The climate crisis spells both risk and opportunity for the financial world
2 years, 10 months ago

The climate crisis spells both risk and opportunity for the financial world

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. Read our privacy policy Veterans of the United Nation’s annual climate summits were stunned at Cop26 in Glasgow last month by the number of financial executives in attendance. While shutting down the world’s fossil fuel industry is viewed as the ultimate goal for many young climate enthusiasts, how this can be done without creating a global financial crisis will be one of the key flash points of the emergency in 2022. Bankers and financial elites have a poor track record as well, having blown up the economic world 15 years ago with dangerous real estate derivatives in the global financial crisis. To keep up to speed with all the latest opinions and comment sign up to our free weekly Voices Dispatches newsletter by clicking here Twelve months ago, as the dark days of pandemic 2020 gave way to the hope of vaccines in 2021, many climate leaders, such as John Kerry in the US, said this year had to be the pivotal year for the world to finally start acting on climate change.

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India’s Banks Know Climate Is Their Biggest Threat
12 hours, 7 minutes ago

India’s Banks Know Climate Is Their Biggest Threat

Live Mint  

-- Twice a year, the Reserve Bank of India reviews the stability of the country’s financial system. While they downplayed the usual concerns — asset quality, interest rate risk, capital outflows — one particular threat loomed larger than ever before: climate change. It isn’t just that India, according to the Network for Greening the Financial System, will see sharply lower …

Here’s Why I’m Optimistic About Climate Financing
2 weeks, 1 day ago

Here’s Why I’m Optimistic About Climate Financing

Live Mint  

-- So we’re at the end of another record-breaking year for heat. It became “effectively certain” at the start of December that 2024 is going to be the warmest year on record and more than 1.5C above the pre-industrial baseline, according to the Copernicus Climate Change Service, part of the European Union’s Earth observation program. Yet at the same time, …

How global warming smashed all safety barriers in 2024
3 weeks, 1 day ago

How global warming smashed all safety barriers in 2024

Live Mint  

New Delhi: How do we feel the effects of climate change in our everyday lives? “People just get on with their lives, and that’s not nice", she says, putting the onus of this forgetfulness on the fact that in India, we tend to focus on “seasonal climate conversations"—like heat waves during summer, and floods during the monsoon. “It’s almost inevitable …

Climate myopia: This year’s CoP was a big disappointment but small surprise
1 month, 1 week ago

Climate myopia: This year’s CoP was a big disappointment but small surprise

Live Mint  

The 29th Conference of the Parties to Climate Change came to an end on 24 November 2024 with deep disappointment on the outcomes—not just on finance, but on most other aspects of the agenda. With grossly inadequate mitigation of the crisis, the climate finance that developing countries can legitimately asl for will increase exponentially, leading to continued disappointment from a …

Climate change poses severe risks to financial stability: RBI Deputy Governor
1 month, 1 week ago

Climate change poses severe risks to financial stability: RBI Deputy Governor

New Indian Express  

MUMBAI: Warning of the increasing intensity and severity of climate risks, Reserve Bank of India Deputy Governor M Rajeshwar Rao has called for a regulatory response to mitigate these challenges, emphasising their impact on price and financial stability. Speaking at an international conference on "Mitigating Climate Change Risks and Fostering a Robust Ecosystem for Sustainable Finance", organised by the Institute …

COP29: How $300 billion climate funding is an ‘optical illusion’
1 month, 2 weeks ago

COP29: How $300 billion climate funding is an ‘optical illusion’

Firstpost  

Much of the funding relies on mobilising private finance, which often translates to loans rather than grants. Nations already grappling with crippling debt burdens face the prospect of trading financial solvency for climate action A demonstrator displays hands that reads "pay up" during a protest for climate finance at the COP29 UN Climate Summit, November 23, 2024, in Baku, Azerbaijan. …

Cop29 secures last minute $300bn climate finance deal as talks saved from collapse
1 month, 3 weeks ago

Cop29 secures last minute $300bn climate finance deal as talks saved from collapse

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. open image in gallery Activists participated in demonstrations for climate finance at the Cop29 summit “This deal will keep …

COP29: $300 billion climate deal pushed through despite stiff opposition
1 month, 3 weeks ago

COP29: $300 billion climate deal pushed through despite stiff opposition

New Indian Express  

BAKU: The United Nations climate summit in Baku on Sunday concluded amidst high drama with the adoption of a controversial agreement to triple climate finance for developing countries to $300 billion annually by 2035. Chandni Raina, adviser to the Department of Economic Affairs and part of India’s negotiating team, criticised the agreement for failing to address the urgent needs of …

COP29 U.N. Summit: Civil society protests against climate finance proposal, calls for 'no deal' over 'bad deal'
1 month, 3 weeks ago

COP29 U.N. Summit: Civil society protests against climate finance proposal, calls for 'no deal' over 'bad deal'

