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A dangerous initiative smuggles in a blatantly imperial and morally bankrupt agenda in a grotesque attempt to curry favor with a nationalist and climate-denying American right.
On the heels of a new United Nations report finding that over 150 “unprecedented” floods, heatwaves, hurricanes, and other climate disasters struck in 2024, the Council on Foreign Relations has launched its new “Climate Realism Initiative.” The Initiative’s goals proffer a dangerous and ahistorical set of climate politics, washing the United States’ hands of any responsibility to clean up global emissions or cooperate internationally to prevent the catastrophic impacts of 3°C of warming.
In a recent article branding the Initiative, CFR fellow Varun Sivaram shamelessly lays out the three main pillars of so-called “climate realism”: (1) that the world will overshoot the Paris agreement’s target to limit warming to 1.5 and even 2°C, (2) that the U.S. should eschew its own emissions reductions in favor of investing domestically in new clean technologies that can compete globally, and (3) that the U.S. should lead international efforts to avert catastrophic climate change.
In light of the first and second, the hypocrisy of CFR’s third pillar is particularly absurd.
CFR’s agenda is as tone-deaf as it is without bearing in history, science, or morality.
On the first pillar, Sivaram argues we should simply accept and prepare for a world with 3°C of warming—his so-called “realism”—but doesn’t stop to share what such a “real” world would look like.
At 3°C, 3.25 billion people will be exposed to lethal heat and humidity every year. The number of people globally who lack sufficient access to water will double. The majority of coral reefs will die. Sea levels will rise, threatening low-lying islands like the Marshall Islands in the Pacific and coastal cities like Bangkok, Shanghai, Amsterdam, and New Orleans. Agricultural yields will tumble, with most crops across the world suffering.
Perhaps most terrifying, the risk of hitting irreversible and catastrophic climate tipping points—like the wholesale dying off of the Amazon or melting of the Arctic—significantly increases.
Stepping back for a moment, it’s important to remember that the Paris agreement’s 1.5°C target came to be because frontline countries demanded such a target. With the Global North coalescing around 2°C ahead of COP21 in Paris and anything more ambitious thus thought politically infeasible, small island countries stunned many observers in leading more than 100 countries in demanding “1.5°C to stay alive.” Such a target, many, like the Marshall Islands’ Tina Stege, argue is necessary to avoid inundating and erasing island nations and low-lying places across the world.
Yet, rich countries in the Global North—and notably the U.S.—have too often ignored these calls in favor of a target that enables the continued extraction and burning of fossil fuels, prioritizes profits today over catastrophe tomorrow, and maintains the enormous wealth gap between Global North and South. By arguing that the U.S. should cast off the world’s 1.5°C and even 2°C target, Sivaram simultaneously condemns the Global South to a future with catastrophic and irreversible warming, a world without islands, where the Marshall Islands as we know them simply cease to exist.
It is within this context, then, that Sivaram advances the Initiative’s second pillar by presenting the following chart. With it, he argues that reducing U.S. emissions won’t make a meaningful difference because they’re a small share of projected future total global emissions.
However, in so doing, Sivaram ignores—even obfuscates—historical emissions. Consider a different chart, this one from Climate Watch, which illustrates the U.S.’ and the broader Global North’s role in creating the climate crisis in the first place. Looking back to the late 1800s, the U.S. and the European Union are responsible for over 50% of historical global greenhouse emissions (in CO2e).
In contrast, Small Island Developing States (SIDS)—a group of 39 island nations, including the Marshall Islands, across the Caribbean, Pacific, Atlantic, Indian Ocean, and South China Sea—have collectively contributed less than 1% of global emissions. Yet, SIDS and their nearly 65 million inhabitants are on the frontlines of the climate crisis, threatened by intensifying hurricanes and cyclones, shrinking biodiversity, and rising seas that threaten to swallow them whole.
Thus, Sivaram’s imperial assertion that U.S. emissions aren’t relevant to a “climate realism” agenda ignores what climate justice advocates have been raising for decades: that those most responsible for climate change should, in turn, be most responsible for addressing it. Instead, Sivaram offers an ahistorical perspective on emissions in service of uncapped emissions and U.S. exemption from climate accountability.
And then, finally, Sivaram offers his astoundingly contradictory final pillar: that the U.S. should lead efforts to avert catastrophic climate change. With the U.S. already a historic laggard and obstructionist in global climate negotiations, it’s hard to imagine a world in which the U.S. could possibly be seen to lead on climate while ignoring its own emissions reductions and sacrificing broad swaths of the Global South to sea-level rise, deadly heatwaves, and cascading crises driven by climate.
CFR’s agenda is as tone-deaf as it is without bearing in history, science, or morality. This dangerous initiative is anything but realistic, instead smuggling in a blatantly imperial and morally bankrupt agenda in a grotesque attempt to curry favor with a nationalist and climate-denying American right.
