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Our world is at a critical juncture. The devastating effects of global warming are increasingly evident, and the crisis is deepening. To mitigate it, we must urgently reduce global greenhouse gas emissions. Failing to act now will only increase the human and economic toll. The United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, presents a unique opportunity for effective collective action. Amid heightened geopolitical tensions and global uncertainty, COP29 will serve as a test of the multilateral system on which humanity's ability to respond to this existential threat depends. The groundwork for coordinated action was laid in Rio de Janeiro in 1992 with the creation of the UN Framework Convention on Climate Change (UNFCCC), which established the annual Conference of the Parties (COP) to promote consensus-based solutions. The philosophy was simple: given that climate change is a global issue, addressing it requires a collaborative approach. The UNFCCC fosters cooperation between smaller countries and superpowers, enables civil society organisations to engage directly with governments, and facilitates cross-border technology transfers. Perhaps most importantly, it provides a framework for collective action in which each country's efforts encourage others to step up their own. While the 1997 Kyoto Protocol set binding emission-reduction targets for developed economies, it quickly became clear that more was needed. In response, developed countries pledged in 2009 to mobilise US$100 billion annually by 2020 to support developing countries' climate policies. The 2015 Paris climate agreement marked a turning point, setting the goal of limiting global warming to 1.5° Celsius above pre-industrial levels and ensuring that the increase stays well below 2°C. To monitor progress, the agreement established a system of nationally determined contributions (NDCs) through which each country outlines its emission-reduction plans. Periodic global audits assess whether countries are on track to fulfil their climate commitments. Regrettably, the first global audit, released ahead of last year's COP28 in Dubai, showed that we are far from meeting these climate targets. It also offered a comprehensive roadmap, calling on all countries to commit to NDCs aligned with the 1.5C goal and establishing clear steps and timelines -- including transitioning away from fossil fuels -- that could bring the Paris agreement's objectives within reach. COP29 represents the next step for the multilateral approach, with leaders expected to agree on a significant boost to the $100 billion climate finance target -- the so-called New Collective Quantified Goal (NCQG). Moreover, each country must submit its updated NDCs by February 2025. Transparency is essential to this process. If the Paris agreement's targets are the destination, and the NDCs are the roadmap, the NCQG provides the fuel needed to get there. Building trust in countries' commitment to bold climate action and willingness to provide the necessary financing is key. As COP29 President, Azerbaijan is urging all countries to submit NDCs aligned with the 1.5C target as soon as possible. We are also doing everything we can to secure a fair and ambitious new climate finance goal that addresses developing countries' needs and matches the scale and urgency of the crisis. Falling short would force us to confront tough questions: Are we willing to accept the failure of the Paris agreement? And what are the alternatives? One thing is clear: without a viable backup plan, we must do all we can to meet the 1.5C goal. Sleepwalking into climate catastrophe is not an option. To be sure, the multilateral system has its flaws. But it remains the best framework to tackle this daunting challenge. Over three decades, it has fostered lasting international cooperation, a shared understanding of the science, and a strong consensus concerning global climate goals. The alternative to multilateralism is a fragmented response, with governments pursuing their own agendas without coordination or cooperation. This approach would mean slower progress, higher costs, and less equitable outcomes. Without a unifying goal, any sense of shared purpose would all but vanish. We have no choice but to make the current system work. With an agenda focused on advancing climate action, Azerbaijan could bridge geopolitical divisions. But our success hinges on countries' willingness to commit to the multilateral process. The frameworks for coordinated action are in place. Now, we must find the political will to put these tools to use. COP29 is our chance to prove that multilateralism can work. ©2024 Project Syndicate Mukhtar Babayev, President-Designate of COP29, is Minister of Ecology and Natural Resources of Azerbaijan.Oscar Smith builds momentum on defensive stop, rolls late to trounce Colonial Forge in Class 6 semifinal
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Spotify Wrapped 2024 has listeners incredibly confusedDocuSign: Time To Start Taking Profits Here (Rating Downgrade)THE POWER OF ALLO'S ALL-FIBER NETWORK COMING TO BOULDER, COLORADOSir Keir Starmer was facing a diplomatic rift with the US and Israel after ministers refused to say if Binyamin Netanyahu could travel to Britain without being arrested for war crimes. President Biden called the International Criminal Court’s decision to issue arrest warrants against the Israeli prime minister and Yoav Gallant, the former defence minister, “outrageous”. Netanyahu said the charges were the work of “biased judges motivated by antisemitic sentiment against the Jewish state”. But Downing Street suggested that the UK would have to comply with any request by the ICC to arrest Netanyahu if he visited the UK. The prime minister’s official spokesman said the government would not comment on “hypotheticals” but said the UK would follow its “legal obligations”. Under UK legislation, if
