CLIMATE FINANCE
Can new RBI Governor balance economic growth & climate crisis challenges?
The new RBI governor must balance economic growth and inflation control while addressing climate risks. This involves integrating climate considerations into financial policies, promoting green finance, and ensuring financial system stability. The RBI should also encourage more green loans and investments to support India's transition to a low-carbon economy.
RBI advises states to be more prudent in managing finances
The Reserve Bank of India commends states for fiscal deficit reduction but urges adherence to the 'golden rule' of financing current expenditure with current revenue. The RBI also criticizes excessive subsidies and cash transfers, advocating for rationalization and outcome-based budgeting for better resource allocation and developmental impact.
Developing countries' debt fears increase with new climate finance
Under the new climate finance deal struck at COP29, rich countries pledged to provide $300 billion annually to developing nations by 2035, a figure dwarfed by the developing nations' public debt repayments worth $443.5 billion in 2022 alone.
COP29: Climate finance goal topped priority list at Baku
The COP29 climate summit concluded with a new climate finance target of at least $300 billion by 2035 to aid developing nations in transitioning from fossil fuels. The agreement, reached after intense negotiations, will see contributions from various sources, including multilateral development banks.
World reaches $300 bn climate finance deal at COP29
Developing nations have criticized a climate deal that pledges $300 billion annually from wealthy countries as insufficient to address the escalating climate crisis. The agreement, reached after intense negotiations in Azerbaijan, aims to support developing nations in transitioning their economies and adapting to climate change impacts.
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.
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Wealthy countries' $300 billion offer seeks to end COP29 stalemate
Wealthy nations at COP29 have increased their climate finance offer to developing countries to $300 billion annually by 2035. This follows criticism of an initial $250 billion proposal as insufficient. Developing nations, however, are pushing for $390 billion by 2035, highlighting the ongoing struggle to reach a consensus on climate funding.
Baku climate talks: The 'X' factor that could determine future of Global South
Developing nations are expressing disappointment at the lack of a concrete financial commitment from developed countries at the UN climate conference in Baku. The conference, tasked with setting a new climate finance goal, has instead left a placeholder where a dollar amount is desperately needed to combat the escalating climate crisis.
Baku Summit: Accounting without accountability for climate finance?
As the climate summit in Baku nears its end, a potential solution to the climate finance deadlock emerges. The proposal involves upper-middle-income developing countries with high emissions voluntarily reporting their financial support to other developing nations.
Where's the money? Leaders at climate summit debate trillion-dollar question
At the Qurultay assembly in Baku, nations expressed dissatisfaction with draft climate finance texts. Backroom talks are underway, with the EU and China taking the lead as the US prepares to exit the Paris Agreement. A key sticking point is getting developing nations, particularly wealthy ones, to contribute to the climate fund alongside developed countries.
New COP29 proposal shows wide gap persists on climate funding deal
Negotiations at the COP29 climate summit in Baku are struggling to reach a consensus on financial aid for developing nations facing climate change. A new draft proposal highlights the divide between developed and developing countries on the annual funding amount, eligible financial instruments, and contributor base, leaving the final sum undetermined.
Climate financing goal: Draft text yet to be finalised
Negotiations on a new climate finance goal are ongoing in Baku. Developing countries are demanding $1.3 trillion, with options proposed for public finance contributions. Developed countries have not yet put forward a figure, leading to criticism. The Azerbaijani presidency is expected to release a draft decision soon.
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 Summit in Brazil falls short on climate finance resolution; fails to lift spirits at COP29
The G20 summit concluded without concrete progress on climate finance, disappointing COP29 president Mukhtar Babayev who had hoped for a strong signal of commitment from the world leaders. While the G20 declaration lacked specific financial pledges, experts believe its focus on reforming multilateral development banks could indirectly benefit climate finance negotiations in Baku.
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.
Azerbaijan calls for global cooperation as COP29 talks enter second week
At COP29 in Baku, Azerbaijan urged nearly 200 countries to deliver ambitious climate outcomes, emphasizing the urgency of the situation. Frustrations over slow progress on emission reduction and financing, particularly from developed nations, were voiced. Azerbaijan outlined plans to address key issues, including a new climate finance goal and enhanced mitigation efforts, aiming for a comprehensive agreement.
"We must step up for peace": Antonio Guterres urges G20 nations to take lead on global challenges
UN Secretary-General Antonio Guterres called upon the G20 nations to prioritize peace efforts in conflict zones like Gaza, Lebanon, Ukraine, and Sudan. He emphasized the importance of upholding the UN Charter's principles and international law.
Biden announces major climate initiatives, promises additional USD 50 million to Amazon Fund
During his visit to the Amazon rainforest, US President Joe Biden announced key climate initiatives, including additional funding for the Amazon Fund and partnerships to combat deforestation. Biden emphasized the urgency of addressing climate change for future generations, highlighting these efforts as a lasting legacy of his administration.
US says its climate financing reached $11 bn this year
President Joe Biden visited the Amazon to highlight increased US climate financing. He met with Brazilian Indigenous leaders and signed a declaration for International Conservation Day. The US pledged $11 billion, making it the largest bilateral provider of climate finance. The European Union remains the biggest global contributor.
COP29: Activists urge West to deliver trillions in climate finance
Climate activists demand trillions in climate finance for developing countries. Negotiators at COP29 work to set a new climate finance goal. Disagreements arise regarding the amount, contributors, and time span of the funding. Developing countries seek 1.3 trillion dollars annually in public funds from developed nations. The G20 summit may offer solutions to the impasse.
As mediators struggle to find common ground, experts say UN Climate Summit needs reform
An open letter signed by prominent figures, including former UN officials and climate scientists, criticizes the UN climate process as ineffective. They call for a shift from negotiations to concrete actions, suggesting smaller, solution-oriented meetings focused on progress and accountability.
COP29: Need to improve financing to enable climate action, says UN climate chief Simon Stiell
Referring to the findings of the progress report on efforts to raise over $100 billion a year prepared by the COP's Standing Committee on Finance, Stiell said the overall trend shows an increase in the funds with more money being allocated for adaptation. However, there is a need to improve transparency, access and affordability, he said. "The new goal is not just about a target but about enabling action," the UN climate chief stressed.
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.
COP29 climate talks grapple with trillion-dollar task
At the UN climate talks in Baku, economists urged developing nations need at least $1 trillion annually by 2030 to combat climate change. The conference, already fraught with diplomatic tensions, aims to establish a new financing target for wealthier nations to support developing countries' green transition. However, early negotiations have been hampered by disagreements and a lack of initial progress.
USD 1 trillion a year needed for developing nations by 2030: High-Level Group on Climate Finance
The report comes a day after several wealthy nations, including Germany, Canada, France and the Netherlands, acknowledged that trillions of dollars were urgently needed to address climate change and that wealthy nations should continue to lead in providing climate finance.
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.
Finance or climate goals? COP29 begins with conflicting voices
The dispute on the dialogue on the implementation of the outcomes of the global stocktake was about which track should house the discussions. At its core, the dispute is about whether the discussions in Baku should give primacy to finance or focus on all aspects, i.e., emissions reduction, adapting to climate change and resilience, and financial and technical resources to implement climate actions.
World leaders descend on Baku to tackle climate change
World leaders are gathering in Baku for COP29, aiming to accelerate global efforts to combat climate change. Key issues include setting a new climate finance goal and finalizing rules for international carbon trading. The US's stance on climate action after the recent election remains a concern.
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