Behind the smokescreen around private climate finance
2 years, 1 month ago

Behind the smokescreen around private climate finance

The Hindu  

Over the last few years, developed countries have insisted upon two points on the issue of climate finance. The OECD 2020 data, however, shows that the mobilisation of private climate finance has underperformed against the expectations of developed countries falling short by 60 percentage points, $13.1 billion in 2020 against $33 billion in the road map. Further, although many developed countries and multilateral development banks have emphasised the importance of private finance mobilised in their climate finance strategies, including by de-risking and creating enabling environments, “these efforts have not yielded results at the scale required to tap into the significant potential for investments by the private sector and deliver on developed countries climate ambition”. This implies that the composition of public climate finance portfolios will progressively change towards a larger share of activities with low to no private finance mobilisation potential; this includes finance for adaptation, and capacity building, as grants, for least developed and small island developing countries. Therefore, addressing the urgent climate finance needs of developing countries cannot be left to the mercy of false promises of trillions of U.S. dollars in mobilised private climate finance.

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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, 3 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 …

Climate myopia: This year’s CoP was a big disappointment but small surprise
2 weeks, 5 days 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 …

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

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. …

Finance COP fails to offer adequate finance to developing countries for climate action
4 weeks, 1 day 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: $300 billion climate deal pushed through despite stiff opposition
1 month 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 …

Why is there a row over climate finance?
1 month 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 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 …

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

‘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 …

As deadline looms, divide over climate pact widens
1 month 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 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 …

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

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

Invest in the climate-health nexus
1 month ago

Invest in the climate-health nexus

Hindustan Times  

From November 11 to 22, global leaders and climate experts have come together at the Conference of Parties 29, billed as the ‘finance COP’ to set the New Collective Quantified Goal. The climate crisis is expected to put tremendous pressure on health systems across the world, with over 2,50,000 additional deaths per year predicted between 2030 and 2050. During the …

India pitches for $1.3 trillion in annual climate support for developing nations
1 month, 1 week ago

India pitches for $1.3 trillion in annual climate support for developing nations

Live Mint  

Intervening on behalf of like-minded developing countries, India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal till 2030. Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition, according to various estimates. Also Read: COP29 stresses global …

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare
1 month, 1 week ago

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare

BBC  

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare Getty Images As countries negotiate a new global goal to raise climate cash, these five charts show why discussions are so fraught. "Developing countries eager to act are facing many obstacles: scant public finance; raging cost of capital; crushing climate disasters; and debt servicing that soaks up funds," …

Where Will the COP29 Money Come From?
1 month, 1 week 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; …

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 …

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 …

COP29 Begins With Climate Finance, Absent Leaders, and Trump Looming Large
54 years, 11 months ago

COP29 Begins With Climate Finance, Absent Leaders, and Trump Looming Large

Wired  

$1 trillion a year in climate finance—that’s the goal. At these conferences, held every 12 months, everyone has a microphone—small islands with 10,000 inhabitants sit next to the giant countries of the world as they try to make decisions on how to curb climate change and its impacts. In Baku, the first city in the world to commercially exploit oil, …

Developed countries should walk the talk on climate
1 month, 1 week 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, 1 week ago

Developed countries should walk the talk on climate

China Daily  

Driven by nations who've already been hit hard by climate change, there's been a growing consensus that global efforts must be intensified to elevate climate ambitions in order to restrict the rise in temperature this century to well below 1.5 C, thus preventing catastrophic irreversibility. They underscore the critical importance of COP29 in Baku, Azerbaijan, where establishing a New Collective …

A shadow ‘financial crisis’ has cost the world $2 trillion
1 month, 2 weeks ago

A shadow ‘financial crisis’ has cost the world $2 trillion

CNN  

CNN — Last month, two major storms, Hurricane Helene and Hurricane Milton, caused a total of between $51.5 billion and $81.5 billion of property damage, mostly to Southeastern US states, according to estimates from CoreLogic. The report from the International Chamber of Commerce, which comes as the United Nations Climate Change Conference begins in Azerbaijan this week, estimated that the …

Can $1 trillion in climate finance be achieved amid political hurdles
1 month, 2 weeks ago

