Why are countries fighting over climate finance at COP29?
1 month, 1 week 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 conditions of a warming world. So far, only a few dozen rich countries have been obliged to pay U.N. climate finance and they want fast-developing nations, such as China and Gulf oil nations to start paying as well. Developing countries say the specific amount needed to tackle climate change should be the starting point for negotiations to ensure the final target adequately covers their needs. Arab countries including Saudi Arabia want a funding target of $1.1 trillion per year, with $441 billion directly from developed country governments in grants.

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History of this topic

Biden, on his way out, sets ‘ambitious’ climate goal: Cut US greenhouse gas emissions by over 60%
4 days, 7 hours ago

Biden, on his way out, sets ‘ambitious’ climate goal: Cut US greenhouse gas emissions by over 60%

Associated Press  

WASHINGTON — President Joe Biden is pledging to cut U.S. greenhouse gas emissions by more than 60% by 2035 as he fights to ensure his legacy on slowing global warming, even as President-elect Donald Trump vows to undo much of Biden’s climate work when he takes office next month. “And I believe that with this new 2035 target as their …

The Baku backlash: Why Cop29 needn’t be an irreversible setback for climate change
2 weeks, 3 days ago

The Baku backlash: Why Cop29 needn’t be an irreversible setback for climate change

The Independent  

I remember being captivated as a young man by this bold, Latin American leader called Rafael Correa. When the deadline passed after four years of campaigning, and deposits of only $13.3m had been received, president Correa declared that “the world has failed us” – not so different to the words echoed by the least developed country negotiators last week, who …

Climate myopia: This year’s CoP was a big disappointment but small surprise
2 weeks, 4 days 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 …

West’s hypocrisy at COP29: Why Global South must draw the line
2 weeks, 6 days 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 …

COP29: How $300 billion climate funding is an ‘optical illusion’
3 weeks, 1 day 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. …

UN climate summits turning dubious deepen crisis
3 weeks, 1 day ago

UN climate summits turning dubious deepen crisis

New Indian Express  

CHENNAI: The COP29 climate conference, hosted in Baku, concluded with palpable disappointment as developed nations committed to mobilising only $300 billion annually for climate action in developing countries. This disappointing outcome exemplifies a larger pattern that has emerged over the past several years with the annual climate summits consistently failing to deliver on their ambitious goals. According to the United …

COP29 in Baku: Oil and money stain climate talks
3 weeks, 1 day ago

COP29 in Baku: Oil and money stain climate talks

New Indian Express  

It is indeed ironical the UN Climate Conference, also known as the Conference of Parties, chooses to hold their jamborees in capitals that are the hub of fossil fuel interests. The World, desperately fighting Climate Change and global warming, held its 200-nation gathering in December 2023 in Dubai; and now COP29 has just concluded in Baku, Azerbaijan – the oldest …

COP29 Sees Discord Over Climate Finance as Developed Countries Refuse to Meet Funding Commitments
3 weeks, 3 days ago

COP29 Sees Discord Over Climate Finance as Developed Countries Refuse to Meet Funding Commitments

The Hindu  

Published : Nov 29, 2024 20:35 IST - 8 MINS READ When Azerbaijan as the Presidency of this year’s Conference of Parties held at Baku, in Azerbaijan, informed delegates working on extended time that participating countries had arrived at an agreement, there were many who disagreed. While declaring that the developed countries “shall provide financial resources to assist developing country …

Global South's joint climate efforts urged
3 weeks, 5 days ago

Global South's joint climate efforts urged

China Daily  

COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, November 24, 2024. Developing countries need to form a Global South alliance that will strengthen climate commitments and pressure industrialized nations to fulfill their "historical responsibility" to finance mitigation and adaptation efforts, according to participants in this year's climate …

India’s stand against inadequate climate finance at COP29
3 weeks, 6 days ago

India’s stand against inadequate climate finance at COP29

Hindustan Times  

The Conference of Parties 29 climate summit in Baku, Azerbaijan, ended on a dramatic note as negotiators announced a pledge to triple annual climate finance to $300 billion by 2035, with an aspirational target of $1.3 trillion. Therefore, we oppose the adoption of this document.” India’s rejection of the climate finance package came in the face of celebration by developed …

After nearly 10 years of debate, COP29’s carbon trading deal is seriously flawed
3 weeks, 6 days ago

After nearly 10 years of debate, COP29’s carbon trading deal is seriously flawed

New Indian Express  

Negotiators at the COP29 climate conference in Baku have struck a landmark agreement on rules governing the global trade of carbon credits, bringing to a close almost a decade of debate over the controversial scheme. The deal paves the way for a system in which countries or companies buy credits for removing or avoiding greenhouse gas emissions elsewhere in the …

