Maverick Musings #15th

EVERY dollar invested in restoration creates up to $30 in economic benefits - UNEP's report Becoming #Generation Restoration

Welcome to another edition of Maverick Musings and this month, we will be focusing on climate finance. In this edition, we will look into the critical role that financial mechanisms play in addressing climate change. From funding renewable energy projects to supporting community-led conservation efforts, to building resilience, climate finance is essential across various levels—policy, implementation, adaptation, resilience, and research. Let us explore how strategic investments can lead to sustainable environmental and economic benefits.

Climate finance is crucial for addressing climate change, encompassing local, national, and transnational funds from various sources to support mitigation and adaptation efforts. This financial aid is vital for developing countries to implement strategies that reduce emissions and cope with climate impacts, adhering to the "common but differentiated responsibility" principle. It facilitates investments in renewable energy, efficient technologies, and robust infrastructures to create a low-carbon, climate-resilient future, disaster preparedness with developed countries leading in mobilizing these resources.

We are happy to announce about the launch of our participatory climate finance project called the GenRe project. Check more details here.

The role of youth in climate finance is increasingly important, not only in advocacy but also in driving innovation and implementation. Engaging young people in this sector is crucial for developing new solutions and creating green jobs, particularly through mechanisms like corporate social responsibility (CSR) and public funding. Additionally, increasing scholarships for climate-related studies can equip the youth with the necessary skills and knowledge to lead and expand the climate finance field, thereby ensuring a sustained and effective global response to climate change. These initiatives can foster job creation and economic growth .

Climate finance needs to increase five-fold annually to avoid the worst impacts of climate change- GLCF 2023

Climate Finance Needs

Climate finance is a linchpin in the global response to climate change, supporting everything from ecosystem restoration to the deployment of clean technologies. Here are a few areas where climate finance is pivotal:

• Renewable Energy Projects: Investments in solar, wind, and other renewable technologies are crucial for reducing dependence on fossil fuels.
• Ecosystem Restoration: Financial resources are needed to restore degraded landscapes, which can sequester carbon and enhance biodiversity. Checkout SUSTERA Foundation;s climate finance project here.
• Research and Development: Funding is critical for advancing new technologies and solutions that can address climate challenges effectively.
• Clean Transportation Projects: Funding is essential for developing and expanding public transportation systems, electric vehicle infrastructure, and cycling paths to reduce carbon emissions from the transport sector.
• Climate Resilient Infrastructure: Financing is needed for building flood defenses, reinforcing shorelines, upgrading water management systems, and retrofitting buildings to withstand extreme weather events.
• Climate Finance for Disaster Preparedness and Recovery: Climate finance plays a crucial role in disaster preparedness and recovery, providing the necessary funds to develop early warning systems, and implement effective response and recovery strategies. This financing supports the development and reinforcement of structures designed to withstand natural disasters, ensures that communities have the resources for timely evacuations, and aids in the quick restoration of services and reconstruction post-disaster. Such investments are vital for minimizing the human, economic, and environmental impacts of disasters, ultimately aiding communities in bouncing back more swiftly and effectively while also strengthening their resilience against future adversities.

People and organizations to Follow working in climate finance space:

Mastering Green Skills

To work on climate finance, certain skills become invaluable for young professionals and enthusiasts:

• Fundraising for Climate Initiatives: Mastery of fundraising skills is crucial for securing financial support for climate-related projects. Effective strategies include grant writing, networking with donors, and crafting compelling narratives highlighting climate action's impact and urgency.
• Strategic Planning and Financial Management: Understanding how to design and manage climate projects financially is essential. This involves budgeting, financial forecasting, and assessing financial risks and returns, particularly about climate impacts and adaptation measures.

Seizing opportunities

1. The India EVolve Innovation Challenge is a great opportunity for young minds aged 18 to 38 to contribute innovative solutions for emission reduction in India's transport sector, particularly focusing on sustainable delivery solutions. Participants have the chance to win from a pool of Rs 4.5 Lakh cash prizes, influencing both policy and corporate strategies. It's a great chance for the youth to gain hands-on experience in climate finance and to drive forward the sustainability agenda. To learn more and participate, visit the India EVolve website.

2. The Youth Climate Justice Fund supports with core flexible funding to emerging youth climate justice collectives. Groups can apply for a grant of up to USD 10,000, which can be used for a period of 12 months. The application window for our 2023 grant cycle closed in September 2023 and 40 selected grantee partners were announced in February 2024. New applicants can apply during the YCJF’s open call in June 2024.

Youth-Led Initiatives

The GenRe project, a flagship initiative piloted by the Sustera Foundation for two years, stands as a stellar example of participatory climate finance in action. This project empowers the public to engage in climate action through a community-based platform, fostering learning and mutual support. By subscribing to sustainability, individuals contribute to a fund where 50% is allocated towards climate education, policy, and restoration, 30% of funds are kept aside as a corpus for disaster relief activities, and 20% aids young climate leaders. This structure not only advances climate knowledge and action but also fuels the creation of green jobs and supports educational opportunities for the youth in climate-related fields. To become part of this transformative effort and help drive sustainable change, visit the Sustera Foundation’s website and join the GenRe project.

This initiative includes a series of impactful activities such as fruit tree planting at educational institutions, mangrove restoration to enhance coastal resilience, community-driven waterway restoration, solar plant installation in Anganwadis, and the installation of energy-saving appliances in community centers. These projects not only contribute to environmental sustainability but also empower local communities by integrating them into the climate action process. Each project is an example of how targeted investments can create a substantial positive impact on both the environment and local populations.

Environment in News

UNESCO reports a surge in violence against environmental journalists, demanding action to protect them and fight climate misinformation.

UNESCO's report on World Press Freedom Day reveals escalating violence against environmental journalists, with 749 attacks in 15 years. From 2019-2023 alone, attacks surged by 42%. These assaults include murder, physical violence, detention, online harassment, and legal threats. The report highlights a global issue, spanning 89 countries. It calls for enhanced protection for journalists and better governance of digital platforms to combat climate-related disinformation. Read more.

Yale study warns AI' data centers to threaten sustainability goals.

A Yale study highlights AI's significant environmental impact, particularly through massive water consumption in data centers. Tech giants like Google and Microsoft have seen substantial increases in water usage due to AI operations. Without regulation, AI's carbon footprint could undermine sustainability goals, warns Jeremy Tamanini of Dual Citizen. Read more.

A few insights from our CEO

With increasing heatwaves, urban India is relying extensively on Airconditioners for comfort, here is a short article by Sanju explaining the most sensible and eco friendly way to use them.

Recent Activities in Sustera

Tech for Coastal Resilience

The first roundtable on Tech for Coastal Resilience’ organized by Citizen Digital Foundation and Sustera Foundation, in collaboration with the Center for Development Initiative, TinkerHub, and Samagata Foundation was conducted on April 4th. We brought together experts from climate justice, affected communities, technology, and other knowledge domains to harness emerging technologies for climate resilience in coastal Kerala.

India EVolve Ideathon

The India EVolve Ideathon was conducted on Christ University, Bangalore, where some of the best ideas came up during the 2 hours event. Discussions ranged from the role of #ElectricVehicles in Eco-Friendly logistics to innovative community-based solutions that can rev up #ClimateAction.

Final Word

The urgency of climate action demands a global financial mobilization unlike any we've seen before. From scaling up renewables to empowering young minds, every investment is a brick in building a sustainable future. As we wrap up this edition, we encourage you to engage with these concepts, enhance your skills, and become part of the global effort to finance a better world for future generations. And dont miss to checkout GenRe website and give your thoughts.