The Hindu  

Civil society members staged a silent march at the U.N. climate summit, condemning the developed nations' proposal to increase annual climate finance to a meagre $250 billion by 2035. With their arms crossed in defiance, protesters walked silently through the summit venue, where chanting is prohibited "We urge you to stand up for the people of the Global South, and …

What the ‘show me the money’ climate summit tells us about the new Trump era
1 month, 3 weeks ago

What the ‘show me the money’ climate summit tells us about the new Trump era

Politico  

Trump’s upcoming presidency is the most important source of the instability on display at the COP29 summit, despite all the Biden administration’s efforts to send signals that America is still on board with the climate cause, said Carlos Fuller, Belize’s permanent representative at the United Nations. “And then,” she added, “you have the U.S. going in and out.” Here are …

‘No deal is better than a bad deal’: Cop29 deadlocked over climate fund
1 month, 3 weeks ago

‘No deal is better than a bad deal’: Cop29 deadlocked over climate fund

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. Read our privacy policy Hopes of a trillion-dollar climate finance fund appear to be slipping out of reach after …

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment
1 month, 3 weeks 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, 3 weeks 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, …

COP29 negotiators seek climate finance deal as deadline looms
Trending News
1 month, 3 weeks 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. …

Invest in the climate-health nexus
1 month, 3 weeks ago

Invest in the climate-health nexus

Hindustan Times  

From November 11 to 22, global leaders and climate experts have come together at the Conference of Parties 29, billed as the ‘finance COP’ to set the New Collective Quantified Goal. The climate crisis is expected to put tremendous pressure on health systems across the world, with over 2,50,000 additional deaths per year predicted between 2030 and 2050. During the …

Where Will the COP29 Money Come From?
2 months ago

Where Will the COP29 Money Come From?

Live Mint  

-- COP29 Daily Reports: Sign up for the Green Daily newsletter for comprehensive coverage of the climate summit right in your inbox. But that moniker could have been given to almost any of the other recent United Nations gatherings of world leaders: the COP26 confab in Glasgow in 2021 focused on enlisting institutional investors in the fight against global warming; …

Countries at COP29 urged to invest trillions to cope with climate change
2 months ago

Countries at COP29 urged to invest trillions to cope with climate change

Al Jazeera  

Countries need to invest more than $6 trillion per year by 2030 to tackle the effects of climate change or risk having to pay more in the future, according to report by an independent panel of experts at a United Nations climate summit. “Investments in all areas of climate action must increase across all economies,” said the report published on …

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

Why are countries fighting over climate finance at COP29?
2 months ago

Why are countries fighting over climate finance at COP29?

The Hindu  

The main task for nearly 200 countries at the U.N.'s COP29 climate summit is to broker a deal that ensures up to trillions of dollars in financing for climate projects worldwide. Wealthy countries pledged in 2009 to contribute $100 billion a year to help developing nations cope with the costs of a transition to clean energy and adapting to the …

UN chief expects nations to meet climate finance goal
2 months ago

UN chief expects nations to meet climate finance goal

China Daily  

Staff display souvenirs on Monday at the China Pavilion of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP29, in Baku, Azerbaijan. DOMINIKA ZARZYCKA/GETTY IMAGES Warning of a grim global warming situation, United Nations Secretary-General Antonio Guterres said he expects to see developed countries beefing up their support for …

Why are countries fighting over money at COP29 climate summit?
2 months ago

Why are countries fighting over money at COP29 climate summit?

India Today  

The United Nations' COP29 climate summit, currently underway in Baku, Azerbaijan, has brought together representatives from nearly 200 countries with a primary goal of brokering a landmark climate finance deal. However, the recent US election results have cast a shadow over the talks, with concerns that a potential Trump administration could halt US climate finance contributions, potentially shrinking the overall …

UN chief expects nations to meet climate finance goal
2 months ago

UN chief expects nations to meet climate finance goal

China Daily  

Staff display souvenirs on Monday at the China Pavilion of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP29, in Baku, Azerbaijan. DOMINIKA ZARZYCKA/GETTY IMAGES Warning of a grim global warming situation, United Nations Secretary-General Antonio Guterres said he expects to see developed countries beefing up their support for …

US climate envoy says work will continue despite Trump’s return
2 months ago

US climate envoy says work will continue despite Trump’s return

The Hindu  

U.S. climate envoy John Podesta urged governments to keep faith in the country’s promise to combat global warming, saying Donald Trump can slow, not stop, the transition from fossil fuels when he returns to office in January. The annual U.N. climate summit began on Monday in Baku, Azerbaijan, with many country delegations concerned Trump’s victory in U.S. presidential elections on …

Cop29: Activists look to Britain for climate leadership as Trump’s win casts long shadow over crucial UN talks
2 months ago

