Category: Finance

Trumbull — The City Council could take a step forward in revising retirement benefits for employees, including police officers, as the Finance Committee voted earlier this month to appropriate $40,000 for a retired consultant.

However, the grants still have to be approved by the city council, which meets Jan. 5.

Education Board Meeting 03 23 21:

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All four Republican National Committee (RNC) finance chairs supported Ronna McDaniel's bid to stay on as party chair, citing her experience in fundraising and donor relations as her ability to meet the leadership challenge.

According to emails obtained by The Hill, current CFO Duke Buchan III and former CFOs Todd Ricketts, Ray Washburn and Ron Weiser have written to 168 RNC members to express their support for McDaniel.

The emails highlight McDaniel's relationship with RNC sponsors and his efforts to build a fundraising infrastructure during his six years in office. McDaniel is running for a fourth term as president but has faced criticism from the right over the party's campaign performance and spending.

“Ronna is a proven fundraiser who has amassed incredible resources during her tenure; resources that campaigns depend on to win at all levels across the country. He has built and developed a Republican infrastructure that will stand the test of time,” Washburn, who served as chief financial officer in 2013 and 2014, wrote in a letter to NRC members released Tuesday.

In his letter, Weiser, who served as the NRC's chief financial officer from 2011 to 2013 and is now chairman of the Michigan Republican Party, spoke out against what he called "false attacks" on how the committee spends its money in the meantime. elections.

Harmeet Dhillon, a California attorney representing former President Trump and NRC member Harmeet Dhillon, announced his challenge to McDaniel. Dillon and several others pointed to high travel costs and questioned McDaniel's spending priorities.

“Anyone who thinks they can raise the necessary funds without spending money on travel, food and the like is delusional,” Weiser wrote in a letter to NCR members Tuesday. “I know that Rona is doing what is best for our party and our country. In fact, we cannot lose sight of this basic fact. To win, we need effective fundraising and Rona has shown remarkable results."

Ricketts, who worked with McDaniel at the NRC for three years, wrote in a letter to backers that "Ronna understands when a party is failing (like this year in the Senate) and is always looking to improve, so we're always working on that. ." . victory".

“Ronna has the knowledge and experience to attract low-value donors, promote creative technology to compete with the Democrats, and continue to find innovative ways to improve our digital fundraising,” Ricketts wrote.

Buchan, who has worked with McDaniel as chief financial officer for the past two years, cited more than 300 events and more than 1,300 hours of special fundraising appeals, as well as millions of dollars raised for the party, as signs of his commitment. Worked

“These efforts cannot be replicated quickly or easily, and we cannot risk underfunding during the critical presidential term ahead,” Buchan said.

McDaniel has led the NRC since 2017 and wins an election every two years. But disappointment among Republicans mounted after this year's unusual midterm elections, as Democrats added a seat to their Senate majority and won a key gubernatorial race, while Republicans won a smaller-than-expected majority in The House of Representatives.

As conservatives called for changes at the top of the NRC, part of the blame fell on McDaniel. His critics noted that the GOP's loss of the House of Representatives in 2018, the White House and Senate in 2020, and McDaniel's full term in 2022 lowered expectations.

But the RNC's selection process for president could help isolate McDaniel to some degree, because he has strong ties to many of the 168 members who will decide his fate. McDaniel only needs the support of a majority of 168 to secure another term, while Dhillon will need the support of at least two RNC members in three different states or territories to even be on the ballot. Each state and territory has three RNC members.

In a letter of support released earlier this month, 107 RNC members endorsed McDaniel, more than the 84 needed for re-election in the party's caucus in January. McDaniel also has the support of former NRC president Reince Priebus.

Trump has refused to endorse a candidate in the NRC race and said in a recent interview with Breitbart News that he likes both McDaniel and Dillon.

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RNC president discusses campaign finance amid coronavirus pandemic

© Thomson Reuters FILE PHOTO: A minifigure in front of the Brexit logo in this image

By Hugh Jones

LONDON (Reuters) – Britain on Friday proposed more than 30 reforms to boost the City of London's role as a global financial hub, now outside the European Union and competition from Amsterdam, Paris and Frankfurt, as well as New York and Singapore is exposed . . .

Is this the BIG BANG 2.0?

