS
Climate Diplomacy
COP29: Poorer nations must be transparent over climate spending, says Cop29 leader (The Guardian), Cop29 summit to call for peace between warring states, says host Azerbaijan (The Guardian), Good COP, bad COP: Azerbaijan’s climate charm offensive is backfiring (Politico)
US negotiator: Q&A: US climate official bows out (E&E $)
National climate plan: UK government’s climate action plan is unlawful, High Court rules (Financial Times$)
International Finance
Finance gap: UN expert attacks ‘exploitative’ world economy in fight to save planet (The Guardian), Women are fighting climate change in the south Pacific, but need money (Devex $)
World Bank: Ghana's feud over anti-LGBTQ law threatens $20 billion debt deal (Bloomberg $, World Bank tiptoes into fiery debate over meat emissions (Climate Home) World Bank approves $138.5 million loan to Namibia (Reuters)
Loss and damage: Loss and Damage meeting shows signs of giving developing countries a bigger voice and easier access to aid (Inside Climate News)
Adaptation: ADB's numbers on climate adaptation finance in Asia 'overstated': Oxfam (Business Standard)
Interested in learning how adaptation finance will be affected by the new United Nations climate finance goal? Check out this webinar from the UN Foundation.
African Development Bank: Inside the bank financing Africa's green growth (Bloomberg $)
Philanthropies: Global health heavyweights team up for climate, disease funding (Reuters)
Impacts
Inequity: Why are LGBTQ+ people more at risk from climate change? (Context)
The world’s 60 biggest banks committed $6.9 trillion in fossil finance since the signing of the 2015 Paris Agreement. JP Morgan Chase was the top financier in 2023 at $40.8 billion.
15: Budgeting for the Storm: Climate Change and the Costs to National Security, Senate Budget committee hearing(Washington, DC)
15: Strengthening American Competitiveness: Examining the Roles of the U.S. International Development Finance Corporation, Export-Import Bank of the United States, and Millennium Challenge Corporation, Senate Appropriations subcommittee hearing, (Washington, DC)
15:Bridge Building in Baku: Towards a Transformative Climate Finance Goal, World Resources Institute webinar (virtual)
19-21: Foreign Policy for America 2024 Leadership Summit (Washington, DC)
20: IDA21 East Asia and Pacific Regional Forum (South Korea)