The climate movement must swiftly denounce this agenda and work toward one that aims to avoid overshoot at all costs, repair historic injustice, and uphold the value and dignity of human life across the globe.
COP30 must be the summit that moves beyond the transactional nature of past negotiations to embrace ideas that recognize the intrinsic value of nature and the need for global solidarity in protecting it.
COP29 in Baku, Azerbaijan has come and gone, leaving behind a sense of cautious reflection rather than the transformative shift many had hoped for. While the summit certainly brought some progress, it has left us with the bittersweet feeling that the climate crisis, with its urgent and pervasive impacts, still seems to be an issue addressed by small steps rather than bold, immediate action. In this sense, COP29 could be seen as both a missed opportunity and a call to rethink our approach to climate change.
A key discussion centered on mobilizing $300 billion annually by 2035 for climate mitigation efforts in vulnerable countries. While this figure might seem substantial, experts argue that at least $1.3 trillion is needed to address the crisis effectively. Even more concerning, however, is the lack of clarity about the sources of this funding; whether public or private, and how it will be allocated. While the commitments made are modest, they underscore a greater issue: the need for a radical shift in how climate finance is understood and structured.
Despite reservations, COP29 provided space for relevant debates about how to create a more inclusive and just financial system. The mobilisation of resources for the Global South is undoubtedly pressing, and the conversation is really just getting started. What is increasingly clear is that we must rethink the economic structures we have inherited, which often fail to address the systemic inequalities that underpin the climate crisis. Financial solutions must be holistic, incorporating the needs of vulnerable populations and the environment in ways that go beyond traditional market-driven approaches.
The environmental crisis cannot be solved by perpetuating existing power dynamics but requires finding solutions rooted in equity, justice, and a deep respect for the interconnectedness of all life.
Meanwhile, at the G20 summit, which ran in parallel to COP29, discussions on Universal Basic Income (UBI) for countries most affected by climate change gained traction. Countries in Latin America, including Brazil and Colombia, championed this idea, seeing it as a preventive measure against the growing polycrisis. UBI could offer a crucial safety net for populations already feeling the severe impacts of climate disruption. Despite its growing relevance and the goals set for COP30, UBI was sidelined at COP29, with market-based solutions taking center stage—solutions that largely overlook the root causes of the climate emergency.
The insistence on market-driven solutions, such as carbon credits, remains a central feature of international climate discussions. These mechanisms, which allow wealthy countries and corporations to offset emissions by purchasing credits from poorer nations, have yet to deliver the necessary reductions in global emissions. What is more concerning is that these market-based solutions reinforce a narrative of economic growth over environmental sustainability. Until the global conversation shifts away from this paradigm, meaningful progress will remain elusive.
The focus on market mechanisms at COP29 underscores the persistent power imbalances that shape climate action. Current international decision-making continues to rely on "realpolitik"—power dynamics that have failed to address both environmental and peace crises. This approach reinforces the dominance of wealthier nations and multinational corporations, while the voices of the Global South remain marginalized.
Although COP29 did not embrace the bold ideas needed to tackle the climate crisis, it has made one thing clear: The future of climate action lies in transforming how we relate to the planet and to each other. Climate change is a social justice issue that disproportionately affects vulnerable populations, yet their voices continue to be overlooked in global decision-making. The environmental crisis cannot be solved by perpetuating existing power dynamics but requires finding solutions rooted in equity, justice, and a deep respect for the interconnectedness of all life.
One potential avenue for transformative action underrepresented at COP29 is the Cap and Share model. This proposal advocates for a carbon tax on the largest polluters, with the revenue redistributed to support vulnerable populations. By holding major emitters accountable and ensuring the most affected communities are supported, Cap and Share challenges the economic systems that have exacerbated both environmental degradation and social inequality. Such an approach would lay the foundations for a fairer and more sustainable global response to the climate crisis.
Looking ahead to COP30, there is an opportunity to break the cycle and center discussions on a more profound philosophical reimagining of our relationship with nature. It is time to ask ourselves: What does a "good life" mean in the context of the climate crisis, and how can we redefine it in a way that prioritizes ecological harmony over economic interests? COP30 could be the moment to rediscover the wisdom that reminds us that humanity is not separate from nature, but an integral part of the web of life that sustains the planet.
To make this shift a reality, we must draw inspiration from initiatives that can empower local communities, particularly in regions most affected by climate change. The principles of Cap and Share can materialise not just through international policy but by supporting initiatives in local territories that engage communities who have suffered the consequences of climate change while also playing a critical role in preserving biodiversity. These initiatives could provide the foundation for overcoming the structural inequalities that perpetuate social and environmental harm, giving rise to a more just and sustainable world.
COP30 must, therefore, be the summit that moves beyond the transactional nature of past negotiations. It should be the moment when we embrace ideas that recognize the intrinsic value of nature and the need for global solidarity in protecting it. But for that to happen, we must first ask: Are we prepared to rethink the way we relate to the planet and each other in order to build a more just and sustainable future?