Not quite, but it does represent a swing of the regulatory pendulum, from years of increasing capital requirements for banks and tightening consumer protections, to considering the changes needed to make rules work better for post-Brexit Britain.

Originally dubbed Big Bang 2.0 on the same scale as the far-reaching share dealing reforms of the 1980s, the changes have now been dubbed the 'Edinburgh Reforms' by the city after they were officially announced by Chancellor of the Exchequer Jeremy Hunt.

The government has softened its rhetoric, insisting there will be no "race to the bottom", significant deviations from international standards or the lifting of investor protections, but rather that regulators should help fund the sector's international competitiveness.

Hunt said it would be a mistake to call the reforms a big deal given the need to avoid "unlearned" lessons from the 2008 global financial crisis and emphasize regulator independence.

“The city does not want the restrictions to be lifted. Today's announcement is an indication of evolution, not revolution,” said Alasdair Heinz, CEO of the Aquis Stock Exchange.

What is a ring fence?

The UK has announced an easing of capital rules for insurers and is now turning its attention to banks.

Since January 2019, banks have had to relax their deposit insurance with a capital buffer to protect them from thriving in their riskier businesses.

Banks complain that rules that are too strict prevent smaller banks from competing with larger lenders in the mortgage market. The government said it would follow the commissioned review's recommendations and change the rules.

The Government will consider exempting banks with no significant investment activity from the rules in mid-2023 and raising the threshold for deposits leading to compliance with the dueling rules from £25bn to £35bn.

Are the bankers now?

He didn't return to the "light touch" before the financial crisis.

The government previously said it would lift EU restrictions on bank bonuses, although other restrictions on bonus withdrawals are expected to remain in place.

Britain introduced rules in 2016 to hold top bankers directly accountable for decisions they made in 2018 after several people were found guilty of the wrongdoing that led to the global financial crisis when taxpayers bailed out creditors.

It was feared as a means of publicly shaming bankers by "hanging their heads", but so far there have been few investigations or executions. Bankers said it's also taking a long time for regulators to approve executive appointments.

The government will review this accreditation system and its leaders in the first quarter of 2023, without specifying the scope of the changes.

What about the market?

There will be a number of revisions as London tries to catch up with New York on the list.

Topics covered include the rules for short selling or betting that the stock price will fall. The government is proposing to permanently remove the EU-era interpretative “PRIIPs” documents offered to investors and replace them with an alternative framework.

There will be an industry task force looking into halving the time it takes to complete a stock trade from two business days to one business day, a move already planned in the US.

The rules for the prospectus that the company offers to investors will be revised when it is published, along with the reform of the securitization rules.

The government has promised to enact "consolidation bands" rules by 2024 to ensure market prices for investors see the best deals on trading platforms.

The government will work on the audit's recommendations to improve the way listed companies attract investors for new financing.

There will be an overhaul of EU rules requiring brokers to calculate the cost of finding securities and executing securities orders, known as 'cutting', a rule the EU has partially reversed. There will also be evidence that wholesale marketplaces operate at times to improve companies' access to capital before going public.

What about green finance?

The government will discuss subjecting ESG rating providers to the regulatory network.

Investors often use ratings to select companies that offer "green" credentials but are unregulated. The FCA said it will promote regulation focused on transparency, good governance, management of conflicts of interest and strong systems and controls.

Will there be British coins?

Prime Minister Rishi Sunak, as finance minister, called for "Britcoin" or the digital pound to speed up payments.

The government is set to consult with the Bank of England on a retail digital pound in the coming weeks.

(Reporting by Hugh Jones; Editing by Eileen Hardcastle)

Coordinating the fight against financial crime

A leading RPA provider, the most innovative company in the software industry

SAN FRANCISCO , Dec. 9, 2022 /PRNewswire/ — RoboCorp has been named the Most Innovative Software Company at the 2022-2023 World Financial Innovation Awards . These awards are given to industry leaders who are improving production, management and control systems and creating a new future.

"We are honored to be the most innovative company in the software industry in global finance," said Antti Karjalainen, CEO and founder of Robocorp. “This recognition is a testament to our team's commitment to transforming the financial industry with advanced RPA and software. automation. Innovation is at the heart of everything Robocorp does and pushes the boundaries of what's possible." We look forward to continuing to move forward in the years ahead."

