transparency
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Developing nations urged to enhance transparency in climate finances
Mukhtar Babayev calls for improved financial accountability in climate actions as developing nations seek significant funding.
In short:
- At the upcoming COP29, a new global goal for climate finance will be established, with transparency as a key focus.
- Babayev emphasizes the creation of a "transparency mechanism" to foster trust and effective climate action among nations.
- Current challenges include the discrepancy in reported emissions and actual emissions, and the misuse of funds designated for climate initiatives.
Key quote:
“It’s very important to build this correct, good and honest trust between the parties.”
— Mukhtar Babayev, ecology minister of Azerbaijan
Why this matters:
At previous COP meetings, discussions around climate finance often centered on the commitments of developed nations to support developing countries in their climate mitigation and adaptation efforts. However, transparency has frequently been a stumbling block, with concerns about the adequacy and reliability of reported financial flows. The focus on transparency at COP29 aims to build trust among countries and ensure that funds are used effectively and reach their intended targets.
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Credit: Alexander Schimmeck/Unsplash
Washington: Inslee's oil transparency initiative fails in state senate
Governor Jay Inslee's bill demanding greater transparency from oil companies on pricing and profits fails to pass in the Washington Senate.
In short:
- The bill aimed to expose oil pricing strategies and protect consumers from unfair costs.
- Concerns about the bill's $15 million cost and data security led to its failure.
- The bill's collapse reflects the ongoing debate over corporate transparency and consumer rights.
Key quote:
"The bill as drafted gets us in the right direction but also the right direction is very expensive."
— Sen. Joe Nguyen, D-White Center
Why this matters:
This development highlights the complex balance between corporate accountability, consumer protection, and fiscal responsibility. It's a significant setback in efforts to regulate the oil industry and protect consumers from price manipulation.
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Image by Lucia Grzeskiewicz from Pixabay
CA may force companies to disclose climate impacts
Cal Matters writer Alejandro Lazo reports on groundbreaking legislation in California that would require large corporations to disclose their greenhouse gas emissions and report the financial risks they face from climate change.
In a nutshell:
The first bill would mandate about 5,300 US corporations earning over $1 billion and doing business in California to annually report their global emissions. The second bill would require more than 10,000 companies with revenues exceeding $500 million to detail how climate change poses financial risks to their operations worldwide. The proposed laws aim to increase transparency and hold corporations accountable for their contributions to climate change and the impact on their finances, but they face opposition from business groups concerned about accuracy and burdensome reporting requirements.
Key quote:
“Companies have virtually no control over how their customers use their products and services. But they have a great deal of control over the emissions in the products and services they purchase," says Harvard professor Robert Kaplan.
The big picture:
As greenhouse gases trap heat in the atmosphere, they contribute to rising global temperatures, which in turn exacerbate air pollution and increase the frequency and severity of extreme weather events. This toxic combination leads to a host of health issues, including respiratory illnesses, cardiovascular problems, heat-related illnesses, and the spread of vector-borne diseases. In the past couple of decades, various organizations have been working towards establishing consistent guidelines for corporations to report their emissions and acknowledge the potential dangers they confront as temperatures continue to rise. This pursuit aims to create a standardized framework that enables accurate assessment of corporate environmental impact and the associated risks posed by climate change.
Read more at Cal Matters.
Be sure to read Hilary Beaumont's article that focuses on California's oil drilling setbacks - and whether these will protect people from toxic pollution.
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Sex, drugs and … sustainability? Music festivals struggle to go green
One major music festival invited EU climate boss Frans Timmermans to speak — but activists point to greenwashing and a lack of transparency.
COP26’s key task: Stamping out climate cheating
The technical Paris rulebook negotiations could strengthen accountability — or undermine global efforts.
www.politico.com
‘Garbage’ models and black boxes? The science of climate disaster planning
Scientists warn that the data may be too unreliable to guide the precautions that governments, businesses and retirement fund managers must take in the coming decades.
www.post-gazette.com
Editorial: Pennsylvania DEP should revoke permits, explain itself
The need for public involvement in the environmental permitting process is intuitive: the public is impacted. It should have a voice.
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