New research published in Nature today finds that we are on track for climate damages worth $38 trillion per year by 2050. This is a staggering figure. The damages are projected to be worth 6x more than the mitigation costs of limiting global warming to 2C.

The red in the map shows regions that will suffer income loss relative to baseline projections, on average -19%. The global South, which has contributed little to this crisis, suffers disproportionate damage and an extraordinary injustice.

1. As we wrap up the Bonn Climate Change Conference, one of the main topics on the agenda was the new climate finance goal. Research shows developing countries need trillions annually to combat climate change. 🧵

🔴 3.8 billion people still lack social protection 🌍 91.3% of those in climate-vulnerable countries remain uncovered 📉 Only 8.7% have coverage in the most impacted nations Urgent action needed now! 👉 New International Labour Organization report out: ow.ly/4XoB50TlL86

Climate action is good for business. An alliance of 131 companies (US$4T revenue) cut emissions by 10% - equivalent of the annual emissions of France - while growing revenues by 18%. The bolder gov climate policies, the better for business & economies. 👉 bit.ly/3XZ9cHR

👩‍🌾Women are the driving force behind rural communities around the world. They ensure food security, build climate resilience and strengthen economies. On today's #RuralWomensDay, check out more facts from UN Women: bit.ly/3YpYNqn

Reminder: Victory for Trump is likely to all but end global hopes of staying below 1.5C, our analysis found in March carbonbrief.org/analysis-trump…

WHERE ARE THE WOMEN? Only 8 out of 78 world leaders are women, that is 10.2%! Women leaders are vastly outnumbered #COP29Baku – as usual. Women are leading on the front lines of climate crises, yet they’re not represented at the decision-making tables. buff.ly/3ObbIGp

A beached whale lies dead on the waterfront in #COP29 host city Baku, against the backdrop of the "Flame Towers" that symbolise Azerbaijan's fossil fuel resources

"Who pays is a choice." Today we launched the #TaxTheirBillions Dossier at #COP29 #COP29Baku. Our report spotlights 8 billionaires as examples of a super-rich class who could be taxed much more to generate TRILLIONS for climate finance 💰 Read more at 350.org/press-release/…

Climate finance is not charity. It's an investment. Climate action is not optional. It's an imperative. Both are indispensable for a prosperous future for every nation on Earth. #FinanceDay | #COP29

#COP29 update It's the end of wk 1, subsidiary body closing plenaries are overdue & new finance text has dropped – still with >400 brackets Talks on taking fwd last yr's stocktake & fossil fuel text are stalled No sign of a cover text What next? carbonbrief.org/interactive-tr… 1/8

At #COP29, COP29 Azerbaijan President Babayev informed parties that the Presidency will not initiate a process to develop a cover decision, stating that all priorities can be included in the existing mandates on the governing bodies’ agendas

At #COP29, the Independent Alliance of Latin America and the Caribbean noted we cannot move forward without putting numbers on the table on the new finance goal & emphasized accelerating transition away from fossil fuels, on the basis of common but differentiated responsibilities

Furious intervention from India after NCQG is adopted at #COP29 "gavelling and trying to ignore parties from speaking does not behove the UNFCCC system…India does not accept the goal proposal in its present form"

To understand global south anger at the COP29 climate finance goal it's crucial to understand two key numbers. "At least" $300bn/year - developed nations agreed to "take the lead" in mobilising this for developing countries $1.3tn/year - a wider, vaguer goal Sounds big! But...

Excellent analysis from Josh Gabbatiss as ever reveals $300bn ain't all that much. One wonders what the impact of this deep dive might have been had we had it pre #COP29. (not a criticism of the mighty Brief... more of the wider push for more $$$) carbonbrief.org/analysis-why-t…

"The increase to Musk's wealth since Trump was elected president three months ago is greater than all of the American aid given to Ukraine over the last three years."--Timothy Snyder

Cost of buying gas to UK just since Russian invasion began 3 years ago = £140bn Vs Cost of achieving full Net Zero by 2050 = £108bn

That’s the equivalent of 92M tonnes of textile waste pile up yearly. This wasteful system is harming people and the planet. It's time to rethink fashion and #BeatWastePollution. See how ahead of #ZeroWasteDay: unep.org/news-and-stori…