Global Finance established the Innovation Awards because it believes there is an opportunity for companies and industries to lead technology convergence while demanding unprecedented collaboration, innovation and operational excellence. These awards recognize people who not only advance the industrial revolution, but also revolutionize systems and maximize their impact.

To date, RoboCorp solutions have proven highly effective in the financial sector. By using automation, users can simplify and improve their processes and procedures, automate repetitive and routine tasks, reduce costs and improve overall competitiveness. With automation, financial organizations and businesses can build happier, more productive and more strategic teams.

Ultimately, innovation in finance is no longer an add-on to a process or core strategy, but a key opportunity to dig deeper, ask more questions, and address ongoing change across all areas of business.

For the full list of winners, visit the World Finance Innovation Awards website here .

About RoboCorp
Robocorp is pushing the boundaries of RPA and intelligent automation to enable companies and teams to work more efficiently. The company makes software robots and manual tasks easy, affordable and fast with world-class open source process automation tools. It also provides a robust and secure orchestration and execution platform that enables customers to manage cloud-based, self-driving robotic automation at consumption-based pricing. Robocorp is backed by Benchmark, Canvas Ventures, Slow Ventures, FirstMinute Capital, Harpoon Ventures, Uncorrelated Ventures, Artisanal Ventures, Haystack and Angels. RoboCorp is headquartered in San Francisco and our main offices are accessible online. Learn more at https://robocorp.com/

Downloadable media View original content: https://www.prnewswire.com/news-releases/robocorp-award-world-finance-innovation-award-301698890.html

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Topsector T&U Innovation Award webinar launched Drone farming concepts

Green strategies like ESG-branded properties are designed to have a smaller carbon footprint. However, in some cases this means abandoning carbon-intensive industries rather than taking reasonable steps to reduce emissions.

Transitional finance is related to real impact. For example, it could be an investment in the steel industry, which is based on the receiver’s approach of zero returns. It could be investments in infrastructure that we want to move away from fossil fuels, or investments in innovative companies or projects that need capital to reduce greenhouse gas emissions.

Ninety-One Global Chief Investment Officers conducted a survey of 300 top asset owners around the world to explore the potential for financing the transition. A majority of respondents (60%) said that combating climate change is one of their foundations’ strategic goals, and nearly half (51%) of their foundations have emission reduction goals.

At first glance, these figures paint an encouraging picture. However, only one in five (19%) say they use bridging finance at any level, and even fewer (16%) say their fund invests in bridging financial assets in emerging markets, which are experiencing the highest growth in emissions.

The survey shows that property owners are more likely to use other investment methods to account for climate change, such as climate-related issues and positive selection. So why isn’t bridging finance more widely used?

A framework for sustainable development

More than half of the assets surveyed (55%) say their funds are not focused on anything other than the risk and return of their assets, while 40% believe climate-related investments have low returns.

“Most investors grew up in an era where sustainability was often affordable,” said Alison Luat, managing director of sustainability investing and innovation at OPTrust, a $25 billion Canadian pension plan. “There’s been a big shift in thinking because it’s not always right, but for many, this structure still exists.”

Faith Ward, chief investment officer at Brunel Pensions Partnership, says a clear policy framework and strategy is needed to encourage wealth owners to shift their focus to financial transition. “We need political positions and we need laws to support them,” she said. Coordinated financing and close cooperation between development banks and investors is widespread. It must all be brought together and understood that there will be different solutions in different markets.

New markets need attention

More capital needs to be invested to help emerging markets decarbonize and transition to clean energy. The International Energy Agency says that to keep global warming to 1.5 degrees Celsius by 2030, $4 trillion is needed to invest in clean energy projects and infrastructure. There are more than three contingent liabilities and more funding is needed in emerging markets.

More than half (53%) of ninety-one survey respondents are concerned about the risk and return profiles of their funds in a changing market financial world. Some are looking to work closely with their advisors to support financial investments during the transition, especially for emerging market opportunities.

“They need different skills, knowledge and experience in emerging markets,” said a senior executive at a European property owner.

Property owners have capital and influence

More than half (56%) of property owners believe that if they invest more in transition financial assets, the world will not be able to achieve the goals of the Paris Agreement.

