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 and the UK, owe a staggering £137 trillion in total in climate reparations for emitting more carbon than countries in the global south. Starting from 1960, the carbon budget is equivalent to 1.8 trillion tons of CO2 in the 1.5C scenario, according to the UN’s top scientific body, the Intergovernmental Panel on Climate Change. In a net-zero scenario, five low-emitting countries with large populations – India, Indonesia, Pakistan, Nigeria and China – would be entitled to receive £82 trillion for sacrificing their fair share of the carbon budget. While some countries are still within their fair share of the global carbon budget, many other rich nations such as Canada, Australia, New Zealand, Israel and the EU bloc have already massively overshot.

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History of this topic

Developed countries spent more on fossil fuel subsidies in 2023 than new climate finance package
5 days, 23 hours ago

Developed countries spent more on fossil fuel subsidies in 2023 than new climate finance package

Live Mint  

New Delhi, Dec 19 Developed countries spent USD 378 billion subsidising fossil fuels in 2023, surpassing the USD 300 billion they have collectively committed to provide annually to the developing world by 2035 to tackle climate change, according to the latest data. The data revealed that 23 developed nations -- mandated under the UN climate convention to provide climate finance …

West’s hypocrisy at COP29: Why Global South must draw the line
3 weeks, 1 day 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 …

Finance COP fails to offer adequate finance to developing countries for climate action
1 month 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 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. …

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, …

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 …

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

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report
3 months, 2 weeks ago

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report

India TV News  

New Delhi: India contributed USD 1.28 billion in climate finance through multilateral development banks in 2022, surpassing the contributions of many developed countries, according to a new analysis. India provided USD 1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece, Portugal, Ireland and …

What has worked to fight climate change? Policies where someone pays for polluting, study finds
4 months ago

What has worked to fight climate change? Policies where someone pays for polluting, study finds

Associated Press  

WASHINGTON — To figure out what really works when nations try to fight climate change, researchers looked at 1,500 ways countries have tried to curb heat-trapping gases. “The key ingredient if you want to reduce emissions is that you have pricing in the policy mix,” said study co-author Nicolas Koch, a climate economist at the Potsdam Institute for Climate Impact …

Global emissions at record highs as world continues to overspend on 'carbon budget'
1 year ago

Global emissions at record highs as world continues to overspend on 'carbon budget'

ABC  

Global carbon emissions from fossil fuels have increased over the past year despite most of the world committing to net zero targets, according to new research. The Global Carbon Project releases its carbon budget each year, with this year's figures showing a 1.1 per cent increase in emissions across the world. CSIRO chief research scientist and executive director of the …

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 …

Average Earner in Developed Nations Account for Higher Emission Than Richest 10% in Developing Regions
1 year ago

Average Earner in Developed Nations Account for Higher Emission Than Richest 10% in Developing Regions

News 18  

With the biggest annual climate change conference, COP28, set to begin in the UAE this week, a new study has put the focus back on climate justice highlighting the stark emission divide between the developed and developing countries in contributing to climate change. The independent study led by New Delhi-based Council on Energy, Environment and Water documents how the carbon …

Developed countries to overshoot carbon emissions goal: study
1 year, 1 month ago

Developed countries to overshoot carbon emissions goal: study

The Hindu  

In the run-up to a key global climate summit, an analysis shows that developed countries — responsible for three-fourths of existing carbon emissions in the atmosphere — will end up emitting 38% more carbon in 2030 than they have committed to, going by current trajectories, In fact, 83% of this overshoot will be caused by the United States, Russia, and …

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. …

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 …

Billion pound spending gap as government spends less on UK emission cuts than it raises in carbon tax
2 years ago

Billion pound spending gap as government spends less on UK emission cuts than it raises in carbon tax

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The government is spending a billion pounds less on cutting domestic emissions than it is …

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 …

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 …

COP 27: Where will the funds for mitigation and adaptation come from? | In Focus podcast
2 years, 1 month ago

COP 27: Where will the funds for mitigation and adaptation come from? | In Focus podcast

The Hindu  

The 27th summit of the Conference of Parties in Egypt comes on the back of extreme weather events that seem like a trailer of the climate catastrophe that awaits the planet: epic floods in Pakistan, heat waves in Europe, wildfires in Australia, to name a few. Developing counties need about $2 trillion annually to cut their greenhouse emissions so that …

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 …

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, …

Richer nations fall short on climate finance pledge
2 years, 4 months ago

Richer nations fall short on climate finance pledge

Associated Press  

Richer countries failed to keep a $100 billion-a-year pledge to developing nations to help them achieve their climate goals, according to an analysis by the Organization for Economic Cooperation and Development, or OECD. Who pays for tackling and adapting to climate change has been a key sticking point between richer nations and poorer ones since international climate negotiations began 30 …

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 …

UN: 18 nations have gone green on climate, raked in green
2 years, 8 months ago

UN: 18 nations have gone green on climate, raked in green

Associated Press  

Proponents of clean energy and thinks tanks have long said it’s possible to reduce emissions and keep an economy growing. Now the latest report from the world’s top climate scientists says 18 countries have done just that, sustaining emissions reductions “for at least a decade” as their economies continued to grow. Nemet, who is also a lead author of the …

COP26 wraps with nations agreeing to deal aimed at averting climate catastrophe
3 years, 1 month ago

COP26 wraps with nations agreeing to deal aimed at averting climate catastrophe

India Today  

UN climate talks in Scotland ended with a global agreement that aimed at least to keep alive hopes of capping global warming at 1.5 degrees Celsius, and so maintain a realistic chance of saving the world from catastrophic climate change. The overarching aim set by conference host Britain was one that climate campaigners and vulnerable countries had found far too …

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 …

BASIC nations underline climate finance goal
3 years, 1 month ago

BASIC nations underline climate finance goal

Hindustan Times  

Brazil, South Africa, India, and China -- nations that form the ‘Basic’ grouping -- are seeking a fresh long-term climate finance goal at the COP26 summit in Glasgow, according to a statement presented by India’s environment minister, Bhupender Yadav, on behalf of the bloc. Environment minister Bhupender Yadav Yadav said during the opening of COP26 that the grouping endorsed for …

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 …

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 …

Cutting Carbon Pollution Quickly Would Save About 74 Million Lives, Study Finds
3 years, 4 months ago

Cutting Carbon Pollution Quickly Would Save About 74 Million Lives, Study Finds

NPR  

Cutting Carbon Pollution Quickly Would Save About 74 Million Lives, Study Finds Enlarge this image toggle caption Matt Young/AP Matt Young/AP Cutting greenhouse gas emissions quickly would save tens of millions of lives worldwide, a new study finds. Since 2010, the federal government has calculated the "social cost of carbon" — a dollar amount that represents the cost associated with …

Balancing development and climate action
3 years, 9 months ago

Balancing development and climate action

Live Mint  

India is the world’s third-largest emitter of greenhouse gases, but not everyone in the country emits equally. A study finds that high-expenditure households have nearly seven times the carbon footprint of low-expenditure ones. For low-expenditure households, carbon footprint is driven mainly by electricity, food and other forms of energy such as firewood, dung cake and kerosene. The authors estimate that …

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