Page 17 - Climate Change

Some rich nations say trillions of dollars needed to fight climate change

Some developed countries on Wednesday acknowledged that trillions of dollars were urgently needed to address climate change and wealthy nations should continue to lead in providing climate finance. These countries -- including Germany, Canada, France, and the Netherlands -- are part of an alliance known as the High Ambition Coalition, which advocates for bold climate actions. "As we negotiate this new goal for climate finance, we must again overcome our differences, strengthen our commitment to global solidarity, and find the money to meet the planet's growing needs," the coalition said stressing that trillions of dollars were urgently needed. The statement comes as countries spar over a draft for a new finance package to help developing countries cope with climate change -- or New Collective Quantified Goal (NCQG) -- that is expected to be finalised at the ongoing UN climate talks in Baku, Azerbaijan. Harjeet Singh, a climate activist and global engagement director for the Fossil

Green Frontier Capital launches Sebi-approved fund worth Rs 1,500 crore

The fund will focus on accelerating India's low-carbon transition through investments in transformative climate technologies

COP29: Indian youths call to prioritise children's needs in climate policy

Fighting rising temperatures, Indian youths representing the communities vulnerable to the disastrous changing climate have demanded urgent action at the COP29, urging world leaders to prioritise the unique needs of children and youth in policy. Rising temperatures and unchecked development have led to landslides and impacted our way of life, said 23-year-old Manisha Arya, a youth delegate from India's Himalayan region, as she voiced the concerns of millions at the United Nations Climate Change Conference (COP29). Manisha is one of 20 young South Asian leaders representing the urgent demands of youth in the fight against climate change. Alongside her is Kartik Verma, a 19-year-old environmental advocate from a farming community in rural India. Through his Knowledge for Nature initiative, Kartik said he has reached over 5,000 children and youth to raise awareness about the environmental challenges faced by their communities. I was lucky to be heard, but I am here at COP29 for those

COP29: India, other developing nations demand fair climate finance pledges

India, as part of the Like-Minded Developing Countries bloc, stood firm in calling for equitable financial support from developed nations at the ongoing COP29 climate negotiations, multiple sources from the grouping said here. Concerns were also raised that nearly 69 per cent of reported finance came in the form of loans adding burdens on the already vulnerable countries. At the annual climate talks, India negotiates in key groupings such as the Like-Minded Developing Countries (LMDCs), G77 and China, and BASIC (Brazil, South Africa, India, and China), where it aligns with other developing nations to advocate for climate finance, equity, and technology transfer. On Tuesday, G77 and China -- the largest bloc representing around 130 countries at the UN climate talks -- rejected the draft text of a framework for negotiating a new climate finance goal. The New Collective Quantified Goal (NCQG) is the central issue at this year's climate summit, the 29th Conference of Parties (COP29) to

UN climate talks give all nations a platform to address climate change

When more than two dozen world leaders deliver remarks at the United Nations' annual climate conference on Wednesday, many are likely to detail their nations' firsthand experience with the catastrophic weather that has come with climate change. That could include Pakistan Prime Minister Shehbaz Sharif, whose nation has seen deadly flooding this year from monsoon rains that scientists say have become heavier with climate change. Just two years ago, more than 1,700 people died in widespread flooding. Pakistan has also suffered from dangerous heat, with thousands of people hospitalised with heatstroke this spring as temperatures soared to 47 degrees Celsius. Also on the list of speakers Wednesday is Bahamas Prime Minister Philip Edward Davis. Like many other countries in the Global South, the Bahamas has piled up debt from warming-connected weather disasters it did little to cause, including Hurricanes Dorian in 2019 and Matthew in 2016. Leaders have been seeking help and money from the

COP2: Here's why a climate breakthrough has rarely looked bleaker

The wavering global commitment is particularly worrying because the coming 12 months will be vital for setting the next decade of climate policies

