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 years ago. Harsen Nyambe, who heads the African Union climate change and environment division, told the Associated Press the continent will continue to put pressure on richer nations to ensure the $100 billion-a-year agreement is fulfilled. The charity said at the time that reaching the $100 billion goal in this way “would be cause for concern, not celebration.” It’s unclear whether the latest year-on-year increase in climate funding came in the form of loans or grants.

Climate Change Climate Billion Nations Oecd Poorer Countries Richer Nations  poorer  countries  pledge  fall  billion  loans  funding  nations  help  finance  increase  short  climate  richer

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 …

Climate-change colonialism keeps poor countries impoverished
3 weeks, 1 day 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’
3 weeks, 3 days ago

COP29: How $300 billion climate funding is an ‘optical illusion’

Firstpost  

Much of the funding relies on mobilising private finance, which often translates to loans rather than grants. Nations already grappling with crippling debt burdens face the prospect of trading financial solvency for climate action A demonstrator displays hands that reads "pay up" during a protest for climate finance at the COP29 UN Climate Summit, November 23, 2024, in Baku, Azerbaijan. …

Cop29 climate deal worth £240BILLION is finally struck but excludes China - as developing countries say the sum is 'too little, too late'
1 month ago

Cop29 climate deal worth £240BILLION is finally struck but excludes China - as developing countries say the sum is 'too little, too late'

Daily Mail  

Wealthy countries yesterday agreed to triple the amount of aid they pay to developing nations to tackle climate change in a last-minute deal at the Cop29 summit. But climate groups labelled the funding agreement, designed to help developing nations combat global warming and to modernise their economies, a ‘drop in the ocean’ of rising seawaters. Yalchin Rafiyev, Azerbaijan's COP29 lead …

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 …

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 …

Climate-threatened nations stage protest at COP29 over contentious deal
1 month 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 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: EU and US want to give $300 billion in climate finance
1 month ago

COP29: EU and US want to give $300 billion in climate finance

NL Times  

Rich countries negotiating support for developing countries at the climate summit in Baku are prepared to pay 300 billion dollars a year in climate aid from 2035, sources told Reuters news agency. European Commissioner Wopke Hoekstra says it is "doubtful" whether the climate summit in Azerbaijan will have a successful outcome. COP29 actually ended on Friday, but on Saturday the …

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

‘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 …

A proposed deal on climate cash at UN summit highlights split between rich and poor nations
1 month ago

A proposed deal on climate cash at UN summit highlights split between rich and poor nations

Associated Press  

BAKU, Azerbaijan — A new draft of a deal on cash to curb and adapt to climate change released Friday at the United Nations climate summit pledged $250 billion annually by 2035 from wealthy countries to poorer ones. AP AUDIO: A proposed deal on climate cash at UN summit highlights split between rich and poor nations AP correspondent Melina Walling …

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 …

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

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 …

China praised for climate financial aid
1 month, 1 week 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 …

China praised for climate financial aid
Trending News
1 month, 1 week 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 …

China praised for climate financial aid
Trending News
1 month, 1 week 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 …

'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," …

Countries at COP29 urged to invest trillions to cope with climate change
1 month, 1 week 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 …

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 …

UN chief expects nations to meet climate finance goal
1 month, 1 week ago

UN chief expects nations to meet climate finance goal

China Daily  

Staff display souvenirs on Monday at the China Pavilion of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP29, in Baku, Azerbaijan. DOMINIKA ZARZYCKA/GETTY IMAGES Warning of a grim global warming situation, United Nations Secretary-General Antonio Guterres said he expects to see developed countries beefing up their support for …

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 …

UN chief expects nations to meet climate finance goal
1 month, 1 week ago

UN chief expects nations to meet climate finance goal

China Daily  

Staff display souvenirs on Monday at the China Pavilion of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP29, in Baku, Azerbaijan. DOMINIKA ZARZYCKA/GETTY IMAGES Warning of a grim global warming situation, United Nations Secretary-General Antonio Guterres said he expects to see developed countries beefing up their support for …

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 …

Multilateral banks are key to financing the fight against global warming. Here is how they work
1 month, 2 weeks ago