Can $1 trillion in climate finance be achieved amid political hurdles

New Indian Express  

CHENNAI: The World Meteorological Organisation has declared that 2024 is on track to be the warmest year on record, which means it will be the first year of more than 1.5 degrees Celsius warming above pre-industrial levels. It is the most consequential of climate summits since the Paris Agreement as the discussions are set to address the New Collective Quantified …

India's push for $1 trillion in climate finance to take centre stage at COP29
1 month, 2 weeks ago

India's push for $1 trillion in climate finance to take centre stage at COP29

India Today  

With just days left until the United Nations Climate Change Conference begins in Azerbaijan, negotiators have yet to clearly outline a deal for a new climate finance goal. India has emphasised that developed nations need to provide at least $1 trillion annually for climate finance, as stated in the G20 New Delhi Declaration. The new financing goal will support developing …

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 …

Asia-Pacific risks growth amid climate crisis: ADB
1 month, 3 weeks ago

Asia-Pacific risks growth amid climate crisis: ADB

China Daily  

A view of CBD area in Beijing on June 20, 2023. Rising sea levels and falling labor productivity would slash growth in the Asia-Pacific region, which needs an annual investment of at least $102 billion in the next five years for adaptation measures to help offset the huge economic losses brought by climate change, the Asian Development Bank said on …

Climate Crisis: Can COP29 Break the Cycle of Broken Promises?
1 month, 3 weeks ago

Climate Crisis: Can COP29 Break the Cycle of Broken Promises?

Live Mint  

The 2024 Emissions Gap Report paints a grim picture of global climate progress, with emissions continuing to rise and the gap between climate targets and reality widening. The report emphasizes the need for immediate action on climate finance, emissions reduction, and accountability. It highlights the responsibility of wealthy nations to fulfill their financial and emissions reduction promises, particularly to support …

Developing Countries Face Greater Climate Finance Risk, Need More Support
2 months ago

Developing Countries Face Greater Climate Finance Risk, Need More Support

The Hindu  

Developing countries face a significant risk due to their geographical factors and reliance on sectors like agriculture, which are particularly sensitive to climate change. Despite contributing relatively little to the cumulative emissions that cause climate change, they require external financing for climate action due to their smaller domestic financial systems and higher costs of capital. The New Collective Quantified Goal …

Leaders at U.N. urge world’s richest to do more on climate
2 months, 4 weeks ago

Leaders at U.N. urge world’s richest to do more on climate

The Hindu  

Developing nations on Monday pleaded at the U.N. General Assembly for the world’s richest to do more to help them cope with the hardships they face from climate extremes. “The vulnerable people of our world are drained by the lip service.” Delivering a similar message on behalf of the Least Developed Country negotiating bloc, Malawi’s climate and natural resources minister, …

Broken promise
3 months, 2 weeks ago

Broken promise

New Indian Express  

CHENNAI: As the COP29 negotiations draw closer, the climate finance gap between developed and developing nations remains a major hurdle, casting a shadow over the upcoming summit. With less than three months to go, the pressure is mounting on wealthier countries to make good on their promises and agree to a new climate finance goal that adequately supports vulnerable nations …

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 …

Climate finance gaps
7 months ago

Climate finance gaps

China Daily  

MA XUEJING/CHINA DAILY Since its launch 10 years ago, the Belt and Road Initiative has made remarkable progress across various fields. Therefore, it is critical and urgent to promote international cooperation on climate finance in BRI countries, so as to channel more funds toward climate change adaptation and environmental protection, and enhance these countries' capacity for mitigating and adapting to …

Climate accountability: Disclose more, put checks before financing mega projects
7 months ago

Climate accountability: Disclose more, put checks before financing mega projects

New Indian Express  

The ‘Draft Disclosure Framework on Climate Related Financial Risks’ released by the RBI in February enjoins financial institutions, such as banks, to provide the public detailed information on how they are addressing risks to their investments arising from the climate crisis. Big-ticket investments by FIs in sectors like infrastructure and energy face direct physical risks from environmental changes like rise …

West needs to bear its climate funding duty
7 months, 2 weeks ago

West needs to bear its climate funding duty

Hindustan Times  

The refusal of the developed nations to shoulder their fair share of responsibility in the climate crisis is baffling, given the window for action to contain warming to 2 degrees Celsius by 2100 is closing fast. At the Cartagena Ad Hoc Work Programme talks — in the run up to the actual negotiations at the Conference of Parties — the …