Cop29: Activists look to Britain for climate leadership as Trump’s win casts long shadow over crucial UN talks

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. Every year the climate summit produces a treaty agreed by all countries, and this year’s will focus on the …

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

UN report calls for trillion of dollars in climate finance to aid developing countries
2 months, 1 week 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 …

Immediate Action Needed: Focus on Cooling and Decentralized Renewable Energy for Climate Adaptation
2 months, 2 weeks ago

Immediate Action Needed: Focus on Cooling and Decentralized Renewable Energy for Climate Adaptation

Hindustan Times  

The critical step that needs to be taken in the wake of the mounting climate crisis is to provide resources to communities, especially those that are vulnerable, and equip them to withstand the changing climate. This is where most of the climate plans falter. Financing support for adaptation actions remains alarmingly inadequate. Developing countries that are facing the brunt of …

Climate Crisis: Can COP29 Break the Cycle of Broken Promises?
2 months, 2 weeks ago

Climate Crisis: Can COP29 Break the Cycle of Broken Promises?

Live Mint  

The 2024 Emissions Gap Report paints a grim picture of global climate progress, with emissions continuing to rise and the gap between climate targets and reality widening. The report emphasizes the need for immediate action on climate finance, emissions reduction, and accountability. It highlights the responsibility of wealthy nations to fulfill their financial and emissions reduction promises, particularly to support …

Climate Crisis: World Paying a Terrifying Price for Inaction, UN Warns
2 months, 3 weeks ago

Climate Crisis: World Paying a Terrifying Price for Inaction, UN Warns

Al Jazeera  

UN Secretary-General Antonio Guterres has warned that current climate policies will result in global warming of more than 3 degrees Celsius (5.4 degrees Fahrenheit) by the end of the century. The report also finds that the world faces as much as 3.1C (5.6F) of warming above pre-industrial levels by 2100 if governments do not take greater action on slashing planet-warming …

John Kerry warns that Project 2025 would be "absolutely unimaginable and destructive"
6 months, 4 weeks ago

John Kerry warns that Project 2025 would be "absolutely unimaginable and destructive"

Salon  

During a sweltering rally in Las Vegas on Sunday, June 9, former President Donald Trump complained to his supporters about "sweating like a dog" in the triple-digit heat. Because climate change is breaking temperature records all over the world, one might have assumed that the aspiring leader's next act would have been to express concern for the other people at …

Climate accountability: Disclose more, put checks before financing mega projects
7 months, 4 weeks ago

Climate accountability: Disclose more, put checks before financing mega projects

New Indian Express  

The ‘Draft Disclosure Framework on Climate Related Financial Risks’ released by the RBI in February enjoins financial institutions, such as banks, to provide the public detailed information on how they are addressing risks to their investments arising from the climate crisis. Big-ticket investments by FIs in sectors like infrastructure and energy face direct physical risks from environmental changes like rise …

UN climate chief presses for faster action, says humans have 2 years left 'to save the world'
9 months ago

UN climate chief presses for faster action, says humans have 2 years left 'to save the world'

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

UN climate chief presses for faster action, says humans have 2 years left ‘to save the world’
9 months ago

UN climate chief presses for faster action, says humans have 2 years left ‘to save the world’

Associated Press  

OXFORD, England — Humanity has only two years left “to save the world” by making dramatic changes in the way it spews heat-trapping emissions and it has even less time to act to get the finances behind such a massive shift, the head of the United Nations climate agency said. With governments of the world facing a 2025 deadline for …

UN climate chief’s blunt message: Fewer loopholes, way more cash to really halt climate change
11 months, 1 week ago

UN climate chief’s blunt message: Fewer loopholes, way more cash to really halt climate change

Associated Press  

To keep Earth from overheating too much, the nations of the world need to put fewer loopholes in climate agreements and far more money — trillions of dollars a year — into financial help for poor nations, the United Nations climate chief said Friday. “We need torrents — not trickles — of climate finance.” United Nations climate officials emphasized the …

Why Cop28 barely scratches the surface on the cost of climate change
1 year, 1 month ago

Why Cop28 barely scratches the surface on the cost of climate change

The Independent  

When panic-buying hit the UK in March 2020, it was a rare moment: a curious knock-on effect of the emerging Covid pandemic. The rains now are crazy; It is very different to how it was when I was a child.” Robertson is at the Cop28 climate conference in Dubai in his role as lead negotiator for “Loss and Damage” – …

Government’s mixed messages risk stalling financial sector on net zero – MPs
1 year, 1 month ago

Government’s mixed messages risk stalling financial sector on net zero – MPs

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. Read our privacy policy The Government’s mixed messages on climate action risks stalling the financial sector’s net zero progress, …

Finding funds for climate action risks ending up as a pipe dream
1 year, 3 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. …

The world is waiting for the G20 to firm up its stance on climate change
1 year, 4 months ago

