At G-7 Summit, World Leaders Must Commit to Increasing Climate Finance for Developing Countries
Courtesy of Union Of Concerned Scientists
By Rachel Cleetus
The G-7 Leaders’ Summit is underway, from June 11–13, in Cornwall, UK. As host nation for this summit, and the annual climate talks later this year (also known as COP26), the UK will clearly be elevating the need for climate action, alongside dealing with the COVID-19 pandemic and trade issues. One priority that must get urgent attention: richer nations need to make concrete commitments to increasing climate finance for developing countries. Here in the US, 48 groups, including the Union of Concerned Scientists, have just sent a letter to Congress calling for increased funding for climate finance in the federal budget.
President Biden. Image courtesy of White House, via Union of Concerned Scientists
The G7 Leaders’ Summit must prioritize climate finance
At the summit, the leaders of the G-7 countries — the UK, USA, Canada, Japan, Germany, France and Italy, and the EU — will be joined by guest nations Australia, India, South Korea, and South Africa. Tackling climate change is one of the four policy priorities on the agenda.
Ahead of the Leaders’ Summit, the finance ministers of the G-7 nations met last week. The highlight of that meeting was the announcement of a commitment to a global minimum tax rate of 15 percent for major corporations. In a statement, US Treasury Secretary Janet Yellen said: “That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the US and around the world.”
However, in terms of climate outcomes, the Finance Ministers’ Communique was disappointing. There were vague mentions of commitments to achieving net-zero emissions by mid-century and no major new financial commitments for clean energy investments or adaptation needs in developing countries, raising the stakes for more concrete actions at the Leader’s Summit and ahead of COP26.
On international climate finance, specifically, the text stated:
“We commit to increase and improve our climate finance contributions through to 2025, including increasing adaptation finance and finance for nature-based solutions. We welcome the commitments already made by some G7 countries to increase climate finance. We look forward to further commitments at the G7 Leaders’ Summit or ahead of COP26. We call on all the Multilateral Development Banks (MDBs) to set ambitious dates for Paris Alignment ahead of COP26, and welcome their work supporting client countries.”
The unfair and worsening toll of climate impacts
Worldwide, climate impacts are unfolding in terrifying and costly ways. Worsening heat waves, floods, droughts, tropical storms and wildfires are taking a mounting toll on communities and economies.
Last month, for example, the unusually intense Cyclone Tauktae struck the coast of Gujarat in India, after traveling up the western coast causing heavy rainfall and floods. The cyclone took the lives of over 100 people, including 86 at an offshore oil and gas facility. Tauktae was the fifth strongest Arabian Sea cyclone on record, with peak winds of 140 mph, and tied for the strongest Arabian Sea landfalling cyclone. This latest storm is part of a trend toward increasingly frequent and powerful storms in the Arabian Sea that scientists have attributed to climate change, and that is expected to worsen.
And in a new ground-breaking study, researchers found that across 43 countries, 37 percent of summer heat-related deaths can be attributed to human-caused climate change. In several countries, including the Philippines, Thailand, Iran, Brazil, Peru, and Colombia, the proportion was greater than 50 percent.
The bottom line is that many developing countries that have contributed very little to the emissions that are fueling climate change are bearing the brunt of its impacts. Richer nations, like the United States, which are responsible for the vast majority of cumulative carbon emissions to date, must take responsibility for the harm being inflicted on poorer nations.
Climate finance is also desperately needed for developing countries to make a low-carbon transition. To have a fighting chance of limiting some of the worst climate impacts, the world will have to cut heat-trapping emissions in half by 2030 and achieve net-zero emissions no later than 2050. The recent IEA net-zero by 2050 report points out that this is both feasible and affordable — as long as we make proactive, intentional investments in clean energy and curtail fossil fuels now, globally. That includes investments in decarbonizing every sector of the global energy system. It also means providing electricity to the 785 million people who currently do not have access, and clean cooking solutions to the 2.6 billion people who need them, most of whom live in developing countries — two priorities which the IEA estimates could be achieved by 2030 at a cost of about $40 billion a year and would deliver tremendous public health and economic benefits.
The necessary scale of international climate finance
In 2009, at the annual climate talks in Copenhagen, richer nations pledged to raise $100 billion a year to help developing countries cut their carbon emissions and adapt to climate change. Over ten years later, they have fallen woefully short.
The UNEP Adaptation Gap Report 2020, points out that “Annual adaptation costs in developing countries alone are currently estimated to be in the range of US$70 billion, with the expectation of reaching US$140–300 billion in 2030 and US$280–500 billion in 2050.”
