G20 Summit 2023: PM Rishi Sunak announces $2 billion aid to tackle climate change
1 year, 3 months ago

G20 Summit 2023: PM Rishi Sunak announces $2 billion aid to tackle climate change

Firstpost  

The United Kingdom’s financial commitment, spanning from 2024 to 2027, reflects a 12.7 per cent increase compared to its contribution from 2020 to 2023, the UK government said. UK Prime Minister will provide $2bn to the Green Climate Fund – the biggest single funding commitment the country has made to help the world in tackling climate change. We're delivering on our commitment to help the world deal with climate change: 🍃 Provide $2bn to the Green Climate Fund 📈 Decarbonising our own economy 🌍 Supporting the world’s most vulnerable to deal with the impact of climate change — UK Prime Minister September 10, 2023 PM Sunak marked the end of the G20 meeting in New Delhi, calling on his fellow attendees to take action in reducing carbon emissions and assisting economically vulnerable nations in preparation for the upcoming COP28 climate summit in the United Arab Emirates, according to media reports. Initiated in 2010 through the Cancún Agreement, the Green Climate Fund serves as the financial instrument for the United Nations Framework Convention on Climate Change and the Paris Agreement.

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History of this topic

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 …

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 …

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 …

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 …

Raise $1tr annually for developing nations to deliver on Paris pact goals: Report
Trending News
1 month, 1 week ago

Raise $1tr annually for developing nations to deliver on Paris pact goals: Report

Hindustan Times  

Talks at the 2024 UN Climate Change Conference in Azerbaijan’s Baku should focus on mobilising at least $1 trillion annually by 2030 in external finance from all sources for the investments necessary by emerging market and developing countries other than China to deliver on Paris Agreement goals, a report by the Independent High-Level Expert Group on Climate Finance has said. …

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 …

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 …

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 …

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 …

Global Goal on Adaptation and the road from Dubai
11 months, 4 weeks ago

Global Goal on Adaptation and the road from Dubai

The Hindu  

The 28th meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change, in Dubai, was notable in terms of stopping the lackadaisical approach of the international community to the adaptation concern. A main target in the GGA includes the Parties to the Paris Agreement having “conducted up-to-date assessments of climate hazards, climate change impacts …

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” – …

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 …

What's happening at COP28 climate summit on Monday
1 year ago

What's happening at COP28 climate summit on Monday

India Today  

As the world's leaders have departed from the bustling conference halls of Expo City Dubai, the focus of COP28 shifts to a critical aspect of climate action: finance. Monday marks the finance day at the U.N. climate summit, a day anticipated to bring forth more nuanced discussions and potential funding announcements dedicated to combating climate change. In the initial days …

COP28 climate summit just approved a ‘loss and damage’ fund. What does this mean?
1 year ago

COP28 climate summit just approved a ‘loss and damage’ fund. What does this mean?

The Hindu  

Day one of the COP28 climate summit saw the first big breakthrough: agreement on a “loss and damage” fund to compensate poor states for the effects of climate change. Met with a standing ovation in Dubai, the agreement means wealthy states and major polluters will put millions of dollars towards a fund that will in turn distribute funds to poor …

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. …

Bill Nighy among stars urging PM to commit climate funds to poorer countries
1 year ago

Bill Nighy among stars urging PM to commit climate funds to poorer countries

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 Bill Nighy, Stella McCartney, Brian Cox and Annie Lennox are among the high-profile figures urging …

In victory on first day, U.N. climate conference sets up fund for disaster-hit nations
1 year ago

In victory on first day, U.N. climate conference sets up fund for disaster-hit nations

LA Times  

Protesters call for compensation for countries hit badly by climate change at last year’s United Nations summit in Sharm el-Sheikh, Egypt. Nearly all the world’s nations finalized the creation of a fund to help compensate countries struggling to cope with loss and damage from climate change, seen as a major first-day breakthrough at this year’s United Nations climate conference. Rachel …

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 …

Fund to compensate developing nations for climate change is unfinished business at COP28
1 year, 1 month ago

Fund to compensate developing nations for climate change is unfinished business at COP28

Associated Press  

NEW DELHI — Sunil Kumar watched helplessly in July as his home and 14 others were washed away by intense monsoon rains lashing the Indian Himalayas. Developing nations had long sought to address the problem, and finally broke through with an agreement at last year’s annual United Nations climate talks, known as COP27, to create what’s known as a loss …

UK says new science initiative to work on climate-resilient crops
1 year, 1 month ago

UK says new science initiative to work on climate-resilient crops

The Hindu  

British Prime Minister Rishi Sunak will announce a new science initiative to bring together work on developing climate-resilient crops as his government hosts a Global Food Security Summit in London on Monday. Britain said the new virtual science hub would be led CGIAR, a global research partnership which unites international organisations working on food security, and would link UK scientists …

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 …

Countries deadlocked on 'loss and damage' fund as UN climate summit nears
1 year, 2 months ago

