December, 01 2023, 10:09am EDT
COP28 Presidency Unveils new ‘Alterra’ $30 Billion Renewable Energy Fund in Collaboration with BlackRock and Brookfield
350.org Raises Concerns over Funding Claims and Safeguard Deficiencies
DUBAI
In an announcement today, the COP28 Presidency with investment giants BlackRock and Brookfield announced to establish a $30 billion fund dedicated to renewable energy in Emerging and Developing Economies. While scaling up investment in renewables is much needed, 350.org raises concerns regarding the accuracy of fund claims and the absence of critical safeguards against potentially harmful investments.
“In the pursuit of a greener tomorrow, we must scrutinize the COP28 fund’s bold claims. While in principle a step in the right direction, we would need to check that the claims by the presidency are not overblown. It seems that safeguards against dangerous distractions and projects that harm communities are missing” says Andreas Sieber, Associate Director of Policy and Campaigns of 350.org
The majority of the $30 billion fund is expected to operate at market rates rather than through concessional finance or grants – a financial approach deemed essential for the substantial upscaling of renewable deployment in the Global South.
Presently, the fund stands at a mere $6.5 billion, not $30bn and is only “expected” to attract additional funds, leaving the timeline for achieving the full “commitment” of $30 billion unclear. Of the total sum, $5 billion is planned to be designated for “risk mitigation capital,” in principle a positive step. Yet, this can be expected to come in the form of concessional loans which can help in particular to unlock private capital. However, 350.org expresses apprehension about the lack of safeguards to prevent the accumulation of unsustainable debt, for both market rate and concessional finance instruments.
“What we can take at face value right now is a fund of $6.5bn which will lend at market rates ‘for global investments, including the Global South’ – this isn’t wrong per se, but as such not a game changer and certainly not an adequate response to the financing needs of countries in the Global South” says Andreas Sieber, Associate Director of Policy and Campaigns of 350.org
While acknowledging the potential of concessional loans to attract additional private investment, 350.org questions the bold claim of unlocking $250 billion by 2030, deeming it potentially exaggerated and urging a closer examination of the fund’s feasibility.
The composition of the fund’s leadership raises further concerns, with three out of four members having a documented history of involvement in fossil fuel investments or having led fossil fuel companies. This has prompted 350.org to highlight concerns about the potential exclusion of essential renewable investments, such as Carbon Capture and Storage, and the need for a strategic shift away from fossil fuel-related endeavors.
350.org calls for a transparent and comprehensive assessment of the fund’s governance, ensuring it aligns with principles of responsible and ethical investment to effectively drive the transition towards a sustainable, green energy future.
Zaki Mamdoo, 350.org Campaign Coordinator, StopEACOP said:
“History shows that when rich countries extract fossil fuels in poorer countries there are usually consequences, like worsening social and economic inequalities on top of deepening the climate crisis. 30 billion USD of climate funds managed by the likes of these companies risk replicating the same systems that worsen inequalities. We must support affordable and energy-saving solutions.
We also need to put decision-making power in the hands of the many, instead of bankers. People should be actively involved in making decisions. Community-centered, community-led, and community-owned wind and solar energy projects are the models that will bring us to an energy transition rooted in justice.”
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
LATEST NEWS
ICE Goons Pepper Spray Congresswoman Adelita Grijalva During Tucson Raid
"If federal agents are brazen enough to fire pellets directly at a member of Congress, imagine how they behave when encountering defenseless members of our community," Grijalva said.
Dec 05, 2025
In what Arizona's attorney general slammed as an "unacceptable and outrageous" act of "unchecked aggression," a federal immigration officer fired pepper spray toward recently sworn-in Congresswoman Adelita Grijalva during a Friday raid on a Tucson restaurant.
Grijalva (D-Ariz.) wrote on social media that US Immigration and Customs Enforcement (ICE) officers "just conducted a raid by Taco Giro in Tucson—a small mom-and-pop restaurant that has served our community for years."
"When I presented myself as a member of Congress asking for more information, I was pushed aside and pepper sprayed," she added.