Among property owners, property managers and consultants, some say there may be a change in culture or approach. “I think a lot of people who have ‘sustainability’ in their title would spend a lot of time creating art if they changed their culture,” says Alison Loth of Optirest.

Property owners are in a unique position. They have the capital and influence to help change the world. By allocating capital for the transition, businesses and sectors will benefit from zeroing in on the impacts of climate change.

Energy transfer financing

Although China has the largest carbon footprint in the world, its per capita income and emissions are far lower than those of most rich countries.

One of the main outcomes of COP27, the climate conference held in Egypt earlier this month, was the creation of a new UN-administered fund to compensate developing countries for the costs of natural disasters linked to climate change.

Convincing rich countries to agree to such a 'damage and loss' fund was seen by many developing country activists and diplomats as the minimum outcome of COP27 that could be considered a success. But beyond its existence, little is known about the fund, other than its purpose, how it will be used by vulnerable countries or where the money will come from.

Read more

The deal makes it clear that it's not just the usual suspects – the United States, Europe, Canada and the other biggest historical emitters of greenhouse gases – that will be eliminated. Funding must come from "new and additional resources (…) other sources, instruments, processes and initiatives, including outside the Convention and the Paris Agreement", specifies the agreement.

The term implies that multinational financial institutions such as the World Bank can contribute, as well as non-governmental organizations. And it suggests that individual countries, whose economies and emissions have grown dramatically since the start of the UN climate conference in 1992, must also play their part, especially China, many Western leaders argue, because the country now has the largest carbon sink in the world. trace.

Former British Prime Minister Gordon Brown told the Guardian on November 26 that China should contribute more to the damage and loss. EU climate representative Frans Timmermans and other leaders made similar announcements at the COP.

China's emissions and per capita income are still relatively low

However, there is little reason to believe that China will come to the rescue of erosion. At COP27, China's climate envoy Xie Zhenhua specifically said his country would not contribute to the new fund. And the facts seem to lend moral support to his arguments.

The story continues

As with all forms of global climate finance, contributions to damage and loss funds are voluntary, which means that holding individual donors accountable is academic work and not legally binding. But in a June 2022 article (PDF), economists from Britain's Overseas Development Institute (ODI) think tank sought to identify potential new contributors to climate finance by looking at rich country emissions and revenues (or climate conditions of Annex II countries, for comparison). , the list which (including EU, USA, Canada and Australia) with any other country. Specifically, the ODI looks at income per capita for a country's ability to pay and cumulative emissions per capita since 1990 as a country's contribution to the climate crisis.

datawrapper-chart-9x9hQ

The ODI logic was that any non-annex II country that scored one or two of these criteria higher than an annex II country could be a mandatory applicant for climate finance. On this basis, China is off the hook. Revenue and emissions rank among the wealthiest countries with the highest emissions among all Annex II countries.

datawrapper-graph-lYZ6l

GCC countries should contribute more to climate finance

The ODI analysis identifies other potential contributors. Singapore and Qatar have higher emissions and per capita income than most Annex II countries. Singapore has yet to contribute anything to global climate finance. In 2021, Qatar committed $500,000 to the former United Nations fund, which supports climate change adaptation projects. And while the small European financial center of Liechtenstein maintains low emissions, it is another high-income country not included in Annex II.

The analysis also shows that Israel and other oil and gas exporting Gulf countries such as Saudi Arabia, Kuwait and the United Arab Emirates have higher revenues and emissions than some or many countries in Annex II. Conversely, it also suggests that some climate-affected countries – the Bahamas, Trinidad and Nauru – are the most vocal proponents of damage and loss funds. These islands are sparsely populated and often rely on diesel generators and other inefficient electrical systems with high pollution levels, so their per capita emissions are relatively high. But none of these countries has a higher income than any of the Annex II countries.

Obviously, blaming climate change is a confusing business without clear answers. And given that the more obvious Annex II contenders have yet to meet their 2009 fundraising commitments to raise $100 billion a year in total climate finance by 2020, smaller contenders have enough of political cover to continue. Dubai is unlikely to provide further details or fund the loss and damage fund until next year's COP28.

