The Climate Log - Edition #6

11th October - 17th October 2024

??? TOP PICKS

??? COP29 Faces Financial Hurdles: Climate Aid Negotiations at Risk?

?? Nobel Prize in Economics Awarded for Research on Global Inequality

?? Indore Launches 100-Day Campaign to Become World’s First Energy-Literate City

?? Delhi Metro’s Blue Line Achieves Carbon Neutral Status

??? Delhi’s Air Pollution Crisis - Vehicles, Dust, and Biomass Burning at the Forefront

?? FAO Report - Climate Change Hits India’s Poor Farmers Hardest

?? Earth’s Carbon Sinks Are Failing, Accelerating Global Warming

?? GLOBAL PULSE

COP16 Biodiversity Summit - Key Issues and Country Positions: Between October 21st- November 1st, 2024, around 14,000 delegates will be attending the 16th Conference of the Parties to the Convention on Biological Diversity talks in Cali, Colombia.

A major focus is on the financial commitments from developed countries to support conservation efforts in developing nations. The target is to raise at least $20 billion annually by 2025, but contributions so far have been limited. Countries are expected to publish new National Biodiversity Strategies and Action Plans (NBSAPs) to implement the goals of the Global Biodiversity Framework (GBF). However, many countries are behind schedule in submitting these plans. Negotiations will address how to share the benefits derived from genetic resources fairly. Key issues include whether benefit-sharing should be voluntary or legally binding and how to manage access to public databases. The summit will also focus on developing a robust monitoring framework to track progress towards the GBF’s goals and targets. This includes setting headline and binary indicators to measure success.?

COP29 Faces Financial Hurdles: Climate Aid Negotiations at Risk? Irish Environment Minister Eamon Ryan, a key negotiator, has warned of a “real risk” that the talks could fail to reach an agreement on climate aid. COP29 will be crucial in setting a new long-term financial target to support climate action in developing countries, with the current target of $100 billion per year deemed insufficient. In the ongoing negotiations, some developing nations are calling for this amount to increase to $1 trillion or more. There is a push for countries like China to provide clearer and more transparent contributions to climate finance, reflecting their growing economic capabilities. The EU recently unveiled a negotiating stance for the upcoming COP29 climate talks in Baku, Azerbaijan emphasizing the need for increased climate finance but leaves unresolved the critical issue of how to boost funding for poorer countries. The EU aims to transform billions of dollars in climate finance into trillions, helping countries transition to greener economies and cope with extreme weather. However, many EU countries are grappling with economic challenges, complicating their ability to increase contributions. The EU insists that expanding the donor base to include more countries, particularly emerging economies like China, is essential for achieving an ambitious post-2025 climate finance goal. The tight financial situation sets the stage for difficult negotiations at COP29.? Failure to reach an agreement would send a negative signal and could undermine global trust and progress in climate action. The outcome of the COP29 summit is seen as crucial for maintaining momentum in global climate efforts.?

Nobel Prize in Economics Awarded for Research on Global Inequality: Three U.S.-based economists, Daron Acemoglu, Simon Johnson, and James A. Robinson, have been awarded the 2024 Nobel Prize in Economics for their extensive research on global inequality.

Their work has significantly contributed to understanding how institutions shape economic prosperity and the persistence of inequality, particularly in countries plagued by corruption and authoritarian regimes. The laureates’ research highlights the critical role of inclusive institutions in fostering economic growth and reducing inequality. They have demonstrated that societies with strong, inclusive institutions tend to experience more sustainable economic development. Their studies often use historical data to show how different institutional trajectories impact long-term economic outcomes. This approach has provided valuable insights into why some nations prosper while others remain impoverished. The findings have influenced policy discussions on governance, economic reforms, and the importance of building robust institutions to support equitable growth. For more information read on.

