Three International Climate Priorities for UNGA and NYC Climate Week

   

 The Equation Read More 

This week, New York City is hosting the UN General Assembly meetings and the annual Climate Week events. With the continued trend of extreme climate-fueled disasters around the world—including deadly and damaging heatwaves, floods, fires, and storms—the urgency of solutions for the climate crisis couldn’t be clearer.

What we hear from world leaders this week will give us an indication of their seriousness in helping to secure an ambitious outcome at the annual UN climate talks, COP29, in Baku, Azerbaijan in November. Civil society groups will also be at climate week to demand action and remind world leaders of their responsibilities. And business leaders will have the opportunity to show whether they truly want to be part of the solution—or are just engaged in greenwashing while seeking short-term profits from carbon-intensive activities.

Here are three key international climate priorities that I will be paying close attention to this year.

1: Raising the ambition of national emissions reduction commitments, aka nationally determined contributions (NDCs).

The latest data from the National Oceanic and Atmospheric Administration (NOAA) and the EU’s Copernicus climate service show that the 2024 January-August period is the hottest ever by far, putting this year well on track to be the warmest ever on record. Meanwhile, the global emissions trajectory is dangerously off track from where it needs to be to meet global climate goals, with heat-trapping emissions continuing to rise.

When countries signed on to the 2015 Paris Agreement, they made initial voluntary commitments (the so-called Nationally Determined Contributions or NDCs) to reduce their heat-trapping emissions, and agreed to revisit them every five years to reflect the “highest possible ambition.” (see Articles 4.2 and 4.3 of the Paris Agreement). By February 2025, the next round of NDCs is due and it’s clear that all countries—especially richer nations like the United States—will need to step up significantly if we are to have any chance of meeting the goals of the Paris Agreement.

In its last NDC, back in 2021, the U.S. committed to cutting its emissions 50-52% below 2005 levels by 2030. A range of state and federal policies—including the Inflation Reduction Act—currently puts it on track to cut emissions about 32-43% below 2005 levels by 2030. That means we’ll need to quickly add additional clean energy policies and policies to phase out fossil fuelsjust to meet our 2030 goals.

For the next round of NDCs, the U.S. should commit to cutting its heat-trapping emissions at least 70% below 2005 levels by 2035, a level that UCS modeling shows is possible, but that will require political will and significant new policies to achieve. In this context, the potential increase in energy demand to meet the emerging needs of AI data centers is worrisome and threatens to erode progress unless proactive measures are taken to manage possible impacts on the energy system in line with the pace of the clean energy transition. The next US NDC should also be explicit about commitments to phase out fossil fuels in a fast and fair way and set ambitious sectoral targets for a clean energy transition, while addressing the need to invest in climate resilience as well.

A comprehensive suite of policies is needed to deliver on our NDC goals. For the decade ahead and beyond, we’ve got to think boldly and deploy policies and investments that help cut overall energy demand and enable a thriving lower-carbon economy and healthier lifestyles—including through better land use planning and development; more public transit; and more livable, walkable neighborhoods.

To meet global climate goals, all nations must increase their emissions reduction commitments and enact the enabling policies to meet them—especially richer nations and major emitting countries. In addition to the U.S., that includes the EU countries, Canada, Australia, Japan, Russia, China and India. But we’re not going to get anywhere if each nation tries to dodge its responsibilities and points at the inaction of others. Rather, fostering cooperation and a shared commitment to increased ambition are the needs of the hour as we confront this collective action problem.  

2: Increasing international climate finance

This year, at COP29, nations will also have to agree on the quantum of international climate finance that richer nations will provide post-2025 to help lower-income nations cut their heat-trapping emissions and adapt to climate change. These outcomes are being determined through multi-year negotiations on the ‘New Collective Quantified Goal (NCQG) on Climate Finance’ leading up to COP29, which is being billed as the climate finance COP.

Climate action will require considerable resources that low-income nations are unlikely to be able to marshal on their own. Furthermore, countries that have contributed the least to climate-warming emissions are now facing a disproportionate brunt of climate impacts stemming from the failure of richer nations to cut their outsize emissions. Article 2.1(c) of the Paris Agreement calls for “Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” The latest IPCC report also underscores how crucial this finance is to meet climate goals.