Pak PM calls for $6.8 trillion in climate funding for developing nations

Pakistan's Prime Minister Shehbaz Sharif on Tuesday called for USD 6.8 trillion in climate funding for developing countries by 2030. Sharif was speaking at a climate finance roundtable hosted by Pakistan during the 29th UN Climate Change Conference (COP29) in Azerbaijan's capital Baku. According to live coverage of his speech by Pakistani TV channels, the prime minister stressed that developing countries were facing huge climate challenges but were often left without adequate resources to meet them. We need urgent climate finance to tackle issues brought by environmental changes, Sharif said, as he asked the developed countries to fulfil promises that have remained largely unmet despite repeated commitments. Developing countries require USD 6.8 trillion in financing by 2030 to manage the impacts of climate change effectively, the premier said. He pointed out that while a climate finance goal of USD 100 billion annually was set in 2009, increasing this target is now crucial as the

COP29: Pay up or face climate-led disaster for humanity, warns UN chief

Nearly 200 nations have gathered at the annual UN climate summit in Baku, focused this year on raising hundreds of billions of dollars to fund a global transition to cleaner energy sources

COP29 climate agreement a boost for India's carbon market ambitions

This agreement enables climate action by increasing demand for carbon credits and ensures that the international carbon market operates with integrity under UN supervision

Dutch appeals court overturns landmark climate ruling against Shell

A Dutch appeals court on Tuesday overturned a landmark ruling that ordered energy company Shell to cut its carbon emissions by net 45% by 2030 compared to 2019 levels. The decision was a defeat for the Dutch arm of environmental group Friends of the Earth, which hailed the original 2021 ruling as a victory for the climate. Tuesday's civil ruling can be appealed to the Dutch Supreme Court. The ruling upholding Shell's appeal came as a 12-day U.N. climate conference was entering its second day in Azerbaijan. Presiding Judge Carla Joustra said that Shell already has targets for climate-warming carbon emissions that are in line with demands of Friends of the Earth both for what it directly produces and for emissions produced by energy the company purchase from others. And she added that an order for Shell to cut emissions by people and businesses who buy its products would be unlikely to have an effect as the products could be sold by another company. The court's final judgment is tha

Need to mitigate risks linked with glacial lakes: Principal secy Mishra

P K Mishra, principal secretary to Prime Minister Narendra Modi, on Tuesday stressed the need for mitigating risks associated with glacial lakes to ensure a safer future for communities. Mishra asserted that through the tri-focal lens of assessment, monitoring and mitigation, India has made substantial progress in this area. He made the remarks at the 4th Workshop of the Committee on Disaster Risk Reduction (CoDRR) on Strategies for GLOF (Glacial Lake Outburst Flood) Risk Reduction here. Complimenting the National Disaster Management Authority (NDMA) and the Department of Water Resources for organising the workshop, he focused on international perspectives and experiences, pertinently India's experiences, gaps and challenges in mitigating the risks and related aspects. Mishra said the discussions on Sikkim glacial lake outburst flood disaster has brought to focus the enormity of the challenge. Indeed, the South Lhonak GLOF was a wake-up call for all of us, he said. Mishra undersc

COP29: UN climate chief calls for urgent action to counter economic fallout

Issuing a stark warning on the massive economic toll of climate change, UN Climate Change chief Simon Stiell on Tuesday said its worsening impacts will put inflation on steroids and urged nations to take more decisive action. Stiell, the executive secretary of the United Nations Convention on Climate Change (UNFCCC), also criticised the tendency to sideline climate action in national policies, calling it a recipe for disaster. Addressing the World Leaders Climate Action Summit at the annual UN Climate Change conference -- COP29 here, he characterised the climate crisis as an economy-killer with impacts already draining up to 5 per cent of GDP in various countries. Highlighting the urgent need for bold policies, Stiell underscored how climate impacts have evolved from a distant concern to an immediate financial threat, and emphasised that worsening climate events are no longer just a future generations' issue. The climate crisis is a cost-of-living crisis, he said, pointing to how

Host nation Azerbaijan defends oil, gas sector at COP29 amid West criticism

Azerbaijan's oil and gas revenues accounted for 35 per cent of its economy in 2023, down from 50 per cent two years earlier. The government says these revenues will decline to 22 per cent by 2028

