The Jolt: Damage control

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Introducing The Jolt, a new series from FORESIGHT Climate & Energy, which will keep you updated on all the essential energy transition stories

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Welcome to today’s episode of The Jolt by FORESIGHT Climate & Energy. In a world underpinned by climate and energy stories, it is sometimes hard to cut through the cacophony of noise and get to the news you need to hear.

This is where The Jolt comes in. Tune in on Mondays, Wednesdays and Fridays for bite-sized updates, expert analysis and a global view.

We kick off with a look at the major global climate and energy news stories.

What you need to know

Here are some of the main climate and energy stories making the news around the world:

Australia achieved a green power record in September, sourcing more electricity from renewables than ever before. For 30 minutes on a Saturday last month, Australia’s eastern grid was fed by 98.6% green electrons. The country as a whole, including the northern and western grids, was running on just over 70% renewable power.
Swiss voters have backed the ruling right-wing party in an election held this weekend. Pollsters predict that the migration-focused Swiss People’s Party will pay even less attention to climate policies as a result.
Singapore is keeping its options open when it comes to nuclear power. The island city-state is investing in nuclear safety and preparedness according to its industry minister and there is also growing interest in small modular reactor technology.
Argentina’s presidential race is set to be contested by a leftwing candidate and a far-right libertarian who will likely make big changes. Javier Milei, who does not believe in climate change, would scrap power sector controls and push back on LNG export subsidies. He would also appoint the scientist who cloned his favourite dog to a top scientific advisory role.
European Union policymakers are reportedly talking about setting up an emissions trading system for agriculture. There are many difficulties to overcome first, including political pushback and technical feasibility in measuring non-CO2 emissions, which make up the main part of the sector’s footprint.
The European Commission will publish a first ever stocktake on the EU’s progress towards hitting its 2050 climate neutrality goal. The green audit is a legal obligation under the Union’s landmark Climate Law.
Fossil fuels should be phased out by 2040, according to a coalition of more than 100 international companies representing more than $1 trillion in annual revenue. Their open letter calls on governments to set clear targets and timelines that govern the phaseout of unabated fossil fuels. Check out last week’s Jolt episode for more about the “unabated issue”.

Today’s big story

Damage control

Image MidJourney / Prompts FORESIGHT.

A new climate fund aimed at helping developing countries pay for loss and damages caused by climate change risks being left in limbo after negotiators failed to agree on the rules that should underpin it.
The loss and damage fund was formally agreed at last year’s COP27 summit but the finer details were kicked down the road. At a meeting in Egypt this weekend, delegates disagreed predominantly over who should actually run the fund.
Developed countries are backing a US plan to host the fund at the US-based World Bank, insisting it will get the fund up and running sooner. Developing countries say that this is not a viable solution, claiming that the fund should be managed by an independent body instead.
Cuba’s UN ambassador Pedro Pedroso Cuesta is part of the group of developing countries pushing back against the World Bank idea. He warns that the proposal would not be fit for purpose and would not be able to react sufficiently to climate disasters.

“This fund should bring justice to communities, because that is what it is meant to do”

Lien Vandamme from the Center for International Environmental Law says that the fund would not be set up sooner under the World Bank and that there are significant concerns about its potential effectiveness if that structure is chosen.
Negotiators are going to reconvene for one final attempt at hammering out a deal in the first week of November. If they fail, then it will be another unresolved item on the COP28 agenda. That summit starts on 30th November.
Check out the latest episode of Energy Enablers here and stay tuned for the next edition of Watt Matters later this week, which this time focuses on Poland.

Audio clip credits:

United Nations YouTube

Climate Action Network

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