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The government has expressed its disappointment with the outcome of COP-29 at Baku, saying the new global climate finance target of USD 300 billion annually by 2035 is "substantially insufficient" to meet the financing needs of developing nations. Responding to a question in the Lok Sabha, Minister of State for Environment Kirti Vardhan Singh said that the New Collective Quantified Goal on climate finance "does not address the needs and priorities of developing countries" and is "incompatible with the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and Equity". He cited estimates of the Standing Committee on Finance under the UN Framework Convention on Climate Change (UNFCCC), which place these needs between USD 5.1-6.8 trillion (equivalent to USD 455-584 billion) per year for up to 2030. The minister said that the categorisation of climate-related outflows and financial efforts by multilateral development banks as contributions to the U
Describing COP29 as one steeped in "semantics and not solutions", a senior Indian official has called the proceedings a missed opportunity to mobilize meaningful climate finance for adaptation and mitigation efforts in developing nations. Leena Nandan, Secretary of the Environment, Forest, and Climate Change Ministry, highlighted India's strong stance during negotiations and its leadership role in articulating concerns of the developing world. Speaking about the outcomes of COP29 at a session, she said the conference, which was anticipated to focus on implementation, fell short of expectations. "This was to be an enabling COP, a COP which was going to be focused on the means of implementation and what is means of implementation other than funds and resources. And here it was that we found semantics and not solutions. We found rhetoric and not results. And that has been the biggest disappointment," she said, adding that the sentiment was echoed across the Global South. Nandan ...
Negotiators working on a treaty to address the global crisis of plastic pollution for a week in South Korea won't reach an agreement and plan to resume the talks next year. They are at an impasse over whether the treaty should reduce the total plastic on Earth and put global, legally binding controls on toxic chemicals used to make plastics. The negotiations in Busan, South Korea, were supposed to be the fifth and final round, to produce the first legally binding treaty on plastics pollution, including in the oceans, by the end of 2024. But with time running out early Monday, negotiators plan to resume the talks next year. More than 100 countries want the treaty to limit production as well as tackle cleanup and recycling, and many have said that is essential to address chemicals of concern. But for some plastic-producing and oil and gas countries, that crosses a red line. For any proposal to make it into the treaty, every nation must agree to it. Some countries sought to change the