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Fossil fuel companies know how to stop global warming. Why not? |: Miles Allen

© Tomas Diniz Santos / Orlando Sentinel / TNS Ron DeSantis tosses hats to the crowd as he walks to the podium at CPAC at Rosen Shingle Creek and Westgate Resort on February 24, 2022 in Orlando, Florida.

TILLAHASSE, Fla. – A group of wealthy individuals helped foot the bill as Gov. Ron DeSantis faced Florida and the rest of the country in his re-election campaign and seeking political allies for this month’s midterm elections.

They include restaurateurs, developers, restaurants, investment brokers, trucking magnates, health care executives, gas stations, convenience store owners and oil distributors, some of whom benefit from state board appointments and legislation approved by DeSantis. These include eliminating the state’s gas tax, increasing retailers’ commission on lottery sales, eliminating millions of dollars in Visit Florida advertising and lifting the state’s lockdown during the COVID-19 pandemic.

Not only have the ultra-rich given tens of millions of dollars in cash to the governor, but they’ve also made more than $500,000 in cash contributions toward transportation costs, according to an Orlando Sentinel review of state records.

That doesn’t include about $200,000 in transportation expenses covered by the Florida GOP. It does not include thousands of dollars in direct payments for hotels, commercial airline tickets and other travel expenses.

“It’s an old thing that campaign finances favor the governor and have special access to him,” said Ben Wilcox, director of research for the nonpartisan Integrity Florida.

“What we’ve seen is that business owners offer free flights, and then they fly or fly with the politician,” Wilcox said. “It’s an access you can’t buy. They don’t do it for good governance, they do it for leverage.

Aubrey Jewett, a political science professor at the University of Central Florida, agrees that this is a great way to “hear” a politician and reach more than the average voter.

The ruler travels a lot

DeSantis clearly loves to travel, as evidenced by the $145,000 he racked up in travel expenses while in Congress and the annual travel expenses paid for by Florida taxpayers. Domestic travel spending fell from $2 million in 2021 to $2.4 million in the 2022 fiscal year that ended June 30. Government aircraft you have used on 139 registered flights in the last 12 months.

The use of private jets is permitted under state campaign finance law if the candidate declares the cost as a campaign expense or in-kind contribution.

Campaign records filed with the state only provide the date of the contribution and whether it included transportation, lodging or food and beverages, but do not include details about the date or destination of the flights. So there’s no way DeSantis got to Pennsylvania to campaign for gubernatorial candidate Doug Mastriano, Arizona for Cary Lake or Las Vegas for Adam Laxalt, for example.

The records also do not specify how DeSantis traveled to Orlando in February to attend CPAC, considered a highly conservative convention summit , or other similar state and local political events. But the data shows those foreign events and in-kind transfer contributions reported on the same days as the CPAC conference.

“The lack of detail, privacy or transparency is a flaw in state campaign law by design,” Wilcox said. “The system should be designed so that there is complete transparency of how these dollars are used. Contributions such as air travel should be more specific and the dates and destinations of these trips should be shown, but there is no political will to close these loopholes.

The records provide at least a partial glimpse into the world of billionaires and millionaires who foot the governor’s travel bills.

Ralph “Larry” Roberts, founder of RLR Investments and R&L Carriers, an Ohio-based freight and freight company, and developer of the World Equestrian Center in Ocala, donated $275,000 in cash and $20,000 in carrying fees in October. . before the elections

One of his companies owns a Dassault Falcon 7X, a plane worth at least $18 million that seats 19 passengers. Other moneylenders also have private jets. Between them, they can amass a fleet of business jets worth tens of millions of dollars.

Another donor, Charles B. Johnson, founder of Franklin Templeton, owner of the San Francisco Giants and owner of two homes in Palm Beach, gave DeSantis $855,000 in cash and about $15,000 in transportation expenses.

Mori Hosseini, a Daytona Beach developer and University of Florida board chairman, gave DeSantis $280,000 in cash and about $17,000 in transportation expenses for his businesses.

Thomas Core, a Vero Beach resident and president and CEO of George E. Warren, the largest East Coast and Gulf oil importer, gave DeSantis $234,000 in cash and $19,260 in shipping charges. His company, TLC Leasing, provided an additional $5,169 for outside moving costs. Corr served on DeSantis’ first panel of hosts.