Grijalva said in a video uploaded to the post that she was "sprayed in the face by a very aggressive agent, pushed around by others, when I literally was not being aggressive, I was asking for clarification, which is my right as a member of Congress."
The video shows Grijalva among a group of protesters who verbally confronted federal agents over the raid. Following an order to "clear," an agent is seen firing what appears to be a pepper ball at the ground very near the congresswoman's feet. Video footage also shows agents deploying gas against the crowd.
"They're targeting small mom-and-pop businesses that don't have the financial resources to fight back," Grijalva told reporters after the incident. "They're targeting small businesses and people that are helping in our communities in order to try to fill the quota that [President Donald] Trump has given them."
Mocking the incident on social media, Department of Homeland Security spokesperson Tricia McLaughlin contended that Grijalva "wasn’t pepper sprayed."
"She was in the vicinity of someone who *was* pepper sprayed as they were obstructing and assaulting law enforcement," she added. "In fact, two law enforcement officers were seriously injured by this mob that [Grijalva] joined."
McLaughlin provided no further details regarding the nature of those injuries.
Democrats in Arizona and beyond condemned Friday's incident, with US Sen. Ruben Gallego writing on social media that Grijalva "was doing her job, standing up for her community."
"Pepper spraying a sitting member of Congress is disgraceful, unacceptable, and absolutely not what we voted for," he added. "Period."
Democratic Arizona Attorney General Kris Mayes said on social media: "This is unacceptable and outrageous. Enforcing the rule of law does not mean pepper spraying a member of Congress for simply asking questions. Effective law enforcement requires restraint and accountability, not unchecked aggression."
Congresswoman Pramila Jayapal (D-Wash.) also weighed in on social media, calling the incident "outrageous."
"Rep. Grijalva was completely within her rights to stand up for her constituents," she added. "ICE is completely lawless."
Friday's incident follows federal agents' violent removal of Sen. Alexa Padilla (D-Calif.) from a June press conference held by Homeland Security Secretary Kristi Noem.
Congresswoman LaMonica McIver (D-NJ) was federally indicted in June for allegedly “forcibly impeding and interfering with federal officers" during an oversight visit at a privately operated migrant detention center in Newark, New Jersey and subsequent confrontation with ICE agents outside of the lockup in which US Reps. Bonnie Watson Coleman and Rob Menendez, both New Jersey Democrats, were also involved.
Violent assaults by federal agents on suspected undocumented immigrants—including US citizens—protesters, journalists, and others are a regular occurrence amid the Trump administration's mass deportation campaign.
"If federal agents are brazen enough to fire pellets directly at a member of Congress, imagine how they behave when encountering defenseless members of our community," Grijalva said late Friday on social media. "It’s time for Congress to rein in this rogue agency NOW."
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Gavin Newsom Wants a 'Big Tent Party,' But Opposes Wealth Tax Supported by Large Majority of Americans
"A wealth tax is a big tent policy unless the only people you care about are billionaires," said one progressive organizer.
Dec 05, 2025
California Gov. Gavin Newsom, considered by some to be the frontrunner to be the next Democratic presidential nominee, said during a panel on Wednesday that he wants his party to be a “big tent” that welcomes large numbers of people into the fold. But he’s “adamantly against” one of the most popular proposals Democrats have to offer: a wealth tax.
In October, progressive economists Emmanuel Saez and Robert Reich joined forces with one of California's most powerful unions, the Service Employees International Union's (SEIU) United Healthcare Workers West, to propose that California put the nation’s first-ever wealth tax on the ballot in November 2026.
They described the measure as an "emergency billionaires tax" aimed at recouping the tens of billions of dollars that will be stripped from California's 15 million Medicaid recipients over the next five years, after Republicans enacted historic cuts to the program in July with President Donald Trump's One Big Beautiful Bill Act, which dramatically reduced taxes for the wealthiest Americans.
Among those beneficiaries were the approximately 200 billionaires living in California, whose average annual income, Saez pointed out, has risen by 7.5% per year, compared with 1.5% for median-income residents.