COP29 Agreement Says Someone Should Pay to Help Developing Countries, but Not Who
54 years, 11 months ago

COP29 Agreement Says Someone Should Pay to Help Developing Countries, but Not Who

Wired  

At around 3 am on Sunday morning, in a drained plenary, the gavel slammed to bring COP29 to a close. The conference, whose primary focus was agreeing on a new finance deal to help developing nations with their climate actions, was supposed to end on Friday. The final extra day was marked by drafts, huddles, and bitter clashes behind closed …

What’s the controversial $300 billion COP29 climate deal? Why has it angered India, other developing nations?
4 weeks ago

What’s the controversial $300 billion COP29 climate deal? Why has it angered India, other developing nations?

Firstpost  

The tumultuous COP29, the UN climate summit, concluded in Azerbaijan’s Baku after talks continued until early Sunday. Developed nations forced a deal agreeing to provide $300 billion a year to the developing world from 2035 in climate finance. Developed nations forced an agreement promising to put together $300 billion a year from 2035 in climate finance. Mukhtar Babayev, COP29 President, …

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'
4 weeks ago

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'

India Today  

After a complex negotiation at the climate finance in Baku during COP 29, countries adopted a $300 billion a year global finance target on Sunday to help poorer nations cope with the impacts of climate change. As per the final official draft by UNFCC, the central focus of COP 29 was on bringing together nearly 200 countries in Baku and …

Why developing nations like India are unhappy about the $300 billion COP29 deal
4 weeks ago

Why developing nations like India are unhappy about the $300 billion COP29 deal

India Today  

The $300 billion annual climate finance deal agreed upon at COP29 in Baku has sparked significant dissatisfaction among developing nations, who deem the amount insufficient to address the escalating impacts of climate change. Developing countries argue that the $300 billion target, set to be achieved by 2035, falls short of the actual financial needs required to combat climate change effectively. …

Climate talks end with mere $300 bn pledge
4 weeks ago

Climate talks end with mere $300 bn pledge

New Indian Express  

The United Nations Climate Change Conference in Baku concluded on Sunday amid high drama with the adoption of a controversial agreement to triple climate finance for developing countries to $300 billion annually by 2035 as against the $1.3 trillion sought by developing countries per year until 2030. The process and the amount agreed upon faced strong opposition from India and …

Inside the Frantic Maneuvers That Saved COP29 Talks at a Cost
Trending News
4 weeks ago

Inside the Frantic Maneuvers That Saved COP29 Talks at a Cost

Live Mint  

-- Negotiations over hundreds of billions of dollars in new climate funding for developing countries had staggered into overtime at COP29 in Azerbaijan. Saudi Arabia’s representative, Albara Tawfiq, said the kingdom opposed bids to “shift” the responsibility for providing climate finance beyond developed countries, shutting down a bid by the EU and US to expand the pool of contributors. Rich …

Cop29 climate deal worth £240BILLION is finally struck but excludes China - as developing countries say the sum is 'too little, too late'
4 weeks ago

Cop29 climate deal worth £240BILLION is finally struck but excludes China - as developing countries say the sum is 'too little, too late'

Daily Mail  

Wealthy countries yesterday agreed to triple the amount of aid they pay to developing nations to tackle climate change in a last-minute deal at the Cop29 summit. But climate groups labelled the funding agreement, designed to help developing nations combat global warming and to modernise their economies, a ‘drop in the ocean’ of rising seawaters. Yalchin Rafiyev, Azerbaijan's COP29 lead …

The climate deal brokered at Cop29 is disappointing – but it is a start
4 weeks ago

The climate deal brokered at Cop29 is disappointing – but it is a start

The Independent  

Although the last-minute agreement on climate finance reached at the Cop29 summit in Baku was branded a “betrayal” of developing countries by campaigners, it was much better than no deal. It was less than they wanted, but the agreement called on all parties to mobilise “all public and private sources” to get closer to the poor nations’ demand for $1.3 …

Cop29 climate deal criticised as a ‘death sentence for millions’
4 weeks ago

Cop29 climate deal criticised as a ‘death sentence for millions’

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Campaigners have hit out at a “woefully inadequate” financial package for …

Cop29 secures last minute $300bn climate finance deal as talks saved from collapse
4 weeks, 1 day 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 …

Finance COP fails to offer adequate finance to developing countries for climate action
4 weeks, 1 day 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 …

COP29 Climate Finance Deal Collapses as Developed Nations Resist $1.3 Trillion Target
4 weeks, 1 day ago

COP29 Climate Finance Deal Collapses as Developed Nations Resist $1.3 Trillion Target