??SECTORAL INSIGHTS

?POWER & ENERGY

Indore Launches 100-Day Campaign to Become World’s First Energy-Literate City: Indore has embarked on an ambitious 100-day mission, known as the Indore Climate Mission, to become the world’s first energy-literate city. This initiative, supported by the Energy Swaraj Foundation and led by Dr. Chetan Singh Solanki from IIT Bombay, aims to engage approximately 3.5 million residents in reducing carbon emissions through energy-saving practices. Starting December 1, the campaign will educate residents on energy conservation and sustainable practices. The goal is to foster a culture of energy literacy and environmental awareness. The mission targets a 7-10% reduction in the city’s monthly electricity consumption by encouraging residents to adopt energy-efficient habits and technologies. This mission aligns with broader goals of reducing carbon footprints and promoting renewable energy. The mission is a collaborative effort involving local government, educational institutions, and non-profit organizations highlighting the importance of collective action in addressing climate change.?

PM-Surya Ghar Yojana - Boosting Rooftop Solar with ?500 Crore Funding: As part of the broader PM-Surya Ghar Yojana, launched in February 2024, the Indian government has allocated ?500 crore to boost innovative rooftop solar projects. The scheme provides financial assistance of up to 60% of project costs or ?30 crore, whichever is lower, to encourage solutions like blockchain-based peer-to-peer solar trading and solar systems integrated with electric vehicles. The National Institute of Solar Energy (NISE) will oversee the project’s implementation. To further drive innovation, MNRE will introduce annual awards of up to ?1 crore for significant contributions.?

CEA Chief Urges Swift Financing Solutions for India’s Renewable Energy Transition: At a recent event, the Chairperson of the Central Electricity Authority (CEA) highlighted India's significant challenges in transitioning to renewable energy. He emphasized the need for innovative financing mechanisms and domestic manufacturing to ensure energy security, noting that India requires an estimated ?45 lakh crore in financing by 2030 for this transition. Current financial models and approval processes are too slow, often exceeding the typical 12-18 month project timelines for solar and wind installations. He also called for a roadmap to boost domestic manufacturing of key components like transformers and improving energy storage systems—particularly hydro pump storage and battery energy systems—for managing renewable energy capacity. To ease financial strain and scale projects faster, he proposed shifting from individual project financing to portfolio-based mechanisms, coupled with a rolling finance model to provide ongoing funding based on project performance.

??E-MOBILITY

Himachal Pradesh to Transition Entire Public Bus Fleet to Electric by 2025: The Himachal Pradesh government has announced an ambitious plan to replace all public transport buses with electric vehicles (EVs) by March 2025. The state aims to replace its entire fleet of public transport buses with electric vehicles by March 2025. The transition to electric buses is projected to cut down on greenhouse gas emissions and reduce the reliance on fossil fuels. To support the new fleet of electric buses, the state will invest in the necessary charging infrastructure which includes setting up charging stations at key locations to ensure the smooth operation of the electric buses. The initiative is also expected to create new job opportunities in the green energy sector, including roles in the maintenance and operation of the electric bus fleet and the development of charging infrastructure.?

Toyota Chairman Warns of Job Losses in EV-Only Future: Akio Toyoda, Chairman of Toyota Motor Corporation, raised concerns about potential job losses from a shift to an electric vehicle (EV)-only future, particularly for those involved in engine-related technologies and suppliers. He noted that Japan's automotive industry employs around 5.5 million people, many of whom could be impacted by this transition. Toyoda emphasized the company's "multi-pathway" strategy towards zero-carbon emissions, which includes EVs, hybrids, hydrogen fuel-cell vehicles, and other technologies. He believes that focusing solely on EVs is not the best way to achieve carbon neutrality. He also predicted that EVs would make up at most 30% of the global auto market, with the rest being hybrids, hydrogen fuel-cell, and fuel-burning vehicles, though he did not provide a specific timeline.

Delhi Metro’s Blue Line Achieves Carbon Neutral Status: The Delhi Metro Rail Corporation (DMRC) has achieved a significant milestone with its Blue Line (Line-4), connecting Yamuna Bank in Delhi to Vaishali in Ghaziabad, receiving Carbon Neutral certification. The Blue Line’s certification follows DMRC’s earlier successes with its corporate headquarters at Metro Bhawan and staff quarters in Sector-50, Noida. DMRC has implemented various environmentally friendly initiatives, such as energy-efficient technologies like regenerative braking, increased use of renewable energy, rainwater harvesting, and effective waste management systems.?

