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 the bulk of the world’s emissions. At the UN climate talks, “loss and damage” refers to costs being incurred from climate-fuelled weather extremes or impacts, like rising sea levels. But there is no agreement yet over what should count as “loss and damage” caused by climate change, which could include damaged infrastructure and property, as well as harder-to-value natural ecosystems or cultural assets. The fund agreed upon at the UN summit in Egypt will be aimed at helping developing countries that are “particularly vulnerable” to the effects of climate change, language selected by the wealthier nations to ensure the money goes to the most urgent cases while also limiting the pool of potential recipients.

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History of this topic

COP29: How $300 billion climate funding is an ‘optical illusion’
3 weeks, 2 days 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 climate deal worth £240BILLION is finally struck but excludes China - as developing countries say the sum is 'too little, too late'
1 month 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 …

Cop29 climate deal criticised as a ‘death sentence for millions’
1 month 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 Climate Finance Deal Collapses as Developed Nations Resist $1.3 Trillion Target
1 month 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 …

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 …

‘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 …

Climate finance: Deploy the Loss and Damage Fund with care
1 month ago

Climate finance: Deploy the Loss and Damage Fund with care

Live Mint  

The urgency of climate adaptation has never been more apparent. By aligning L&D resources with the National Action Plan on Climate Change, India can enhance its ability to manage and disburse global investments effectively. L&D funding could significantly bolster India’s financial capacity for climate action, fostering resilience and supporting its transition to a low-carbon economy. India must secure commitments from …

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 …

Beyond the Loss and Damage Fund: 3 Innovative Ways to Help Countries Hit by Climate Disasters
1 month ago

Beyond the Loss and Damage Fund: 3 Innovative Ways to Help Countries Hit by Climate Disasters

The Quint  

People climb to the top of a bridge damaged when Cyclone Idai hit Mozambique in 2019. To help address damages specifically from climate change, the global community agreed at the U.N. climate conference in 2022 to create a new method – a Loss and Damage Fund. Sending aid before the disasters hit In response to these growing needs, the disaster …

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

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

India Today  

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

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 …

World leaders address climate crisis at COP29 amid growing disasters
1 month, 1 week ago

World leaders address climate crisis at COP29 amid growing disasters

Deccan Chronicle  

Azerbaijan: The 29th UN climate conference began with world leaders discussing the devastating effects of climate change and calling for urgent global action. Bahamas Prime Minister Philip Edward Davis spoke on behalf of vulnerable island nations facing mounting debt from climate-related catastrophes, such as Hurricanes Dorian and Matthew, despite contributing minimally to global emissions. COP29 marks a critical point in …

Why are countries fighting over money at COP29 climate summit?
1 month, 1 week 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 …

World leaders urged to fund anticipatory climate actions
1 month, 1 week ago

World leaders urged to fund anticipatory climate actions

China Daily  

A night view shows the venue of the United Nations climate change conference, known as COP29, in Baku, Azerbaijan, Nov 11, 2024. As global leaders convene for the UN Climate Change Conference, or COP29, in Azerbaijan's capital Baku, an NGO has warned of increasing climate-driven disasters that are disproportionately affecting Africa. In a statement published on Monday, the IRC said …

COP29: The climate funds math that needs to be reset, explained
Trending News
1 month, 1 week ago

COP29: The climate funds math that needs to be reset, explained

Live Mint  

The 29th annual United Nations climate summit, COP29, started in Azerbaijan this week. The enhanced financial support would help developing countries strengthen their national climate plans, which, too, are due for an update in 2025. COP29 stakes The NCQG would also support climate adaptation—the component of climate action aimed at helping countries adjust to existing climate impacts. "The election result …

United Nations climate negotiations through the years to COP29: Timeline
1 month, 1 week ago

United Nations climate negotiations through the years to COP29: Timeline

The Hindu  

COP29, termed the “climate finance COP,” has one major objective: establishing a concrete financial commitment from developed countries to support climate action in developing nations. As the United Nations climate talks begin in Baku, the primary debate centers on who will provide funding and, more crucially, how much is needed. However, discussions are likely to be tense following the re-election …

UN climate talks to focus on money to help poor nations cut carbon pollution
1 month, 2 weeks ago

