Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Sparks

A Climate Reparations Breakthrough at COP28

Day one kicked off with a long-awaited agreement on a fund to help poorer nations recover from climate disasters.

Sultan Ahmed Al Jaber.
Heatmap Illustration/Getty Images

World leaders at the United Nations’ annual climate summit secured an early agreement on Thursday for a disaster fund that will help vulnerable nations dealing with drought, floods, or other costly damage caused by climate change.

The agreement follows a lengthy negotiation process for the loss and damage fund, which was first brokered in Egypt at last year’s COP27 and was seen as a historic breakthrough for the climate crisis. Poorer countries, which are the most vulnerable to climate impacts, have long asked for restitution from wealthier nations, which account for the majority of historic emissions. Wealthier nations have often rejected these proposals, per CNBC, and negotiations over the loss and damage fund have been fraught, with particular tensions cropping up around the choice to host the fund at the World Bank.

Several countries pledged contributions to the disaster fund following its formal approval at COP28, including this year’s host country, the United Arab Emirates, which put up $100 million. Other pledges include $100 million from Germany, $51 million from Britain, $17.5 million from the U.S., and $10 million from Japan. No country is obligated to pay into the fund, and vulnerable countries are eligible to access the fund directly.

UN Secretary-General António Guterres called the disaster fund “an essential tool for delivering climate justice.” He added, “I call on leaders to make generous contributions and get the Fund and the Climate Conference started on a strong footing.”

COP28 President Sultan Ahmed al-Jaber hailed the agreement as “a positive signal of momentum to the world and to our work here in Dubai” at the summit’s opening ceremony. Delegates gave a standing ovation following the fund’s formal operationalization. That ovation is viewable online here.

Blue

You’re out of free articles.

Subscribe today to experience Heatmap’s expert analysis 
of climate change, clean energy, and sustainability.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Sparks

Trump Will ‘Deal’ with Wind and Solar Tax Credits in Megabill, GOP Congressman Says

“We had enough assurance that the president was going to deal with them.”

Donald Trump.
Heatmap Illustration/Getty Images

A member of the House Freedom Caucus said Wednesday that he voted to advance President Trump’s “big, beautiful bill” after receiving assurances that Trump would “deal” with the Inflation Reduction Act’s clean energy tax credits – raising the specter that Trump could try to go further than the megabill to stop usage of the credits.

Representative Ralph Norman, a Republican of North Carolina, said that while IRA tax credits were once a sticking point for him, after meeting with Trump “we had enough assurance that the president was going to deal with them in his own way,” he told Eric Garcia, the Washington bureau chief of The Independent. Norman specifically cited tax credits for wind and solar energy projects, which the Senate version would phase out more slowly than House Republicans had wanted.

Keep reading...Show less
Sparks

Majority of North Carolina Voters Want to Keep the IRA, Poll Finds

The state’s senior senator, Thom Tillis, has been vocal about the need to maintain clean energy tax credits.

A North Carolina sign and solar panels.
Heatmap Illustration/Getty Images

The majority of voters in North Carolina want Congress to leave the Inflation Reduction Act well enough alone, a new poll from Data for Progress finds.

The survey, which asked North Carolina voters specifically about the clean energy and climate provisions in the bill, presented respondents with a choice between two statements: “The IRA should be repealed by Congress” and “The IRA should be kept in place by Congress.” (“Don’t know” was also an option.)

Keep reading...Show less
Green
Sparks

The Trump-Elon Breakup Has Cratered Tesla’s Stock

SpaceX has also now been dragged into the fight.

Elon Musk.
Heatmap Illustration/Getty Images

The value of Tesla shares went into freefall Thursday as its chief executive Elon Musk traded insults with President Donald Trump. The war of tweets (and Truths) began with Musk’s criticism of the budget reconciliation bill passed by the House of Representatives and has escalated to Musk accusing Trump of being “in the Epstein files,” a reference to the well-connected financier Jeffrey Epstein, who died in federal detention in 2019 while awaiting trial on sex trafficking charges.

The conflict had been escalating steadily in the week since Musk formally departed the Trump administration with what was essentially a goodbye party in the Oval Office, during which Musk was given a “key” to the White House.

Keep reading...Show less