 Energy & Environment |
Energy & Environment |
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Leaders reach deal on structure of climate change fund for developing countries |
Global leaders this weekend struck a deal on the structure of a fund to compensate developing countries for the impacts of climate change. |
© AP Photo/Delmer Martinez |
Leaders agreed to establish the "loss and damage" fund last year at the COP27 international climate summit. Before that, wealthier leaders had resisted the idea for years, and the 2022 agreement left many of the practical details unresolved. The agreement reached over the weekend would have to be ratified at this year's COP28 summit, set to begin later in November. Under the agreement, the World Bank would host the fund on an interim basis, while governance would fall to a board comprised of developed and developing countries, with decisions requiring a four-fifths majority. Rachel Cleetus, the policy director and lead economist for the Climate and Energy Program at the Union of Concerned Scientists, criticized the agreement as tilted toward wealthy countries. "Wealthy nations also steamrolled developing countries into accepting a lopsided compromise to locate the fund at the World Bank, an institution with a donor-driven lending model and an undemocratic governance structure that raises serious concerns about its ability to host the Loss and Damage Fund," Cleetus said in a written statement. Read more in a full report at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, we're Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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How policy will affect the energy and environment sectors now and in the future: |
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Interior Secretary Deb Haaland announced the advancement of 15 new renewable energy projects in the western U.S. as the Biden administration seeks to tout its record on energy. |
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| Commercializing the production of synthetic dietary fats could relieve pressure on a global agricultural sector that is struggling to decarbonize, a new study has found. |
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The Environmental Protection Agency (EPA) will review a chemical used in tire production in response to a petition from three Native American tribes that cited its history of killing salmon. |
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California Gov. Gavin Newsom's (D) recent trip to China may have far-reaching implications both for the fight against climate change and his political future. |
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Branch out with a different read on The Hill: |
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Congress appears unlikely to pass a new farm bill by the end of this year amid standoffs over Republicans' push to extend subsidies to three specific Southern crops — at the potential cost of billions in both food aid and popular farm conservation programs. |
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Upcoming news themes and events we're watching: |
- The House Ways and Means Committee will hold a hearing tomorrow titled "Hearing on Ensuring that 'Woke' Doesn't Leave Americans Broke: Protecting Seniors and Savers from ESG Activism - House Committee on Ways and Means"
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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The EPA Has Found More Than a Dozen Contaminants in Drinking Water but Hasn't Set Safety Limits on Them (ProPublica)
Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts (MarketWatch) EPA watchdog accused of creating a hostile work environment (E&E News)
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Two key stories on The Hill right now: |
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NEW YORK — The highly anticipated testimony of former President Trump in his New York civil fraud trial Monday heaved chaotically between defending his business practices and decrying those involved in the case as politically motivated "Trump haters." Read more |
| (NEXSTAR) – In these uncertain times, we know at least one thing for sure: El Niño is here. There’s 100% certainty El Niño will last through early winter, the Climate Prediction Center, a division of the National Oceanic and Atmospheric Administration, recently said, and a 90% or higher chance it lasts into spring. Read more |
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Op-eds related to energy & environment submitted to The Hill: |
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You're all caught up. See you tomorrow! |
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