Rich countries must pay up for the climate action needed to halt the climate crisis they have created and remedy the climate harms that they have inflicted.
The recent COP29 climate finance deal is a stark example of how wealthy historical emitters continue to evade their responsibilities to pay for climate action and remedy climate harm. But they cannot escape rising demands for accountability. In the historic hearings on states' climate obligations at the International Court of Justice, which are drawing to a close, developing nations are forcing them to face the law.
The timing of these ICJ hearings, on the heels of yet another failure of the United Nations climate talks, underscores what's at stake.
The headlines have called COP29's climate finance deal a triumph of diplomacy, but this could not be farther from the truth. Wealthy nations responsible for the majority of cumulative greenhouse gas (GHG) emissions have carefully engineered an escape from their climate obligations through a deal the terms of which are too loose, and that offers too little, too late.
We know rich countries can deliver the grants they owe to the Global South. They can raise well over $5 trillion a year by ending fossil fuel handouts, taxing the rich, and changing unfair global financial rules.
It's too loose: Despite the deal's reference to two finance figures, $1.3 trillion and $300 billion, both constitute a hollow promise. The text fails to hold developed countries to their legal duty to provide climate finance to the Global South. Actors are merely "called upon" to work toward scaling funding to $1.3 trillion per year by 2035, without any binding commitments. Even the $300 billion annual goal has been carefully worded to avoid any concrete obligations. Developed countries are only required to "take the lead" in "mobilizing" these funds, which can come from private finance, multilateral development banks, and other "alternative" sources.
As multiple states including Colombia, Sierra Leone, and Seychelles emphasized during the ICJ hearings, this vagueness disproportionately impacts debt-stressed nations already struggling to fund climate action. If rich countries can pass the buck to the private sector and Global South, the most climate-vulnerable nations may be forced to take on more loans and private investment schemes rather than grants, deepening the historic debt crisis already affecting 93% of them.
Private finance cannot cover the costs of climate action in the Global South. That approach has been tested and failed. Nor can carbon markets fill the gap. Yet, the deal leaves the door open to carbon finance being wrongly counted as climate finance, allowing polluters to claim other countries' climate action as their own through carbon offsets rather than requiring them to pay up and phase out fossil fuels at home. With under 16% of carbon credits currently achieving actual emission reductions, this doesn't underwrite climate ambition, it undermines it.
It's too little: Contrary to what UNFCCC lead Simon Stiell has suggested, what was agreed at COP29 is not a tripling of climate finance. When adjusted for inflation, the $300 billion target is no meaningful increase compared to the $100 billion annually promised by 2020—which rich countries failed to meet. As the decision's own preamble acknowledges, the scale of need in developing countries is on the order of trillions, not billions, annually for climate action between now and 2030. And that figure is neither unreasonable nor out of reach. For context, rich nations currently spend $378 billion yearly on fossil fuel subsidies alone, and fossil fuel companies raked in an average of over $1 trillion in annual profits over the last 10 years. The money exists—it's just being invested in climate destruction rather than climate action.
It's too late: Waiting until 2035 for full implementation of climate finance goals essentially writes off this critical decade for climate action.
The inadequacy of this climate finance deal means planning for failure when it comes to fossil fuel phaseout, and therefore locking in climate catastrophe. The necessary global transition away from fossil fuels can't happen at the speed and scale required unless the biggest polluters pay. The ink has barely dried on the agreement, and wealthy nations are already on the offense. E.U. Climate Commissioner Woebke Hoekstra suggested in De Telegraaf that the E.U. could reduce its share of climate finance contributions since "other country contributions count too." Meanwhile, U.K. Energy Secretary Ed Miliband reframed the entire deal as an "investment opportunity," suggesting that private sector funding could cover the bill—precisely the kind of responsibility-shifting the agreement's language enables. Hoekstra celebrates the deal as 'the start of a new era for climate finance'. Sadly, this is true. A new era where the E.U., U.K., and other rich nations dodge their responsibility to pay—one where everyone is responsible and thus no one is.
But we know rich countries can deliver the grants they owe to the Global South. They can raise well over $5 trillion a year by ending fossil fuel handouts, taxing the rich, and changing unfair global financial rules.
We also know failing to provide needed climate finance doesn't just condemn Global South countries suffering most acutely from a crisis they didn't create. It undermines our collective future.
As the International Court of Justice deliberates on states' climate obligations, this inadequate finance deal illustrates exactly why judicial scrutiny and legal clarity is needed. The world cannot afford another decade of wealthy nations dodging their responsibilities while climate disasters mount.
We reject this deal for what it is—a carefully constructed escape hatch for wealthy nations. It's high time for the biggest polluters to stop hiding behind voluntary pledges and using the climate regime to protect themselves from climate accountability, rather than to protect people and the planet from climate destruction. Rich countries must pay up for the climate action needed to halt the climate crisis they have created and remedy the climate harms that they have inflicted. Doing so is not just a moral imperative, it's a legal obligation.