The Hindu  

Published : Nov 24, 2024 17:46 IST - 6 MINS READ In the global climate negotiations that continued at the 29th edition of the Conference of Parties in Baku, Azerbaijan, between November 11 and 22, there was agreement on one issue. So, common sense suggests that developed countries, which are responsible for much of the cumulative carbon emissions that have …

‘Optical illusion’: Key takeaways from COP29 at Baku
Trending News
4 weeks, 1 day ago

‘Optical illusion’: Key takeaways from COP29 at Baku

Al Jazeera  

Climate finance deal criticised at COP29 as inadequate, lacking real money and clear grants for developing countries. Here are the key takeaways from this year’s summit: ‘No real money on the table’: $300bn climate finance fund slammed While a broader target of $1.3 trillion annually by 2035 was adopted, only $300bn annually was designated for grants and low-interest loans from …

COP29 ends with contentious outcome
4 weeks, 1 day ago

COP29 ends with contentious outcome

China Daily  

COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past its deadline, with the adoption of a climate finance …

COP29 ends with contentious outcome
4 weeks, 1 day ago

COP29 ends with contentious outcome

China Daily  

COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past its deadline, with the adoption of a climate finance …

COP29: $300 billion climate deal pushed through despite stiff opposition
4 weeks, 1 day 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 ends with contentious outcome
4 weeks, 1 day ago

COP29 ends with contentious outcome

China Daily  

By HOU LIQIANG | chinadaily.com.cn | Updated: 2024-11-24 21:44 COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past …

Why is there a row over climate finance?
4 weeks, 1 day 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 …

COP29 seals deal on global carbon credit trading after years of debate
4 weeks, 1 day ago

COP29 seals deal on global carbon credit trading after years of debate

Firstpost  

Carbon credits are created through projects such as planting trees or putting up wind farms in a poorer country that receive one credit for every metric ton in emissions that they reduce or suck out of the atmosphere. File image/ Reuters Countries at the COP29 climate summit finalised an agreement on Saturday to establish a global carbon credit market to …

Cop29 draft deal on verge of collapse as small island nations walk out
4 weeks, 1 day ago

Cop29 draft deal on verge of collapse as small island nations walk out

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 latest Cop29 draft deal on climate finance is thought to have been firmly rejected …

Finance deadlock pushes COP29 to brink of failure
1 month ago

Finance deadlock pushes COP29 to brink of failure

The Hindu  

Despite running into overtime, very little headway had been achieved at the U.N. climate summit in Baku late on Saturday in terms of bringing developed and developing countries any closer to agreeing to a new global financial target, called the New Collective Quantitative Goal, for a moonshot at preventing a runaway rise in global temperatures. ‘Nickels and dimes’ The newest …

Climate-threatened nations stage protest at COP29 over contentious deal
1 month ago

Climate-threatened nations stage protest at COP29 over contentious deal

The Hindu  

The world’s most climate-imperilled nations stormed out of consultations in protest at the deadlocked UN COP29 conference on Saturday, as simmering tensions over a hard-fought finance deal erupted into the open. An unpublished version of the final text circulating in Baku, and seen by AFP, proposes that rich nations raise to $300 billion a year by 2035 their commitment 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: NCQG talks spillover as no breakthrough in agreement yet
1 month ago

COP29: NCQG talks spillover as no breakthrough in agreement yet

Hindustan Times  

The new COP29 Presidency’s text will be released on Saturday after developing countries rejected the text on Friday evening. A joint statement by Amar Bhattacharya, Vera Songwe and Nicholas Stern, Co-Chairs of the Independent High-Level Expert Group on Climate Finance had said on Friday, “The text also calls on developed countries to increase their financial support for developing countries to …

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 …

COP29: EU and US want to give $300 billion in climate finance
1 month ago

COP29: EU and US want to give $300 billion in climate finance

NL Times  

Rich countries negotiating support for developing countries at the climate summit in Baku are prepared to pay 300 billion dollars a year in climate aid from 2035, sources told Reuters news agency. European Commissioner Wopke Hoekstra says it is "doubtful" whether the climate summit in Azerbaijan will have a successful outcome. COP29 actually ended on Friday, but on Saturday the …

COP29 UN climate talks wrap up in Baku
1 month ago

COP29 UN climate talks wrap up in Baku

China Daily  

A night view shows the venue of the United Nations climate change conference, known as COP29, in Baku, Azerbaijan, Nov 11, 2024. The COP29 United Nations climate change negotiations stumbled toward Friday's deadline, with a draft target of climate finance to developing nations falling far short of expectations. A key task of the UN gathering, which kicked off on Nov …

