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Matteo Civillini, Climate Home News
COP30 host Brazil has published the “Baku to Belém roadmap”, an 81-page plan for how to mobilise $1.3tn a year in climate finance for developing nations by 2035, Climate Home News reports. According to the outlet, COP30 president André Corrêa do Lago said yesterday that the plan could spark a “positive tipping point” that drives an exponential shift in global climate funding. However, it adds that Corrêa do Lago told journalists “there is no plan” for the roadmap to be formally discussed at the COP30 summit or reflected in its final outcomes. Bloomberg says the report also “suggests that the world’s 100 biggest companies and institutional investors could report on how they are financing climate pledges made by countries”.
The Guardian says “new taxes on the super-rich, fossil fuels, financial transactions and highly polluting and carbon-intensive activities” are among the “top recommendations” in the blueprint. It adds that “in a surprisingly strong intervention”, the presidents of COP30 and COP29 called for “strengthened international cooperation on taxation and experiments with voluntary partnerships between countries”. BusinessGreen says the roadmap is "backed by more than 200 governments, banks, businesses and communities”. Carbon Brief has all the details in its coverage of the plan.
MORE ON COP
Reuters reports that the pre-COP “leadership summit” will kick off today, with 53 leaders scheduled to speak over two days. It adds: “Missing from the lineup are the leaders of four of the world’s five most-polluting economies – China, the US, India and Russia – with only the leader of the European Union showing up.” There is widespread ongoing coverage of the EU’s new climate target, to reduce emissions by 90% by 2040 compared with 1990 levels. The news is covered in outlets including the Financial Times, Politico, Hill, Wall Street Journal, Al Jazeera, Associated Press, Bloomberg, Reuters, BusinessGreen, Hindu, Le Monde and Agence France-Presse. Agence France-Presse reports that Brazilian authorities have chosen the “Curupira” as the mascot for COP30. It adds: “With flaming hair and a piercing gaze, this legendary figure from Amazonian folklore is the guardian of the rainforest.” Reuters reports that business and finance leaders are gathering in Brazil’s business center of Sao Paulo, “rather than jockeying for hard-to-find hotel rooms in the smaller Amazonian city of Belém”. Singapore’s environment minister warned today that “momentum on global climate action is waning as geopolitical issues pile uncertainties on businesses and governments”, Reuters reports. Bloomberg says: “Fallout from lethal police raids in Rio de Janeiro and mounting regional fears about US military intervention in Venezuela are threatening to overshadow the major UN climate summit set to begin in Brazil.”
Fiona Harvey, The Guardian
There is continuing coverage of the UK’s decision not to invest in the Tropical Forests Forever Facility (TFFF), a $125bn fund to protect tropical forests that is set to be launched by Brazil today. The Guardian reports that Brazilian president Lula da Silva “has had difficulty persuading cash-strapped governments, many of which are already cutting their aid budgets, to provide money” and calls the UK’s decision “a major letdown, as Britain has previously played a big role in stopping deforestation”. The newspaper continues: “However, the Guardian understands Downing Street may consider contributing directly to the fund in future. The TFFF is regarded as being at too early a stage at present, and there are concerns about how it will work in practice.” The article adds that “Norway is likely to hold firm to its commitment to the TFFF, but the Guardian understands that the German government may also be wavering”.
According to the Times, the UK had “previously been reported to be considering a $1bn contribution”. The Press Association says the decision comes as chancellor Rachel Reeves “grapples with balancing the books ahead of the budget this month”. Reuters says: “The decision disappointed Brazilian President Luiz Inacio Lula da Silva, sources told Reuters, particularly given Britain had helped create it and Lula had personally written to prime minister Keir Starmer last Friday to request an investment.” Separately, the New York Times outlines the structure of the fund. For more on the TFFF, see Carbon Brief’s new explainer.
MORE ON KEIR STARMER
The Press Association reports that Keir Starmer has “outlined new clean power investment deals in the UK”, including “£100m to Belfast Harbour to help deliver two offshore wind farms in the Irish Sea”. The Daily Mirror also has the story. The Guardian reports on comments by Starmer ahead of COP30. He said: “Britain isn’t waiting to act – we’re leading the way, as we promised.” Politico has an article under the headline: “Keir Starmer, climate leader (when the Treasury lets him).”
Jim Pickard and David Sheppard, Financial Times
Chancellor Rachel Reeves is “expected to unveil plans for per-mile road charges for drivers of electric cars at the budget”, the Financial Times reports. The newspaper continues: “The plans could involve the introduction of road charges for EVs from 2028 following a public consultation and could raise about £1.8bn a year for the Treasury by the early 2030s. One proposal being looked at by the government would result in drivers of EVs facing charges of 3p per mile in addition to other road taxes. The charges would aim to counteract a long-anticipated drop in government revenue from fuel duty that applies to petrol and diesel, as more motorists ditch cars with internal combustion engines for EVs.”
The Press Association quotes AA president Edmund King, who said: “Whilst we acknowledge the Treasury is losing fuel duty revenue as drivers go electric, the Government has to tread carefully unless their actions slow down the transition to EVs. The ZEV mandate for 28% of new car sales to be zero emissions this year will not be met as sales are running at just 22%.” The Daily Telegraph carries the story on its frontpage. The Times, BBC News and the Daily Mail also cover the news. Separately, the Daily Telegraph reports that “Rachel Reeves is eyeing a raid on funding for heat pumps and home insulation to help cut £170 off energy bills”.
MORE ON UK
Conservative leader Kemi Badenoch has launched a campaign “to get Britain drilling again”, arguing that the UK is facing an “oil and gas emergency”, BusinessGreen reports. The Daily Telegraph, Sky News, Daily Mail, Sun and Press Association all cover the story. BusinessGreen reports that the Sizewell C nuclear plant “passed a major milestone yesterday”, with confirmation that it has “reached financial close”. Meanwhile, BBC News reports that Hinkley Point B “will begin its 95-year decommissioning process after regulators granted formal consent”. Chancellor Rachel Reeves is “being urged to investigate a deal that brings together energy giants Shell and the majority shareholder in the Rosebank oilfield”, the Scotsman reports. The Guardian says: “The Drax power plant in North Yorkshire is in line to earn £458.6m a year between 2027 and 2031 after the government agreed to extend its subsidies beyond 2026, according to analysts at Ember, a climate thinktank.” “The government has proposed ambitious new targets to deliver the "near-total elimination" of hydrofluorocarbons (HFCs), a powerful greenhouse gas,”
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