Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?
4 months, 1 week ago

Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?

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. Climate cash could be in the form of loans, grants or private investment Experts put the need closer to $1 trillion, while developing nations have said they'll need $1.3 trillion in climate finance. But when it comes to compensating poor nations already damaged by climate change — such as Caribbean nations devastated by repeated hurricanes — leverage doesn't work because there's no investment and loans. For developing nations, the talk of loans brings fear of debt If climate finance comes mostly in the form of loans, except for the damage compensation, it means more debt for nations that are already drowning in it, said Michai Robertson, climate finance negotiator for the Alliance of Small Island States. That would be politically difficult, but “the reality is that the world cannot tax up to $1 trillion of the taxpayers to make this happen, which is why we have to think about development finance and climate finance,” said United Nations Environment Programme Director Inger Andersen suggested.

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History of this topic

India, Brazil could play a key role in shaping climate talks: COP30 President-Designate
1 week, 3 days ago

India, Brazil could play a key role in shaping climate talks: COP30 President-Designate

The Hindu  

With deepening divisions among countries over trade, the exit of the United States from the Paris Agreement, and multiplying disasters from global warming, the President-Designate of the forthcoming climate talks in Belem, Brazil, Andre Lago, a former Ambassador of Brazil to India, said that this was a time that developing countries, including India and Brazil, could play a greater role …

Meera Gopal
2 months, 3 weeks ago

Meera Gopal

The Diplomat  

In November, the world gathered in the capital of Azerbaijan, Baku, for the annual United Nations Climate Change Conference. In the following interview, Meera Gopal – a senior program officer for climate at the Asia Society Policy Institute – details Asia’s multifaceted positions and concerns in regard to climate change, how countries from India to China approached the negotiations in …

Boost Green Capex With 'Climate Deficit' to Reverse India's GDP Slowdown
3 months, 3 weeks ago

Boost Green Capex With 'Climate Deficit' to Reverse India's GDP Slowdown

The Quint  

However, in terms of social or political outcomes, inflation is not a statistical idea based on indices rising up from a base year but a lived experience called price rise. Developing countries, especially India, saw a grand failure in the inability of developed countries to sufficiently increase the funding to decelerate climate change. While the COP29 attended by delegates from …

COP29: How $300 billion climate funding is an ‘optical illusion’
3 months, 4 weeks 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 in Baku: Oil and money stain climate talks
3 months, 4 weeks 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 …

Global South's joint climate efforts urged
4 months 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 …

Half a loaf, at best, from the climate talks
4 months ago

Half a loaf, at best, from the climate talks

Live Mint  

THE SENSE that the COP29 climate talks were outstaying their welcome in Baku was tangible through growing absences. In 2021 in Glasgow the attendees committed themselves to a “New Collective Quantified Goal” for climate finance that would go beyond Paris’s $100bn a year from north to south. The most frequently cited estimate of what it would cost for developing countries …

Baku’s climate talks couldn’t escape the impact of Trump’s US victory
4 months ago

Baku’s climate talks couldn’t escape the impact of Trump’s US victory

Live Mint  

The CoP-29 climate summit at Baku closed with a measly deal that has deeply disappointed the developing world and civil society in developed countries. Sadly for most of the world, the rich nations that are almost wholly responsible for causing climate change—China and India, among the top five carbon emitters today, industrialized much later—agreed to pledge just $300 billion annually …

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

Baku breakdown suggests a cop-out
4 months ago

Baku breakdown suggests a cop-out

Hindustan Times  

“Is this a joke?” An offhanded response by representatives of G77 at a media briefing on the quantum of the finance required for climate mitigation initially being set at $200 billion summed up COP29 that concluded over the weekend in Baku, Azerbaijan. The deal, gavelled early Sunday despite objections from the developing nations, including India, regarding the New Collective Quantified …

‘Optical illusion’: Key takeaways from COP29 at Baku
Trending News
4 months, 1 week 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 …