Countries deadlocked on 'loss and damage' fund as UN climate summit nears

The Hindu  

Countries are deadlocked over how to design a fund to help countries recover and rebuild from climate change-driven damage, with just over 30 days left before crucial United Nations climate negotiations kick off in Dubai. Two dozen countries involved in a committee tasked with designing a "loss and damage" fund wrapped up the last meeting in the early hours of …

Developed nations pledge $9.3 billion to global climate fund at gathering in Germany
1 year, 2 months ago

Developed nations pledge $9.3 billion to global climate fund at gathering in Germany

Associated Press  

VIENNA — Developed countries pledged $9.3 billion to help poor nations tackle climate change at a conference held in the German city of Bonn on Thursday, authorities said. A U.S. administration official later said that Washington is “steadfastly committed to President Biden’s pledge to increase U.S. climate finance to help developing countries tackle the urgent threat of climate change but …

The New Delhi Declaration and Paris Agenda show a way forth
1 year, 3 months ago

The New Delhi Declaration and Paris Agenda show a way forth

Live Mint  

At the end of June, a historic summit on international solidarity concluded the Paris Agenda for People and the Planet. Two, facing different needs, countries may need to pursue diverse transition paths while coming together to meet the goals of the 2015 Paris climate agreement. Fortunately, we have already achieved the target of $100 billion worth of special drawing rights …

G20: UK PM Rishi Sunak announces $2 billion aid to Green Climate Fund
1 year, 3 months ago

G20: UK PM Rishi Sunak announces $2 billion aid to Green Climate Fund

Live Mint  

As the G20 Summit moves towards conclusion, the United Kingdom will contribute a record $2 billion to the Green Climate Fund to tackle climate change, Prime Minister Rishi Sunak announced on Sunday. G20 Summit LIVE Notably, this is the biggest single funding commitment made by the UK to help the world tackle climate change. The Green Climate Fund is the …

Climate change: Which countries will foot the bill?
1 year, 5 months ago

Climate change: Which countries will foot the bill?

The Hindu  

Record-breaking heat in China. Climate finance refers to money that wealthy countries pay toward helping poorer nations reduce CO2 emissions and adapt to a hotter, harsher world. In a meeting with Kerry on Tuesday, Chinese Premier Li Qiang stressed that developed countries should deliver their unfulfilled climate finance commitments and take the lead in cutting emissions, according to Li's office. …

African nations consider swapping debt for climate funding
1 year, 9 months ago

African nations consider swapping debt for climate funding

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. Read our privacy policy African countries saddled with debt …

Real COP27 failure is absence of commitments on long-term climate finance
2 years ago

Real COP27 failure is absence of commitments on long-term climate finance

The Hindu  

Published : Dec 01, 2022 10:25 IST As COP27, the climate summit at Sharm el-Sheikh in Egypt, ended after being extended by more than a day, assessments of what it achieved were mixed. The text on long-term climate finance, after noting “with deep regret that the goal of developed country Parties to mobilize jointly USD 100 billion per year by …

Sunanda K. Datta-Ray | Deal on climate, but hard decisions put off till 2023
2 years, 1 month ago

Sunanda K. Datta-Ray | Deal on climate, but hard decisions put off till 2023

Deccan Chronicle  

Hearing Gianni Infantino, Fifa’s Swiss-born ethnic Italian president, declare “I think for what we Europeans have been doing the last 3,000 years, we should be apologising for the next 3,000 years before starting to give moral lessons to people”, millions of TV watchers worldwide may have wondered if it was the moment of truth, the epiphany that would erase the …

Fears UK will break climate crisis pledge for poor nations after failure to reveal funding
2 years, 1 month ago

Fears UK will break climate crisis pledge for poor nations after failure to reveal funding

The Independent  

Ministers have been told to come clean on suspicions the UK will break promises to fund climate crisis help for poorer nations, after failing to set out what money is being provided. Campaigners said Rishi Sunak, as he arrives in Egypt, must reveal how much is being provided in so-called “international climate finance”, to help developing countries cope with the …

Britain opens the door to climate change reparations for poorer nations
2 years, 1 month ago

Britain opens the door to climate change reparations for poorer nations

The Telegraph  

Britain has opened the door to paying climate change reparations to developing countries by supporting talks on the issue at the Cop27 summit. On Sunday, at the meeting in Egypt, UK negotiators backed a last-minute agreement to address “loss and damage” payments to countries badly affected by climate-related disasters. The Prime Minister will say: “By honouring the pledges we made …

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 …

How the US is hindering global climate financing
2 years, 5 months ago

How the US is hindering global climate financing

Al Jazeera  

Washington has not delivered on its promise to the Green Climate Fund, a tool to avert catastrophic climate change. “We cannot afford for every country to follow these industrialisation pathways that the developed world has done,” said Joe Thwaites, an international climate finance advocate at the US-based Natural Resources Defense Council. The GCF is not the only mechanism for climate …

