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Why global finance reform is crucial for green energy and climate action

global finance reform

Systemic tax abuse, corruption, and money laundering slow down climate action, says the United Nations’ High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel).

The FACTI Panel, which includes former world leaders and central bank governors, business and civil society heads and academics, says bankers, lawyers, and accountants who enable financial crime must face punitive sanctions.

The panel has today released its final report, “Financial Integrity for Sustainable Development,” in which it says stronger laws and institutions are needed to prevent cross-border corruption and money laundering. As much as 2.7% of the global GDP is laundered by criminals annually.

Electrek spoke with Dalia Grybauskaitė, FACTI co-chair and the former president of Lithuania, about how governments can tackle climate change with global finance reform.

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The US quits the Paris Agreement tomorrow, here’s what’s next

Paris Agreement

As of midnight Eastern, the US leaves the Paris Agreement, the 2015 pact between 197 countries to stop global warming “well below” 2C, and work to hold it at 1.5C. Donald Trump formally withdrew the US from the global climate pact on November 4, 2019. The timing in relation to the US election is coincidental, but the outcome of the election will impact what comes next.

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Shipping is an enormous polluter — crucial decisions are coming

shipping

A group of nongovernmental organizations (NGOs) has released a statement ahead of next week’s talks at the UN International Maritime Organization (IMO) that claims the initial IMO GHG Strategy, the 2018 climate deal agreed to by over 100 countries, risks being undermined at negotiations next week by a small number of countries.

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Paris Agreement

Mike Pompeo announces US’s formal withdrawal from Paris Agreement — at what cost?

US Secretary of State Mike Pompeo yesterday announced the US’s “formal process of withdrawing from the Paris Agreement.” The United States is the only country to abandon the agreement. Yesterday was the first day that the Trump administration could give their one-year notice, and they wasted no time. So the US can now leave the agreement on November 4, 2020 — a day after the US presidential elections.

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In response to US pulling out of Paris Agreement, US states, cities commit to protecting the environment and their citizens

Hot on the heels of Donald Trump’s decision to bow to fossil fuel industry pressure and pull out of the Paris Climate Agreement against the wishes of the American people, three US states have announced a coalition to continue implementing the goals of the Paris Agreement.

California Governor Jerry Brown, New York Governor Andrew Cuomo, and Washington Governor Jay Inslee announced the creation of the group called the “United States Climate Alliance” and the three states, which together represent a quarter of US GDP and more than 20% of the nation’s population (but only about 10% of its carbon emissions), are inviting other states to join them.

Update: 68 “Climate Mayors” representing 38 million Americans have also committed to upholding the goals of the Paris Agreement.  These include the non-CA/NY mayors of Boston, Houston, Chicago, Seattle, Atlanta, and many other large cities.  One notable city joining the pact is Pittsburgh – in Mr. Trump’s speech, he noted that he was elected to represent “the citizens of Pittsburgh, not Paris.”  Pittsburgh, however, apparently wishes to remain in the Agreement. Also, the governors of Massachusetts, Oregon, Colorado, Hawaii, Connecticut, Minnesota, Virginia and Rhode Island have all proclaimed continued support for the Agreement.

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US pulls out of Paris Agreement, despite tremendous public support for staying in; Elon Musk responds by departing White House councils

Trump

Mr. Trump has announced that he will pull the US out of the Paris Climate Agreement, ceasing all implementation as of today. Despite the vast majority of Americans support remaining in the Agreement by a 5:1 margin, and even a 2:1 margin among Republicans, Mr. Trump claimed that the decision to pull out was borne of a desire to follow the will of the people.

The US will consider re-entering the Agreement after “negotiating a new deal” which is more “fair” to the US.  It is unclear what is “unfair” about the Paris Agreement, as the Agreement itself does not set any specific goals for the US or any other country.  Click below the fold for more details of the Agreement and analysis of this decision.

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