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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: Climate Week NYC and the United Nations General Assembly highlighted urgent calls for stronger climate action, particularly for vulnerable nations and a focus on fossil fuel subsidies
• World leaders prepare for COP29 in Baku as the pressure mounts to secure a just transition to green energy
🔭 The context: Island nations and climate activists pushed for loss and damage funding, spotlighting the $6.3 trillion in global fossil fuel subsidies, which could cover years of climate investments for developing countries
• U.S. officials like Senator Brian Schatz and global leaders debated how funds should be allocated to support low-income nations
🌍 Why it matters for the planet: Fossil fuel subsidies significantly undermine climate efforts, while the world's poorest countries, contributing least to climate change, bear its worst effects
• Loss and damage financing, if supported by polluter pay schemes, could provide much-needed support for these nations
⏭️ What's next: As COP29 approaches, the global community must grapple with securing stronger emissions targets, reshaping energy systems, and ensuring that funds for climate action reach those most in need
• The focus will remain on bridging gaps between rhetoric and real financial support for vulnerable countries
💬 One quote: “The amount of subsidies fossil fuel companies received in one year was $7 trillion
• That would have paid for three years of developing countries' climate investment needs,” noted Laurence Breton, managing director of the European Climate Foundation
📈 One stat: $7 trillion in annual fossil fuel subsidies could cover the climate investment needs of developing countries for three years
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