The heavy lifting on climate action must begin
3 years, 1 month ago

The heavy lifting on climate action must begin

The Hindu  

Will the recently concluded, and much reported on, Glasgow climate meeting make a difference to humanity’s efforts to address global climate change? Hits and misses Yet, Glasgow was necessary for stronger action to address climate change because it put in place levers that stimulate domestic processes, such as the formulation of domestic pledges or ‘Nationally Determined Contributions’. Nonetheless, the term …

COP26 | ‘Adaptation fund’ from developed countries continues to be a sticking point
3 years, 1 month ago

COP26 | ‘Adaptation fund’ from developed countries continues to be a sticking point

The Hindu  

The 26th edition of the United Nations Conference of Parties at Glasgow, Scotland, is yet to seal a final agreement, with talks extending into on November 13. A key demand from several island nations and countries in the African Union has been the establishment of a “Glasgow Facility” that would provide money to countries already suffering from the impacts of …

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

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

India Today  

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

Climate finance isn’t charity, says Indian minister at COP26
3 years, 1 month ago

Climate finance isn’t charity, says Indian minister at COP26

Associated Press  

GLASGOW, Scotland — India’s environment and climate minister says rich countries have “an obligation, responsibility, duty and a vow” to provide climate finance to developing nations and should deliver on an unfulfilled promise to raise $100 billion a year. A draft deal under negotiation noted “with regret” that rich nations had failed to meet their promise to provide $100 billion …

Climate finance could make or break COP26 summit. Here’s why
3 years, 1 month ago

Climate finance could make or break COP26 summit. Here’s why

Live Mint  

At the U.N. climate conference, expect one theme to drown out the cacophony of pledges from countries and companies around the world: money. Developed countries confirmed last week they had failed to meet a pledge made in 2009 to provide $100 billion a year in climate finance by 2020. "Their credibility is now shot," said Saleemul Huq, an adviser to …

COP26: Will Glasgow deliver what Paris promised in fight against climate change?
3 years, 1 month ago

COP26: Will Glasgow deliver what Paris promised in fight against climate change?

India Today  

The United Nations Climate Change Conference is underway with world leaders reaching Glasgow in the United Kingdom to discuss how to check global warming and slow down the phenomenon of climate change. “We are extremely grateful to the government of the United Kingdom for hosting this crucially important conference in these unprecedented times and for making every effort to keep …

The Glasgow climate test
3 years, 1 month ago

The Glasgow climate test

The Hindu  

The climate crisis is a code red for humanity. Recent new announcements for climate action are welcome and critical — but even so, our world is on track for calamitous global temperature rises well above 2°C. This target is achievable if we can reduce global emissions by 45% compared to 2010 levels this decade, if we can achieve global net …

Four Key Issues To Watch Out for at G-20 Meet Ahead of Glasgow Climate Summit
3 years, 1 month ago

Four Key Issues To Watch Out for at G-20 Meet Ahead of Glasgow Climate Summit

The Quint  

Underpinning progress on all issues is the question of finance. In 2009 and again in 2015, wealthy countries agreed to provide $100 billion a year in climate finance for developing nations by 2020, but they haven’t reached that goal yet. With one week to go, the United Kingdom revealed a climate finance plan, brokered by Germany and Canada, that would …

World set to miss goal of $100B climate aid pledged to poor
3 years, 1 month ago

World set to miss goal of $100B climate aid pledged to poor

Associated Press  

BERLIN — A target for rich countries to provide poor nations with $100 billion in aid each year to tackle global warming will be missed, dealing a blow to the upcoming U.N. climate talks in Glasgow. “But the result we have now is not bad enough not to be constructive in Glasgow.” But Mohamed Adow, a long-time observer of U.N. …

UK courts green investment to fuel carbon-cutting plans
3 years, 2 months ago

UK courts green investment to fuel carbon-cutting plans

Associated Press  

LONDON — The United Kingdom announced plans Tuesday to stop installing home heating that uses fossil fuels by 2035 as the government hosted a meeting aimed at attracting billions of dollars in foreign investment for green projects in Britain. Prime Minister Boris Johnson told the Global Investment Summit in London that private-sector investment and consumer pressure were key to slashing …

$100000000000: That's how much UN needs to fight climate change every year, but it doesn't have
3 years, 3 months ago

$100000000000: That's how much UN needs to fight climate change every year, but it doesn't have

India Today  

As the action-packed week of the United Nations General Assembly began, the message was clear on the climate emergency facing the planet: “decisive action now to avert climate catastrophe.” Hours after the UNGA began, an emergency summit was convened behind closed doors to press for more action on climate finance and other measures from wealthy countries. The Informal Climate Leaders …

India, UK agree on $1.2 billion investment in green projects and renewable energy
3 years, 3 months ago

India, UK agree on $1.2 billion investment in green projects and renewable energy

India TV News  

India and the UK on Thursday agreed on a USD 1.2 billion investment in green projects and renewable energy to boost India’s green growth ambitions at the 11th India-UK Economic and Financial Dialogue between Finance Minister Nirmala Sitharaman and her British counterpart Rishi Sunak, driving forward the bilateral agenda of an Enhanced Trade Partnership. This includes a USD 1 billion …

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