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SPOTLIGHT
The current Senate-backed $95 billion aid package earmarking funds for Israel, Ukraine and Taiwan faces an uncertain future in the House of Representatives and has neglected a key promise made to Pacific nations last year - $2.3 billion for the Compacts of Free Association (COFA) 20-year renewal.
COFA comprises Palau, Micronesia and the Marshall Islands and has underpinned US Indo-Pacific strategy since these countries won their independence from the US in the late 1980s and 1990s. In exchange for US economic assistance they conceded sovereignty over national security, providing land for military facilities and testing grounds. One researcher told Congress COFA provides what would cost the US $100 billion to secure otherwise.
COFA renewal was agreed to last year, but has since languished. The delay “has generated uncertainty among our peoples,” leaders of the three nations said in a joint letter to Senate leaders.
Pacific Island leaders also warnsuch negligence plays to China’s advantage. Just recently Papua New Guinea floated a newsecurity deal with China, Nauruswitched from recognizing Taipei to Beijing, and Tuvaluis considering the same.
WORTH 1000 WORDS
ON OUR RADAR
The International Energy Agency (IEA) Ministerial took place last week with a handful of important announcements made as the organization celebrates its 50th year. The IEA will begin tracking and reporting on commitments made during COP28 and will also consider India’s bid to become a member in recognition of a new mandate to deepen cooperation with major emerging economies. The communique released at the end of the ministerial also highlighted the importance of working together towards global energy security, naming “Russia’s unprovoked aggression against Ukraine and ongoing conflict in Gaza,” as major threats.
Both US Climate Envoy John Kerry and IEA Chief Fatih Birol also addressed the question of the year: the potential impact of the largest election year in history. While Birol highlighted that economic and technological dynamics remain in strong support of the clean energy transition regardless of political changes, Kerry spoke specifically to the US presidential election, stating, “whatever happens, that's not going to change the direction we're moving in.”
Learn more about how the IEA has grown and changed to stay relevant and reliable in its 50-year history here.
NEWS
Climate Diplomacy
‘Troika’: UAE, Azerbaijan, Brazil join forces to limit global warming to 1.5C (Al Jazeera)
Elections:5 elections worldwide that could threaten climate action
(E&E$), Ecuador’s new president tries to wriggle out of oil drilling referendum (Climate Home), Three climate takeaways from Indonesia’s presidential election and the vote for Subianto (NYT), Von der Leyen’s 2nd-term pitch: More military might, less climate talk (E&E$)
International Finance
Transition $: Countries draw battle lines for talks on new climate finance goal (Climate Home), In Tokyo, world's first sovereign transition bonds make their debut (Reuters)
Biodiversity $: Global Biodiversity Framework Fund: Governments agree to invest $1.1bn in climate action (BusinessGreen)
IRA: French firms trade US tax credits to spur renewable projects (Bloomberg $)
Climate-health $: Policy Watch: Countries connect the dots between climate and health, but will finance follow? (Reuters)
Loss & damage: ‘Entire timetable at risk’: Rich countries’ squabbling undermines historic climate deal (Politico)
Impacts
Critical minerals: Indonesia's nickel industry threatens Indigenous peoples' rights (Climate Home)
Conflict & migration: Record number of migrants died or went missing off Tunisia in 2023 (Reuters), Scale of crisis created by Sudan’s ‘hidden’ war alarms refugee chief (Financial Times $)
Increased temps: Five ways El Niño is wreaking havoc in South America (The Washington Post), Climate change-driven pests silently devastate Indian farms (Devex)
At a glance: $12 trillion is needed for 1.5ºC-aligned renewables rollout globally. Regionally, Asia, OECD and Sub Saharan Africa are where the biggest capacity gains can be made most quickly.