Countries promise millions for damages from climate change. So how would that work?
1 year ago

Countries promise millions for damages from climate change. So how would that work?

NPR  

Countries promise millions for damages from climate change. Enlarge this image toggle caption Spencer Platt/Getty Images Spencer Platt/Getty Images As climate change negotiations kicked off in Dubai, countries reached a historic agreement for a new fund to help developing countries which bear the brunt of climate impacts. More than $400 million was announced, with the largest pledges coming from Germany and the United Arab Emirates, to kick off the "loss and damage" fund. A recent United Nations report found it will cost developing countries $215 to $387 billion per year to adapt to climate change. A dedicated fund for loss and damage would be used to help countries prepare communities for the climate impacts that are already happening, as well as deal with the inevitable losses, like flooded burial grounds and other culturally important sites.

Climate Change Loss Damage Developing Developing Countries Fund Million Need Sponsor Message Which Countries Climate Impacts Countries Promise  work  loss  united  damages  millions  countries  promise  climate  change  developing  million  fund  need  damage

History of this topic

Climate-change colonialism keeps poor countries impoverished
3 weeks, 1 day ago

Climate-change colonialism keeps poor countries impoverished

Live Mint  

At the latest United Nations climate summit, developing nations slammed rich countries’ pledge to spend $300 billion annually on climate reparations as “crumbs." Members of the Organization for Economic Cooperation and Development currently spend $223.7 billion a year trying to do good in poor countries through bilateral and multilateral aid and development spending. Advocates of green aid are right that …

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 An unpublished version of the final text circulating in Baku, and seen by AFP, proposes that rich nations raise to $300 billion a year by 2035 their commitment to …

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. …

Richer countries are starting to pay poorer ones for climate change damages
1 month ago

Richer countries are starting to pay poorer ones for climate change damages

NPR  

Richer countries are starting to pay poorer ones for climate change damages toggle caption Amos Gumulira/AFP via Getty Images It was 2 a.m. when floodwaters started pouring into Christopher Bingala's house. The payment is one of the first examples of "loss and damage" compensation, a new kind of funding specifically for climate change-related disasters. "Low-income households in low-income countries have …

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 …

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 …

Who should bear the costs of global warming? The consumer or industry?
4 months ago

Who should bear the costs of global warming? The consumer or industry?

Hindustan Times  

The regularity and costs of natural and human made disasters has only grown in the 21st century. The top five greenhouse gas emitting countries have collectively caused about $ 6 trillion in global economic losses between 1990 and 2014, and the losses have been felt disparately. Global warming The top five greenhouse gas emitting countries in 2024 are China, the …

Climate change could slash global income by 19%
7 months, 3 weeks ago

Climate change could slash global income by 19%

New Indian Express  

VIZAG: The global economy cannot avoid a reduction in its income by 2025 irrespective of how it deals with future emissions, a recent study has established. This reduction is six times larger than the costs required to limit global warming to 2°C under the Paris Climate Agreement, the study published in the journal Nature said. But it arises owing to …

New study calculates climate change’s economic bite will hit about $38 trillion a year by 2049
8 months, 1 week ago

New study calculates climate change’s economic bite will hit about $38 trillion a year by 2049

Associated Press  

Climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world that’s not warming, with the poorest areas and those least responsible for heating the atmosphere taking the biggest monetary hit, a new study said. “Our analysis shows that climate change will cause massive economic damages within the next 25 years …

Climate change already reducing global GDP: report
1 year ago

Climate change already reducing global GDP: report

The Hindu  

Climate change is already shaving billions off the world's economy, with developing countries hardest hit, according to a new report published Tuesday ahead of COP28 climate negotiations. The report by the University of Delaware estimated that impacts from human-caused climate change cut 6.3% from global economic output last year, when weighted across populations. "The world is trillions of dollars poorer …

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 …

Climate change’s $150 billion hit to the US economy
1 year, 1 month ago

Climate change’s $150 billion hit to the US economy

Live Mint  

The U.S. now experiences an extreme weather event in which damages and costs top $1 billion every three weeks. Other economic consequences of climate change will become more severe unless the country invests more in clean energy and adapts cities to higher temperatures and rising sea levels, according to the assessment. “While some economic impacts of climate change are already …

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 …

REVEALED: The US has suffered a record 23 billion-dollar climate disasters so far this year costing an eye-watering $57.6 BILLION - as tornadoes, wildfires and flooding ravaged the nation
1 year, 3 months ago

REVEALED: The US has suffered a record 23 billion-dollar climate disasters so far this year costing an eye-watering $57.6 BILLION - as tornadoes, wildfires and flooding ravaged the nation

Daily Mail  

Hundreds of Americans have died due to climate catastrophes in 2023, which has already smashed records for the highest number of billion-dollar disasters incurred in a single year. With four months still to go, the US has been struck by 23 disasters which came at a loss of at least $1 billion each - eclipsing the previous annual record of …

Are climate reparations finally on the way for vulnerable countries?
1 year, 3 months ago

Are climate reparations finally on the way for vulnerable countries?

Al Jazeera  

A ‘significant change in action’ is under way to compensate nations under direct assault from climate chaos, observers say. Climate negotiators representing two dozen countries will hold meetings on Tuesday to iron out details of the United Nations’ “loss and damage” fund, created last year in Sharm el-Sheikh, Egypt, and expected to be presented at COP28 in Dubai in November. …

Canada launches first-ever national climate adaptation strategy
1 year, 5 months ago

Canada launches first-ever national climate adaptation strategy

Al Jazeera  

Plan seeks to address needs related to increased flooding, wildfires, melting permafrost and other climate-relate risks. “We see more severe climate impact with each passing year, with each passing season – like this year’s rash of spring wildfires in BC, Alberta, Quebec, Nova Scotia, Saskatchewan and the Northwest Territories,” Guilbeault said. The Canadian Climate Institute also estimates that climate effects …

Rich countries like US, UK and Germany owe staggering amounts of ‘climate reparations’, study reveals
1 year, 6 months ago

Rich countries like US, UK and Germany owe staggering amounts of ‘climate reparations’, study reveals

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 study published in the scientific journal Nature Sustainability finds that countries in the global north, including the US …

Over-emitting nations owe India $1,446 per capita until 2050 as climate compensation: study
1 year, 6 months ago

Over-emitting nations owe India $1,446 per capita until 2050 as climate compensation: study

The Hindu  

Economically developed countries such as the U.S. and Germany are responsible for 90% of the excessive carbon dioxide emissions and could be liable to pay a total of $170 trillion as compensation to low-emitters like India to ensure climate change targets are met by 2050, says a a new study. `Net zero’ by 2050 The researchers, from the University of …

Rich nations urged to pay $13 trillion in pledges to Global South
1 year, 7 months ago

Rich nations urged to pay $13 trillion in pledges to Global South

Al Jazeera  

Developed countries promised in 2009 to transfer $100bn annually between 2020 and 2025 to climate-vulnerable states – but that target has not been met, British charity Oxfam says. Rich G7 nations owe poor ones an estimated $13 trillion in unpaid development aid as well as support in the fight against climate change, British charity Oxfam says. “Wealthy G7 countries like …

Climate change could cost Germany 900 billion euros by 2050
1 year, 9 months ago

Climate change could cost Germany 900 billion euros by 2050

India Today  

With climate change raging across the world and extreme weather events becoming the norm of the day, countries are highly vulnerable to massive financial damage. A study has now revealed that extreme weather events could cost Germany up to 900 billion euros in cumulative economic damage by mid-century. Germany's economy and environment ministries cited the study as showing that extreme …

New abnormal: Climate disaster damage 'down' to $268 billion
2 years ago

New abnormal: Climate disaster damage 'down' to $268 billion

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. “We’re just getting used to it but that’s not …

Can poor countries afford to go green?
2 years, 1 month ago

Can poor countries afford to go green?

The Hindu  

The 27th United Nations Climate Change Conference concluded on November 20 in Sharm el-Sheikh Egypt. Nearly 200 countries pledged to set up a ‘loss and damage fund’ to help vulnerable countries affected by climate change. How can poor countries weigh the cost of climate change against the economic cost of cutting down on fossil fuel use? COP27 | India hails …

Sunanda K. Datta-Ray | Deal on climate, but hard decisions put off till 2023
2 years, 1 month ago

Sunanda K. Datta-Ray | Deal on climate, but hard decisions put off till 2023

Deccan Chronicle  

Hearing Gianni Infantino, Fifa’s Swiss-born ethnic Italian president, declare “I think for what we Europeans have been doing the last 3,000 years, we should be apologising for the next 3,000 years before starting to give moral lessons to people”, millions of TV watchers worldwide may have wondered if it was the moment of truth, the epiphany that would erase the …

COP27: Who will pay for climate ‘loss and damage’ fund?
2 years, 1 month ago

COP27: Who will pay for climate ‘loss and damage’ fund?

Al Jazeera  

Countries agree to set up a new fund but details are still to be worked out on who would contribute to the fund and who would benefit. The UN climate summit agreed on Sunday to set up a “loss and damage” fund to support poorer countries being ravaged by climate impacts, overcoming decades of resistance from rich nations who contribute …

How will U.N. climate deal on ‘loss and damage’ work?
2 years, 1 month ago

How will U.N. climate deal on ‘loss and damage’ work?