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TOKYO — Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world’s third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors Corp. also had agreed to join the talks on integrating their businesses. Automakers in Japan have lagged behind their big rivals in electric vehicles and are trying to cut costs and make up for lost time as newcomers like China’s BYD and EV market leader Tesla devour market share. Honda’s president, Toshihiro Mibe, said Honda and Nissan will attempt to unify their operations under a joint holding company. Honda will lead the new management, retaining the principles and brands of each company. They aim to have a formal merger agreement by June and to complete the deal and list the holding company on the Tokyo Stock Exchange by August 2026, he said. No dollar value was given and the formal talks are just starting, Mibe said. There are “points that need to be studied and discussed,” he said. “Frankly speaking, the possibility of this not being implemented is not zero.” A merger could result in a behemoth worth more than $50 billion based on the market capitalization of all three automakers. Together, Honda, Nissan and Mitsubishi would gain scale to compete with Toyota Motor Corp. and with Germany’s Volkswagen AG. Toyota has technology partnerships with Japan’s Mazda Motor Corp. and Subaru Corp. News of a possible merger surfaced earlier this month, with unconfirmed reports saying Taiwan iPhone maker Foxconn was seeking to tie up with Nissan by buying shares from the Japan’s company’s other alliance partner, Renault SA of France. Nissan’s CEO Makoto Uchida said Foxconn had not directly approach his company. He also acknowledged that Nissan’s situation was “severe.” Even after a merger Toyota, which rolled out 11.5 million vehicles in 2023, would remain the leading Japanese automaker. If they join, the three smaller companies would make about 8 million vehicles. In 2023, Honda made 4 million and Nissan produced 3.4 million. Mitsubishi Motors made just over 1 million. “We have come to the realization that in order for both parties to be leaders in this mobility transformation, it is necessary to make a more bold change than a collaboration in specific areas,” Mibe said. Nissan, Honda and Mitsubishi earlier agreed to share components for electric vehicles like batteries and to jointly research software for autonomous driving to adapt better to electrification. Nissan has struggled following a scandal that began with the arrest of its former chairman Carlos Ghosn in late 2018 on charges of fraud and misuse of company assets, allegations that he denies. He eventually was released on bail and fled to Lebanon. Speaking Monday to reporters in Tokyo via a video link, Ghosn derided the planned merger as a “desperate move.” From Nissan, Honda could get truck-based body-on-frame large SUVs such as the Armada and Infiniti QX80 that Honda doesn’t have, with large towing capacities and good off-road performance, Sam Fiorani, vice president of AutoForecast Solutions, told The Associated Press. Nissan also has years of experience building batteries and electric vehicles, and gas-electric hybrid powertrains that could help Honda in developing its own EVs and next generation of hybrids, he said. But the company said in November that it was slashing 9,000 jobs, or about 6% of its global work force, and reducing its global production capacity by 20% after reporting a quarterly loss of 9.3 billion yen ($61 million). It recently reshuffled its management and Uchida, its chief executive, took a 50% pay cut while acknowledging responsibility for the financial woes, saying Nissan needed to become more efficient and respond better to market tastes, rising costs and other global changes. “We anticipate that if this integration comes to fruition, we will be able to deliver even greater value to a wider customer base,” Uchida said. Fitch Ratings recently downgraded Nissan’s credit outlook to “negative,” citing worsening profitability, partly due to price cuts in the North American market. But it noted that it has a strong financial structure and solid cash reserves that amounted to 1.44 trillion yen ($9.4 billion). Nissan’s share price also had fallen to the point where it is considered something of a bargain. On Monday, its Tokyo-traded shares gained 1.6%. They jumped more than 20% after news of the possible merger broke last week. Honda’s shares surged 3.8%. Honda’s net profit slipped nearly 20% in the first half of the April-March fiscal year from a year earlier, as its sales suffered in China. The merger reflects an industry-wide trend toward consolidation. At a routine briefing Monday, Cabinet Secretary Yoshimasa Hayashi said he would not comment on details of the automakers’ plans, but said Japanese companies need to stay competitive in the fast changing market. “As the business environment surrounding the automobile industry largely changes, with competitiveness in storage batteries and software is increasingly important, we expect measures needed to survive international competition will be taken,” Hayashi said. Source: AP
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