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COP27: Not good enough

Ian Bremmer's Quick Take: Hi everybody. Ian Bremmer here on a Quick Take to get you kicked off for your week.

I thought I would talk about the Climate Summit, which has just concluded in Sharm El Sheik, the COP27 was not one of the better moments for global climate response. If there was a big win, and I wouldn't call it a big win, but at least it's progress, it's on the establishment of a loss and damage fund and the idea is to use funds from industrialized countries that pay for climate related losses that are already being experienced in the billions and billions of dollars in poorer countries. The developing countries have been demanding the developed world indeed put such a fund together. The problem is of course, that in addition to the reluctance to get it done, just saying that you have such a fund does not have a mechanism for distributing money, a mechanism for raising money, and certainly there is no cash, there's no financing yet. Maybe over time you'll see the private sector make donations into this fund, maybe you'll see some government commitments but for now at least, it's an announcement of intentionality without any there there. That's the big news, right? That's the actual major headline that came out.

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Want to Become Energy-Independent? Transition to Renewables, Says John Kerry | GZERO World

How Russia is both hurting & helping climate action

Under the Biden administration, the US wants to become a global leader on climate change. But the energy crisis from the war in Ukraine has put climate lower on the list of global priorities.

Still, the main climate lesson learned from the invasion is that countries need to become energy-independent by embracing renewables, US climate envoy John Kerry tells Ian Bremmer on GZERO World.

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Jennifer Granholm: US “Putting Our Money Where Our Mouth Is” on Clean Energy | GZERO World

Jennifer Granholm: On clean energy, US is "putting our money where our mouth is”

This November, the US wants to present itself at the COP27 Climate Summit in Egypt as a global leader on renewables with the $370 billion worth of clean energy investment included in the recently passed Inflation Reduction Act.

Something like this has never been done before, and the figure could be double once you add private sector dollars, says Energy Secretary Jennifer Granholm.

America, she tells Ian Bremmer on GZERO World, finally has "some moral authority to say we are putting our money where our mouth is on this."

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COP26 Climate Deal: Reasons for Hope | Quick Take | GZERO Media

COP26 climate deal: Reasons for hope

Ian Bremmer's Quick Take:

Hi, everybody. Ian Bremmer here. Just about to head to Singapore, but before I do, I thought I would give you guys a quick recap on the COP26 summit, couple weeks long in Glasgow.

And I understand that it's fashionable and important to talk about just how immediate and immense the climate crisis is, and that we didn't do enough, and we have more work in front of us, and all that is true, but actually I come away from the last two weeks fairly optimistic in the sense that the acceleration of effort that we're seeing from all corners, I mean there's even more from the central governments than you would've expected, and they were the underperformers, certainly more from the private sector, more from the banks, more from the corporates. And as a consequence, right now, I mean the big headline is that we are still on track for 2.4 degrees centigrade of warming if all of the countries make good on their existing pledges, which is itself unlikely. So we're not really on track for 2.4, it's higher. And that's double where we are right now, 1.2.

Having said that, there are a number of positive things that I think are also getting baked in, not just how much carbon is in the atmosphere. One is that they have decided, the participants of COP26, that they're going to come with new goals next year, as opposed to every five years, which had been the process. So as we're seeing more effort, as we're seeing more progress, we're also seeing stepped up urgency. And the very fact that you will now have a one-year, an annual summit that becomes an action-forcing event, even if it's marked by half measures, will end up getting you a lot more progress. I think that's significant and everyone agreed to that.

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COP26: What To Expect | Quick Take | GZERO Media

COP26: What to expect

Ian Bremmer's Quick Take:

Hi, everybody. Ian Bremmer here, and a happy COP26 kickoff day. That's in Glasgow. We've got a bunch of Eurasia Group folks there. I am not. I'm here in New York and of course wouldn't you know, it's the first day that it's pretty cold out and so I actually got the winter gear out. It feels a little bit perverse given the climate issues that we're talking about and thought I'd talk a little bit about where we're going.

Look, it's interesting, first of all, because the COP26 summit is right after the G-20. The G-20 didn't get much attention this time around. Also, because there wasn't an awful lot of news being made. I mean, the big announcements are coordination on the economic side. It is about an alternate minimum tax, which was been driven by the United States and the Europeans. We had movement towards that the last OECD summit and full agreement this time around at the G-20. Also, there is breakthrough on aluminum and steel tariffs that would have led to tit for tat, from the Europeans against American exports, a bunch of luxury goods. Nobody needs any of that. Both sides taking a step away from the brink, improvement in terms of globalization and movement of goods and less costs being born by consumers. And at a time when we're hitting inflation. And when there are all sorts of supply chain difficulties and shutdowns, no leaders really want to focus on a bigger fight.

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COP Falling Apart Doesn't Mean We're Failing to Respond to Climate | GZERO Media

COP falling apart doesn't mean we're failing to respond to climate: Ian Bremmer

For Ian Bremmer, on the one hand accepting climate science in the age of fake news and disinformation is a huge victory. But on the other hand, in a few days COP26 — the biggest global summit on the most important global issue we all face right now — will probably just kick the can down the road because global leadership has checked out. Still, Bremmer says this is an opportunity for the COP process to be driven in the future by other people different from the current old males that run the show.

Ian Bremmer spoke during the first of a two-part Sustainability Leaders Summit livestream conversation sponsored by Suntory. Watch here.

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