Private sector holds key to climate finance
9 months ago

Private sector holds key to climate finance

China Daily  

A man sells camels at El Hirka Dhere livestock market in Mogadishu, Somalia, on July 30, 2020. The private sector, government and international organizations have reiterated that Africa needs to attract more private sector finance in order to bridge its climate finance gap. During the Climate Change Global Business Summit, speakers called on multilateral development finance institutions to strengthen their …

UN climate chief’s blunt message: Fewer loopholes, way more cash to really halt climate change
10 months, 3 weeks ago

UN climate chief’s blunt message: Fewer loopholes, way more cash to really halt climate change

Associated Press  

To keep Earth from overheating too much, the nations of the world need to put fewer loopholes in climate agreements and far more money — trillions of dollars a year — into financial help for poor nations, the United Nations climate chief said Friday. “We need torrents — not trickles — of climate finance.” United Nations climate officials emphasized the …

Financing climate actions in the ‘race to zero' campaign
11 months, 4 weeks ago

Financing climate actions in the ‘race to zero' campaign

Hindustan Times  

A critical step in addressing the climate crisis comes in the form of climate finance that enables climate action in the form of adaptation and mitigation efforts. In terms of private climate finance, 5% of total private climate finance raised by developed countries was for mitigation actions in the energy sector during the 2016-2020 period. Developed countries mobilised private climate …

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” – …

Planning for the polycrisis
1 year ago

Planning for the polycrisis

Live Mint  

It is now confirmed that this year has been the hottest in the last 125,000 years. Nearly 30 years ago, several African nations and small Pacific Islands demanded that rich countries need to compensate for the harm caused by the effects of climate change. Wealthy countries like Singapore, Qatar, and Saudi Arabia are still categorized under ‘developing’ nations, under those …

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 …

On 1st day, UN climate conference sets up fund for countries hit by disasters like flood and drought
1 year ago

On 1st day, UN climate conference sets up fund for countries hit by disasters like flood and drought

Associated Press  

DUBAI, United Arab Emirates — The world just took a big step toward compensating countries hit by deadly floods, heat and droughts. Sultan al-Jaber, the president of the COP28 climate conference in Dubai, hailed “the first decision to be adopted on Day One of any COP” — and said his country, the United Arab Emirates, would chip in $100 million. …

Climate funding is in short supply. So some want to rework the financial system
1 year ago

Climate funding is in short supply. So some want to rework the financial system

NPR  

Climate funding is in short supply. Enlarge this image toggle caption Ina Fassbender/AFP via Getty Images Ina Fassbender/AFP via Getty Images Developing countries need a lot more money for climate change Industrialized countries like the United States built their wealth producing and using fossil fuels. Sponsor Message "That $100 billion is a very important symbol of trust" between wealthy countries …

Stocktaking climate finance — a case of circles in red ink
1 year, 1 month ago

Stocktaking climate finance — a case of circles in red ink

The Hindu  

Climate finance has a crucial role in retaining the trust of the developing countries in future climate change negotiations. Estimating adequate climate finance The developed countries are required in mandatory terms to provide financial resources to developing country parties. Under Article 9 of the Paris Agreement on Climate Change, it is also mandatory for the developed countries to provide in …

Finding funds for climate action risks ending up as a pipe dream
1 year, 2 months ago

Finding funds for climate action risks ending up as a pipe dream

Live Mint  

Low-income countries are in the throes of a liquidity crunch that is not only undermining their economic development but also deepening the global climate crisis. To overcome this dilemma, the African Union’s Nairobi Declaration on Climate Change proposes that countries be allowed to reschedule debts coming due to create fiscal space for ‘green growth’ policies and reforms, financed by MDBs. …

Data | Climate finance adds another layer of inequity to climate change
1 year, 4 months ago

Data | Climate finance adds another layer of inequity to climate change

The Hindu  

In the last few years, climate justice activists have been campaigning for the world’s economically developed countries to raise their investments in climate adaptation and mitigation, including paying for other countries’ abilities to deal with the effects of climate change. Countries in Sub-Saharan Africa, Latin America, and South Asia have historically contributed the least to global warming; yet, they are …

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