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At COP29, a fierce debate over the New Collective Quantified Goal (NCQG) is anticipated, as wealthy nations seek to shift responsibilities to emerging donors and the private sector. Despite a doubling of climate finance to $1.46 trillion, a significant increase is needed to meet climate goals, with vulnerable nations facing a funding gap of $187-359 billion for adaptation efforts. Meanwhile, major oil and gas producers plan to expand production, undermining global climate commitments and risking lower returns for investors in the LNG sector.
The biodiversity market gained momentum at COP16, with new guidelines for biodiversity credits introduced amid concerns over potential pitfalls similar to those faced by carbon markets. While some view these credits as a means to attract private investment for nature conservation, activists warn that biodiversity offsets could undermine genuine restoration efforts and Indigenous rights. The market remains small but is evolving, with various governments and organizations exploring innovative financing options to protect ecosystems.
India's coal giants, including Coal India Limited and NTPC, have lobbied successfully to weaken pollution regulations on fly ash, despite international commitments to phase down coal use. This push for lax rules coincided with a significant ramp-up in coal production, raising concerns about environmental health and sustainability. The financial penalties for non-compliance could threaten the viability of power stations, potentially leading to a power crisis.
South Australia has launched a bid for Adelaide to host the COP31 climate summit in late 2026, highlighting its leadership in renewable energy, hydrogen, and battery storage. The state aims for net 100% renewables by 2027 and has the capacity to accommodate over 30,000 visitors, potentially generating A$500 million in local economic benefits. The Australian government is also considering a co-hosting arrangement with a Pacific Island nation, while Turkiye is competing for the hosting rights.
Joe Lo
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