Climate organizations disappointed by “small” sum agreed at climate summit in Baku
4 months, 1 week ago

Climate organizations disappointed by “small” sum agreed at climate summit in Baku

NL Times  

Nature and environmental organizations are deeply disappointed with the new amount of 300 billion dollars for climate support, agreed at the climate summit in Baku. Developing countries and climate experts wanted that amount to be considerably higher and Greenpeace therefore calls it "an absolute minimum agreement". Jasper Inventor, Head of COP29 Greenpeace Delegation said that the agreed climate finance goal …

COP29 Baku: UN rules facilitating carbon trading between nations agreed upon
4 months, 1 week ago

COP29 Baku: UN rules facilitating carbon trading between nations agreed upon

India Today  

New rules allowing wealthy polluting countries to buy carbon-cutting "offsets" from developing nations were agreed at UN climate talks on Saturday, in a move already raising fears they will be used to greenwash climate targets. Supporters say a UN-backed framework for carbon trading could direct investment to developing nations where many credits are generated. Carbon credits are generated by activities …

COP29: $300 billion climate deal pushed through despite stiff opposition
4 months, 1 week 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 …

Here’s what to know about the new funding deal that countries agreed to at UN climate talks
4 months, 1 week ago

Here’s what to know about the new funding deal that countries agreed to at UN climate talks

Associated Press  

BAKU, Azerbaijan — In the wee hours Sunday at the United Nations climate talks, countries from around the world reached an agreement on how rich countries can cough up the funds to support poor countries in the face of climate change. World Resources Institute president and CEO Ani Dasgupta called it “an important down payment toward a safer, more equitable …

United States, European Union among others to back new $300 billion global finance target: COP29
Trending News
4 months, 1 week 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 U.N. Summit: Civil society protests against climate finance proposal, calls for 'no deal' over 'bad deal'
4 months, 1 week ago

COP29 U.N. Summit: Civil society protests against climate finance proposal, calls for 'no deal' over 'bad deal'

The Hindu  

Civil society members staged a silent march at the U.N. climate summit, condemning the developed nations' proposal to increase annual climate finance to a meagre $250 billion by 2035. With their arms crossed in defiance, protesters walked silently through the summit venue, where chanting is prohibited "We urge you to stand up for the people of the Global South, and …

COP29: EU and US want to give $300 billion in climate finance
4 months, 1 week 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
4 months, 1 week 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
4 months, 1 week 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
4 months, 1 week 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 …

$300-billion-a-year deal for climate cash at U.N. summit sparks outrage for some and hope for others
4 months, 1 week 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 …

COP29 UN climate talks wrap up in Baku
4 months, 1 week 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 …

COP29: World agrees to climate deal on financial aid for poor countries after summit nearly implodes
4 months, 1 week ago

COP29: World agrees to climate deal on financial aid for poor countries after summit nearly implodes

CNN  

CNN — The world agreed to a new climate deal at COP29 in Baku, Azerbaijan, Saturday, with wealthy countries pledging to provide $300 billion annually by 2035 to poorer countries to help them cope with the increasingly catastrophic impacts of the climate crisis — a figure many developing countries criticized as vastly insufficient. “This new finance goal is an insurance …

COP29 talks extended as draft $250 billion finance offer flops
Trending News
4 months, 1 week 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
4 months, 1 week 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 …

COP29 Baku: What is climate finance, and the relevance of Baku summit
4 months, 1 week ago

COP29 Baku: What is climate finance, and the relevance of Baku summit

India Today  

While it is centred on negotiation, the first week of COP29 has concluded without any significant progress on climate finance, especially negotiations about a new climate finance goal due to concerns about equitable responsibility for climate action. This means that countries that have been historically responsible for carbon emissions and in turn, climate change, should contribute a lion’s share of …

