Climate Finance, Food Security, and Cracks in the Transatlantic Alliance at COP28: Recommendations for the Global Stocktake

The document highlights a critical gap in climate finance, noting that while developing countries may need between $6 trillion and $9 trillion per year to meet their Nationally Determined Contributions, current funding is insufficient and traditional sources are nearly depleted. It identifies 'cracks' in the transatlantic alliance, citing US domestic political opposition to climate pledges, UK economic downturns, and EU internal divisions. The author recommends that leaders use COP28 and the Global Stocktake to reform multilateral development banks, link climate action to global security and food systems, and resolve disputes between the US and Europe to maintain global leadership in the green transition.

• There is a massive shortfall in climate finance for developing countries; while the UNFCCC estimates a need for $6 trillion annually to meet half of their NDCs, other assessments suggest the 2023–2030 requirement is closer to $9 trillion per year. Furthermore, the ten countries most affected by climate change from 2000 to 2019 receive less than 2% of total contributions.
• The transatlantic alliance is experiencing instability due to domestic pressures: Congressional Republicans have committed to blocking President Biden's $11 billion climate finance pledge, the UK's Net Zero commitments are complicated by an economic downturn and Conservative Party policymaking, and the EU faces internal division and economic strain from migration and the war in Ukraine.
• Other major contributors are failing to meet their commitments; China has delivered only 10% of its $3.1 billion pledge for climate cooperation with the Global South, and there are concerns regarding the interest rates of the UAE's $4.5 billion clean energy funding for Africa.
• Food systems are a critical intersection of climate and national security, as current production methods account for 15% of all fossil fuel consumption, and the war in Ukraine has demonstrated the fragility of global trade routes.

APA

The Council on Strategic Risks (2023). Climate Finance, Food Security, and Cracks in the Transatlantic Alliance at COP28: Recommendations for the Global Stocktake. https://councilonstrategicrisks.org/2023/11/20/climate-finance-food-security-and-cracks-in-the-transatlantic-alliance-at-cop28-recommendations-for-the-global-stocktake/

Chicago

The Council on Strategic Risks. Climate Finance, Food Security, and Cracks in the Transatlantic Alliance at COP28: Recommendations for the Global Stocktake. 2023. https://councilonstrategicrisks.org/2023/11/20/climate-finance-food-security-and-cracks-in-the-transatlantic-alliance-at-cop28-recommendations-for-the-global-stocktake/.

Wikipedia

{{cite press release |author=The Council on Strategic Risks |title=Climate Finance, Food Security, and Cracks in the Transatlantic Alliance at COP28: Recommendations for the Global Stocktake |date=20 November 2023 |url=https://councilonstrategicrisks.org/2023/11/20/climate-finance-food-security-and-cracks-in-the-transatlantic-alliance-at-cop28-recommendations-for-the-global-stocktake/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{thecouncilonstrategicrisks2023climate, author = {{The Council on Strategic Risks}}, title = {{Climate Finance, Food Security, and Cracks in the Transatlantic Alliance at COP28: Recommendations for the Global Stocktake}}, publisher = {The Council on Strategic Risks}, year = {2023}, month = nov, url = {https://councilonstrategicrisks.org/2023/11/20/climate-finance-food-security-and-cracks-in-the-transatlantic-alliance-at-cop28-recommendations-for-the-global-stocktake/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }