Global South needs $2 trillion a year to fight climate crisis
2 years, 1 month ago

Global South needs $2 trillion a year to fight climate crisis

Al Jazeera  

A trillion dollars of that should come from rich countries, investors and multilateral development banks, UN-backed report says. “The world needs a breakthrough and a new roadmap on climate finance that can mobilise the $1 trillion in external finance that will be needed by 2030 for emerging markets and developing countries other than China,” the report said. The report is among the first to map out the investment needed across the three broad areas covered in UN climate talks: reduction of the greenhouse gas emissions that drive warming, adapting to future climate effects, and compensating poor and vulnerable nations for unavoidable damages already incurred, known as “loss and damage”. “These sources of finance are critical for emerging markets and developing countries to support action on restoring land and nature, and for protecting against and responding to the loss and damage due to climate change impacts,” the authors said. “Emerging market” countries include large economies in the Global South that have seen rapid growth – coupled with rising greenhouse gas emissions – in recent decades, including India, Brazil, South Africa, Indonesia and Vietnam.

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History of this topic

Boost Green Capex With 'Climate Deficit' to Reverse India's GDP Slowdown
3 weeks ago

Boost Green Capex With 'Climate Deficit' to Reverse India's GDP Slowdown

The Quint  

However, in terms of social or political outcomes, inflation is not a statistical idea based on indices rising up from a base year but a lived experience called price rise. Developing countries, especially India, saw a grand failure in the inability of developed countries to sufficiently increase the funding to decelerate climate change. While the COP29 attended by delegates from …

West’s hypocrisy at COP29: Why Global South must draw the line
3 weeks, 1 day ago

West’s hypocrisy at COP29: Why Global South must draw the line

Firstpost  

Perhaps it is time for the Global South to signal its collective agency by exploring a South-South Carbon Adjustment Union. While such a measure may not directly generate significant revenue, it would send a powerful message to the developed world The Global South's call for substantial and immediate financial support has been met with empty promises and token gestures, exposing …

Finance COP fails to offer adequate finance to developing countries for climate action
1 month ago

Finance COP fails to offer adequate finance to developing countries for climate action

Live Mint  

New Delhi: After an extension and over two weeks of intense negotiations, the 29th UN climate change conference or COP29 in Baku finally reached a consensus on a new collective quantified goals on climate finance but disappointed developing countries with only $300 billion per year by 2035 as against a required $1.3 trillion. Onus on developed countries The final draft …

Why is there a row over climate finance?
1 month ago

Why is there a row over climate finance?

The Hindu  

The story so far: The 29th edition of the Conference of Parties, arguably the most important of the UN’s climate conferences, was scheduled to end on November 22, after 11 days of negotiations, and take a collective step forward in addressing rising carbon emissions. This was seen to be the New Collective Quantified Goal on climate finance which refers to …

United States, European Union among others to back new $300 billion global finance target: COP29
Trending News
1 month ago

United States, European Union among others to back new $300 billion global finance target: COP29

Live Mint  

BAKU -The European Union, United States and other wealthy countries at the COP29 climate summit have agreed to raise their offer of a global finance target to $300 billion per year by 2035, sources told Reuters on Saturday. The new goal is intended to replace developed countries' previous commitment to provide $100 billion in climate finance for poorer nations per …

COP29 ends in a $1.3 trillion disappointment. But there may still be hope
1 month ago

COP29 ends in a $1.3 trillion disappointment. But there may still be hope

Live Mint  

New Delhi: The 29th edition of the UN climate change conference in Azerbaijan emerged from a deadlock with an annual climate finance goal of $1.3 trillion for developing countries, much to the disappointment of the Global South. The second goal mentions that developed countries must take the lead in mobilising $250 billion per year by 2035 for climate action by …

New NCQG text pitches $250bn by 2035; developing nations likely to reject it
1 month ago

New NCQG text pitches $250bn by 2035; developing nations likely to reject it

Hindustan Times  

The new COP29 Presidency’s text on New Collective Quantified Goal on climate finance has decided to set a goal of USD 250 billion per year by 2035 for developing country Parties for climate action, from a wide variety of sources. Overall, the text calls on all actors to work together to enable the scaling up of financing to developing country …

Is China a ‘developing’ country? That’s the trillion-dollar question at UN climate talks
1 month ago

Is China a ‘developing’ country? That’s the trillion-dollar question at UN climate talks

Live Mint  

BAKU, Azerbaijan—A few dozen miles from the United Nations climate conference here, a company controlled by the United Arab Emirates recently opened the region’s largest solar-power park. Both projects break the mold of the Paris climate accord: They are funded by countries that are designated as developing nations, entitling them, in theory, to receive climate financing from developed nations. Western …

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment
1 month ago

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It’s like developed countries are saying the dog ate their homework.” open image in gallery Activists demonstrate for climate …

Cop29: The trillion-dollar question that has left climate summit at an impasse
1 month ago

Cop29: The trillion-dollar question that has left climate summit at an impasse

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The New Collective Quantified Goal on Finance, which will fund the climate disaster and prevention-related costs in developing countries, …

Deadline looms for negotiators seeking a deal for cash to curb global warming
1 month ago

Deadline looms for negotiators seeking a deal for cash to curb global warming

Associated Press  

BAKU, Azerbaijan — With time running down, negotiators at the United Nations annual climate talks on Wednesday remained mired in the maze of a trillion-dollar money problem, turning to host Azerbaijan to lead the way to daylight with a promised map to be released in the dark of night. “And what this effectively means is a lot of shuttle diplomacy, …

COP29 negotiators seek climate finance deal as deadline looms
Trending News
1 month ago

COP29 negotiators seek climate finance deal as deadline looms

Al Jazeera  

Vulnerable nations are seeking $1.3 trillion to deal with damage from climate change and to adapt to that change. With time running down, negotiators at the United Nations’ annual climate talks have returned to the puzzle of finding an agreement to bring far more money for developing countries to adapt than wealthier countries have shown they are willing to pay. …

COP29: Developed nations may pitch $200 to 300 billion in NCQG talks
1 month ago

COP29: Developed nations may pitch $200 to 300 billion in NCQG talks

Hindustan Times  

Baku: The New Collective Quantified Goal quantum that was being discussed in the corridors of COP29 at Baku Stadium on Tuesday was around USD 200 to 250 billion as the core public finance goal with the rest mobilised through various sources including private finance and investments. “It is very clear for developing countries that the goal is 1.3 trillion USD …

Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?
1 month ago

Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?

New Indian Express  

Climate cash could be in the form of loans, grants or private investment Experts put the need closer to $1 trillion, while developing nations have said they'll need $1.3 trillion in climate finance. “That's a big lever,” said Melanie Robinson, global climate economics and finance director at World Resources Institute. For developing nations, the talk of loans brings fear of …

Climate finance is central for enabling and implementing climate actions, says India at COP29
1 month ago

Climate finance is central for enabling and implementing climate actions, says India at COP29

Live Mint  

New Delhi: Highlighting four essential aspects of global climate action, Leena Nandan, secretary of the ministry of environment, forest and climate change at COP29 on Monday, said the pre-2030 period is an opportunity to enhance global climate action through climate finance to reduce emissions and meet net zero. It is an opportunity to enhance global climate action,” Nandan said in …

China praised for climate financial aid
1 month, 1 week ago

China praised for climate financial aid

China Daily  

Experts and officials from both domestic and international spheres have praised China's voluntary financial support to developing nations within the South-South cooperation framework, highlighting it as a testament to the largest developing nation's role as a significant and responsible world power. Since 2016, China has provided and mobilized more than 177 billion yuan of financial support to bolster climate initiatives …

China praised for climate financial aid
Trending News
1 month, 1 week ago

China praised for climate financial aid

China Daily  

Experts and officials from both domestic and international spheres have praised China's voluntary financial support to developing nations within the South-South cooperation framework, highlighting it as a testament to the largest developing nation's role as a significant and responsible world power. Since 2016, China has provided and mobilized more than 177 billion yuan of financial support to bolster climate initiatives …

China praised for climate financial aid
Trending News
1 month, 1 week ago

China praised for climate financial aid

China Daily  

Experts and officials from both domestic and international spheres have praised China's voluntary financial support to developing nations within the South-South cooperation framework, highlighting it as a testament to the largest developing nation's role as a significant and responsible world power. Since 2016, China has provided and mobilized more than 177 billion yuan of financial support to bolster climate initiatives …

India pitches for $1.3 trillion in annual climate support for developing nations
1 month, 1 week ago

India pitches for $1.3 trillion in annual climate support for developing nations

Live Mint  

Intervening on behalf of like-minded developing countries, India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal till 2030. Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition, according to various estimates. Also Read: COP29 stresses global …

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare
1 month, 1 week ago

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare

BBC  

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare Getty Images As countries negotiate a new global goal to raise climate cash, these five charts show why discussions are so fraught. "Developing countries eager to act are facing many obstacles: scant public finance; raging cost of capital; crushing climate disasters; and debt servicing that soaks up funds," …

Raise $1tr annually for developing nations to deliver on Paris pact goals: Report
Trending News
1 month, 1 week ago

Raise $1tr annually for developing nations to deliver on Paris pact goals: Report

Hindustan Times  

Talks at the 2024 UN Climate Change Conference in Azerbaijan’s Baku should focus on mobilising at least $1 trillion annually by 2030 in external finance from all sources for the investments necessary by emerging market and developing countries other than China to deliver on Paris Agreement goals, a report by the Independent High-Level Expert Group on Climate Finance has said. …

High-level report calls for $1 trillion boost in climate finance at COP29
1 month, 1 week ago

High-level report calls for $1 trillion boost in climate finance at COP29

India Today  

As the COP29 climate summit continues in Baku, a new report highlights an urgent call for climate finance to meet critical global targets. Published by an independent high-level expert group, the report recommends mobilising $1 trillion annually for developing countries by 2030, a move that would help address climate challenges under the Paris Agreement. The group aims to support policy …

Developed countries should walk the talk on climate
1 month, 2 weeks ago

Developed countries should walk the talk on climate

China Daily  

Driven by nations who've already been hit hard by climate change, there's been a growing consensus that global efforts must be intensified to elevate climate ambitions in order to restrict the rise in temperature this century to well below 1.5 C, thus preventing catastrophic irreversibility. They underscore the critical importance of COP29 in Baku, Azerbaijan, where establishing a New Collective …

Developed countries should walk the talk on climate
1 month, 2 weeks ago

Developed countries should walk the talk on climate

China Daily  

Driven by nations who've already been hit hard by climate change, there's been a growing consensus that global efforts must be intensified to elevate climate ambitions in order to restrict the rise in temperature this century to well below 1.5 C, thus preventing catastrophic irreversibility. They underscore the critical importance of COP29 in Baku, Azerbaijan, where establishing a New Collective …

A shadow ‘financial crisis’ has cost the world $2 trillion
1 month, 2 weeks ago

A shadow ‘financial crisis’ has cost the world $2 trillion

CNN  

CNN — Last month, two major storms, Hurricane Helene and Hurricane Milton, caused a total of between $51.5 billion and $81.5 billion of property damage, mostly to Southeastern US states, according to estimates from CoreLogic. The report from the International Chamber of Commerce, which comes as the United Nations Climate Change Conference begins in Azerbaijan this week, estimated that the …

Can $1 trillion in climate finance be achieved amid political hurdles
1 month, 2 weeks ago

Can $1 trillion in climate finance be achieved amid political hurdles

New Indian Express  

CHENNAI: The World Meteorological Organisation has declared that 2024 is on track to be the warmest year on record, which means it will be the first year of more than 1.5 degrees Celsius warming above pre-industrial levels. It is the most consequential of climate summits since the Paris Agreement as the discussions are set to address the New Collective Quantified …

India's push for $1 trillion in climate finance to take centre stage at COP29
1 month, 2 weeks ago

India's push for $1 trillion in climate finance to take centre stage at COP29

India Today  

With just days left until the United Nations Climate Change Conference begins in Azerbaijan, negotiators have yet to clearly outline a deal for a new climate finance goal. India has emphasised that developed nations need to provide at least $1 trillion annually for climate finance, as stated in the G20 New Delhi Declaration. The new financing goal will support developing …

UN report calls for trillion of dollars in climate finance to aid developing countries
1 month, 2 weeks ago

UN report calls for trillion of dollars in climate finance to aid developing countries

Live Mint  

Developing nations will need around $1.1 trillion annually in climate financing by 2025, a figure expected to climb to $1.8 trillion by 2030, according to a new report by the United Nations Conference on Trade and Development. The report outlines a daunting roadmap for climate finance and calls for developed countries to meet escalating financial commitments to support global climate …

New climate financing goal expected
1 month, 3 weeks ago

New climate financing goal expected

China Daily  

China will collaborate with other Global South countries at an upcoming conference to push for a new, ambitious climate financing goal from developed nations that can adequately support climate actions in developing countries. Xia especially underscored the pivotal importance of a specific climate financing target from developed countries for developing nations to achieve a successful COP29. A key task for …

New climate financing goal expected
1 month, 3 weeks ago

New climate financing goal expected

China Daily  

By Hou Liqiang | China Daily | Updated: 2024-11-02 07:22 China will collaborate with other Global South countries at an upcoming conference to push for a new, ambitious climate financing goal from developed nations that can adequately support climate actions in developing countries. Xia especially underscored the pivotal importance of a specific climate financing target from developed countries for developing …

Asia-Pacific risks growth amid climate crisis: ADB
1 month, 3 weeks ago

Asia-Pacific risks growth amid climate crisis: ADB

China Daily  

A view of CBD area in Beijing on June 20, 2023. Rising sea levels and falling labor productivity would slash growth in the Asia-Pacific region, which needs an annual investment of at least $102 billion in the next five years for adaptation measures to help offset the huge economic losses brought by climate change, the Asian Development Bank said on …

Developing Countries Face Greater Climate Finance Risk, Need More Support
2 months ago

Developing Countries Face Greater Climate Finance Risk, Need More Support

The Hindu  

Developing countries face a significant risk due to their geographical factors and reliance on sectors like agriculture, which are particularly sensitive to climate change. Despite contributing relatively little to the cumulative emissions that cause climate change, they require external financing for climate action due to their smaller domestic financial systems and higher costs of capital. The New Collective Quantified Goal …

Leaders at U.N. urge world’s richest to do more on climate
3 months ago

Leaders at U.N. urge world’s richest to do more on climate

The Hindu  

Developing nations on Monday pleaded at the U.N. General Assembly for the world’s richest to do more to help them cope with the hardships they face from climate extremes. “The vulnerable people of our world are drained by the lip service.” Delivering a similar message on behalf of the Least Developed Country negotiating bloc, Malawi’s climate and natural resources minister, …

Broken promise
3 months, 2 weeks ago

Broken promise

New Indian Express  

CHENNAI: As the COP29 negotiations draw closer, the climate finance gap between developed and developing nations remains a major hurdle, casting a shadow over the upcoming summit. With less than three months to go, the pressure is mounting on wealthier countries to make good on their promises and agree to a new climate finance goal that adequately supports vulnerable nations …

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report
3 months, 2 weeks ago

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report

India TV News  

New Delhi: India contributed USD 1.28 billion in climate finance through multilateral development banks in 2022, surpassing the contributions of many developed countries, according to a new analysis. India provided USD 1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece, Portugal, Ireland and …

UN draft: Developing nations expect trillions for climate mitigation efforts
3 months, 3 weeks ago

UN draft: Developing nations expect trillions for climate mitigation efforts

Hindustan Times  

A draft document on the new climate finance goal, to be negotiated at the UN Climate Conference COP29 in November, indicates developing countries expect contributions in the trillions from developed nations for climate change mitigation efforts. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Largely, the principle lays down that developed countries have contributed more to global greenhouse gas emissions historically and are therefore …

Developed countries should intensify climate actions
4 months, 3 weeks ago

Developed countries should intensify climate actions

China Daily  

An employee undertakes turbine blade installation at a wind farm in Ruichang, Jiangxi province, last week. Hence, developed countries should continue to provide the developing nations with more economic and technological support to mitigate and adapt to climate change. In 2009, developed countries committed to jointly mobilize $100 billion a year in climate finance by 2020 to boost climate actions …

Developed countries should intensify climate actions
4 months, 3 weeks ago

Developed countries should intensify climate actions

China Daily  

An employee undertakes turbine blade installation at a wind farm in Ruichang, Jiangxi province, last week. Hence, developed countries should continue to provide the developing nations with more economic and technological support to mitigate and adapt to climate change. In 2009, developed countries committed to jointly mobilize $100 billion a year in climate finance by 2020 to boost climate actions …

Climate finance gaps
7 months ago

Climate finance gaps

China Daily  

MA XUEJING/CHINA DAILY Since its launch 10 years ago, the Belt and Road Initiative has made remarkable progress across various fields. Therefore, it is critical and urgent to promote international cooperation on climate finance in BRI countries, so as to channel more funds toward climate change adaptation and environmental protection, and enhance these countries' capacity for mitigating and adapting to …

World Bank’s Banga wants to make gains in tackling the effects of climate change, poverty and war
8 months ago

World Bank’s Banga wants to make gains in tackling the effects of climate change, poverty and war

Associated Press  

WASHINGTON — There was no shortage of stressors to the global economy when Ajay Banga took charge at the World Bank almost a year ago: inflation eating at nations drowning in debt, a once-in-a-generation pandemic, climate disasters and Russia’s invasion of Ukraine. President Joe Biden, who nominated Banga, said upon Banga’s approval by the bank’s board that the ex-Mastercard CEO …

Private sector holds key to climate finance
9 months ago

Private sector holds key to climate finance

China Daily  

A man sells camels at El Hirka Dhere livestock market in Mogadishu, Somalia, on July 30, 2020. The private sector, government and international organizations have reiterated that Africa needs to attract more private sector finance in order to bridge its climate finance gap. During the Climate Change Global Business Summit, speakers called on multilateral development finance institutions to strengthen their …

Budget 2024: Can India become a $7 trillion economy by 2030?
10 months, 3 weeks ago

Budget 2024: Can India become a $7 trillion economy by 2030?