LA Times  

Mari Carmen Zambrano dries out her broken, drenched bed outside her home after Hurricane Ian tore off her roof in La Coloma, Cuba, on Oct. 5, 2022. The decision Sunday by nations around the world to establish a fund to help poor countries hit hard by a warming planet was one of the most significant since U.N. climate talks began …

Did the world make progress on climate change? Here's what was decided at global talks
2 years, 1 month ago

Did the world make progress on climate change? Here's what was decided at global talks

NPR  

Did the world make progress on climate change? Sponsor Message World leaders did not agree to phase down fossil fuels Many nations arrived at the talks with the hope of keeping "1.5 degrees alive." Enlarge this image toggle caption Peter Dejong/AP Peter Dejong/AP Money promised years earlier is still missing for developing nations Wealthier countries said in 2009 that they …

Biden agrees to pay climate reparations: US will compensate developing countries for global warming
2 years, 1 month ago

Biden agrees to pay climate reparations: US will compensate developing countries for global warming

Daily Mail  

The nations involved are largely from Asia, Africa, Latin America, the Caribbean and the south pacific Joe Biden says the US will sign-up to a UN-backed fund to pay reparations to developing countries worst-affected by climate change. Last year, Biden was granted $1 billion to help developing countries tackle climate change, although it's unclear if that cash will go into …

Who should pay for climate damage?
2 years, 1 month ago

Who should pay for climate damage?

The Hindu  

The story so far:At the G-20 summit in Bali, rich nations including the U.S., Japan and Canada have pledged $20 billion to wean Indonesia off coal. Or an urban worker in South America has to work, without choice, in unforgiving heat wave conditions caused by the developed world’s emissions of the past. A paper published by Springer Link under the …

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 …

African nations push for funding to adapt to climate change
2 years, 1 month ago

African nations push for funding to adapt to climate change

The Hindu  

Battling droughts, sandstorms, floods, wildfires, coastal erosion, cyclones and other weather events exacerbated by climate change, the African continent needs to adapt, but it needs funds to do so, leaders and negotiators from the continent said at the U.N. climate summit. Mr. Shitima said the summit “should provide solutions to the millions of people in the continent,” adding that Africa …

African nations push for funding to adapt to climate change
2 years, 1 month ago

African nations push for funding to adapt to climate change

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. Read our privacy policy Battling droughts, sandstorms, floods, wildfires, …

Do wealthy countries owe poorer ones for climate change? One country wrote up a bill
2 years, 1 month ago

Do wealthy countries owe poorer ones for climate change? One country wrote up a bill

NPR  

Do wealthy countries owe poorer ones for climate change? Sponsor Message With the world far off-track from its goal of stopping dangerous levels of warming, developing countries say that wealthier nations should pay for the inevitable "loss and damage" they'll experience. At last year's summit, nations agreed to start a dialogue about loss and damage, a process that developing countries …

Climate emergency: Will polluting rich nations pay reparations?
2 years, 1 month ago

Climate emergency: Will polluting rich nations pay reparations?

Al Jazeera  

At COP27, negotiators and civil society groups will lobby not just for more money on the table, but also new avenues for capital to make a faster impact. Oxfam calculates a gap of up to $33bn over the past five years, a number dwarfed by the cost of “loss and damage” after recent disasters such as the 2021 Europe floods, …

Climate Change: Show us the money, say developing countries
2 years, 1 month ago

Climate Change: Show us the money, say developing countries

Live Mint  

The UN Secretary General, António Guterres said it quite succinctly a few days ago: “We need a global surge in adaptation investment to save millions of lives from climate carnage. Every year, the impacts of the climate crisis—from wildfires to droughts to disastrous flooding and superstorms—are increasing manifold, and in order to cope with this reality, countries need to urgently …

UN urges rich countries for compensation to tackle loss from climate change
2 years, 3 months ago

UN urges rich countries for compensation to tackle loss from climate change

Hindustan Times  

From drought to floods and sea level rise, the cost of damage caused by climate change will only get higher as the world warms, sparking concerns from both top officials and activists about how to pay for it. Pakistan, along with dozens of other developing countries around the world, are scrambling to adapt to the effects of climate change, with …

Rich nations caused climate harm to poorer ones, study says
2 years, 5 months ago

Rich nations caused climate harm to poorer ones, study says

Associated Press  

For decades, environmental activists along with some government officials and scientists have argued that rich countries should pay the most to address climate change, and even pay poor countries reparations, because industrialized nations have historically emitted the most greenhouse gases. “The U.S. has caused a huge amount of economic harm by its emissions, and that’s something that we have the …

Climate change will be expensive. Who should pay?
2 years, 10 months ago

Climate change will be expensive. Who should pay?

