Rebooting a failed promise of climate finance

Remember Copenhagen? Where Hillary Clinton, on behalf of the “developed countries,” pledged $100 billion in annual climate finance? What followed, of course, was an almost perfect proof that rich world promises were not to be believed.

It’s a long and depressing story, not least because it can be explained by incompetence just as easily as by venality, but Timmons Roberts and a group of collaborators have just summarized it well, in an short, excellent, and entirely trustworthy piece in Nature Climate Change called Rebooting a failed promise of climate finance. It’s not even behind a paywall.

I only have one wee complaint. The concluding paragraph, the one that–as per the conventions of professional political commentary–makes helpful suggestions about the way forward, is a bit too measured for my taste. It reads as follows:

“The 2015 Paris Agreement specified that a new collective, quantified goal for climate finance is to be agreed prior to 2025, with US$100 billion per year as the minimum. Now is the time to begin that effort with ambition and accountability to build enduring trust and resilience. Future climate finance pledges and targets should be based on realistic assessments of developing countries’ needs. Then real plans must be built and implemented to meet those funding targets; for example, through innovative finance, like levies on international airline passengers and bunker fuels. To meet the promise of ‘adequate and predictable’ financing made back in Copenhagen, new global financing mechanisms have to be implemented, since annually decided ‘contributions’ from national treasuries are not delivering on the promise. First though, clear rules for what counts as climate finance need to be agreed.

My problem? Not that future climate finance pledges should be based on proper needs assessments. Or that we’re going to have to rely on “innovative finance” to meet those needs. Only that we should give up on demanding contributions from national treasuries–which are indeed “not delivering on the promise”–while we wait for an innovative finance breakthrough to show up.

It almost seems that Timmons et. al. actually expect a near-term breakthrough on that front. I for one will believe it when I see it. In the meanwhile, I’m going to continue to work to establish the fair shares frame. It seems to me that it can only help.

Caution from India on taking a “net Zero” pledge

The Indian Express recently featured a joint editorial by three of my favorite Indian analysts, Ambuj Sagar, Lavanya Rajamani, and Navroz Dubash, in which the three, all influential in their own right, team up to deliver a common message — India needs to mobilize, but both it and the world may be better off if it concentrates on its existing development first agenda rather than jumping on the “net zero” bandwagon.

I don’t entirely agree with this take. I would have preferred a much stronger emphasis on the emergency, more consideration of the need for rapidly scaled up international support, and more emphasis on adaptation and loss & damage finance. But “the three” have good reasons for their take, which you can imagine pretty easily if you read between the lines, and in particular if you recall the grim nature of the Modi regime.

Avoiding a ‘Ghastly Future’ — and a few responses

“Telling the Truth,” as per Extinction Rebellion’s first rule, turns out to be a bit complicated.  It’s easy to tell the “We’re probably fucked” part of the story. The hard part is imagining a way forward.

Back in January, a group of 17 ecologists and environmental scientists — prominently including Paul Ehrlich — published Underestimating the Challenges of Avoiding a Ghastly Future in Frontiers in Conservation Science.

It’s a must read, and a grim one. And can’t hope to improve on the summary ecologist Carl Safina gave in Yale Environment 360 when he said that it reads “reads less as an argument than as a rain of asteroids encountered in the course of flying blind on a lethal trajectory,” or his summary of its findings, which only begin with biodiversity loss. Here (minus the links) is a sample:

“Major changes in the biosphere are directly linked to the growth of human systems. While the rapid loss of species and populations differs regionally in intensity, and most species have not been adequately assessed for extinction risk, certain global trends are obvious. Since the start of agriculture around 11,000 years ago, the biomass of terrestrial vegetation has been halved , with a corresponding loss of >20% of its original biodiversity, together denoting that >70% of the Earth’s land surface has been altered by Homo sapiens . There have been >700 documented vertebrate and ~600 plant species extinctions over the past 500 years, with many more species clearly having gone extinct unrecorded . Population sizes of vertebrate species that have been monitored across years have declined by an average of 68% over the last five decades, with certain population clusters in extreme decline , thus presaging the imminent extinction of their species . Overall, perhaps 1 million species are threatened with extinction in the near future out of an estimated 7–10 million eukaryotic species on the planet, with around 40% of plants alone considered endangered . Today, the global biomass of wild mammals is <25% of that estimated for the Late Pleistocene , while insects are also disappearing rapidly in many regions.”

