John Kerry, Special Presidential Envoy for Climate from the US, discusses the upcoming COP28 and challenges in securing funding for climate commitments. The podcast explores the chaotic nature of COP conferences and the impact of geopolitical crises on climate priorities. It highlights the agency of Pacific island climate activists and the urgency of addressing climate change. The need for funding in developing countries and financial tools like blended finance are also discussed.
The upcoming COP28 summit aims to achieve key outcomes like the loss and damage fund, adaptation report, and stocktake of emissions and ambition, highlighting the urgency of climate change.
Unlocking finance for clean energy transition in Africa is crucial and efforts are being made to use alternative financial tools like blended finance to de-risk deals and attract investments in renewables and new technologies.
The issue of a loss and damage fund is vital in compensating developing nations for climate change impacts, and while it is currently voluntary, steps are being taken to create bankable deals and mobilize private funding to support those already facing climate change effects.
Deep dives
The goals of the COP climate change summit
The upcoming COP climate change summit aims to achieve three main outcomes: the loss and damage fund, an adaptation report, and a stocktake of emissions and ambition. The summit also seeks to increase ambition, raise goals, and mobilize finance for a clean energy transition. The goal is to address the urgency of climate change and ensure achievable and credible decisions are made.
Unlocking finance for clean energy transition in Africa
Unlocking finance for a clean energy transition in Africa is vital, but there is a reluctance among investors due to concerns about immediate return on investment. To address this, efforts are being made to excite the capacity of multilateral development banks and increase concessionary funding availability. Alternative financial tools, such as blended finance involving philanthropy and private sector participation, can help de-risk deals and make them more bankable, prompting investments in renewables and new technologies.
The need for a loss and damage fund and addressing justice
The issue of a loss and damage fund is crucial in compensating developing nations for the impact of climate change and addressing justice. Developing nations argue that wealthy nations, who are responsible for the climate crisis, should contribute to the fund. While the fund is voluntary, efforts are being made to create bankable deals and mobilize trillions of dollars from private sources. By de-risking deals, increasing concessionary funding, and ensuring environmental integrity, the fund can support those already facing the effects of climate change and provide assistance for adaptation and mitigation efforts.
Importance of Urgency in Addressing Climate Change
The urgency of addressing climate change is emphasized, highlighting the disconnect between current approaches and the urgency of the situation. While methods like carbon capture and offsets are important, they may not be sufficient given the limited time available. The need for faster progress and more substantial actions is stressed.
The Impact of EV Adoption and Long-Term Consequences
The podcast discusses the slow adoption of electric vehicles (EVs) and its implications for the climate crisis. While there has been progress in EV sales, they still represent a small fraction of the overall vehicle market. The concern is that conventional vehicles will remain on the roads for many more years, exacerbating emissions. The need for a faster transition away from fossil fuels and greater commitment to EV adoption is highlighted.
In a special episode, Tommy and Ben discuss the upcoming COP28 conference in the United Arab Emirates. They speak about the climate summit’s importance, hear from activists from the Pacific Asian community, break down the science behind a 1.5 degree celsius warming, and the cynicism around the large presence of fossil fuel lobbyists and the host country’s oil rich economy. Then, Ben speaks with John Kerry, the Special Presidential Envoy for Climate from the US, about what’s on the agenda this year and the challenges of securing funding to follow through on the global commitments made towards mitigating climate change.
We end the show with a Q&A segment for subscribers. To hear that segment in future episodes, and to get ad-free Pod Save The World, subscribe to Crooked's Friend of the Pod service at crooked.com/friends
For a closed-captioned version of this episode, click here. For a transcript of this episode, please email transcripts@crooked.com and include the name of the podcast.
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