Developing nations say $300bn COP29 deal not enough after agreement
1 month ago

Developing nations say $300bn COP29 deal not enough after agreement

Al Jazeera  

Host Azerbaijan calls for consensus after delegations from developing countries walk out of climate finance talks. Negotiators at the United Nations climate talks agreed on a $300bn target to help developing nations adapt to climate change, but many poorer nations have dismissed the agreement as insufficient. When asked if the walkout was a protest, Colombia Environment Minister Susana Mohamed told …

With talks teetering, climate negotiators struck a controversial $300 billion deal
Trending News
1 month ago

With talks teetering, climate negotiators struck a controversial $300 billion deal

NPR  

With talks teetering, climate negotiators struck a controversial $300 billion deal toggle caption Sean Gallup/Getty Images/Getty Images Europe Negotiators at a global climate conference in Baku, Azerbaijan, struck a last-minute deal for wealthy countries to help their poorer neighbors deal with global warming, saving the annual meeting as it verged on collapse. Cedric Schuster, Samoa's minister of natural resources and …

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

$300-billion-a-year deal for climate cash at U.N. summit sparks outrage for some and hope for others
1 month ago

$300-billion-a-year deal for climate cash at U.N. summit sparks outrage for some and hope for others

LA Times  

Activists call for more spending to fight climate change on Saturday at the COP29 climate summit in Baku, Azerbaijan. “It’s a paltry sum,” said Indian negotiator Chandni Raina, drawing rousing cheers as she repeatedly added that India objected to the deal. Climate Change Executive Secretary Simon Stiell called the deal an “insurance policy for humanity,” adding that, like insurance, “it …

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

COP29 talks extended as draft $250 billion finance offer flops
Trending News
1 month ago

COP29 talks extended as draft $250 billion finance offer flops

Hindustan Times  

Baku: The COP29 climate summit was extended by a day after developing nations reacted with fury to developed countries’ proposal of $250 billion annual climate finance by 2035, calling it “a slap in the face” and far below their demand of $1.3 trillion, raising fears of a Copenhagen-like deadlock. “The quantum is an eyewash,” said a developing country negotiator, noting …

COP29: Baku climate talks run into overtime amid row over climate finance
1 month ago

COP29: Baku climate talks run into overtime amid row over climate finance

The Hindu  

Climate talks at Azerbaijan’s Baku, scheduled to end on Friday, were extended by another day after the latest version of the draft agreement was deemed unacceptable by several developing countries. The developed countries offered no more than $250 billion by 2035 as the New Collective Quantified Goal for Climate Finance despite acknowledging that at least $700 billion would be needed …

A proposed deal on climate cash at UN summit highlights split between rich and poor nations
1 month ago

A proposed deal on climate cash at UN summit highlights split between rich and poor nations

Associated Press  

BAKU, Azerbaijan — A new draft of a deal on cash to curb and adapt to climate change released Friday at the United Nations climate summit pledged $250 billion annually by 2035 from wealthy countries to poorer ones. AP AUDIO: A proposed deal on climate cash at UN summit highlights split between rich and poor nations AP correspondent Melina Walling …

‘It’s a joke’: $250bn climate finance offer met with scorn at COP29
1 month ago

‘It’s a joke’: $250bn climate finance offer met with scorn at COP29

Al Jazeera  

Vulnerable nations are seeking $1.3 trillion annually to deal with the damage caused by climate change and to adapt. It said developed countries would provide $250bn annually by 2035 to developing or poor nations to deal with damage from climate change and to adapt to that change. Juan Carlos Monterrey Gomez, the representative for Panama, described the $250bn offer as …

COP29: Nations commit to 1.5°C pathway with enhanced climate goals
1 month ago

COP29: Nations commit to 1.5°C pathway with enhanced climate goals

India Today  

In a landmark announcement at the COP29 summit in Baku, a coalition of nations representing 30% of global GDP and 15% of greenhouse gas emissions committed to strengthening their Nationally Determined Contributions to align with the 1.5°C global warming threshold. The United Kingdom, Brazil, and the United Arab Emirates led the charge with ambitious NDC targets for 2035, signaling their …

COP29 climate financing negotiations in stalemate
1 month ago

COP29 climate financing negotiations in stalemate

China Daily  

The COP29 United Nations climate change conference went into a stalemate on Friday, its scheduled conclusion date, with key concerns from developing countries largely unaddressed. A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a post-2025 climate finance commitment from developed nations to developing countries, building on the previous pledge …

COP29 climate financing negotiations in stalemate
1 month ago

COP29 climate financing negotiations in stalemate

China Daily  

The COP29 United Nations climate change conference went into a stalemate on Friday, its scheduled conclusion date, with key concerns from developing countries largely unaddressed. A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a post-2025 climate finance commitment from developed nations to developing countries, building on the previous pledge …

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