The world is waiting for the G20 to firm up its stance on climate change

Hindustan Times  

Up until recently, it was hyperbolic to say that climate change would burn up the world, but it’s actually happening today. Despite long-drawn negotiations on energy transition and finance, as the G20 meets in New Delhi over the weekend, the obvious solution to slash global fossil fuel use remains elusiv There is new political salience for climate change which goes …

Finance barriers are hurting Global South’s climate transitions
1 year, 6 months ago

Finance barriers are hurting Global South’s climate transitions

Al Jazeera  

It is more expensive to borrow money for climate action projects in poor countries than in wealthy countries. It is a symptom of a wider problem: the global financial system is stacked against project developers in countries on the front lines of climate change. Last year, we held regional finance forums to showcase more than 100 shovel-ready projects in emerging …

Fossil fuel reform can finance our future
1 year, 6 months ago

Fossil fuel reform can finance our future

Al Jazeera  

Last week, representatives from states and international organisations attended the Summit for a New Global Financial Pact in Paris – a first-of-its-kind conference aimed at examining how the global financial system exacerbates economic challenges for the Global South. It is no coincidence that the countries benefitting from the current system are the same states that have been instrumental in the …

A summit with substance
1 year, 6 months ago

A summit with substance

The Hindu  

As world leaders and finance moguls land in Paris for the Summit for a New Global Financing Pact, it’s time to take concrete steps for sustainable finance and not let this be another international summit without substance. According to One Planet Lab’s white papers released for the Summit, the scale of investment needed to meet the United Nation’s Sustainable Development …

Want to fix the climate? End debt traps
1 year, 8 months ago

Want to fix the climate? End debt traps

Al Jazeera  

Extortionate debt forces nations to pursue climate-unfriendly policies in the hope of repaying loans. Even though many have paid back their original loan amounts, a combination of rising interest rates, successive currency devaluations, fluctuating global commodity prices and the destructive impacts of climate change have kept the debt repayment finish line perpetually out of reach. These “conditionalities” and the power …

As climate woes worsen, Africa's economies suffer, UN says
1 year, 9 months ago

As climate woes worsen, Africa's economies suffer, UN says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Climate change is having a devastating impact on Africa’s …

Climate Change ‘Doom Loop’: How to reclaim the narrative of urgent climate action
1 year, 10 months ago

Climate Change ‘Doom Loop’: How to reclaim the narrative of urgent climate action

Live Mint  

The fight to battle climate change and global heating has always been one led by narrative. Despite decades of irrefutable scientific work that has shown the extent to which we are skirting with global disaster, the reality of climate change and its reason—our energy dependence on fossil fuels like oil, coal and gas—needed to overcome the denial and obfuscation of …

Editorial: 2022 brought more heat and pollution. We’re still careening toward climate disaster
1 year, 11 months ago

Editorial: 2022 brought more heat and pollution. We’re still careening toward climate disaster

LA Times  

New climate data show that 2022 was among the hottest years on record but that U.S. greenhouse gas emissions just keep rising. Another study showed the amount of heat being taken up by Earth’s oceans reached another record high last year. And it’s another stark reminder that despite some recent progress on climate policy, such as the passage of the …

Cost-of-living crisis overshadows ‘unavoidable’ climate action
2 years ago

Cost-of-living crisis overshadows ‘unavoidable’ climate action

Al Jazeera  

Rising cost of living, energy and food supply crunches, and heavy national debt threaten to thwart the collective will needed to address the climate crisis, new report says. Climate change is the global economy’s biggest long-term challenge but one the world is least prepared to tackle because of short-term problems led by a cost-of-living crisis, the World Economic Forum said …

Vulnerable countries demand progress on climate change loss and damage fund
2 years, 1 month ago

Vulnerable countries demand progress on climate change loss and damage fund

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. Small island developing states will no longer stand for delay on loss and damage finance Molwyn Joseph, Aosis chairman …

Behind the smokescreen around private climate finance
2 years, 2 months ago

Behind the smokescreen around private climate finance

The Hindu  

Over the last few years, developed countries have insisted upon two points on the issue of climate finance. The OECD 2020 data, however, shows that the mobilisation of private climate finance has underperformed against the expectations of developed countries falling short by 60 percentage points, $13.1 billion in 2020 against $33 billion in the road map. Further, although many developed …

Fears UK will break climate crisis pledge for poor nations after failure to reveal funding
2 years, 2 months ago

Fears UK will break climate crisis pledge for poor nations after failure to reveal funding

The Independent  

Ministers have been told to come clean on suspicions the UK will break promises to fund climate crisis help for poorer nations, after failing to set out what money is being provided. Campaigners said Rishi Sunak, as he arrives in Egypt, must reveal how much is being provided in so-called “international climate finance”, to help developing countries cope with the …

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