As deadline looms, divide over climate pact widens
4 months, 1 week ago

As deadline looms, divide over climate pact widens

Hindustan Times  

Baku: A deep divide over climate finance erupted into the open on Thursday at the UN climate summit COP29, as developed nations and developing nations roundly rejected a new draft proposal that offered two starkly different options for funding climate action, leaving the talks in disarray with barely a day remaining. A controversial proposal to count developing countries’ domestic resources …

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment
4 months, 1 week ago

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment

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. “It’s like developed countries are saying the dog ate their homework.” open image in gallery Activists demonstrate for climate …

A draft deal on climate money for developing world is silent on how much as UN summit nears end
4 months, 1 week ago

A draft deal on climate money for developing world is silent on how much as UN summit nears end

Associated Press  

BAKU, Azerbaijan — Countries of the world took turns rejecting a new but vague draft text released early Thursday which attempts to form the spine of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change. Colombia’s environment minister Susana Mohamed said without a figure offered by …

Cop29: The trillion-dollar question that has left climate summit at an impasse
4 months, 1 week ago

Cop29: The trillion-dollar question that has left climate summit at an impasse

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 New Collective Quantified Goal on Finance, which will fund the climate disaster and prevention-related costs in developing countries, …

COP29 negotiators seek climate finance deal as deadline looms
Trending News
4 months, 1 week 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. …

Climate action must rise above politics before time runs out
4 months, 1 week ago

Climate action must rise above politics before time runs out

Live Mint  

This year’s United Nations Climate Change Conference in Baku is taking place against a tumultuous geopolitical backdrop. The European Investment Bank Group’s most recent climate survey shows that 94% of Europeans and 88% of Americans support adaptation measures, while around half of respondents say that such measures should be a national priority. Economic growth is decoupling from carbon emissions, owing …

Money to respond to climate change is key. Here’s how nations are raising it
4 months, 1 week ago

Money to respond to climate change is key. Here’s how nations are raising it

Associated Press  

BAKU, Azerbaijan — Just as a simple lever can move heavy objects, rich nations are hoping another kind of leverage — the financial sort — can help them come up with the money that poorer nations need to cope with climate change. Money could be in the form of loans, grants or private investment Experts put the number needed for …

Baku looks to Rio in push for Global Climate fund deal
4 months, 1 week ago

Baku looks to Rio in push for Global Climate fund deal

New Indian Express  

With just three days to go for the UN’s COP29 climate talks to end in Baku, Azerbaijan, there is serious concern the world is again going to miss the targets for funding climate disaster mitigation. The demand for richer nations to fund the changeover to green energy and pay for rebuilding from devastating weather events was mooted at the Copenhagen …

Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?
4 months, 1 week ago

Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?

New Indian Express  

Climate cash could be in the form of loans, grants or private investment Experts put the need closer to $1 trillion, while developing nations have said they'll need $1.3 trillion in climate finance. “That's a big lever,” said Melanie Robinson, global climate economics and finance director at World Resources Institute. For developing nations, the talk of loans brings fear of …

Finance goal at centre of Baku COP29 crisis
4 months, 1 week ago

Finance goal at centre of Baku COP29 crisis

Hindustan Times  

New Delhi: With no progress made in week 1, the COP29 Presidency decided that ministers from Egypt and Australia will conduct consultations on the structure, contributors, and overall “quantum” of the new finance goal. According to developing countries including India, developed countries are pushing for higher mitigation goals without a commitment or even an indication of the quantum of the …

Negotiators are urged to get down to business as climate talks in Baku enter second week
4 months, 1 week ago

Negotiators are urged to get down to business as climate talks in Baku enter second week

Associated Press  

BAKU, Azerbaijan — United Nations climate talks resumed Monday with negotiators urged to make progress on a stalled-out deal that could see developing countries get more money to spend on clean energy and adapting to climate-charged weather extremes. Climate Change executive secretary Simon Stiell called for countries to “cut the theatrics and get down to real business.” “We will only …