Under the proposal, they would pay a one-time 5% tax on their total net worth, which is estimated to raise $100 billion. The vast majority of the funds, about 90%, would be used to restore Medicaid funding, while the rest would go towards funding K-12 education, which the GOP has also slashed.
The proposal in California has strong support from unions and healthcare groups. But Newsom has called it “bad policy” and “another attempt to grab money for special purposes.”
Meanwhile, several of his longtime consultants, including Dan Newman and Brian Brokaw, have launched a campaign alongside “business and tech leaders” to kill the measure, which they’ve dubbed “Stop the Squeeze." They've issued familiar warnings that pinching the wealthy too hard will drive them from the state, along with the critical tax base they provide.
At Wednesday's New York Times DealBook Summit, Andrew Ross Sorkin asked Newsom about his opposition to the wealth tax idea, comparing it to a proposal by recent New York City Mayor-elect Zohran Mamdani, who pledged to increase the income taxes of New Yorkers who earn more than $1 million per year by 2% in order to fund his city-wide free buses, universal childcare, and city-owned grocery store programs.
Mamdani's proposal was met with a litany of similar warnings from Big Apple bigwigs who threatened to flee the city and others around the country who said they'd never move in.
But as Robin Kaiser-Schatzlein explained in October for the American Prospect: "The evidence for this is thin: mostly memes shared by tech and finance people... Research shows that the truth of the matter is closer to the opposite. Wealthy individuals and their income move at lower rates than other income brackets, even in response to an increase of personal income tax." Many of those who sulked about Mamdani's victory have notably begun making amends with the incoming mayor.
Moreover, the comparison between Mamdani's plan and the one proposed in California is faulty to begin with. As Harold Meyerson explained, also for the Prospect: "It is a one-time-only tax, to be levied exclusively on billionaires’ current (i.e., 2025) net worth. Even if they move to Tasmania, they will still be liable for 5% of this year’s net worth."
"Crucially, the tax won’t crimp the fortunes of any billionaire who moves into the state next year or any later year, as it only applies to the billionaires living in the state this year," he added. "Therefore... the horrific specter of billionaire flight can’t be levied against the California proposal."
Nevertheless, Sorkin framed Newsom as being in an existential battle of ideas with Mamdani, asking how the two could both represent the Democratic Party when they are so "diametrically opposed."
"Well, I want to be a big-tent party," Newsom replied. "It's about addition, not subtraction."
Pushed on the question of whether there should be a "unifying theory of the case," Newsom responded that “we all want to be protected, we all want to be respected, we all want to be connected to something bigger than ourselves. We have fundamental values that I think define our party, about social justice, economic justice.”
"We have pre-distribution Democrats, and we have re-distribution Democrats," he continued. "Therein lies the dialectic and therein lies the debate."
Polling is scarce so far on the likelihood of such a measure passing in California. But nationally, polls suggest that the vast majority of Democrats fall on the "re-distribution" side of Newsom's "dialectic." In fact, the majority of all Americans do, regardless of party affiliation.
Last year, Inequality.org examined 55 national and state polls about a number of different taxation policies and found:
A billionaire income tax garnered the most support across party identification. On average, two out of three (67%) of Americans supported the tax including 84% of Democrats, 64% of Independents, and 51% of Republicans.
In national polls, a wealth tax had similarly high levels of support. More than three out of five Americans supported the tax including 78% of Democrats, 62% of Independents, and 51% of Republicans.
That sentiment only seems to have grown since the return of President Donald Trump. An Economist/YouGov poll released in early November found that 72% of Americans said that taxes on billionaires should be raised—including 95% of Democrats, 75% of independents, and 48% of Republicans. Across the board, just 15% said they should not be raised.
Support remains high when the proposal is more specific as well. On the eve of Mamdani's election, despitre months of fearmongering, 64% of New Yorkers said they backed his proposal, including a slight plurality of self-identified conservatives, according to a Siena College poll.