Maximo Alvarez, owner of Sunshine Gas Distribution in Doral, which has 360 gas stations, gave $135,000 in cash and $9,961 in shipping charges. DeSantis appointed Alvarez to the Florida State University Board of Trustees in 2021.

Aubrey Edge, president of First Coast Energy, one of the largest Shell gas stations in the United States, gave DeSantis $200,000 and about $31,000 in shipping costs. DeSantis appointed Edge to the university’s board of trustees in 2020.

Petrol stations were the main beneficiaries of the petrol tax in October. Gasoline retailers also won a 0.75% increase in the state’s lottery sales commission, which was inserted at the last minute at the end of the state budget bill without passing a bill with similar language.

The wording of this bill, Rep. Ana Maria Rodriguez, R-Miami, wrote Southern Strategy lobbyist Nelson Diaz, who has represented two clients on the bill: Sunshine Gasoline Distributors and the Florida Petroleum Dealers Association. Alvarez is on the Petroleum Merchants Association Legislative Committee, while Edge is on the Finance Committee.

Reducing costs?

According to the Aircraft Rental website, the cost of renting these planes ranges from $4,000 to $8,000 per flight hour. Donors can deduct cash donations, but under the Campaign Finance Act, applicants are only required to provide an estimate of the value of commercial airline tickets for travel on a similar route.

One potential ethical loophole, Wilcox said, is whether the governor’s policy office coordinates these thefts with campaign staff.

Campaign records show the campaign paid $15,000 to the Florida Department of Law Enforcement three times when the governor used the state jet for his campaign travel.

FDLE spokeswoman Gretel Plessinger said state planes belong to FDLE and are used for state business. “When used for a campaign event, the campaign must return an FDLE.”

No further details were released despite repeated requests to explain why the campaign should compensate the state.

DeSantis’ campaign did not respond to requests for comment. But campaign records show the dates of the payments were when the governor was traveling on official state business, indicating he was coordinating state affairs with campaign events.

Hosseini, who DeSantis appointed to the UF board of trustees in February 2021, has been instrumental in directing DeSantis’ controversial surgeon general, Joseph Ladabo, to a UF job.

UF’s new president, Ben Sassi, also chaired the search committee for Nebraska’s Republican United States Senator. Sassi attracted the attention of students and teachers for his conservative views.

Hosseini was able to use her plane to fly Florida First Lady Casey DeSantis from Tallahassee to Northeast Florida to attend a GOP political fundraiser for her husband’s campaign and an official event to promote a federal mental health grant, Politico told The Times.

It took close coordination between the governor’s office and First Lady DeSantis’ campaign staff to integrate the two, Politico reported.

The state Department of Transportation is building a $50 million ramp from Interstate 95 in Volusia County to access one of Hosseini’s housing projects.

“It’s probably a bit of a gray area,” Jewett said. “Everything seems perfectly legal according to the rules that have been established, but it can be a little gray because of the lack of transparency. This can raise questions about how much support is being given to the candidate and what they are getting in return. “

Daniel Smith, chair of the political science department at the University of Florida, acknowledged that lending the plane to DeSantis gives wealthy donors “time to reach out to a candidate and a potential candidate for the Republican presidential nomination.”

Smith said this type of access has a more personal touch than writing a six-figure check. “I think a lot of these owners want to know if it’s their plane or not.”

“He’s obviously willing to take anybody’s money,” Smith said of DeSantis. “What is the exchange?

——–

© 2022 Orlando Sentinel. Go to orlandosentinel.com. Distributed by Tribune Content Agency, LLC.

The battle between Donald Trump and Mitch McConnell for the Republican candidates for the Senate | Save America Podcast

© Leo Correa / AP Photo Filao trees form a buffer to reduce coastal erosion along Senegal’s Atlantic coast. US climate envoy John Kerry has announced a carbon market plan that could allow countries to offset climate change emissions.

Sharm el-Sheikh, Egypt. US climate envoy John Kerry on Wednesday presented a proposal for companies to pay billions of dollars to developing countries to reduce their reliance on fossil fuels. A plan that would allow the White House to bypass potential opposition. He led the republican assembly.

But other countries at the United Nations climate conference in Egypt said the plan was an attempt by the world’s richest nation and the largest producer of greenhouse gases in history to avoid providing direct aid to countries fighting climate change.