UN climate talks to focus on money to help poor nations cut carbon pollution

Associated Press  

BAKU, Azerbaijan — A complex international two-week-long game of climate change poker is convening. Curbing and coping with climate change’s worsening heat, floods, droughts and storms will cost trillions of dollars and poor nations just don’t have it, numerous reports and experts calculate. As United Nations climate negotiations started Monday in Baku, Azerbaijan, the chief issue is who must ante …

UN climate talks to focus on money to help poor nations cut carbon pollution
1 month, 2 weeks ago

UN climate talks to focus on money to help poor nations cut carbon pollution

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. Curbing and coping with climate change's worsening heat, floods, …

South Africa Calls for Ambitious Climate Finance Goal at COP29
1 month, 2 weeks ago

South Africa Calls for Ambitious Climate Finance Goal at COP29

China Daily  

South Africa seeks a new, additional, predictable, accessible, and adequate (QGA) goal on climate finance at the upcoming UN Climate Change Conference (COP29) in Baku, Azerbaijan. The goal should support developing countries' transition to low-carbon and climate-resilient development, while ensuring that developed countries provide adequate funding and technical assistance to support developing nations' climate efforts.

Can Kerala access funds from the Loss and Damage Fund? | Explained
3 months, 2 weeks ago

Can Kerala access funds from the Loss and Damage Fund? | Explained

The Hindu  

The story so far: In the wake of the devastating landslides that recently struck Kerala’s Wayanad district, a crucial conversation has emerged around whether subnational entities can seek compensation through the United Nations Framework Convention on Climate Change ’s Loss and Damage Fund. Within India, there is an urgent need for a clear legal and policy framework to streamline climate …

Unpacking COP28: Charting the landscape of climate finance outcomes
11 months, 4 weeks ago

Unpacking COP28: Charting the landscape of climate finance outcomes

Hindustan Times  

The climate crisis is triggering fresh humanitarian emergencies and exacerbating existing ones, particularly in vulnerable communities. Climate finance has held a significant role in global climate negotiations since 1992, predominantly linked to the aim of mobilising $100 billion annually from developed nations to support developing countries by 2020. Additionally, commitments to the Least Developed Countries Fund and Special Climate crisis …

Don’t applaud the COP28 climate summit’s loss and damage fund deal just yet – here’s what’s missing
1 year ago

Don’t applaud the COP28 climate summit’s loss and damage fund deal just yet – here’s what’s missing

The Hindu  

Shortly after the opening ceremony of the 2023 United Nations climate negotiations in Dubai, delegates of nations around the world rose in a standing ovation to celebrate a long-awaited agreement to launch a loss and damage fund to help vulnerable countries recover from climate-related disasters. A brief history of loss and damage “Breakthrough” was the term often used to describe …

Why Cop28 barely scratches the surface on the cost of climate change
1 year 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” – …

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

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

Associated Press  

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

What's happening at COP28 climate summit on Monday
1 year ago

What's happening at COP28 climate summit on Monday

India Today  

As the world's leaders have departed from the bustling conference halls of Expo City Dubai, the focus of COP28 shifts to a critical aspect of climate action: finance. Monday marks the finance day at the U.N. climate summit, a day anticipated to bring forth more nuanced discussions and potential funding announcements dedicated to combating climate change. In the initial days …

Reparations fund ‘historic’, but real fight begins now: Climate campaigners
1 year ago

Reparations fund ‘historic’, but real fight begins now: Climate campaigners

Al Jazeera  

Experts say the loss and damage fund launched at COP28 is just the first step towards climate justice. The launch of a ‘loss and damage’ fund on Thursday at the start of the United Nations COP28 summit marks a landmark moment but is only the first in a series of necessary steps in the fight for climate justice, say experts …

COP28 climate summit just approved a ‘loss and damage’ fund. What does this mean?
1 year ago

COP28 climate summit just approved a ‘loss and damage’ fund. What does this mean?

