Sunday, November 24

Today, we present a YNH Exclusive on the latest UN summit on climate change. Enjoy!

World leaders agreed on a landmark new climate deal at COP29 yesterday, with wealthy countries pledging to provide developing countries with $300 billion a year by 2035 to deal with the effects of climate change.

The United Nations' 29th Conference of the Parties (COP) on climate change was recently held in Baku, Azerbaijan from November 11 to November 22, and a verdict on the intense debates and chaotic arguments throughout the conference was delivered yesterday.

While the conference actually ended on Friday, the decision on a new climate deal was postponed, as it was still being finalized. Then, it was confirmed that wealthy countries would pledge at least $300 billion per year by 2035 to developing countries. This money would assist in recovery from major climate events like hurricanes, droughts, and storms, as well as move them towards a more sustainable future with cleaner energy. However, that $300 billion per year is nowhere close to the amount required-- economists estimate that around $1.3 trillion per year is needed to help developing countries endure the constant extreme weather events they are facing, which is primarily due to emissions that are coming from other, less-affected countries. It is a step forward, though, as a previous deal made at COP15 in 2009 pledged $100 billion per year by 2020 to work towards the same goal. Still, that goal was achieved two years late, in 2022. This year, the two sides had to reach a medium, as developing countries asked for $500 billion, while richer nations decided that their current financial position was not in the right state to provide such large amounts of money.

In addition, countries finally approved the implementation of Article 6 of the Paris Agreement, which was the last item in the agreement that was still unsettled. The Paris Agreement, negotiated at COP21 in 2015 and signed in 2016, is a major international climate change treaty. It works to limit the global average temperature increase since the Industrial Revolution to below 2 degrees Celsius, but recent research has shown that the planet's "point of no return" could actually be 1.5 degrees Celsius. Unfortunately, due to global inaction on the major issue of climate change facing our planet, 2024 is expected to be the first year to cross that 1.5-degree threshold.

Article 6 of the Paris Agreement unlocks financial aid for developing countries in their fight against climate change, and it also allows countries to cooperate and combat climate change by trading carbon credits. This system, known as the Paris Agreement Crediting Mechanism (PACM), would create a system where countries earn carbon credits by successfully reducing their greenhouse gas emissions. One carbon credit is equal to the reduction of one metric ton of carbon dioxide from the atmosphere. Countries can then sell these credits to other countries, benefitting both sides-- the country selling the credit makes money while helping the environment, and the country buying the credit can use it to meet their own climate goals. This motivates the sustainable country to keep up their climate work, as they are making money, while the country buying the credits is sending their money to a cause that will eventually lead to another reduction in carbon emissions.

The execution of this new carbon crediting system is expected to be able to reduce the cost of implementing countries' nationally determined contributions (NDCs), by over $250 billion per year. NDCs are climate action plans that countries create to reduce greenhouse gas emissions, and they are a key part of the Paris Agreement. The agreement legally requires countries to have an NDC, which is submitted every five years, and mandates that countries make some effort to achieve the NDC, but actually reaching the goal is not required. The next round of NDCs is due in early 2025, and they will have target dates in 2035.

Another positive to the conference was the full operationalization of the Loss and Damage Fund, which will provide financial assistance to smaller countries that are more vulnerable to the effects of climate change. The Loss and Damage Fund was established at COP27 in 2022, which was held in Egypt. At COP28, held in Dubai in 2023, the fund was launched, but full operationalization was not achieved until some final terms were agreed upon at the latest COP29 in Baku. As of right now, countries have pledged over $730 million for the fund. According to the official COP29 website, the Loss and Damage Fund should be able to begin financing projects by 2025.

However, those are a few of the only plus sides in a relatively tumultuous conference. Due to Baku's location in a relatively oil-rich area, pro-fossil fuel protests and speeches were abundant throughout the conference. Over 1,700 fossil fuel lobbyists and supporters were present at COP29, while Saudi Arabia's heavy influence in the Middle East was extremely apparent as they seriously opposed references to the dangers of fossil fuel emitters, specifically coal, gas, and oil. Advocates and climate change activists at the conference were extremely unhappy with the result of the debate, stating that the verdict offered "false hope" to countries facing severe climate disasters and the money detailed in the deal was completely insufficient. Over $1.3 trillion dollars are needed annually to stop climate change right now, and this new deal does not even guarantee that wealthy countries will reach that $300 billion goal by 2035. By comparison, the world spent around $2.44 trillion in military expenditures in 2023 alone.

You can make a difference, though! Consider reducing your water and electricity consumption. Electric or hybrid vehicles also heavily reduce carbon emissions, as well as reducing food waste, which releases methane. Eating less beef can also decrease your carbon footprint, as cows are the single-largest source of greenhouse gases in the agriculture industry-- beef herd releases more greenhouse gases than the next four meat sources combined (lamb, prawns, pig, poultry). Consider buying food that has been sustainably farmed, as well as purchasing products that do not contain harmful chemicals, or are 1% for the Planet. 1% for the Planet is a nonprofit organization that lists companies that donate at least 1% of their profits to saving the environment, with examples including Patagonia, OXO, Klean Kanteen, Honest Tea, 4ocean, and Stasher Bags. Lastly, you can donate to some of the numerous organizations that help certain parts of the world facing the severe impacts of climate change. Let's save our planet, one step at a time.

Fact of the Day (Reader's Digest): Minnesota, the "Land of 10,000 Lakes," technically has more than 11,000 lakes. However, the state actually does not have the most lakes-- its neighbor, Wisconsin, has more than 15,000. Both of those pale in comparison to Alaska, though, which has over 3 million lakes.

Quote of the Day (Gracious Quotes): Preserve and cherish the pale blue dot, the only home we've ever known. (Carl Sagan)

Word of the Day (Merriam-Webster): Negotiate (verb)- To negotiate is to discuss something formally in order to make an agreement. Negotiate can also mean, when applied to people or things in motion, "to get through, around, or over successfully."

In a Sentence: The parties negotiated an agreement.