CLIMATE ADAPTATION FUNDING
COP29: Is the developed world failing the global south on climate finance?
COP29 failed to deliver meaningful climate finance for developing countries, with the agreed $300 bn annually falling significantly short of the $1.3 tn needed. India rejected the deal as insufficient, highlighting the developed world's continued negligence of its historical responsibilities in addressing climate impacts.
Asia and Africa¡¯s climate resilience hindered by financial and developmental inequities: Climate and Sustainability Initiative
R&D investment is critical in reducing renewable energy costs and enabling equitable green transitions, says Vaibhav Pratap Singh, CSI's Executive Director.
Here's what to know about the new funding deal that countries agreed to at UN climate talks
After intense negotiations, countries at the UN climate talks agreed on a financial package to aid developing nations in combating climate change. The deal, while falling short of the requested amount, will see wealthy nations contribute at least $300 billion annually by 2035, with hopes for increased contributions in the future.
Too little, too distant! India rejects USD 300 bn climate finance package for Global South
India rejected the new climate finance package of USD 300 billion annually by 2035 for developing nations, deeming it "too little, too distant." India argued that the amount falls short of the USD 1.3 trillion needed annually by 2030 and called the decision-making process unfair.
Tension boils over at COP29; two blocs of vulnerable nations leave negotiations meeting room mid-way
Negotiations at the UN climate conference in Baku hit a roadblock as vulnerable nations, including LDCs and AOSIS, walked out over disagreements on climate finance. They criticized the draft agreement for inadequate financial commitments from developed nations, demanding a significantly larger package to address the climate crisis.
At COP29, climate progress takes one step forward, two steps back
Negotiations for increased financial aid from wealthy nations to developing countries faltered, highlighting the challenges of global climate action amidst rising temperatures and political roadblocks.
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Rethink Retrofitting: Why policymakers must align projects with climate needs
As COP29 concludes, developing nations grapple with insufficient climate adaptation funding from wealthier countries. Experts warn that poorly designed adaptation projects can worsen vulnerabilities, citing examples like India's irrigation policies and Vietnam's flood infrastructure. Addressing maladaptation requires data-driven strategies, effective spending, and a shift from outdated approaches to innovative solutions.
COP29 climate talks enter final stretch: What happens next?
Marathon climate talks in Azerbaijan entered their final stage, with officials working to finalize agreements on climate finance, fossil fuels, and carbon markets. A key goal is to set a new funding target for developing nations, with debates ongoing about the amount and contributors. The summit, scheduled to end Friday, may extend as negotiators seek consensus on a final agreement.
G20 reaffirms faith in multilateralism, falls short on climate finance details: Experts
G20 leaders expressed support for a new climate finance package at the UN climate talks but avoided specifics. While reaffirming their commitment to multilateralism and the UNFCCC, they faced criticism for not detailing how trillions in climate finance will be mobilized or explicitly committing to transition away from fossil fuels.
Climate finance: Who is being asked to pay what at COP29?
Developing countries need $1 trillion annually by 2030 for climate finance. This funding will help them transition to clean energy and adapt to climate change. A significant portion of this funding is expected from developed nations. However, there are disagreements on the amount and who should contribute. The COP29 summit aims to reach an agreement on this crucial issue.
Pacific atolls face $10 billion cost of rising sea, says World Bank
The World Bank reports that Kiribati, Tuvalu, and the Marshall Islands face a $10 billion price tag to adapt to a 0.5-meter sea level rise. This cost, equivalent to 20 years of their combined GDP, is needed for crucial infrastructure projects to combat the impact of climate change on these vulnerable Pacific nations.
Indian youths at COP29 call for prioritising children's needs in climate policy
Young Indian climate activists are at COP29. They are demanding action from world leaders. They want policies that protect children from climate change. The activists represent millions of young people across South Asia. South Asia is highly vulnerable to the impacts of climate change. Millions of children are at risk from floods, heatwaves, and pollution.
Global scientists¡¯ union releases ethical framework for responsible climate engineering steps
The American Geophysical Union says all stakeholders should follow transparent, inclusive policies while using geoengineering to combat climate change.
G77, China rejects framework for draft text on new climate finance goal
At the UN climate talks in Baku, G77 and China, representing 130 developing nations, rejected the proposed framework for a new climate finance goal. They demanded a minimum of USD 1.3 trillion in public, grant-based funding to support mitigation, adaptation, and loss and damage initiatives exclusively for developing countries.
