Climate Finance Must Reach $1 Trillion a Year

Current conditions: Smog in India has obscured views of the towering Taj Mahal • Thousands of people have evacuated Málaga, Spain, due to extreme flooding • Most of the U.S. will experience higher-than-average temperatures through the end of the week.

THE TOP FIVE

1. Economists say poor nations need $1 trillion a year in climate finance

Developing nations will need at least $1 trillion a year in climate finance by 2030, growing to $1.3 trillion by 2035, according to new analysis from economists with the Independent High-Level Expert Group on Climate Finance. The study was released as negotiators continue to hammer out a new climate finance goal at COP29. The current funding goal – $100 billion per year – was agreed in 2009. Meanwhile, Brazil unveiled its new Nationally Determined Contribution (NDC) yesterday. The country aims to cut emissions between 59% and 67% by 2035 compared to 2005 levels and “gradually replace” the use of fossil fuels. But as Climate Home Newsreported, “the South American nation is also planning to increase oil and gas production by 36% by the same year.” The U.S. is expected to announce its new NDC at the climate summit.

2. Warming projections for 2100 remain stagnant

A new report published this morning finds that projections for temperature increases through 2100 remain stagnant for the third year in a row. The research group Climate Action Tracker found that the world is likely to warm by 2.7 degrees Celsius (4.9 degrees Fahrenheit) by the end of the century. But there’s a 50% chance the number could be lower – or higher. By 2030, temperatures are now expected to rise somewhere between 1.9 and 2.6 degrees Celsius (3.4 and 4.7 degrees Fahrenheit), a slight uptick thanks to “minimal progress” from governments in strengthening emissions targets. “Mixed signals from the political space are canceling each other out and clearly hindering progress in climate action,” the report said. “COP29 must be an enabling COP, delivering concrete outcomes to translate the pledges made last year into real-world, real-economy results.”

Climate Action Tracker

3. Hochul to revive NYC congestion pricing plan

New York Gov. Kathy Hochul will re-introduce a plan to introduce congestion pricing for vehicles traveling into Lower Manhattan, but the fees will be significantly lower than those in the original proposal: $9 compared to $15. The plan could be fast-tracked for approval by next week and could go into effect before January, The New York Timesreported, “a time frame that aims to pre-empt [President-elect Donald] Trump’s vows to kill the program.”

4. Storm Sara takes aim at Central America

The storm system churning in the Caribbean is expected to become Tropical Storm Sara today and poses a “catastrophic risk to lives and property” in Honduras, Belize, and Nicaragua. Areas in Central America with steep terrain “are especially vulnerable to flooding,” AccuWeather chief meteorologist Jon Porter said. Tropical storm and hurricane alerts have been issued for the region. The National Hurricane Center warns of dangerous flash flooding and mudslides. The storm could strengthen into a hurricane by the weekend, though its trajectory is uncertain and Floridians are advised to keep an eye on the situation.

NOAA and NHC

5. Tesla issues 6th recall for Cybertruck

Tesla issued another recall for the Cybertruck this week due to a fault with the drive inverter that “may cause it to stop producing torque. If the inverter stops producing torque, the driver loses the ability to apply torque to the vehicle using the accelerator pedal resulting in a loss of propulsion, which may increase the risk of a collision.” This is the Cybertruck’s sixth recall, and it applies to about 2,400 trucks. This particular fault can’t be fixed with a software update, so vehicles have to be serviced and the inverter replaced.

THE KICKER

Researchers have discovered the world’s largest known coral colony in the Solomon Islands. Measuring 111 feet wide, 105 feet long, and 18 feet tall, the mega coral is estimated to be at least 300 years old. Its location deep down in cool waters may help protect it from rising temperatures.