“It’s not enough,” said a senior Latin American negotiator attending the global climate summit in Sinai, referring to the United States. “And they come up with these big plans and big goals and say, ‘Now we’re saving the world.'”

The person spoke on condition of anonymity to avoid angering US officials.

The framework, which Kerry announced Wednesday morning in Sharm el-Sheikh, two days before President Joe Biden’s planned visit to COP27, aims to address two competing concerns: one addressing the growing scourge of a warming planet. Getting that help outside of Republican opposition in Congress is “not realistic,” Kerry said in a September speech.

The chances of Congress approving climate aid in January will be slimmer as Tuesday’s midterm elections push for Republicans to take control of the House of Representatives.

Kerry instead proposed creating a voluntary market where companies buy carbon credits to offset greenhouse gas emissions and meet corporate climate goals. These credits will be generated when developing countries or their subnational governments transition their energy systems away from fossil fuels.

“We need to accelerate our clean energy transition, and that, my friends, takes money,” Kerry said, adding that there is not enough government funding to keep global warming below the 1.5 degrees Celsius set by the Paris Commission. Who: 2015 Climate Agreement

“There is no government in the world that has enough money to do that,” he said.

Kerry spoke as the Biden administration touted cooperation in Sharm el-Sheikh. He agreed to include climate offsets as a topic for discussion on the conference’s official agenda. A senior US administration official told reporters on Tuesday that Biden, who will attend Friday’s talks, will use his presence to discuss financing for developing countries, including an injection of taxpayer dollars.

“We are very interested in solving the problems of vulnerable countries and doing everything we can to show solidarity with these communities,” said the official, who spoke on condition of anonymity to discuss Biden’s plans in advance.

Kerry’s proposal would use private dollars to help close the climate finance gap. Kerry developed the framework in close cooperation with US banks, and the State Department and the Rockefeller Foundation have met with experts in New York and Washington over the past few months.

Experts attending the meeting said the funding could come before energy improvements, such as early commissioning of coal-fired plants, wind power, new solar power or grid upgrades.

The proposed carbon offset initiative would be separate from the transboundary emissions trading program that countries can use to meet greenhouse gas reduction targets under the Paris Agreement. These markets are subject to the so-called Article 6 rules, which were finalized by delegates at last year’s climate talks in Glasgow, Scotland.

The government’s right to sell credits in Kerry’s proposed market would depend on its ability to demonstrate carbon reductions beyond the baseline emissions path, which path would be verified by an independent agency.

Credits will be based on national or national clean energy transition plans rather than individual projects to ensure sustainability and take full advantage of emission reduction opportunities. This is a lesson learned from previous UN emissions trading efforts, such as the 1997 Kyoto Clean Development Mechanism, where environmental benefits from program offsets were often offset by development elsewhere in the same location.

The proposal has some similarities to the US-led coalition with the UK and Norway’s Conference of the Parties last year to finance the private sector to fight deforestation. The companies have pledged $1.5 billion to buy forest-related carbon credits, now known as the LEAF Alliance.

Like LEAF, the power sector proposal appears to primarily target a subset of developing countries. In this case, the largest explosion will occur in countries with large energy networks based on fossil fuels, and thus prime candidates for a green transition.

However, it is not clear how prepared companies will be for such compensation.

Climate experts and representatives of developing countries who spoke to Kerry about the proposal said it underscores the need to maintain the environmental integrity of the compensation program. Such high-quality offsets are much more expensive than the low-quality options currently available in the voluntary carbon market.

In other words, there are cheaper ways for companies to show progress toward their climate goals.

Climate Consultants, a climate research and advisory firm, said in a report Wednesday that Kerry’s offset program, called the Energy Transition Accelerator, could raise $77 billion to $139 billion by 2030. This assumes that there are enough companies participating and that developing countries accept proposals to reduce emissions in the energy sector enough. The initiative could lead to a separate allocation of $3.8 billion to $6.9 billion for climate change adaptation, the report said.

Speaking from Sharm Al-Sheikh, Kerry said Wednesday’s announcement was the start of a consultation process that would form the basis for ETA development as it launches at climate talks in Dubai next year.