Carbon Neutrality is measured as the amount of carbon released vs. the amount compensated by preventing equivalent amount of emission from happening somewhere else, or buying enough carbon credits to make up the difference.

India’s Ambitious $2 Billion Plan to Green Its Inland Fleet: India is planning to introduce a $2 billion incentive scheme to replace diesel-powered inland vessels with greener alternatives. The plan involves nearly $2 billion in subsidies over ten years to support the procurement, retrofitting, and construction of eco-friendly vessels and related infrastructure. It aims to cut emissions by one million tons annually, with a target to make half of the fleet eco-friendly by 2030 and achieve a full transition by 2045. This plan is part of broader efforts to decarbonize India’s maritime sector, which includes setting up green ports and introducing less polluting ships. The current fleet, primarily running on diesel, will progressively switch to cleaner energy sources such as electricity, liquefied natural gas (LNG), and hydrogen. New registrations for fossil fuel-based vessels will cease by 2033, with a complete phase-out expected by 2045.

??AGRICULTURE

India’s National Agriculture Code on the Horizon: The Bureau of Indian Standards (BIS) is developing the National Agriculture Code (NAC) to standardize agricultural practices across India. Covering the entire farming process, from crop selection to post-harvest operations, the NAC aims to promote sustainable agriculture, improve productivity, and enhance farmer livelihoods. It will provide region-specific guidelines tailored to India’s diverse agro-climatic zones, emphasizing sustainable methods, efficient input use, and modern technologies like precision farming. The NAC will also aid policymakers in designing programs to benefit both farmers and the economy.

FAO Report - Climate Change Hits India’s Poor Farmers Hardest: On October 16th, 2024, Food and Agriculture Organisation in its report titled “The unjust climate. measuring the impacts of climate change on rural poor, women, and youth” highlighting that poorer farmers in India are more vulnerable to climate change due to their limited resources and capacity to adapt. A lack access to advanced technologies and financial support, making it harder for them to cope with adverse weather conditions. The report indicates that a 1°C increase in temperature can lead to a 1.5% reduction in agricultural productivity, significantly affecting the livelihoods of smallholder farmers. The reduction in agricultural productivity due to rising temperatures can lead to increased poverty and food insecurity among smallholder farmers exacerbating existing inequalities and threatening the sustainability of rural livelihoods. The report calls for urgent measures to support smallholder farmers, including access to climate-resilient seeds, improved irrigation systems, and financial assistance.?

??? AIR QUALITY?

Delhi’s Air Pollution Crisis - Vehicles, Dust, and Biomass Burning at the Forefront: On October 11th, 2024, the The Delhi Pollution Control Committee (DPCC) released a report which identifies - vehicles, dust, and biomass burning as the primary contributors to Delhi’s deteriorating air quality. The increasing number of vehicles on the road, coupled with inadequate emission control measures, significantly contributes to the city’s deteriorating air quality. Dust from construction activities, unpaved roads, and other sources is another major pollutant. The burning of biomass, including agricultural residue and waste, is a significant contributor to air pollution. The report highlights the severe health impacts of poor air quality, including respiratory and cardiovascular diseases. It calls for immediate action to mitigate these health risks. To combat air pollution, the report suggests a multi-faceted approach, including stricter vehicle emission standards, better dust control measures, and effective enforcement of biomass burning bans. It also recommends increased public awareness and community participation in pollution control efforts.?