But I’m not writing to ask you to read the “ghastly” paper. I’m writing to ask you to read it, and then to read Safina’s review of it, and then to read Notes from a 1.2C world, a response the emerging critic Laurie Laybourn-Langton wrote of it, and my own response, below, though with the stipulation that is an it’s an “insider” document I wrote to the folks at The Omega Network after attending the webinar they organized to discuss it. And I’m asking you, after doing all this reading, to up your game.

What’s the problem? That this paper, brilliant though it is in describing the deterioration of our planetary home, it is not equally brilliant when it comes to helping us work out how to respond. Which was to be expected back in the old days, but this is 2021 — the eye of the storm — and the second wind is approaching, and what matters now is what we’re going to do.

Not that Ghastly’s description of the problem is bad . . .

Continue reading “Avoiding a ‘Ghastly Future’ — and a few responses”

Tom speaks, this time to Doug Henwood

Following the publication of The US Returns to the Paris Agreement Today—With Lots of Work Ahead for the World in The Nation, I spent some time expounding my very conditional optimism on Doug Henwood’s Behind the News podcast. The interview, which was performed on March 4, is here (27:50) and I actually think it was pretty coherent.

Listen if you’re on the left, worried about climate catastrophe, sick of blithe criticisms of the Paris Agreement.

Over 50,000 people & 195 global groups demand Biden commit the U.S. to do its “fair share” on climate

February 17, 2021

The petition is the latest call for Biden administration to walk the walk on climate by taking responsibility for historical emissions

Washington — Just days before the reentry of the United States into the Paris Agreement becomes official, environmental groups delivered the signatures of more than 50,000 people in the U.S. The signatures are the latest escalation in a growing call demanding that the Biden Administration commit to doing its fair share of emissions cuts and honor owed support for Global South countries, including climate finance. The petition reflects analysis released in December from the U.S. Climate Action Network (USCAN) that provides a path for the U.S. to take action that is in line with its responsibility for the climate crisis. 

The delivery follows a sign-on letter from over 100 U.S. climate groups including USCAN  which represents more than 175 US climate organizations, released for the 5-year anniversary of the adoption of the Paris Agreement. The call has now been endorsed by a total of 195 organizations including the international Climate Action Network, which represents more than 1,500 organizations from over 130 countries. 

Earlier this month a similar coalition also demanded that the Biden administration commit $8 billion to the Green Climate Fund as well as further contributions to the Adaptation Fund. While the Biden transition team has yet to acknowledge the demand from this national coalition of people and organizations, incoming Climate Envoy John Kerry has spoken about the need for the US to do its fair share.

According to the analysis released by USCAN, for the U.S. to begin to do its fair share of the global action needed to help limit global warming to 1.5°C, it must reduce U.S. emissions 195% by 2030 (down from 2005 levels). To assemble this contribution, the analysis calls for U.S. domestic emissions reductions of 70% by 2030 combined with a further 125% reduction achieved by providing financial and technological support for emission reductions in Global South countries.

The Biden administration has enacted a flurry of climate executive orders and previously committed to a plan of net-zero by 2050. But announcements to achieve net zero have been met with criticism from climate groups and scientists for not being ambitious enough and relying on technologies and approaches that are unproven, dangerous, or not achievable at scale.  

The extremely large U.S. fair share contribution partly reflects U.S. emissions to date. Today’s global warming is driven by cumulative emissions (not annual emissions), and the U.S. has already historically emitted more than any other country. In fact, many analyses deem that the U.S. has far surpassed its fair share of the cumulative global carbon budget for limiting warming to 1.5°C. The domestic reduction of 70% by 2030 recommended by USCAN roughly aligns with an extremely ambitious decarbonization via a prosperous economy-wide mobilization.

The fair share demand is one part of a larger framework prescribed by environmental groups called the Climate President Action Plan. The plan includes ten steps the administration can take to fulfill its promise to take bold steps on climate and rebuild trust abroad.  

Continue reading “Over 50,000 people & 195 global groups demand Biden commit the U.S. to do its “fair share” on climate”

10 myths about net zero targets and carbon offsetting, busted

You can probably reel off these ten key reasons to distrust and oppose offsetting in your sleep. But you might not get them all.. Time for a review! And while you’re at it, have you read the Factor of Two paper, the one by Kevin Anderson and friends? It’s cited here, and it too is worth a reread.

PS: This is a very topical point. The climate negotiators are entering a phase in which countries around the world — and at all levels of “development” — are making “net zero” 2050 pledges. However, there has been no climate finance breakthrough. And given this, a lot of those pledges are going to wind up being paper only. The pressure to make them seem real will be extreme, and (all else being equal) this means that crap offsets will proliferate.