Here in the US, the Biden administration and Congress must step up and ensure that this year’s federal budget includes a significant down payment on a US fair share contribution to climate finance, ahead of COP26. Forty eight groups, including the Union of Concerned Scientists, have just sent a letter to Congress, calling for a Fiscal Year 2022 allocation of at least $69.1 billion to support critical development goals and dedicating at least $3.3 billion of that for direct climate change programs as a step towards significantly increased international climate finance.
This is a minimum threshold, and a lot more will be needed in the years to come, including concrete steps from richer countries to recognize and respond to those crushing impacts of climate change that poorer nations simply will not be able to adapt to.
Sharp cuts in carbon emissions needed
Sharp cuts in global carbon emissions remain a core priority, especially with the latest data confirming — again — that we are far off track from where we need to be. While the 2020 economic downturn led to a brief dip in emissions, they are set to rise at a record-setting pace in 2021. Here too, richer nations must do much more. The Biden administration has made a significant commitment, pledging to cut US emissions 50–52% below 2005 levels by 2030, and we must now secure the domestic policies to deliver on that goal, starting with the American Jobs Plan.
An unconscionable gap between the rich and the poor
The gap in climate finance for developing countries is unconscionable. This mirrors the inequity in global vaccine availability, with richer nations stockpiling billions of surplus vaccine doses even as many countries have barely received any. With the climate crisis compounded by the COVID-19 pandemic and the resulting economic crisis, millions of lives are at risk and many more are being driven into poverty.
Just as with the COVID-19 crisis, solving the climate crisis will require collective global action. Equity is at the heart of ensuring the success of our efforts. Richer nations must both make sharp cuts in their own global warming emissions and contribute to climate finance for developing countries.
After Kia’s first three-row electric SUV is already seeing strong demand, the EV9 is set to gain a high-performance GT version. Kia confirmed the EV9 GT will launch in January with “enormous power” and other upgrades.
Kia EV9 set for the GT treatment
Kia launched its flagship EV9 in Korea last June. In less than a month, Kia sold over 1,334 EV9 models and another 1,251 in July.
After announcing US prices start at $54,900, Kia called the EV9 a “wake-up call” to the industry. In the first three months of 2024, Kia has sold over 4,000 EV9s in the US.
Kia has been teasing a high-performance GT trim since its debut, but CEO Ho-Sung Song confirmed it will launch in January during its CEO Investor Day presentation.
The EV9 GT will build on Kia’s first high-performance electric vehicle, the EV6 GT. Kia unveiled the EV6 GT in 2022, its most powerful vehicle so far.
With 576 hp, the EV6 GT can hit 0 to 60 mph in just 3.4 seconds. To prove it, Kia put it up against a Ferrari Roma and Lamborghini Huracan EVO, and it beat both off the line.
Powered by a 77.4 kWh battery and a dual motor powertrain, the EV6 GT generates 576 hp and 546 lb-ft of torque. Starting at $61,600, the EV6 is cheaper and quicker than most sports cars.
Song confirmed the EV9 GT will launch in January, promising “enormous power” with a 0 to 100 km/h (0 to 62 mph) time in 4 seconds.
An AWD, high-output dual-motor system will offer quicker acceleration. It will also include a reinforced suspension and electronic braking for better stability at high speeds.
Next-gen affordable Kia EVs
Kia also confirmed it will focus on affordable electric cars, aiming to become an EV leader by the end of the decade.
Song confirmed Kia will launch six new mass EV models in major markets. Kia revealed the new models, including the EV2, EV3, EV4, and EV5, during its first annual EV Day in October.
The EV5 already launched in China, starting at around $20,000 (149,800 yuan). It will cost around $46,000 (70,000 AUD) in Australia.
Kia will launch the EV3 by the end of this year. The EV3 features the best of the EV9, including design and tech, in a smaller and more affordable package.
Like Kia’s EV9, the EV3 includes Kia’s new design theme, including a sleek new “Tiger Face” grille. We’ve seen several prototypes out testing as it nears its official debut. The EV3 is expected to start at around $30,000.
The EV3 will be followed by the EV4, expected to launch next year. Kia’s EV4 is the brand’s take on an entry-level electric sedan.
Kia will introduce two specific EVs in emerging markets, including the Carens EV. By 2026, Kia aims to sell 587,000 mass-market EVs or 66% of its total sales.
Kia also revealed it will be strengthening its hybrid lineup as it works to introduce new EV models into key markets.
Song said although EV demand is lower than expected in the short term, long-term forecasts remain unchanged. By 2030, Kia aims to sell 1.6 million EVs. Kia’s CEO also revealed it will cancel two large-size EVs as it focuses on smaller, more affordable models.