COP29: Experts call for $1 trn annual investment to fight climate change

At the COP29 climate summit, prominent voices in the climate action arena voiced a call for greater accountability, real climate finance, and transparent data from developed countries and called for USD 1 trillion per year in cross-border finance to developing countries. Avinash Persaud, Special Advisor on Climate Change to the President, Inter-American Development Bank from the Inter-American Development Bank, highlighted the enormous financial need for climate adaptation, mitigation, and loss and damage. We need an NCQG (New Collective Quantified Goal) that is relevant to actual climate finance needs, he stated, calling for USD 1 trillion per year in cross-border finance to developing countries. Persaud also noted that transparency is critical to finance accountability, arguing that clear data on financial flows and impact is essential. He cautioned, however, that loss and damage finance should be grant-based and separate from adaptation and mitigation to ensure funds reach the m

Targets unchanged a year after deal on tripling renewables by 2030: Report

A year after countries agreed to triple global renewable energy capacity to 11,000 gigawatts by 2030, a new report on Tuesday revealed that national targets still only aim for a collective doubling of capacity in the next six years. The report by global energy think tank Ember showed only eight countries have updated their renewable targets in the last 12 months, resulting in just a four-GW increase in overall renewable energy targets globally. The report analysed national 2030 renewable capacity targets for 96 countries and the EU as a bloc. These countries collectively account for 96 per cent of the world's renewable capacity, 95 per cent of global electricity sector demand and 94 per cent of global power sector emissions. Of the 96 countries, 83 have renewable capacity targets for 2030. At the UN's climate conference in December 2023 in Dubai, world leaders reached a historic agreement to triple global renewables capacity by 2030. The International Energy Agency (IEA) and ...

COP29 adopts establishment of carbon market under Paris Agreement Article 6

In a landmark decision at the first day of the global climate talks here, COP29 have officially adopted the new operational standards for a mechanism of the Paris Agreement under Article 6, setting the stage for a global carbon market. This adoption of article 6.4, achieved during the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA), sets the stage for operationalising Article 6, which has faced years of deadlock. Article 6 of the Paris Agreement facilitates international collaboration to lower carbon emissions. It offers two pathways for countries and companies to trade carbon offsets, supporting the achievement of emission reduction targets set in their climate action plans, or nationally determined contributions (NDCs). The first option, known as Article 6.2, allows two countries to establish a bilateral carbon trading agreement under their own terms. The second, Article 6.4, seeks to develop a centralised, UN-managed system to enable

Greta Thunberg protests against Azerbaijan hosting global climate summit

Climate activist Greta Thunberg on Monday attended a rally in Georgia to protest against Azerbaijan hosting the annual United Nations climate talks. Thunberg and scores of other activists who rallied in Tbilisi, the capital of the South Caucasus nation, argued that Azerbaijan doesn't deserve to host the climate talks because of its repressive policies. UN climate talks, called COP29, opened Monday in Baku, the capital of Azerbaijan, a major oil producer where the world's first oil well was drilled. Thunberg described Azerbaijan as a repressive, occupying state, which has committed ethnic cleansing, and which is continuing cracking down on Azerbaijani civil society". She charged that the Caspian Sea nation has used the summit as a chance to greenwash their crimes and human rights abuses. "We can't give them any legitimacy in this situation, which is why we are standing here and saying no to greenwashing and no to the Azerbaijani regime, she said. Azerbaijan has committed to clean

COP29 kicks off; host asks nations to resolve differences on finance goal

Azerbaijan, the host of this year's UN climate conference, called on all countries on Monday to urgently resolve outstanding issues to agree on a new climate finance goal to help developing nations combat and adapt to climate change. Delivering his remarks at the opening ceremony of the UN summit, COP29 President Mukhtar Babayev said current policies are leading the world towards 3 degrees Celsius of warming, which would be catastrophic for billions of people. He said that the COP29 Presidency's top priority is to find consensus on a fair and ambitious New Collective Quantified Goal (NCQG), or new climate finance goal, to replace the previous goal of USD 100 billion per year agreed in 2009. Babayev emphasized that the NCQG must be effective and adequate to address the scale and urgency of the problem. Negotiations have seen some progress but a lot of work is left, with just 12 days to land the deal. Countries now urgently need to finalise the elements, resolve differences on ...

World already on cusp of 1.5 degree celsius temp rise, finds new research

The UK-based scientists behind the new approach, who published it Monday in the journal Nature Geoscience, say it simplifies the tracking of climate change and is easier to use

COP29: Work will continue despite Trump's return, says US climate envoy

Trump has promised to again remove the United States, the world's biggest historic greenhouse gas emitter, from international climate cooperation