“I think the State Department wants to adjust it to get feedback and engagement,” said Nathaniel Keohane, president of the Center for Climate and Energy Solutions. “But I think they’ll be the first to admit that he’s not quite ripe yet.”

Sources said the foreign ministry had discussed the idea with other developed countries, but at least one, Germany, refused to join. Jennifer Morgan, Germany’s special envoy for international climate action, told POLITICO earlier this week that Germany is focused on “absolute” emissions reductions, not bilateral aid to poor countries and carbon offsets.

‘It’s not the same cake’But some experts familiar with the proposal say the U.S. priority is to reach out to poor countries that could benefit from an injection of private capital to modernize their power sectors.

They said the U.S. proposal is likely to include a provision that would allow part of the funding to be directed toward adaptation efforts rather than mitigation. Less developed countries that lack extensive infrastructure based on fossil fuels can benefit from it.

Angela Choury Callhaug, Executive Vice President of the Environmental Defense Fund, described the Adaptation Fund as a “silver bullet” for developing countries.

Its inclusion shows that U.S. officials “listen to what developing countries want, especially least developed countries, and put that into the process,” he said.

“We know that [the program] will certainly start with the countries with the highest emissions, but this essentially indicates that we are looking for comprehensive solutions and solutions that address multiple problems at once,” he said.

Keohane said the initiative’s success will depend on the quality of the offsets and whether the plan meets the Paris Agreement’s goal of keeping temperature rise to 1.5 degrees Celsius. The third-party agency charged with its governance should use a carefully designed framework to ensure that developing country compensation leads to measurable emissions reductions that are greater than would have occurred in the absence of such funding.

“There is nothing specific to support or endorse,” he said. “So, our position is it’s worth doing. We can do it right and we have a lot of potential.”

But the UN has a mixed history on carbon offsets.

The Clean Development Mechanism of the Kyoto Protocol has been criticized for allowing the sale of weak carbon credits that have not led to further emission reductions or long-term removal of carbon from the atmosphere. Some debt was also created by violating indigenous land rights in areas such as the Amazon.

Carbon markets, if not carefully designed, create opportunities for polluters to qualify for emission reduction credits, effectively reducing carbon pollution directly from their operations.

“We have seen how compensation money is laundered and proceedings are delayed,” said Harjit Singh, head of strategy at the Climate Action Network. “I think the big question is how will it be different?”

A new UN report has similar warnings. Environmental integrity measures must be carefully considered before carbon offsets can be considered a viable means of meeting non-climate commitments.

“The lack of standards, rules and rigor around voluntary carbon market credits is of deep concern,” UN Secretary-General Antonio Guterres said at Tuesday’s conference.

“Shadow markets for carbon credits cannot undermine real efforts to reduce emissions, even in the short term. Objectives must be achieved through real emissions reductions.”

Kerry said in a presentation on Wednesday that he had met with the secretary-general, who told him that if there were such guarantees, he “should look for them”.

Developed countries are under tremendous pressure to meet their commitments at COP27 to mobilize $100 billion annually in climate finance for poor countries. Developing countries want this pledge to be raised from 2025 onwards and are looking for a new financing mechanism to compensate poorer countries in particular for the inevitable impacts of climate change.

Barbados Prime Minister Mia Mottley unveiled a proposal last month that she said could save trillions of dollars for climate-related projects in poor countries. Avinash Persaud, one of his advisers, said Kerry was right to seek ways to maximize private sector participation. He said it could help reduce the cost of capital for projects in developing countries.

But he said such schemes could provide all that was needed until the carbon market expanded and the price of carbon credits rose dramatically.

“I think the truth is that there is still no market for carbon credits,” Persaud said.

Currently, carbon markets are the “icing on the cake, but not the icing on the cake” when it comes to providing financial support to developing countries to respond to climate change.

And we still need a cake,” Pearson said.

Politico Europe’s Carl Matthiessen and E&E News’ Sarah Schoenhardt contributed to this story.

A version of this report first appeared in ClimateWire E&E News. E&E News-এ শক্তি, প্রাকৃতিক সম্পদ, জলবায়ু পরিবর্তন এবং আরও অনেক কিছুতে রূপান্তর বিষয়ে আরও ব্যাপক এবং গভীরভাবে প্রতিবেদন অ্যাক্সেস করুন ।

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