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Mazda unveiled two new EVs, the EZ-6 electric sedan and the Arata SUV, at the Beijing Auto Show. Although Mazda’s new EVs are for China, they are what the brand is missing in the US.
Mazda’s first EV in the US, the MX-30, was discontinued after only 66 models were sold last year. It was only on the market for about two years.
The MX-30 was clearly a compliance vehicle, sold only in small numbers in California. Now, there are zero all-electric Mazda’s sold in the US. Despite the lack of success in the US, Mazda looks to take on the world’s largest EV market.
Changan Mazda, a joint venture between Mazda and Chinese state-owned Changan Auto, unveiled two new EVs as it looks to compete with BYD, Tesla, and others in the region.
“Going forward, Mazda will continue to work with Changan Automobile to turn Mazda’s China business around by introducing its unique products that meet the needs of Chinese customers,” Mazda’s CEO Masahiro Moro explained at the event.
Meet Mazda’s new EZ-6 and Arata EVs
The Mazda EZ-6 is the first EV in the series, scheduled to launch by the end of 2025. Mazda’s new electric sedan will likely replace the Mazda 6.
Although the EZ-6 is likely powered by Changan’s tech, the exterior design is clearly a Mazda. The automaker says the new EV combines Mazda’s design language and signature drive performance with Changan’s advanced EV and smart technology.
It features a 50:50 weight distribution, front strut and rear multi-link suspension, and an electric rear spoiler for improved stability at high speeds.
Inside, Mazda’s EZ-6 features zero-gravity front seats, a Sony sound system, and a wireless phone charger. It also features intelligent parking tech and voice control.
Two versions will be available: a pure electric and a plug-in hybrid (PHEV) version). Although no powertrain details were released, it’s expected to have around 372 miles (600 km) CLTC driving range. The PHEV version is expected to achieve over 621 miles (1,000 km).
Meanwhile, the Mazda Arata concept. The electric SUV will be the second EV of the series, scheduled for mass production by the end of 2025.
Mazda’s Arata includes its “SOULFUL + FUTURISTIC x MODERN” design theme. It also features Mazda’s signature design blended for the Chinese market.
Now, Mazda needs to bring the new EVs to the US. Would you consider Mazda’s new EZ-6 or Arata electric SUV? Let us know your thoughts in the comments below.
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Tesla Autopilot finds itself once again under NHTSA investigation after the agency is now doubting the effectiveness over the 2-million vehicle “recall” last year.
As you may remember, Tesla and NHTSA announced a new “safety recall” of all Tesla vehicles equipped with Autopilot in North America last December.
The recall marked the conclusion of the NHTSA’s years-long investigation into crashes of Tesla vehicles on Autopilot into stopped emergency vehicles on the highway.
The “fix” to the “recall” is again an over-the-air software update.
In the defect notice, Tesla made it clear that it doesn’t agree with NHTSA’s findings of improper driver monitoring leading to these accidents, but it agreed to add more warnings and alerts when drivers are using the Autopilot features – hence the recall.
Now, a few months later, NHTSA seems to be having doubts about how effective the recall has been after new crashes have been reported and the agency was made aware of some concerns about the “remedy”.
NHTSA decided to open a new investigation. It wrote in the notice:
Tesla filed Recall 23V838 to address concerns regarding the Autopilot system investigated in EA22002. Following deployment of the remedy in Recall 23V838, ODI identified concerns due to post-remedy crash events and results from preliminary NHTSA tests of remedied vehicles. Also, Tesla has stated that a portion of the remedy both requires the owner to opt in and allows a driver to readily reverse it. Tesla has also deployed non-remedy updates to address issues that appear related to ODI’s concerns under EA22002. This investigation will consider why these updates were not a part of the recall or otherwise determined to remedy a defect that poses an unreasonable safety risk.
The agency says that the new investigation covers all Tesla vehicles in the US with Autopilot – just over 2 million vehicles.
Electrek’s Take
The original recall always felt like a compromise. The fact that Tesla didn’t agree with NHTSA’s findings and that the actual recall mainly consisted of mild increases in alerts looked like significant compromises on both sides.
Now, it looks like NHTSA is trying to push further.
I’m not sure what they mean by drivers having to “opt-in”. It might be due to some owners not having accepted the driver monitoring through the cabin camera? They would have to approve it to enable any change to the driver monitoring through the camera in the first place.
Honestly, the driver monitoring through the cabin camera is fairly strong now. You can’t look away from the road for more than 3 seconds without getting an alert. There’s an unfortunate way to bypass that, which I don’t want to popularize even though it’s widely known.
That might be part of what NHTSA is investigating now.
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