Money to respond to climate change is key. Here’s how nations are raising it
1 month, 3 weeks 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 climate finance at $1 trillion, while developing nations have said they’ll need $1.3 trillion. Whatever the form of the finance, Ireland’s environment minister Eamon Ryan said it would be “unforgivable” for developed countries to walk away from negotiations in without making a firm commitment toward developing ones. “Let us be seized by a desire for better.” Cuban environment minister Armando Rodriguez Batista urged countries not to “favor death over life.” Praise and worry about G20 statement The G20’s mention of the need for strong climate finance and especially the replenishment of the International Development Association gives a boost to negotiators in Baku, ECCO’s Bergamaschi said. “G20 Leaders have sent a clear message to their negotiators at COP29: do not leave Baku without a successful new finance goal,” United Nations climate secretary Simon Stiell said.

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History of this topic

Climate myopia: This year’s CoP was a big disappointment but small surprise
1 month ago

Climate myopia: This year’s CoP was a big disappointment but small surprise

Live Mint  

The 29th Conference of the Parties to Climate Change came to an end on 24 November 2024 with deep disappointment on the outcomes—not just on finance, but on most other aspects of the agenda. With grossly inadequate mitigation of the crisis, the climate finance that developing countries can legitimately asl for will increase exponentially, leading to continued disappointment from a …

Climate-change colonialism keeps poor countries impoverished
1 month 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 …

COP29: How $300 billion climate funding is an ‘optical illusion’
1 month, 1 week 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
1 month, 1 week 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
1 month, 1 week 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 …

India’s stand against inadequate climate finance at COP29
1 month, 2 weeks ago

India’s stand against inadequate climate finance at COP29

Hindustan Times  

The Conference of Parties 29 climate summit in Baku, Azerbaijan, ended on a dramatic note as negotiators announced a pledge to triple annual climate finance to $300 billion by 2035, with an aspirational target of $1.3 trillion. Therefore, we oppose the adoption of this document.” India’s rejection of the climate finance package came in the face of celebration by developed …

Half a loaf, at best, from the climate talks
Trending News
1 month, 2 weeks 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 …

Half a loaf, at best, from the climate talks
1 month, 2 weeks 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 …

Climate talks end with mere $300 bn pledge
1 month, 2 weeks 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 …

Why developing nations like India are unhappy about the $300 billion COP29 deal
1 month, 2 weeks 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. …

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'
1 month, 2 weeks ago

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'

India Today  

After a complex negotiation at the climate finance in Baku during COP 29, countries adopted a $300 billion a year global finance target on Sunday to help poorer nations cope with the impacts of climate change. As per the final official draft by UNFCC, the central focus of COP 29 was on bringing together nearly 200 countries in Baku and …

Inside the Frantic Maneuvers That Saved COP29 Talks at a Cost
Trending News
1 month, 2 weeks 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 …

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

Finance COP fails to offer adequate finance to developing countries for climate action

Live Mint  

New Delhi: After an extension and over two weeks of intense negotiations, the 29th UN climate change conference or COP29 in Baku finally reached a consensus on a new collective quantified goals on climate finance but disappointed developing countries with only $300 billion per year by 2035 as against a required $1.3 trillion. Onus on developed countries The final draft …

Baku breakdown suggests a cop-out
1 month, 2 weeks 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 …

Know All About the Historic Climate Funding Deal at COP29
1 month, 2 weeks ago

Know All About the Historic Climate Funding Deal at COP29

Deccan Chronicle  

At the COP29 climate talks, negotiators from around the world reached a landmark agreement on a new funding deal to support developing nations in addressing the challenges posed by climate change. This deal is seen as a crucial step in the fight against climate change, particularly as developing countries struggle with extreme weather events, rising sea levels, and other climate-related …

‘Optical illusion’: Key takeaways from COP29 at Baku
Trending News
1 month, 2 weeks 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 …

COP29: $300 billion climate deal pushed through despite stiff opposition
1 month, 2 weeks 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
1 month, 2 weeks 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 …

Why is there a row over climate finance?
1 month, 2 weeks ago

Why is there a row over climate finance?

The Hindu  

The story so far: The 29th edition of the Conference of Parties, arguably the most important of the UN’s climate conferences, was scheduled to end on November 22, after 11 days of negotiations, and take a collective step forward in addressing rising carbon emissions. This was seen to be the New Collective Quantified Goal on climate finance which refers to …

Finance deadlock pushes COP29 to brink of failure
1 month, 2 weeks ago

Finance deadlock pushes COP29 to brink of failure

The Hindu  

Despite running into overtime, very little headway had been achieved at the U.N. climate summit in Baku late on Saturday in terms of bringing developed and developing countries any closer to agreeing to a new global financial target, called the New Collective Quantitative Goal, for a moonshot at preventing a runaway rise in global temperatures. ‘Nickels and dimes’ The newest …

Climate-threatened nations stage protest at COP29 over contentious deal
1 month, 2 weeks 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 …

United States, European Union among others to back new $300 billion global finance target: COP29
Trending News
1 month, 2 weeks 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'
1 month, 2 weeks 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
1 month, 2 weeks 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 …

