The World Bank and IMF spring meetings in 2024 didn't deliver a concrete plan to increase climate finance. While the World Bank pledged to dedicate more resources to climate projects, some critics argued for a larger focus on grants and debt relief for developing countries. Discussions on climate finance are expected to continue throughout the year, leading up to the UN climate summit (COP29) in November.
A World Meteorological Organization report found Asia to be the most disaster-prone region in 2023. Heatwaves, floods and storms caused many casualties and economic losses. The report saw climate change as the root cause for more extreme weather events. It reported that (i) temperatures rose across Asia, with record highs in eastern and northern India, (ii) sea levels are rising, especially in the Bay of Bengal, and (iii) glaciers are melting at an accelerating rate.
The EPA's new rule is a significant climate action, forcing existing coal plants to capture 90% of emissions by 2032. This aims to rapidly reduce greenhouse gases and aligns with Biden's clean energy goals. Environmental groups applaud it, but the coal industry fears grid instability and job losses. While the EPA claims capture technology is available, its widespread adoption remains uncertain. Legal challenges are expected, highlighting the ongoing battle between environmental regulations and economic concerns in the US energy sector.
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OnePointFive is a registered trademark of Accurate, Mumbai
