Anger at lack of climate funding

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♻️ This week’s sustainability news

Climate funding increased at COP29 but not enough

What’s happening: At this year's United Nations climate meeting, COP29, held in Baku, Azerbaijan, negotiators reached an agreement to increase financial support for developing countries. The goal is to triple the amount of money to help these countries switch to cleaner energy and deal with climate change. Wealthy nations promised to provide $300 billion per year by 2035, compared to the current goal of $100 billion.

Why it’s happening: The agreement, which isn't legally enforceable and relies mostly on diplomatic influence, was reached after two weeks of heated discussions about payment responsibilities. According to UN rules from 1992, some wealthy countries, mainly in the West, are labeled as developed, while others, like China and Saudi Arabia, are seen as developing. Developing countries are encouraged to offer financial help but aren't required to do so. The financing talks became more difficult because Donald J. Trump was elected just days before the summit started. As the largest economy in the world, the United States plays a key role in global financial matters and is crucial for fulfilling climate finance promises. It is expected that Mr. Trump will not keep any promises made in Baku. He has also stated that he plans to pull the United States out of the Paris Agreement, a major 2015 deal to reduce global greenhouse gas emissions. Another challenge was that the Republican-led Congress was expected to reduce funding for Ukraine. This would put more pressure on Ukraine's European allies and leave less money for climate projects.

Why it’s important: Experts say that developing countries need $1.3 trillion each year to help them switch to cleaner energy. This is on top of what they already spend. This investment is necessary to keep the planet's temperature increase below 1.5 degrees Celsius. If temperatures rise more than that, global warming will become more dangerous and difficult to fix. The negotiations, which had been scheduled to end on Friday but wrapped up just before dawn on Sunday morning, took place near the end of another year of record-breaking heat. Global greenhouse gas emissions soared to a record 57 gigatons last year, and they are not on track to decline much, if at all, this decade, according to a UN report issued just before the summit.

📖 Read the full article: Climate talks end with a bitter fight and a deal on money

State-owned solar farm to be built in Australia

What’s happening: The Victorian government plans to spend $370 million to build a large solar and battery farm that can power over 50,000 homes. This will be the first energy project owned by the state government since the electricity grid was sold to private companies in the 1990s. The project, called the SEC Renewable Energy Park, was announced in Horsham, in western Victoria. It will have a 119-megawatt solar facility and a 100-megawatt battery that can last for two hours. The farm will be built near the Horsham substation and an existing power line.

Why it’s happening: The state government had pledged to revitalise the State Electricity Commission (SEC), which had been the sole agency for electricity generation, transmission, distribution and supply, before it was privatised in the 1990s. The SEC received $1 billion to produce 4.5 gigawatts of renewable energy. This amount of energy is expected to replace the coal-fired Loy Yang A power station, which is set to close in 2035.

Why it’s important: The State SEC will fully own the park, making it the first government-owned energy producer in Victoria in many years. All the money the SEC earns from this project will be used for other renewable energy projects. Additionally, a special fund will be created for the people living in Horsham. It’s been forecast that a government-owned energy company could help lower electricity bills, reduce emissions, and create 60,000 jobs in total. This project comes after the first project involved investing $245 million in a large battery farm in the western suburbs of Melbourne.

🌐 Go vegan across Sydney

30 of the best vegan eats

Covering all our favourites: After living as vegans in Sydney for a while now, we’ve created a new article to share with you the best vegan cafes and restaurants across the city. From Italian, Japanese and Mexican classics to some cheeky pub food and sweet treats, we’ve got you covered. Read our article now and prepare to drool.

⭐️ Weekly inspiration

Denmark will plant 1 billion trees

Over two decades: 10% of farmland will also be converted into forest and natural habitats during this time in an effort to reduce fertilizer usage, with 43 billion kroner ($6.1 billion) earmarked to acquire land from farmers, in what the government has called the biggest change to the Danish landscape in over 100 years.

Ukraine turns to clean energy amid destruction

War accelerates energy transformation: The decentralised nature of certain clean energies, like wind and solar, has enabled Ukraine to quickly restore power in ways that wouldn't be possible with traditional energy sources like coal power plants; an attacked solar farm could be up and running again in just seven days for example.

$27 billion Green Bank can survive Trump

The bank helps fund climate projects that don’t attract private investment: One of the Inflation Reduction Act’s most celebrated programs, the EPA has ensured the full $27 billion has been awarded to selected recipients in both so-called blue and red states across the United States on a contractual basis.

World’s largest coral discovered

So big, it can be seen from space: The 300-year-old coral was discovered near the Solomon Islands by the National Geographic Society’s Pristine Seas expedition team and is the world’s largest standalone coral, a collection of many connected, tiny creatures that together form one organism rather than a reef.

Solar panels can have a positive side effect

Win-win for renewable energy and biodiversity: A recent policy paper by The Nature Conservancy and SolarPower Europe recommends a plan for solar installations to be more environmentally friendly by using native trees and wildflowers to help pollinators, creating safe paths and fences for wildlife, and not using harmful herbicides.

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