With talks teetering, climate negotiators struck a controversial $300 billion deal
Trending News
1 month, 2 weeks 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 …

COP29 UN climate talks wrap up in Baku
1 month, 2 weeks 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 …

Now in overtime, UN climate talks continue
1 month, 2 weeks ago

Now in overtime, UN climate talks continue

NPR  

Now in overtime, UN climate talks continue UN climate negotiations are in overtime in Azerbiajan as countries scramble to land a deal on how to finance the damages brought on by climate change. DETROW: Now, these annual climate summits almost always run into overtime, but this year's talks have been contentious, with some countries walking out. This year, the Biden …

Developing nations say $300bn COP29 deal not enough after agreement
1 month, 2 weeks 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 …

What the ‘show me the money’ climate summit tells us about the new Trump era
1 month, 2 weeks ago

What the ‘show me the money’ climate summit tells us about the new Trump era

Politico  

Trump’s upcoming presidency is the most important source of the instability on display at the COP29 summit, despite all the Biden administration’s efforts to send signals that America is still on board with the climate cause, said Carlos Fuller, Belize’s permanent representative at the United Nations. “And then,” she added, “you have the U.S. going in and out.” Here are …

$300-billion-a-year deal for climate cash at U.N. summit sparks outrage for some and hope for others
1 month, 2 weeks 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 …

‘No deal is better than a bad deal’: Cop29 deadlocked over climate fund
1 month, 2 weeks 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 …

COP29 talks extended as draft $250 billion finance offer flops
Trending News
1 month, 2 weeks 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
1 month, 2 weeks 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
1 month, 2 weeks 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
1 month, 2 weeks 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
1 month, 2 weeks 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 …

Question stopping COP29 from a climate deal: How much wealthy nations are willing to pay
1 month, 2 weeks ago

Question stopping COP29 from a climate deal: How much wealthy nations are willing to pay

Firstpost  

The latest draft text from COP29 climate talks in Baku lacks concrete commitments on financing for developing countries. AP A new draft text released early Thursday which will form the basis of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change left out a crucial sticking …

At U.N. climate talks, a draft of the deal gives little clarity on climate cash for developing nations
1 month, 2 weeks ago

At U.N. climate talks, a draft of the deal gives little clarity on climate cash for developing nations

The Hindu  

A new draft text released early on Thursday which will form the basis of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change left out a crucial sticking point: how much wealthy nations will pay. The draft text “presents two extreme ends of the aisle without …

A draft deal on climate money for developing world is silent on how much as UN summit nears end
1 month, 2 weeks 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: New NCQG draft delivers another “USD (X) trillion” promise frustrating developing nations
1 month, 2 weeks ago

COP29: New NCQG draft delivers another “USD (X) trillion” promise frustrating developing nations

New Indian Express  

BAKU: The latest COP29 Presidency draft decision text on the New Collective Quantified Goal for climate finance has once again failed to specify a concrete funding target, leaving a placeholder “USD trillion” in place of an actual figure. The NCQG, set to replace the USD 100 billion per year commitment under the Paris Agreement, is critical to scaling up financial …

Cop29: The trillion-dollar question that has left climate summit at an impasse
1 month, 2 weeks 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, …

Deadline looms for negotiators seeking a deal for cash to curb global warming
1 month, 2 weeks ago

Deadline looms for negotiators seeking a deal for cash to curb global warming

Associated Press  

BAKU, Azerbaijan — With time running down, negotiators at the United Nations annual climate talks on Wednesday remained mired in the maze of a trillion-dollar money problem, turning to host Azerbaijan to lead the way to daylight with a promised map to be released in the dark of night. “And what this effectively means is a lot of shuttle diplomacy, …

COP29 negotiators seek climate finance deal as deadline looms
Trending News
1 month, 2 weeks 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. …

COP29: Developed nations may pitch $200 to 300 billion in NCQG talks
1 month, 3 weeks ago

COP29: Developed nations may pitch $200 to 300 billion in NCQG talks

Hindustan Times  

Baku: The New Collective Quantified Goal quantum that was being discussed in the corridors of COP29 at Baku Stadium on Tuesday was around USD 200 to 250 billion as the core public finance goal with the rest mobilised through various sources including private finance and investments. “It is very clear for developing countries that the goal is 1.3 trillion USD …

Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?
1 month, 3 weeks 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, …

Big money to respond to climate change is key to UN talks in Baku. How can nations raise it?
1 month, 3 weeks 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
1 month, 3 weeks 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 …

China praised for climate financial aid
1 month, 3 weeks ago

China praised for climate financial aid

China Daily  

Experts and officials from both domestic and international spheres have praised China's voluntary financial support to developing nations within the South-South cooperation framework, highlighting it as a testament to the largest developing nation's role as a significant and responsible world power. Since 2016, China has provided and mobilized more than 177 billion yuan of financial support to bolster climate initiatives …

G20 nations reach climate finance breakthrough that eluded COP29 talks: Report
1 month, 3 weeks 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. …

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