Politico  

Message to business: Pay up! Among U.S. respondents, 41 percent said corporations should fund “a lot” of the costs associated with combating global warming. The feeling is global The sentiment isn’t limited to the U.S. More than 40 percent of respondents in the U.K., Canada, France, Germany, Mexico, Russia, and South Africa also said companies should bear a lot of …

Who will pay for the damage caused by climate change?
3 years ago

Who will pay for the damage caused by climate change?

BBC  

Who will pay for the damage caused by climate change? Getty Images Every single building on Barbuda was damaged by Hurricane Irma, many of them left entirely uninhabitable Aosis, which carries out advocacy at global climate negotiations on behalf of 39 small island nations, first raised the issue of loss and damage in 1991, shortly after it was founded, when …

COP26: Paying the price of climate damage
3 years, 1 month ago

COP26: Paying the price of climate damage

The Hindu  

As the world struggles to keep the planet from overheating, the issue of who pays for the fallout of climate change is one of the major sticking points in negotiations at the U.N. climate conference in Glasgow, Scotland. "Small island developing states need to get a commitment that the issue of loss and damage will be dealt with in an …

COP26: As climate damage mounts, poor nations press wealthy to pay up
3 years, 1 month ago

COP26: As climate damage mounts, poor nations press wealthy to pay up

India Today  

Poor nations are pressuring their wealthy counterparts at the U.N. climate summit to pay up for the mounting damage being caused by global warming, pointing to increasing powerful storms, cyclones, droughts and floods afflicting their people. A study commissioned by development agency Christian Aid, meanwhile, estimated that climate damage could cost vulnerable countries a fifth of their gross domestic product …

Bangladesh’s villages bear the brutal cost of climate change
3 years, 1 month ago

Bangladesh’s villages bear the brutal cost of climate change

Associated Press  

SHYAMNAGAR, Bangladesh — With each tide, Abdus Satter watches the sea erode a little more of his life. “It’s a grave concern for a country like Bangladesh,” he said, adding that projections show some 30 million people may be displaced from the country’s coastal regions. In those years, Bangladesh lost 0.41% of its gross domestic product due to climate change, …

Four Key Issues To Watch Out for at G-20 Meet Ahead of Glasgow Climate Summit
3 years, 1 month ago

Four Key Issues To Watch Out for at G-20 Meet Ahead of Glasgow Climate Summit

The Quint  

Underpinning progress on all issues is the question of finance. In 2009 and again in 2015, wealthy countries agreed to provide $100 billion a year in climate finance for developing nations by 2020, but they haven’t reached that goal yet. With one week to go, the United Kingdom revealed a climate finance plan, brokered by Germany and Canada, that would …

Africa actually has a few glaciers. But probably not for much longer
3 years, 2 months ago

Africa actually has a few glaciers. But probably not for much longer

LA Times  

Africa’s rare glaciers will disappear in the next two decades because of climate change, a new report has warned, amid sweeping forecasts of pain for the inhabited continent that contributes least to global warming but that will likely suffer from it most. The report Tuesday by the World Meteorological Organization and other agencies, released ahead of the United Nations climate …

Rich countries need to do more on climate change : Jaishankar
3 years, 2 months ago

Rich countries need to do more on climate change : Jaishankar

The Hindu  

External Affairs Minister S. Jaishankar suggested that rich countries needed to do more in terms of their climate commitments and allow developing countries the space to grow. He criticized rich countries’ $100 billion per year commitment to finance climate action in developing countries. “Compare the ‘rescue the planet package’ of 100 billion for which we are still struggling to raise …

Britain’s climate defences need a flood of cash
3 years, 4 months ago

Britain’s climate defences need a flood of cash

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. “The UK does not yet have a vision for …

Economists want ‘drastic’ action to stop climate change: Survey
3 years, 8 months ago

Economists want ‘drastic’ action to stop climate change: Survey

Al Jazeera  

Two-thirds of respondents say economic benefits from net-zero emissions by 2050 would outweigh the cost of achieving it. A growing number of climate economists say the world should take “immediate and drastic action” to tackle climate change, according to a survey published Tuesday. For another question on reaching net-zero emissions by 2050, two-thirds said the costs of investing towards that …

Instead of panicking, fight climate change with innovation
3 years, 9 months ago

Instead of panicking, fight climate change with innovation

China Daily  

Across the world, politicians are going out of their way to promise fantastically expensive climate policies. US President Joe Biden has promised to spend $500 billion each year on climate policies－about 13 percent of the entire federal revenue. The UN Intergovernmental Panel on Climate Change found that of the 128 analyzed climate policies, all made us poorer. Tellingly, European Commission …

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