The Hindu  

Day one of the COP28 climate summit saw the first big breakthrough: agreement on a “loss and damage” fund to compensate poor states for the effects of climate change. Met with a standing ovation in Dubai, the agreement means wealthy states and major polluters will put millions of dollars towards a fund that will in turn distribute funds to poor …

5 reasons why COP28, the UN climate talks, are worth your attention
1 year ago

5 reasons why COP28, the UN climate talks, are worth your attention

Associated Press  

DUBAI, United Arab Emirates — Ask most people what the annual U.N. climate talks are and the likely answer will be: “Huh?” Ask those who do know and the answer may be: “Why should I care?” The negotiations, called Conference of Parties, are nearly two weeks long and in their 28th iteration in Dubai. The Paris agreement established a defining …

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 …

COP28: Loss and damage fund, climate finance among India's key focus at climate summit, says Env min
1 year ago

COP28: Loss and damage fund, climate finance among India's key focus at climate summit, says Env min

Firstpost  

The present COP Presidency has prepared a draft proposal to operationalise the loss and damage fund which confirms what the Loss and Damage Fund technical committee had recommended in its last meeting that the World Bank be the interim host of the fund. Environment Minister Bhupendra Yadav said on Thursday that the ’loss and damage fund’, climate finance and issues …

In victory on first day, U.N. climate conference sets up fund for disaster-hit nations
1 year ago

In victory on first day, U.N. climate conference sets up fund for disaster-hit nations

LA Times  

Protesters call for compensation for countries hit badly by climate change at last year’s United Nations summit in Sharm el-Sheikh, Egypt. Nearly all the world’s nations finalized the creation of a fund to help compensate countries struggling to cope with loss and damage from climate change, seen as a major first-day breakthrough at this year’s United Nations climate conference. Rachel …

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 …

Impasse broken on climate fund before COP28 but tough road ahead
1 year, 1 month ago

Impasse broken on climate fund before COP28 but tough road ahead

The Hindu  

The fifth meeting of a 24-member U.N. committee tasked with designing the fund concluded in Abu Dhabi over the weekend, with support for a “take-it-or-leave-it” deal that would make the World Bank the interim home of the fund and encourage - but not oblige - all countries to contribute to it. It would aim to divert billions of dollars towards …

Failure to agree on Loss and Damage facility could risk progress at COP28
1 year, 1 month ago

Failure to agree on Loss and Damage facility could risk progress at COP28

Hindustan Times  

The fourth meeting of the Transitional Committee on Loss and Damage Fund ended without a clear consensus on operationalising the fund last week, exposing a deep trust deficit among rich and emerging economies over historic responsibility, climate reparations and making money available for compensation. According to TWN, a non-profit international research and advocacy group, developed countries pushed for the fund …

Countries deadlocked on 'loss and damage' fund as UN climate summit nears
1 year, 2 months ago

Countries deadlocked on 'loss and damage' fund as UN climate summit nears

The Hindu  

Countries are deadlocked over how to design a fund to help countries recover and rebuild from climate change-driven damage, with just over 30 days left before crucial United Nations climate negotiations kick off in Dubai. Two dozen countries involved in a committee tasked with designing a "loss and damage" fund wrapped up the last meeting in the early hours of …

Climate ‘loss and damage’ talks ahead of COP28 end in failure
1 year, 2 months ago

Climate ‘loss and damage’ talks ahead of COP28 end in failure

The Hindu  

A crucial meeting on climate "loss and damages" ahead of COP28 ended in failure on Saturday, with countries from the global north and south unable to reach an agreement, according to sources involved in the talks. The agreement to set up a dedicated fund to help vulnerable countries cope with climate "loss and damage" was a flagship achievement of last …

Developed nations pledge $9.3 billion to global climate fund at gathering in Germany
1 year, 2 months ago

Developed nations pledge $9.3 billion to global climate fund at gathering in Germany

Associated Press  

VIENNA — Developed countries pledged $9.3 billion to help poor nations tackle climate change at a conference held in the German city of Bonn on Thursday, authorities said. A U.S. administration official later said that Washington is “steadfastly committed to President Biden’s pledge to increase U.S. climate finance to help developing countries tackle the urgent threat of climate change but …

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. …

Climate change: Which countries will foot the bill?
1 year, 5 months ago

Climate change: Which countries will foot the bill?

