Agreeing to a new global climate finance goal not enough; global financial system needs reform, says UNFCCC chief
4 months, 2 weeks ago

Agreeing to a new global climate finance goal not enough; global financial system needs reform, says UNFCCC chief

Live Mint  

New Delhi: Agreeing on a new global climate finance goal at the COP29 climate conference will not be enough to rein in toxic emissions, and countries must work harder to reform the global financial system, a top United Nations official said. “We must agree on a new global climate finance goal. If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price,” Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, said in his opening remarks at the 29th Conference of Parties that began today at Baku in Azerbaijan. “An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest, but it’s not enough to just agree on a goal.

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History of this topic

India, Brazil could play a key role in shaping climate talks: COP30 President-Designate
5 days, 13 hours ago

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

The Hindu  

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

Peak emissions and carbon neutrality remain key targets
3 weeks ago

Peak emissions and carbon neutrality remain key targets

China Daily  

China will take steps to respond to green trade barriers as it advances toward carbon neutrality, says the Government Work Report that was delivered at the opening of the third session of the 14th National People's Congress on Wednesday. The country will diligently work toward peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060, the report said. …

US skips key climate meet, fanning fears it will ditch UN framework
1 month ago

US skips key climate meet, fanning fears it will ditch UN framework

Hindustan Times  

New Delhi: The Intergovernmental Panel on Climate Change ’s meeting in Hangzhou, China opened on Monday with reports that US has withdrawn from the seventh assessment cycle presently underway. IPCC, the main UN body for assessing the science related to climate change represented by hundreds of leading scientists globally, did not comment on US’s withdrawal immediately. Government support ensures the …

U.N. climate chief calls India 'solar superpower', urges submission of stronger climate action plan
1 month, 1 week ago

U.N. climate chief calls India 'solar superpower', urges submission of stronger climate action plan

The Hindu  

U.N. climate chief Simon Stiell has called India a "solar superpower" and urged it to develop an ambitious climate plan covering its entire economy, saying that an even stronger embrace of the global clean energy boom will supercharge its economic rise. Mr. Stiell, who is in India to attend the ET Global Business Summit, lauded India's efforts to mitigate climate …

UN climate chief calls India a ‘solar superpower’, urges ambitious climate plan
Trending News
1 month, 1 week ago

UN climate chief calls India a ‘solar superpower’, urges ambitious climate plan

Firstpost  

The UN climate chief added that India’s leaders have a rare opportunity to deepen whole-of-economy industrial strategies that would make the fast-developing South Asian nation a dominant force in clean energy and industry UN climate chief Simon Stiell has called India a “solar superpower” and urged it to develop an ambitious climate plan covering its entire economy, saying that an …

UN climate chief calls India a ‘solar superpower’, urges ambitious climate plan
1 month, 1 week ago

UN climate chief calls India a ‘solar superpower’, urges ambitious climate plan

Firstpost  

The UN climate chief added that India’s leaders have a rare opportunity to deepen whole-of-economy industrial strategies that would make the fast-developing South Asian nation a dominant force in clean energy and industry Representational image. Reuters UN climate chief Simon Stiell has called India a “solar superpower” and urged it to develop an ambitious climate plan covering its entire economy, …

Most nations miss deadline for plans to fight climate change
1 month, 2 weeks ago

Most nations miss deadline for plans to fight climate change

LA Times  

Nearly 200 nations faced a Monday deadline to file what the United Nations’ climate chief calls “among the most important policy documents governments will produce this century” — their plans on how they will cut emissions of heat-trapping gases. Those nations account for only 16.2% of the world’s carbon dioxide emissions — the chief human-caused heat-trapping gas — and almost …

Countries committed to Paris Climate Agreement even after US exit
1 month, 2 weeks ago

Countries committed to Paris Climate Agreement even after US exit

India Today  

Weeks after President Donald Trump pulled the US out of the Paris Climate Agreement, countries remain committed to their climate plans and clean-energy transition, executive secretary of the UN Framework Convention on Climate Change, Simon Stiell said. He also added what China, Brazil and India are doing to reduce emissions, "But in terms of actions being taken, just looking at …

US, India, and ‘Green Divide’: America cannot be left unhooked
2 months ago

US, India, and ‘Green Divide’: America cannot be left unhooked

Firstpost  

If Donald Trump believes the Paris Agreement is unfair, then he can choose to not be a party to it and, at the same time, choose to financially contribute to developing countries that are willing to work on carbon emissions mitigation The United States, the world’s largest producer of oil and gas, will continue to expand production, solidifying its position …

COP29, climate finance and its optical illusion
2 months, 3 weeks ago

COP29, climate finance and its optical illusion

The Hindu  

Finance has been a major point of climate change negotiation since the launching of the United Nations-led climate change negotiations in 1991, producing the United Nations Framework Convention on Climate Change 1992. The $100 billion mark, met by the developed countries only in 2022, does not match the growing needs of climate finance corresponding to the developing countries’ nationally determined …

Biden, on his way out, sets ‘ambitious’ climate goal: Cut US greenhouse gas emissions by over 60%
3 months ago

