Money row delays green plan – Climate Weekly
Wednesday was supposed to be the big unveiling of the plan to get the world’s fourth most populous country off coal and on to clean energy.
But disagreements between Indonesia and the wealthy countries backing it meant that the launch was delayed.
What were they arguing over? You guessed it – money. Specifically, how much of the $20 billion promised should be grants versus loans?
The wealthy countries represented by the US and Japan say 0.8%, while Indonesia says ‘a lot more than that please!’
While negotiations continue, the Indonesian government official in charge told Climate Home News they need to see how much is being put on the plate before committing to specific targets.
The pioneer of energy transition partnerships, South Africa, got 3%, which now looks positively generous in comparison. Is it any wonder India hasn’t followed through on talk about a similar deal?
This week’s news:
- Devastating Beijing floods test China’s ‘sponge cities’
- China plans to recycle solar panels and wind turbines
- Indonesia delays $20bn green plan, after split with rich nations on grants and new coal plants
- US sparks controversy by backing oil company’s carbon-sucking plans
- One of 2023’s most extreme heatwaves is happening in the middle of winter
Carbon removal hijacked?
While the US plays Scrooge in Jakarta, back in Washington it’s ‘hey big spender’!
The government is giving out up to $1.2 billion for companies to invest in machines that are meant to suck carbon out of the atmosphere.
That’s all good in principle – the clever folks at the IPCC say we’re going to need this technology to compensate for the hardest-to-clean-up sectors.
But a big chunk will go to Occidental, whose CEO admits she sees these machines as a way to prolong their oil pumping business. Notably, this is not one of the hardest to clean up sectors.
With the Saudis lobbying the IPCC to emphasise carbon removal and Japanese coal plant owner Mitsubishi investing in it, is the fossil fuel industry hijacking the concept for its own ends?
The post Money row delays green plan – Climate Weekly appeared first on Climate Home News.
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29