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By Jennifer A Dlouhy
World leaders are
set to deliver a
message of solidarity and renewed resolve
to address global warming days before the start
of the COP30 climate summit in Brazil, despite
lackluster attendance and the erosion of a key
goal to curb rising temperatures.
It’s a challenging
backdrop for the more than 50 heads of state and
government ministers expected in the Amazonian
city of Belém on Thursday and Friday. Gone is
the confidence and sense of grand ambition that
united nearly 200 nations a decade ago, with the
adoption of the landmark Paris Agreement. Left
in its place is a gnawing sense of urgency and
the hard reality of implementing some climate
promises, especially as the accord’s most
ambitious goal — to limit warming to 1.5C above
pre-industrial levels — moves further out
of grasp.
Protestors
in Brasilia ahead of COP30 Photographer:
Ton Molina/Bloomberg
The leaders summit
is only a prelude to the official negotiations
that begin Monday. Still, exhortations from
heads of state can help frame the conference and
galvanize action.
Among the most
notable absences will be the heads of the
world’s top emitters. China’s President Xi
Jinping and India’s Prime Minister Narendra
Modi are forgoing an in-person address, and
Trump is shunning a
conference meant to address the climate crisis
he’s derided as a “scam.” Trump is pulling the
US out of the Paris Agreement, a process that
will be finalized on Jan. 27.
Further distracting
the attention from the talks are
mounting regional fears about a US
military intervention in Venezuela. Brazilian
President Luiz Inácio Lula da Silva, together
with other leaders, will travel from Belém to
Colombia over the weekend to discuss Trump’s
intensifying threats against Venezuela.
Read the full
story on what
to expect from the COP30 leaders’ summit
starting today, and on the
local and international crises keeping
Lula busy on Bloomberg.com.
André
Corrêa do Lago Photographer: Ron Antonelli
World leaders are
gathering in Belem, Brazil, for the COP30
climate negotiations, but what will be achieved?
Brazil hasn’t given much indication of what it
hopes will emerge from the negotiations, other
than implementing the many promises of previous
COPs. This week on Zero, Akshat Rathi sits down
with COP30 President André Corrêa do Lago, to
try and figure out how the negotiations might
turn out.
Listen
now, and subscribe on Apple, Spotify or YouTube to
get new episodes of Zero every Thursday.
How
the US “wins” the climate game
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By Emma Court
Slashing green
energy goals and doubling down on fossil fuels,
the kinds of policies Trump has been pushing,
would benefit
the US economy in the long run — and hurt
countries still betting on the green transition.
Bloomberg Economics
looked at how climate change and the cost of
curbing emissions will affect nations’ economies
through 2050. They found that by selling more
fossil fuels and avoiding the expense of meeting
green regulations, the US
would see its GDP grow by about 1% more than it
would have had it continued the clean energy
transition. But assuming other countries plow
forward with renewable energy, the world economy
overall would shrink by 0.2% compared to the
baseline scenario, according to the modeling.
While these
economic effects may look modest over the next
25 years, most of the physical damage from
global warming is expected to happen after 2050,
increasing the economic costs of extreme
weather and other consequences of climate
inaction for everyone, the researchers said.
There’s also the added risk that climate change
could accelerate in irreversible ways, they
said.
“If Trump alone
backs out on the transition, the US wins,”
Bloomberg Economics’ Eleonora Mavroeidi and
Maeva Cousin, who co-authored the new report,
write. “If other countries do the same, the US
loses, and so does almost everyone else.”
Read the full
story on Bloomberg.com.
Brazil presented
its vision for how to rewire the global
financial system in order to provide $1.3
trillion per year to developing countries by
2035. The “Baku to Belém roadmap to $1.3T,”
which Brazil wrote with last year’s COP host,
Azerbaijan, leans heavily on reforming key
financial institutions, including the
International Monetary Fund, to channel climate
funds to poorer nations. The report also floats
potential new sources of revenue, such as taxes
on financial transactions and the ultra-wealthy.
Read more
about the
roadmap.
Hedge funds are lobbying
hard to ensure
the UK excludes it from new climate
regulations, after prevailing in a similar
campaign in the EU.
Hurricane Melissa
became the most
powerful storm on record to strike
Jamaica in part because of water made hotter and
air made wetter by global warming.
Experts on China’s
climate and energy policies expect the world’s top
polluter to outperform fresh
emissions-reduction targets that have been
criticized as too timid.
Workers
rush to complete the COP30 venue Photographer:
Jennifer A. Dlouhy/Bloomberg
Water dispensers,
rugs, plants, wooden tables and chairs piled up
at the COP30 venue in Belém this morning, with
workers rushing to finish the job ahead of the
official start of the talks on Monday. Our
reporter Jennifer
Dlouhy is there, as are the rest of Bloomberg
News’ reporters and editors covering this
year’s most important climate talks.
Subscribe
to Green Daily for more updates on COP30.
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