Biden, on his way out, sets ‘ambitious’ climate goal: Cut US greenhouse gas emissions by over 60%

Associated Press  

WASHINGTON — President Joe Biden is pledging to cut U.S. greenhouse gas emissions by more than 60% by 2035 as he fights to ensure his legacy on slowing global warming, even as President-elect Donald Trump vows to undo much of Biden’s climate work when he takes office next month. “And I believe that with this new 2035 target as their …

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

COP29: How $300 billion climate funding is an ‘optical illusion’
3 months, 3 weeks ago

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

Firstpost  

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

UN climate summits turning dubious deepen crisis
3 months, 3 weeks ago

UN climate summits turning dubious deepen crisis

New Indian Express  

CHENNAI: The COP29 climate conference, hosted in Baku, concluded with palpable disappointment as developed nations committed to mobilising only $300 billion annually for climate action in developing countries. This disappointing outcome exemplifies a larger pattern that has emerged over the past several years with the annual climate summits consistently failing to deliver on their ambitious goals. According to the United …

India’s stand against inadequate climate finance at COP29
3 months, 3 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 …

COP29 Agreement Says Someone Should Pay to Help Developing Countries, but Not Who
55 years, 2 months ago

COP29 Agreement Says Someone Should Pay to Help Developing Countries, but Not Who

Wired  

At around 3 am on Sunday morning, in a drained plenary, the gavel slammed to bring COP29 to a close. The conference, whose primary focus was agreeing on a new finance deal to help developing nations with their climate actions, was supposed to end on Friday. The final extra day was marked by drafts, huddles, and bitter clashes behind closed …

Climate talks end with mere $300 bn pledge
4 months ago

Climate talks end with mere $300 bn pledge

New Indian Express  

The United Nations Climate Change Conference in Baku concluded on Sunday amid high drama with the adoption of a controversial agreement to triple climate finance for developing countries to $300 billion annually by 2035 as against the $1.3 trillion sought by developing countries per year until 2030. The process and the amount agreed upon faced strong opposition from India and …

Inside the Frantic Maneuvers That Saved COP29 Talks at a Cost
Trending News
4 months ago

Inside the Frantic Maneuvers That Saved COP29 Talks at a Cost

Live Mint  

-- Negotiations over hundreds of billions of dollars in new climate funding for developing countries had staggered into overtime at COP29 in Azerbaijan. Saudi Arabia’s representative, Albara Tawfiq, said the kingdom opposed bids to “shift” the responsibility for providing climate finance beyond developed countries, shutting down a bid by the EU and US to expand the pool of contributors. Rich …

Cop29 secures last minute $300bn climate finance deal as talks saved from collapse
4 months ago

Cop29 secures last minute $300bn climate finance deal as talks saved from collapse

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. open image in gallery Activists participated in demonstrations for climate finance at the Cop29 summit “This deal will keep …

Finance COP fails to offer adequate finance to developing countries for climate action
4 months 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 Climate Finance Deal Collapses as Developed Nations Resist $1.3 Trillion Target
4 months ago

COP29 Climate Finance Deal Collapses as Developed Nations Resist $1.3 Trillion Target

The Hindu  

Published : Nov 24, 2024 17:46 IST - 6 MINS READ In the global climate negotiations that continued at the 29th edition of the Conference of Parties in Baku, Azerbaijan, between November 11 and 22, there was agreement on one issue. So, common sense suggests that developed countries, which are responsible for much of the cumulative carbon emissions that have …

Know All About the Historic Climate Funding Deal at COP29
4 months 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 …

COP29 ends with contentious outcome
4 months ago

COP29 ends with contentious outcome

China Daily  

COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past its deadline, with the adoption of a climate finance …

COP29 ends with contentious outcome
4 months ago

COP29 ends with contentious outcome

China Daily  

COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past its deadline, with the adoption of a climate finance …

COP29 ends with contentious outcome
4 months ago

COP29 ends with contentious outcome

China Daily  

By HOU LIQIANG | chinadaily.com.cn | Updated: 2024-11-24 21:44 COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past …

COP29: $300 billion climate deal pushed through despite stiff opposition
4 months 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?
4 months 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 …

After ‘paltry’ funding offers, day of chaos, fury at COP29
4 months ago

After ‘paltry’ funding offers, day of chaos, fury at COP29

Hindustan Times  

Negotiators returned to the table late on Saturday in a last-ditch effort to salvage the COP29 climate talks, hours after dramatic walkouts by developing nations and heated protests threatened to derail the conference entirely. The draft also controversially “encourages” developing country contributions through South-South cooperation while affirming that voluntary contributions won’t affect any party’s development status - language that many …

Finance deadlock pushes COP29 to brink of failure
4 months 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
4 months 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: NCQG talks spillover as no breakthrough in agreement yet
4 months ago

COP29: NCQG talks spillover as no breakthrough in agreement yet

Hindustan Times  

The new COP29 Presidency’s text will be released on Saturday after developing countries rejected the text on Friday evening. A joint statement by Amar Bhattacharya, Vera Songwe and Nicholas Stern, Co-Chairs of the Independent High-Level Expert Group on Climate Finance had said on Friday, “The text also calls on developed countries to increase their financial support for developing countries to …