India Today  

A recent review report released by the government has estimated India's potential economic trajectory, aiming to hit the $7 trillion mark by 2030, ahead of the upcoming Interim Budget 2024-25. "India's unwavering commitment to ensuring steady economic growth is generating resources for investment needed for climate change adaptation, building resilience, and mitigating emissions,' the Finance Ministry report said. The report …

Global warming could cost poor countries trillions. They’ve urged the COP28 climate summit to help
1 year ago

Global warming could cost poor countries trillions. They’ve urged the COP28 climate summit to help

Associated Press  

DUBAI, United Arab Emirates — A prominent developing-world leader on the issue of climate change said Monday that global taxes on the financial services, oil and gas, and shipping industries could drum up hundreds of billions of dollars for poorer countries to adapt and cope with global warming. The U.N. climate summit known as COP28, which is being presided over …

Climate funding is in short supply. So some want to rework the financial system
1 year ago

Climate funding is in short supply. So some want to rework the financial system

NPR  

Climate funding is in short supply. Enlarge this image toggle caption Ina Fassbender/AFP via Getty Images Ina Fassbender/AFP via Getty Images Developing countries need a lot more money for climate change Industrialized countries like the United States built their wealth producing and using fossil fuels. Sponsor Message "That $100 billion is a very important symbol of trust" between wealthy countries …

Fund to compensate developing nations for climate change is unfinished business at COP28
1 year, 1 month ago

Fund to compensate developing nations for climate change is unfinished business at COP28

Associated Press  

NEW DELHI — Sunil Kumar watched helplessly in July as his home and 14 others were washed away by intense monsoon rains lashing the Indian Himalayas. Developing nations had long sought to address the problem, and finally broke through with an agreement at last year’s annual United Nations climate talks, known as COP27, to create what’s known as a loss …

As climate threats grow, poor countries still aren't getting enough money to prepare
1 year, 1 month ago

As climate threats grow, poor countries still aren't getting enough money to prepare

NPR  

As climate threats grow, poor countries still aren't getting enough money to prepare Enlarge this image toggle caption Fida Hussain/AFP via Getty Images Fida Hussain/AFP via Getty Images The world is facing more extreme weather that scientists say is fueled by human-driven climate change. Sponsor Message The UN estimates the gap between how much money developing countries need to pay …

Finding funds for climate action risks ending up as a pipe dream
1 year, 2 months ago

Finding funds for climate action risks ending up as a pipe dream

Live Mint  

Low-income countries are in the throes of a liquidity crunch that is not only undermining their economic development but also deepening the global climate crisis. To overcome this dilemma, the African Union’s Nairobi Declaration on Climate Change proposes that countries be allowed to reschedule debts coming due to create fiscal space for ‘green growth’ policies and reforms, financed by MDBs. …

Aiming for sustainable development
1 year, 3 months ago

Aiming for sustainable development

China Daily  

WANG XIAOYING/CHINA DAILY The extreme weather events across the world are just some of the consequences of climate change. In 2020, the UN Intergovernmental Panel on Climate Change, in its Sixth Assessment Report, painted a grim picture of the disastrous consequences of rising global temperatures, and urged UN member states to limit global temperature rise to below 1.5 C. Since …

Aiming for sustainable development
1 year, 3 months ago

Aiming for sustainable development

China Daily  

WANG XIAOYING/CHINA DAILY The extreme weather events across the world are just some of the consequences of climate change. In 2020, the UN Intergovernmental Panel on Climate Change, in its Sixth Assessment Report, painted a grim picture of the disastrous consequences of rising global temperatures, and urged UN member states to limit global temperature rise to below 1.5 C. Since …

Data | Climate finance adds another layer of inequity to climate change
1 year, 4 months ago

Data | Climate finance adds another layer of inequity to climate change

The Hindu  

In the last few years, climate justice activists have been campaigning for the world’s economically developed countries to raise their investments in climate adaptation and mitigation, including paying for other countries’ abilities to deal with the effects of climate change. Countries in Sub-Saharan Africa, Latin America, and South Asia have historically contributed the least to global warming; yet, they are …

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