Jose Ramon Largo Seisdedos’ Post

"The newly-promised money is expected to come from government grants and the private sector - banks and businesses - and should help countries move away from fossil fuel power to using renewable energy. There was also a commitment to tripling the money that goes towards preparing countries for climate change. Historically, only 40% of the funding available for climate change has gone towards this. As well as the promise of $300bn (£238bn), nations agreed that $1.3tn is needed by 2035 to also help prevent climate change. (...) But the talks failed to build on an agreement passed last year calling for nations to “transition away from fossil fuels”. https://lnkd.in/dcAzmsxG

85% of countries support a rapid transition to clean energy A significant majority of people worldwide want their countries to switch to clean energy as quickly as possible to combat the climate crisis. According to the United Nation's second Peoples' Climate Vote, which surveyed over 73,000 people across 77 countries, 85% of respondents support a swift transition away from fossil fuels. This includes a majority in the world's top 10 oil, gas, and coal-producing countries. Read on at https://lnkd.in/ediSgZJX

In a climate policy breakthrough; ministers from the Group of Seven nations have agreed to shut down all their coal stations by 2035 at the latest. While there is no formal text yet, a move like this would be incredibly influential for other fossil fuel-driven economies around the world, including Australia. Australia already has the tools and technology to shift away from fossil fuels for good, now it's time to accelerate.

The #UK is meeting all of its emissions reduction targets so far, but more credible plans are needed to meet 2030 targets, the UK Climate Change Committee’s recent annual progress report shows. The new Government has already taken positive steps to accelerate climate action, but a full suite of climate solutions is still needed. For the UK to reinstate its domestic and international leadership on climate, statements of intention and recommendations for action must be transformed into real implementation and deployment of key technologies at pace. Find out more about the findings from the UK’s Climate Change Committee with CATF’s Rebecca Tremain: https://lnkd.in/gC_hdSq4 

The Breakthrough Agenda Report 2024 will be published by the International Energy Agency and the UN Climate Change High-Level Champions this Friday. If you'd like to join the online launch event, register here: https://lnkd.in/dj_SmAPJ The report assesses progress in international collaboration in some of the biggest GHG-emitting sectors of the economy, and recommends how countries should work together to make transitions faster, less difficult, and lower cost.

Short primer on stranded assets. Here is why the oil companies are doubling down on production. Just the global oil and gas assets represent approximately $1.4 trillion in (potentially) stranded assets. But as this short article warns, the risk of stranded assets related to fossil fuels is much greater than we realize. However, on the other side, what are the risks of NOT dealing with climate change, of NOT reducing our CO2 emissions? At COP 29 poorer nations are already asking for $1 trillion/year to ameliorate the effects of climate change. https://lnkd.in/gyztWRj4

https://lnkd.in/gnV5E6g9 Given that NZ in total emits a minuscule percentage (something like 0.2% of the global total) of global carbon emissions, searching for a 'best' solution seems quixotic. Yes, the country must do what it sensibly can, but there are other goals that NZ can realistically achieve. Reducing global warming isn't one of them.

What a big surprise? Who could have expected it? The second in a row Fossil Fuel hosted COP just proves who rules. Which of course is no surprise, since they get $7trillion a year in subsidies (IMF: https://t.ly/Yg0BN) alone, which is over and above windfall profits. And then at COP we hold endless discussions on how to climate finance.... #EndFossilFuelSubsidiesNOW #EndFossilFuels Fossil Fuel Non-Proliferation Treaty Initiative Loss and Damage Collaboration

About their climate inaction, if nationalists conservatives leaders around the world could listen their country citizens who believe in Science and are not under fossilized lobbies influence 🙏 The poll questioned 75,000 people in countries representing almost 90% of the global population. It found a large majority (80%) wanted their countries to strengthen their climate change commitments, with only 5% saying their country should weaken its action. Even more – 86% – wanted to see their countries set aside geopolitical differences and work together on climate change. Steiner said this level of consensus was “stunning”, given the increase in conflict and the rise of nationalism around the world. “There can be no doubt that citizens across the world are saying to their leaders, you have to act and, above all, have to act faster,” he said. “This is an issue that almost everyone, everywhere, can agree on.” Steiner said some fossil fuel nations would have to go through “existential shifts”. “There are very narrow, self-interested agendas that maintain artificially inflated [profits] for fossil-fuel-based industries that ultimately are coming at the cost of everyone,” he said. “Hundreds of billions of dollars of fossil fuel subsidies are artificially slowing down an energy transition – [it] is deliberately being held back by a distorted market. “But we are definitely peaking on fossil fuels and we are seeing exponential growth rates in renewables and what the public ultimately wants is unquestionably pointing in the direction of a net zero transition.” https://lnkd.in/dTsEjU2F

The 2035 deadline is too late to limit global warming to 1.5 degrees. “Many of these countries have already publicly committed to phase out dates ahead of 2030, and only have a small amount of coal capacity anyway,” Jane Ellis told CNN. It’s notable that a gas phase-out was not mentioned, Ellis added. “In the last decade, gas has been the largest source of the global increase in CO2 emissions, and many G7 governments are investing in new domestic gas facilities. This is absolutely the wrong direction to be heading in – both economically and for the climate.” G7 should make the transition to renewables faster, Ellis said. https://lnkd.in/efiNYkxr