Multilateral banks are key to financing the fight against global warming. Here is how they work

Associated Press  

As climate change leads to a seemingly endless stream of weather disasters around the world, countries are struggling to adapt to the new reality. Some bank projects work against climate goals The multilateral banks’ development seek to improve people’s health and the environment, expand energy access and end poverty. The Clean Air Fund’s report estimated the World Bank provided $2.7 …

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 …

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 …

New climate financing goal expected
1 month, 3 weeks ago

New climate financing goal expected

China Daily  

China will collaborate with other Global South countries at an upcoming conference to push for a new, ambitious climate financing goal from developed nations that can adequately support climate actions in developing countries. Xia especially underscored the pivotal importance of a specific climate financing target from developed countries for developing nations to achieve a successful COP29. A key task for …

New climate financing goal expected
1 month, 3 weeks ago

New climate financing goal expected

China Daily  

By Hou Liqiang | China Daily | Updated: 2024-11-02 07:22 China will collaborate with other Global South countries at an upcoming conference to push for a new, ambitious climate financing goal from developed nations that can adequately support climate actions in developing countries. Xia especially underscored the pivotal importance of a specific climate financing target from developed countries for developing …

Immediate Action Needed: Focus on Cooling and Decentralized Renewable Energy for Climate Adaptation
1 month, 3 weeks ago

Immediate Action Needed: Focus on Cooling and Decentralized Renewable Energy for Climate Adaptation

Hindustan Times  

The critical step that needs to be taken in the wake of the mounting climate crisis is to provide resources to communities, especially those that are vulnerable, and equip them to withstand the changing climate. This is where most of the climate plans falter. Financing support for adaptation actions remains alarmingly inadequate. Developing countries that are facing the brunt of …

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
3 months 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 …

UN draft: Developing nations expect trillions for climate mitigation efforts
3 months, 3 weeks ago

UN draft: Developing nations expect trillions for climate mitigation efforts

Hindustan Times  

A draft document on the new climate finance goal, to be negotiated at the UN Climate Conference COP29 in November, indicates developing countries expect contributions in the trillions from developed nations for climate change mitigation efforts. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Largely, the principle lays down that developed countries have contributed more to global greenhouse gas emissions historically and are therefore …

UN draft: Developing nations expect trillions for climate mitigation efforts
3 months, 3 weeks ago

UN draft: Developing nations expect trillions for climate mitigation efforts

Hindustan Times  

A draft document on the new climate finance goal, to be negotiated at the UN Climate Conference COP29 in November, indicates developing countries expect contributions in the trillions from developed nations for climate change mitigation efforts. The United States reiterated its stance that contributing to the new fund should be voluntary, and argued that NCQG is separate from UNFCCC provisions, …

Developed countries should intensify climate actions
4 months, 3 weeks ago

Developed countries should intensify climate actions

China Daily  

An employee undertakes turbine blade installation at a wind farm in Ruichang, Jiangxi province, last week. Hence, developed countries should continue to provide the developing nations with more economic and technological support to mitigate and adapt to climate change. In 2009, developed countries committed to jointly mobilize $100 billion a year in climate finance by 2020 to boost climate actions …

Developed countries should intensify climate actions
4 months, 3 weeks ago

Developed countries should intensify climate actions

China Daily  

An employee undertakes turbine blade installation at a wind farm in Ruichang, Jiangxi province, last week. Hence, developed countries should continue to provide the developing nations with more economic and technological support to mitigate and adapt to climate change. In 2009, developed countries committed to jointly mobilize $100 billion a year in climate finance by 2020 to boost climate actions …

UN climate talks leader says financial help for poor nations is urgent goal of negotiations
5 months, 1 week ago

UN climate talks leader says financial help for poor nations is urgent goal of negotiations

Associated Press  

The head of upcoming climate negotiations told world leaders Wednesday that a new financial aid package for poor and disaster-struck nations is the urgent, make-or-break goal of United Nations talks this fall. “Beryl is yet more painful proof,” Stiell, executive secretary of the UN’s climate agency, said from the remnants of a neighbor’s house that had lost its roof 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 …

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