G20 nations reach climate finance breakthrough that eluded COP29 talks: Report
4 months, 1 week ago

G20 nations reach climate finance breakthrough that eluded COP29 talks: Report

India Today  

Diplomatic tensions over global warming spilled over into the G20 summit negotiations in Brazil this week, with sources saying the 20 major economies reached a fragile consensus on climate finance that had eluded UN talks in Azerbaijan. G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance. …

As talks in Baku cross the halfway point, nations are no closer to a goal on cash for climate action
4 months, 2 weeks ago

As talks in Baku cross the halfway point, nations are no closer to a goal on cash for climate action

Associated Press  

BAKU, Azerbaijan — Distractions were bigger than deals in the first week of United Nations climate talks, leaving a lot to be done, especially on the main issue of money. “They have not uttered a single word on what the is going to be which is very disturbing.” Especially when it comes to this total, United Nations Climate Secretary Simon …

Negotiations over climate finance remain deadlocked at UN summit
4 months, 2 weeks ago

Negotiations over climate finance remain deadlocked at UN summit

Hindustan Times  

With just days remaining at the COP29 climate talks in Baku, negotiations over climate finance remain deadlocked, with developed and developing nations still far apart on both the scale of funding and its fundamental structure, even as Argentina’s withdrawal from the talks casts a shadow over global climate cooperation. Experts say Harjeet Singh, Climate Activist and Global Engagement Director for …

Protesters gather at UN climate talks in global day of action as progress on a deal slows
4 months, 2 weeks ago

Protesters gather at UN climate talks in global day of action as progress on a deal slows

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 can’t end up with a bad deal for …

At UN climate talks, some see wars complicating negotiators' task
4 months, 2 weeks ago

At UN climate talks, some see wars complicating negotiators' task

Deccan Chronicle  

Baku : Nisreen Elsaim has been a climate activist for a dozen years, much of it focusing on the intersection of war and climate change. It's a story Elsaim is telling at the United Nations climate talks in Baku, which she says must succeed for countries like hers to have any chance to successfully adapt to climate change. Achim Steiner, …

At UN climate talks, some see wars complicating negotiators’ task
4 months, 2 weeks ago

At UN climate talks, some see wars complicating negotiators’ task

Associated Press  

BAKU, Azerbaijan — Nisreen Elsaim has been a climate activist for a dozen years, much of it focusing on the intersection of war and climate change. It’s a story Elsaim is telling at the United Nations climate talks in Baku, which she says must succeed for countries like hers to have any chance to successfully adapt to climate change. Achim …

Can COP29 deliver the big bucks needed to fight climate change?
4 months, 2 weeks ago

Can COP29 deliver the big bucks needed to fight climate change?

India Today  

On the shores of the Caspian Sea, Baku is welcoming leaders, climate activists, civil society members, and negotiators from over 200 countries with heightened anticipation around setting more ambitious climate finance targets through the proposed New Collective Quantified Goal. The agenda aims to revitalise global climate finance commitments, yet concerns loom over the pace and scale of progress. Across the …

Where Will the COP29 Money Come From?
4 months, 2 weeks ago

Where Will the COP29 Money Come From?

Live Mint  

-- COP29 Daily Reports: Sign up for the Green Daily newsletter for comprehensive coverage of the climate summit right in your inbox. But that moniker could have been given to almost any of the other recent United Nations gatherings of world leaders: the COP26 confab in Glasgow in 2021 focused on enlisting institutional investors in the fight against global warming; …

Countries at COP29 urged to invest trillions to cope with climate change
4 months, 2 weeks ago

Countries at COP29 urged to invest trillions to cope with climate change

Al Jazeera  

Countries need to invest more than $6 trillion per year by 2030 to tackle the effects of climate change or risk having to pay more in the future, according to report by an independent panel of experts at a United Nations climate summit. “Investments in all areas of climate action must increase across all economies,” said the report published on …

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