COP29 U.N. Summit: Civil society protests against climate finance proposal, calls for 'no deal' over 'bad deal'
4 months 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 UN climate talks wrap up in Baku
4 months ago

COP29 UN climate talks wrap up in Baku

China Daily  

A night view shows the venue of the United Nations climate change conference, known as COP29, in Baku, Azerbaijan, Nov 11, 2024. The COP29 United Nations climate change negotiations stumbled toward Friday's deadline, with a draft target of climate finance to developing nations falling far short of expectations. A key task of the UN gathering, which kicked off on Nov …

COP29 UN climate talks wrap up in Baku
4 months ago

COP29 UN climate talks wrap up in Baku

China Daily  

A night view shows the venue of the United Nations climate change conference, known as COP29, in Baku, Azerbaijan, Nov 11, 2024. The COP29 United Nations climate change negotiations stumbled toward Friday's deadline, with a draft target of climate finance to developing nations falling far short of expectations. A key task of the UN gathering, which kicked off on Nov …

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

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

CNN  

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

‘No deal is better than a bad deal’: Cop29 deadlocked over climate fund
4 months 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
4 months 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 …

Tweak climate finance goals for inclusive carbon market
4 months ago

Tweak climate finance goals for inclusive carbon market

Hindustan Times  

As the 29th Conference of Parties to the United Nations Framework Convention on Climate Change progresses, the global spotlight is once again on the importance of climate finance, particularly in sectors like agriculture, forestry, and other land use and in emerging economies that bear a disproportionate burden of climate impacts. For countries like India, where the livelihoods of small and …

COP29: Baku climate talks run into overtime amid row over climate finance
4 months 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: Nations commit to 1.5°C pathway with enhanced climate goals
4 months ago

COP29: Nations commit to 1.5°C pathway with enhanced climate goals

India Today  

In a landmark announcement at the COP29 summit in Baku, a coalition of nations representing 30% of global GDP and 15% of greenhouse gas emissions committed to strengthening their Nationally Determined Contributions to align with the 1.5°C global warming threshold. The United Kingdom, Brazil, and the United Arab Emirates led the charge with ambitious NDC targets for 2035, signaling their …

COP29 climate financing negotiations in stalemate
4 months ago

COP29 climate financing negotiations in stalemate

China Daily  

The COP29 United Nations climate change conference went into a stalemate on Friday, its scheduled conclusion date, with key concerns from developing countries largely unaddressed. A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a post-2025 climate finance commitment from developed nations to developing countries, building on the previous pledge …

COP29 climate financing negotiations in stalemate
4 months ago

COP29 climate financing negotiations in stalemate

China Daily  

The COP29 United Nations climate change conference went into a stalemate on Friday, its scheduled conclusion date, with key concerns from developing countries largely unaddressed. A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a post-2025 climate finance commitment from developed nations to developing countries, building on the previous pledge …

As deadline looms, divide over climate pact widens
4 months 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 …

Climate finance deal continues facing deadlock as COP29 nears end
Trending News
4 months ago

Climate finance deal continues facing deadlock as COP29 nears end

Live Mint  

New Delhi: Talks on a dramatically raised finance deal at the COP29 meeting in Baku remained deadlocked with a draft text failing to mention the amount, even as the clock ticked away on the summit that ends on Friday. The new draft, presented by host Azerbaijan on Thursday, defines climate finance, identifies contributors and establishes two options on the overall …

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment
4 months 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: New NCQG draft delivers another “USD (X) trillion” promise frustrating developing nations
4 months 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 …

Climate finance talks hit roadblocks as COP29 enter final hours
4 months ago

Climate finance talks hit roadblocks as COP29 enter final hours

India Today  

The United Nations climate body released fresh proposals on Thursday for the COP29 summit's primary objective: determining the amount of financial support wealthy nations should provide to developing countries for climate change mitigation and adaptation. The latest draft of the negotiating text, which arrived several hours behind schedule, reveals that significant decisions remain on key aspects of the climate finance …

Developing nations condemn COP29 NCQG text, drama continues
4 months ago

Developing nations condemn COP29 NCQG text, drama continues

New Indian Express  

BAKU: Developing countries at the COP29 summit fiercely rejected the revised New Collective Quantified Goal decision text, calling it “unacceptable” and a betrayal of the Paris Agreement. Bolivian negotiator Diego Pacheco denounced the text, saying, “Developed countries seem to be moving from zero to minus zero with the current NCQG proposal—it’s like a crab walking backward. This isn’t just disappointing; …

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

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

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The New Collective Quantified Goal on Finance, which will fund the climate disaster and prevention-related costs in developing countries, …

COP29: No question of becoming donors under NCQG, say developing countries
4 months ago

COP29: No question of becoming donors under NCQG, say developing countries

Hindustan Times  

Baku: With several proposals to expand contributor base being discussed in negotiating rooms, developing countries have clarified that expanding the donor base to include developing countries would violate the provisions of the Paris Agreement. On the talks of including China as donor and India not requiring climate finance support anymore, a developing country observer said: “There is no debate over …

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