Many observers were perplexed by how Newsom proposes to maintain a “big tent” while opposing policies supported by most of the people inside it.
"A wealth tax is a big tent policy unless the only people you care about are billionaires," wrote Jonathan Cohn, the political director for Progressive Mass, a grassroots organization in Massachusetts, on social media.
"Gavin Newsom—estimated net worth between $20 and $30 million—says he's opposed to a billionaire wealth tax. Color me shocked," wrote the Columbia University lecturer Anthony Zenkus. "Democrats holding him up as a potential savior for 2028 is a clear example of not reading the room."
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Supreme Court Agrees to Hear Case That Could Bless Trump's Bid to End Birthright Citizenship
"That the Supreme Court is actually entertaining Trump’s unconstitutional attack on birthright citizenship is the clearest example yet that the Roberts Court is broken beyond repair," said one critic.
Dec 05, 2025
The United States Supreme Court on Friday agreed to decide whether US President Donald Trump's executive order ending birthright citizenship—as guaranteed under the 14th Amendment for more than 150 years—is constitutional.
Next spring, the justices will hear oral arguments in Trump's appeal of a lower court ruling that struck down parts of an executive order—titled Protecting the Meaning and Value of American Citizenship—signed on the first day of the president's second term. Under the directive, which has not taken effect due to legal challenges, people born in the United States would not be automatically entitled to US citizenship if their parents are in the country temporarily or without legal authorization.
Enacted in 1868, the 14th Amendment affirms that "all persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the state wherein they reside."
While the Trump administration argues that the 14th Amendment was adopted to grant US citizenship to freed slaves, not travelers or undocumented immigrants, two key Supreme Court cases have affirmed birthright citizenship under the Constitution—United States v. Wong Kim Ark (1898) and Afroyim v. Rusk (1967).
Here is the question presented. It's a relatively clean vehicle for the Supreme Court to finally decide whether it is lawful for the president to deny birthright citizenship to the children of immigrants. www.supremecourt.gov/DocketPDF/25...
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— Mark Joseph Stern (@mjsdc.bsky.social) December 5, 2025 at 10:55 AM
Several district court judges have issued universal preliminary injunctions to block Trump's order. However, the Supreme Court's right-wing supermajority found in June that “universal injunctions likely exceed the equitable authority that Congress has given to federal courts."
In July, a three-judge panel of the US Court of Appeals for the 9th Circuit unanimously ruled that executive order is an unconstitutional violation of the plain language of the 14th Amendment. In total, four federal courts and two appellate courts have blocked Trump's order.
“No president can change the 14th Amendment’s fundamental promise of citizenship,” Cecillia Wang, national legal director at the ACLU—which is leading the nationwide class action challenge to Trump's order—said in a statement Friday. “We look forward to putting this issue to rest once and for all in the Supreme Court this term.”
Brett Edkins, managing director of policy and political affairs at the advocacy group Stand Up America, was among those who suggested that the high court justices should have refused to hear the case given the long-settled precedent regarding the 14th Amendment.
“This case is a right-wing fantasy, full stop. That the Supreme Court is actually entertaining Trump’s unconstitutional attack on birthright citizenship is the clearest example yet that the Roberts Court is broken beyond repair," Edkins continued, referring to Chief Justice John Roberts.
"Even if the court ultimately rules against Trump, in a laughable display of its supposed independence, the fact that fringe attacks on our most basic rights as citizens are being seriously considered is outrageous and alarming," he added.
Aarti Kohli, executive director of the Asian Law Caucus, said that “it’s deeply troubling that we must waste precious judicial resources relitigating what has been settled constitutional law for over a century," adding that "every federal judge who has considered this executive order has found it unconstitutional."
Tianna Mays, legal director for Democracy Defenders Fund, asserted, “The attack on the fundamental right of birthright citizenship is an attack on the 14th Amendment and our Constitution."
"We are confident the court will affirm this basic right, which has stood for over a century," Mays added. "Millions of families across the country deserve and require that clarity and stability.”
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