A triple fiscal crisis is jeopardizing climate action
1 week, 1 day ago

A triple fiscal crisis is jeopardizing climate action

Live Mint  

A recent report by the Independent Expert Group on Debt, Nature, and Climate reveals that many of the world’s 144 developing economies are on an unsustainable fiscal trajectory. Ernest Hemingway’s famous adage about how one goes bankrupt—“gradually, then suddenly"—holds true for developing economies: unless they reduce their debt burdens, they cannot invest in climate resilience and environmental restoration. And without curbing nature loss and reducing greenhouse-gas emissions, the world risks crossing critical tipping points that will exacerbate the climate debt crisis, with severe macroeconomic consequences. To advance sustainable development, the IMF and the World Bank must adopt the independent expert group’s recommendations and incorporate the effects of immediate climate shocks and longer-term environmental risks into their baseline macroeconomic and fiscal projections.

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History of this topic

Finance COP fails to offer adequate finance to developing countries for climate action
1 month, 2 weeks 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 …

RBI can expect climate risks to emerge as important policy inputs
1 month, 3 weeks ago

RBI can expect climate risks to emerge as important policy inputs

Live Mint  

As a debate intensifies over the Reserve Bank of India’s decision to keep its policy repo rate at 6.5% for the 10th consecutive time in its fourth bi-monthly policy meeting for 2024-25, we must shift attention to a critical yet under-studied aspect: the implications of climate change for the central bank’s conduct of monetary policy. Physical climate risks can also …

A shadow ‘financial crisis’ has cost the world $2 trillion
1 month, 4 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 …

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

Developed countries should intensify climate actions
5 months 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
5 months 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 …

Virtuous cycle
6 months ago

Virtuous cycle

China Daily  

MA XUEJING/CHINA DAILY Amid protracted debt restructuring negotiations, Zambia has found itself facing a historic drought, triggering a currency devaluation that has further complicated debt negotiations, showcasing the connection between financial stability and environmental sustainability. The Sovereign Debt and Environment Profiles Database — a new interactive data project managed by the Boston University Global Development Policy Center — shows that …

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. …

G20: On climate, debt and digital, Bank and Fund pledge to work together
1 year, 4 months ago

G20: On climate, debt and digital, Bank and Fund pledge to work together

Hindustan Times  

In the run-up to the G20 Leaders’ Summit in New Delhi this weekend, where the reform and strengthening of multilateral development banks is among the top agenda items, the International Monetary Fund and World Bank have warned that the world faces major challenges and shocks and pledged to work together to deliver on climate, debt and digitisation in a structured …

G20 nations raked in $50bn in debt repayments from poor countries since Covid, report finds
1 year, 5 months ago

G20 nations raked in $50bn in debt repayments from poor countries since Covid, report finds

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 Debt-stricken nations that are also highly vulnerable to the climate crisis have paid a staggering …

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 …

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 …

Cost-of-living crisis overshadows ‘unavoidable’ climate action
1 year, 11 months 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 …

A call to action to avoid climate catastrophe
2 years, 1 month ago

A call to action to avoid climate catastrophe

The Hindu  

Climate change is a global problem that requires cooperation between all nations. Rather than getting out of fossil fuels and into clean energy, many wealthy nations are reinvesting in oil and gas, failing to cut emissions fast enough and haggling over the aid they are prepared to send to poor countries. Since the Cop26 UN climate summit in Glasgow 12 …

UN seeks help for developing world hit by rising debt costs
2 years, 2 months ago

UN seeks help for developing world hit by rising debt costs

Associated Press  

GENEVA — The United Nations’ development program is calling on rich countries and financial institutions in them to do more to help alleviate a growing debt crisis faced by the world’s poorest countries, including by writing off debts — not just rescheduling them. A report from UNDP released Tuesday comes amid meetings by the World Bank, International Monetary Fund and …

World needs $5 trillion in annual climate finance by 2030 for rapid action
3 years, 2 months ago

World needs $5 trillion in annual climate finance by 2030 for rapid action

India Today  

Climate finance needs to rise sharply to $5 trillion a year globally by 2030 to fund measures to fight climate change, researchers said on Thursday, warning that transformation across economies is too slow to meet international temperature goals. "Although there are some encouraging signs of progress in a few sectors, overall global climate mitigation efforts are still falling woefully short," …

Climate change could directly cost the world economy $7.9 trillion by 2050
5 years, 1 month ago

Climate change could directly cost the world economy $7.9 trillion by 2050

Live Mint  

Climate change could directly cost the world economy $7.9 trillion by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, new analysis showed Wednesday. "Richer nations are really able to be more resilient towards the impacts of climate change, so this really threatens growth trajectories of the developing world as they try to catch up with …

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