Supreme Court Blasts States for Inaction on Pollution: On October 16th, 2024, the Supreme Court of India reprimanded the states of Punjab and Haryana for their failure to effectively address the issue of stubble burning, which significantly contributes to air pollution in Delhi and surrounding areas during the winter season. The court described the states’ actions as “absolute defiance” of directives issued by the Commission for Air Quality Management (CAQM). It summoned the Haryana Chief Secretary to appear in court, highlighting the state’s non-compliance with previous orders and directing the CAQM to take penal action against state officers who fail to enforce anti-stubble burning measures. There has been a notable rise in stubble burning incidents in Punjab and Haryana, exacerbating air pollution levels in Delhi. The apex court criticized the states and CAQM for failing to take stringent action against violators, noting that despite multiple directives, no significant penalties or prosecutions have been enforced. It warned that if compliance is not achieved within a week, contempt proceedings would be initiated against Haryana's Chief Secretary, and demanded a detailed report on CAQM's actions against state officials.

??? CLIMATE RISKS, ECOLOGY, ENVIRONMENT AND PEOPLE

UN Approves New Safeguards for Carbon Market to Protect Human Rights and Environment: On October 10th, 2024, the United Nations’ approved new safeguards for its carbon market, aimed at protecting the environment and human rights. These safeguards are part of the Article 6.4 carbon crediting system under the Paris Agreement and represent a significant step in ensuring that carbon credit projects do not cause harm. It mandates conducting detailed risk assessments to identify and mitigate potential negative impacts on the environment and local communities by the developers of carbon credit projects. This includes impacts on land, water, human rights, health, gender equality, and Indigenous Peoples. Projects must demonstrate how they contribute to the UN’s Sustainable Development Goals (SDGs), such as ending poverty and improving health, alongside their primary goal of reducing greenhouse gas emissions. Independent auditors will review the risk assessments and ensure that local communities are properly consulted. They will also evaluate the effectiveness of the measures taken to mitigate any negative impacts. The safeguards will be reviewed and updated every 18 months to incorporate feedback and improve their effectiveness. The new safeguards address criticisms of the previous Clean Development Mechanism (CDM), which faced accusations of social and environmental abuses.?

Earth’s Carbon Sinks Are Failing, Accelerating Global Warming: Studies have suggested that Earth’s natural carbon sinks, such as forests, soils, and oceans, are failing to absorb carbon dioxide as effectively as before. This collapse could significantly accelerate global warming beyond current climate model predictions. Preliminary findings from 2023 indicate that forests, plants, and soils absorbed almost no net carbon dioxide, a stark contrast to their usual role in mitigating human emissions. This breakdown is attributed to extreme weather events, droughts, and rising temperatures. The oceans, which absorb about half of human emissions, are also showing signs of instability. Melting glaciers and disrupted ocean currents are affecting the ability of marine ecosystems to sequester carbon. The unexpected rapid decline in carbon sink efficiency has not been factored into most climate models, raising concerns about the accuracy of future climate predictions. This could mean faster and more severe global heating than anticipated. Without these natural processes, achieving net-zero emissions and limiting global warming will be exceedingly difficult.

India Tightens Rules on Greenwashing with New Guidelines: On October 15th, 2024, the Central Consumer Protection Authority (CCPA) released the ‘Guidelines for Prevention and Regulation of Greenwashing or Misleading Environmental Claims 2024’ aimed at curbing greenwashing, where companies make misleading claims about the environmental benefits of their products. Companies will now need to substantiate their environmental claims with accessible, verifiable evidence from independent studies or third-party certifications. Terms like “eco-friendly,” “organic,” and “natural” must be qualified and substantiated. Advertisers must use consumer-friendly language and avoid cherry-picking data to mislead consumers. They must disclose all material information, potentially through QR codes or links to detailed information. Misleading or false advertising can result in fines up to ?50,000 for first-time offenders, escalating to ?1 crore for repeated violations. Imprisonment is also a possibility. Any comparative environmental claims must be based on verifiable and relevant data, clearly disclosing what aspects are being compared. Consumers can seek compensation for damages or losses incurred due to violations under Section 40 of the Consumer Protection Act. Find the official guidelines here.?

Stay Informed, Stay Inspired ???

Thank you for reading this edition of The Climate Log. As we continue to navigate the evolving landscape of climate action, your curiosity and commitment ?? play a crucial role in driving change. Together, we can transform knowledge into action ?? and create a sustainable future for all.

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