Developing countries must not leave Baku empty-handed: UN Secretary-General
UN Secretary-General Antonio Guterres urged world leaders at COP29 to deliver substantial climate finance to developing nations, emphasizing their disproportionate suffering from climate change despite minimal contributions to emissions. He outlined a five-point plan to bridge the financial gap, warning that failure to provide adequate support would render COP29 ineffective for vulnerable countries.
FM seeks AIIB help for next gen reforms
Indian Finance Minister Nirmala Sitharaman urged the Asian Infrastructure Investment Bank (AIIB) to expand its investments in key areas like climate action and infrastructure, particularly in India. She highlighted India's strong economic growth and potential to pilot innovative financing models for the AIIB, while advocating for reforms in multilateral development banks to better address global challenges.
The world isn't spending nearly enough to adapt to climate shocks, UN says
While adaptation aid has increased, it falls short of the estimated needs, raising concerns about the ability of vulnerable countries to cope with climate disasters.
Northern Arc secures USD 65 mn debt commitment from global firms for climate fund
Northern Arc has secured USD 65 million for its first climate fund, aiming to support sustainable businesses in India. The fund, backed by DFC and OeEB, will provide debt financing to companies in renewable energy, energy efficiency, and other green sectors.
Northern Arc secures $65 mn debt commitment from global firms for climate fund
Northern Arc secures USD 65 million for its first climate fund. The fund receives support from DFC and OeEB. It will provide debt financing to companies in sectors like solar energy, energy efficiency, and sustainable agriculture. The fund will operate from GIFT City. It aligns with India's climate goals and aims to reduce emissions.
Climate change: Public adaption finance grew by 32 pc in 2022, but large gap remains, says UN report
International funding to aid developing nations in adapting to climate change rose to USD 28 billion in 2022. However, a significant shortfall persists between the required funding and the actual amount provided. The UN Environment Programme reported that achieving the Glasgow Climate Pact goal would only marginally reduce the adaptation finance gap. The report highlighted the urgency for increased adaptation efforts, particularly in securing financial commitments from developed countries.
Rich nations provided USD 32.4 bn in adaptation finance in 2022; large gap remains: Report
Developed countries increased climate adaptation funding to $32.4 billion in 2022, a significant rise but still far short of the $215-387 billion annually that developing nations need. The UN urges developed countries to double adaptation funding by 2025, emphasizing the disproportionate impact of climate change on poorer nations.
Baku COP29: Will climate finance hit the $1 trillion mark?
COP29 in Baku is set to focus on climate finance, aiming to establish a multi-layered goal for mobilizing development funds and investments, replacing the expiring $100 billion commitment. The emphasis is on private sector involvement and adaptation finance for climate-resilient infrastructure.
G20 welcomes recommendations to unlock climate funds, will monitor implementation
The G20 stated that because climate and environmental funds have different accreditation and programming requirements, current mechanisms present "fragmented and time-consuming" pathways for accessing their resources.
World Bank set to double agriculture funding to $9 billion
The Washington-based lender will increase its agricultural finance and agribusiness commitments to $9 billion a year by the end of the decade, said President Ajay Banga.
Avaana logs final close of $135-million climate fund
This fund aims to invest in 20-25 early-stage companies working on solutions for energy transition, supply chain, resources, industrial decarbonization, and food systems. The average first cheque size will range from Rs 10 crore to Rs 30 crore, and it plans to double down on successful investments.
International climate finance must 'grow up, step up, and scale up, to meet this moment': UN Climate chief
UNFCCC Executive Secretary Simon Stiell articulates the urgent need to step up climate finance, articulating a two-pronged approach¡ªone, within the UN process and the other, outside with the World Bank, International Monetary Fund and G20 stepping up. Reminding that COP29 must deliver on finance but must not be treated as an opportunity to renegotiate the Paris Agreement, Stiell calls on all countries and stakeholders to recognise more climate finance is in everyone¡¯s interest.
Pakistan secures USD 10 million in funds for climate solutions
Islamabad secures USD 10 million climate finance to enhance water resource management in the Indus River using nature-based solutions. The SAFER project, targeting women, children, and youth, is set to roll out across Gilgit-Baltistan, Khyber Pakhtunkhwa, and Sindh over the next three-and-a-half years.
'India's food habits are the best': WWF says replicating Indian diet can help save Earth, achieve climate goals
WWF¡¯s Living Planet Report praises India's food consumption pattern as the most sustainable among G20 countries. It states that adopting India's pattern globally by 2050 would be least climate-damaging. The report highlights India's millet mission and suggests adopting sustainable diets to reduce land needed for food production and promote alternative protein sources.
Wall Street may be underestimating an important risk metric
A study by Climate X highlights that while banks collect data on climate risks, few adjust their financing accordingly.
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