Back in 2009, richer nations committed to a goal of providing $100 billion a year in climate finance by 2020, a goal that was reaffirmed in Paris in 2015. That goal was finally met in 2022, according to the Organization for Economic Cooperation and Development.

The NCQG negotiations are aimed at delivering the next tranche of finance commitments. This time around, it’s clear that much more finance is necessary to meet the moment: funding to dramatically accelerate the clean energy transition and fossil fuel phaseout in lower-income nations, funding to help them adapt to the relentless impacts of climate change, and funding to help address extreme climate loss and damage. Failing to provide this finance not only risks the world’s ability to cut emissions sharply and quickly, it is also imposing an increasingly unjust toll on the least developed nations. A recent report from the World Meteorological Organization shows that, “On average, African countries are losing 2–5 percent of Gross Domestic Product (GDP) and many are diverting up to 9 percent of their budgets responding to climate extremes.”

The U.S. and other richer nations should agree to collectively marshaling climate finance on the order of one trillion per year, starting in 2025. And additional countries in a position to do so should also step up to contribute funding on a voluntary basis. Most of this funding should be grant-based or grant-equivalent to avoid trapping low-income nations in a worsening spiral of indebtedness as is the case currently. Innovative sources of funding—such as pollution taxes and wealth taxes—should be part of the discussion. Reforming international multilateral lending architecture to be fairer and more aligned with climate and sustainable development objectives is also critical.

U.S. contributions to international climate finance have repeatedly fallen short of what’s necessary. Congress, too, must step up since it holds the power of the purse. The United States must also help lead the ongoing negotiations at the OECD to restrict export credit support for all unabated fossil fuel projects, as it committed to do at COP26 in Glasgow, and as we have called for in a recent joint letter to US Treasury Secretary Yellen and US Export-Import Bank Chair Lewis.  

3: Defending against bad-faith actions from fossil fuel interests

Fossil fuel interests are a perennial threat to climate progress, at home and abroad. Their presence at the annual climate talks has been increasing alarmingly. Unfortunately, at COP29 in Baku we are likely to see them out in full force again, trying to undermine and dilute global climate agreements. The crucial question is: will policymakers stand up to that pressure from polluters and deliver what people need?

Last year at COP28, nations were finally able reach an agreement calling for a phase down of fossil fuels—the first time the root cause of climate change was addressed in a global climate agreement. The follow-through has been pretty mixed globally thus far. The US, for example, is still enabling surging levels of production of oil and gas. We need domestic policies that explicitly ensure that fossil fuels are being phased down, alongside ramping up renewable energy and energy efficiency.

Litigation efforts to hold fossil fuel companies accountable for damage caused by their products and for deceiving consumers and investors are gaining ground in domestic and international courts. These additional avenues to secure climate progress are likely to increase in importance, especially if policymakers’ efforts to curtail heat-trapping emissions and stand up to the fossil fuel lobby continue to fall short.

Around the world, wars and extreme disasters are exacting a punishing toll on people and require urgent action from political leaders to seek solutions that bring peace and safety. The climate crisis, too, requires urgent attention. These intersecting crises must be dealt with at the same time and should not be cynically traded off against each other in competing for political attention or funding.

This year has been extraordinarily volatile politically, with “change” elections around the world inserting uncertainty in the future direction of climate policy. One thing we cannot lose sight of is that the measure of climate ambition is not set by politics but by what science shows is necessary to help limit the worst impacts of climate change. Ambition should also encompass justice, to help ensure that the climate outcomes we strive to secure meet the needs of those with the fewest resources on the frontlines of a crisis that is not of their making. Equally, the necessary phaseout of fossil fuels must be accompanied by just transition policies and investments for affected communities.

Here in the United States, regardless of the forthcoming election outcomes, we know the climate crisis is set to worsen and that without robust action, people and our economy will suffer as a result. That’s why we must push for policy solutions that increase the pace and magnitude of cuts in U.S. heat-trapping emissions; ramp up investments in climate resilience; and significantly increase our commitments toward international climate finance.

This will likely be the hottest year to date, and maybe one of the coolest in the years to come. Will politicians seize this narrowing window of opportunity to do what is both daunting and necessary for safeguarding the future of people around the world especially our children? Right now, the signs are not encouraging. We must demand much more of our leaders.