The Hindu  

Record-breaking heat in China. Climate finance refers to money that wealthy countries pay toward helping poorer nations reduce CO2 emissions and adapt to a hotter, harsher world. In a meeting with Kerry on Tuesday, Chinese Premier Li Qiang stressed that developed countries should deliver their unfulfilled climate finance commitments and take the lead in cutting emissions, according to Li's office. …

It’s Time to Put Serious Money on Climate Resilient Development - News18
1 year, 6 months ago

It’s Time to Put Serious Money on Climate Resilient Development - News18

News 18  

Everything, everywhere and all systems together. Mobilising climate finance flows to developing countries One of the challenges of global climate finance is that it needs to address three simultaneous goals. Nearly three-quarters of global climate finance still stay in high-income countries, to avoid the perceived political, regulatory and economic risks of investments in developing countries. Turn-around in global to local …

COP27 Climate Talks: A Victory for Small and Developing Countries - News18
1 year, 11 months ago

COP27 Climate Talks: A Victory for Small and Developing Countries - News18

News 18  

COP27 witnessed over 45,000 people exchanging knowledge, finding solutions, forming alliances and collaborating. The loss and damage theory states that the term ‘loss’ measures the harm that climate change has caused to infrastructure, such as buildings, ports, and roads. India’s approach is founded on four key considerations that serve as the foundation of its long-term low-carbon development strategy: Despite having …

Toward a Climate Loss and Damage Fund
2 years ago

Toward a Climate Loss and Damage Fund

The Diplomat  

One of the key outcomes from the COP27 United Nations Climate Change Conference held in Egypt in November was the establishment of a fund to pay loss and damage to developing countries most affected by climate change. For Pacific Island states this is a welcome development, as these countries make negligible contributions to climate change but disproportionately experience its effects. …

COP-ing with the climate crisis: Top stories that you should not miss
2 years ago

COP-ing with the climate crisis: Top stories that you should not miss

The Hindu  

Published : Dec 21, 2022 13:38 IST Much was made of the “loss and damage” fund announced in November 2022 at the 27th session of the Conference of the Parties to the UN Framework Convention on Climate Change at Sharm el-Sheikh, Egypt. Chandrasekhar writes in his analysis of the COP27 proceedings: “Calling on developing countries to make large contributions to …

After Cop27 – what next for the battle against the climate crisis?
2 years ago

After Cop27 – what next for the battle against the climate crisis?

The Independent  

Our planet is still in the emergency room – this was the parting shot of the UN secretary general, Antonio Guterres, at the end of the Cop27 climate summit in Egypt. If loss and damage was the crowning achievement of Cop27, it is widely accepted that the summit failed to make meaningful progress to reduce emissions The agreement also calls …

Climate justice needs more than a fund. It needs accountability
2 years ago

Climate justice needs more than a fund. It needs accountability

Al Jazeera  

The COP27 fund is an important step forward. After innumerable fits and starts, COP27 witnessed a win for climate diplomacy in November, when the United Nations climate conference agreed to set up a fund for loss and damage caused by global warming — a key demand of many developing nations. Its message that “loss and damage is not charity, it’s …

The dust has settled on Cop27. Here’s what we can make of its failures
2 years ago

The dust has settled on Cop27. Here’s what we can make of its failures

The Independent  

It’s been a few weeks since the final gavel came down on Cop27, the United Nations’ annual climate conference, held this time around in Sharm el-Sheikh. There was progress in the shape of a historic “loss and damage” fund – long called for by countries already bearing the brunt of severe climate impacts. There was also a very real fear …

Real COP27 failure is absence of commitments on long-term climate finance
2 years ago

Real COP27 failure is absence of commitments on long-term climate finance

The Hindu  

Published : Dec 01, 2022 10:25 IST As COP27, the climate summit at Sharm el-Sheikh in Egypt, ended after being extended by more than a day, assessments of what it achieved were mixed. The text on long-term climate finance, after noting “with deep regret that the goal of developed country Parties to mobilize jointly USD 100 billion per year by …

COP27 fails to improve on COP26 but loss and damage fund the saving grace
2 years ago

COP27 fails to improve on COP26 but loss and damage fund the saving grace

The Hindu  

Published : Nov 29, 2022 14:31 IST Some 30 years ago, in 1991, the Pacific island nation of Vanuatu put the term “loss and damage” on the table of the UN climate negotiations, which finally saw some tangible progress at the 27th session of the Conference of the Parties to the UN Framework Convention on Climate Change. The Glasgow declaration …

COP27 and the ambiguity about responsibility
2 years ago

COP27 and the ambiguity about responsibility

The Hindu  

This year, at COP27 in Egypt, a dizzying array of topics was on the table for discussion — from the more familiar emissions reductions to the more detailed rules to govern carbon markets. And as scientists today are able to attribute these events to climate change, and derivatively, to greenhouse gas emissions, developing countries maintain that developed countries should inherit …

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