Page 4 - Climate Finance

Global carbon emissions from fossil fuels to rise 1.1% to hit peak in 2023

The planet is on track to exceed its carbon budget for 1.5C of warming around 2030, and the budget for 1.7C in 15 years, according to the group's Global Carbon Budget annual report

Multilateral Development Banks unlock over $180 bn climate finance at COP28

The Inter-American Development Bank (IDB) announced at COP28 that it will triple its climate lending to US$150 billion over the next decade

World Bank Chief Banga hails COP28 momentum as climate pledges mount

World leaders spent the first three days at the climate conference unveiling a string of announcements from cutting methane emissions to ramping up the flow of money to poorer countries

BRICS countries collaborate to mobilise climate finance at COP28 in UAE

In situations where the global financial system falls short of providing adequate inclusive climate investments for developing nations, the BRICS initiative takes on even greater significance

US pledges $3 billion for climate aid to developing countries at COP28

The pledge of support for the Green Climate Fund, described by State Department officials ahead of a planned speech by Vice President Kamala Harris at the COP28 summit Saturday

COP28: World's top donors join IFC to lure $11 billion in climate cash

Mark Gallogly's Three Cairns Group and the Bezos Earth Fund are among the charitable donors that aim to seed the ACP with $235 million, with a further $590 million expected to come from investors

Why is 1.5 deg C the most misunderstood number in the climate fight

When it comes to the collective goal of limiting global temperature rise to 1.5C, there's been only one acceptable talking point in the runup to the COP28 conference in Dubai

'Tax the bad' to boost climate finance, says COP28 advisory panel

While citing an urgent need for new funding sources, the report by a group of independent economists said existing streams of revenue could also be reallocated

Sitharaman demands concrete action on climate funding, not words at COP 28

Finance Minister Nirmala Sitharaman on Monday called for concrete action on climate funding and transfer of technology at the upcoming global climate summit, saying that India will be pushing forward to showcase what it has achieved with its own funds. The 28th round of the annual UN climate talks to be held from Nov 03 to December 12 in the UAE and is anticipated to involve intense negotiations on compensation from rich countries to developing ones for climate impacts, fossil fuel usage, methane emissions, and financial aid for reducing planet-warming emissions and adapting to climate change. Speaking during a virtual session at the inaugural event of India Global Forum Middle East and Africa 2023 (IGF ME&A), Sitharaman said that cOP 28 should show the direction to countries. "There is a need for concrete action on climate funding and transfer of technology at the upcoming global climate summit," she said. She said that India will certainly be pushing forward to showcase what it .

Fund to compensate developing nations, climate finance key issues at COP28

The 28th round of the annual UN climate talks to be held in the United Arab Emirates (UAE) is anticipated to involve intense negotiations on compensation from rich countries to developing ones for climate impacts, fossil fuel usage, methane emissions, and financial aid for reducing planet-warming emissions and adapting to climate change. The urgency to take robust action to combat the climate crisis is increasing every moment. September marked the hottest recorded month ever, with global average temperatures reaching 1.8 degrees Celsius above the pre-industrial (1850-1900) levels. Across the globe, deadly heatwaves, droughts, wildfires, storms and floods are costing lives and livelihoods. Global carbon dioxide (CO2) emissions -- almost 90 per cent of which come from fossil fuels -- rose to record highs in 2021-2022. Here is an overview of the issues expected to dominate the negotiations at COP28, scheduled to be held at the Dubai Expo City from November 30 to December 12. LOSS AND

More capitalism than climate

Akshat Rathi's Climate Capitalism delves into the intricate dance between capitalism, greed and our climate-related problems today, exploring what it will take to build an ecosystem for change

Developed nations must mobilise $100 bn for climate financing: OECD

These trends may indicate an increasing recognition by international climate finance providers of the growing needs and opportunities for climate action in poorer and more vulnerable regions

Rich nations 'likely' met $100 billion climate finance goal in 2022

While that figure pales in comparison to the trillions of dollars that are needed to help developing nations decarbonize their economies and adapt to a warming world, it is still a symbolic milestone

Working to dramatically increase international climate financing: Biden

President Joe Biden has said that he is working with the US Congress to dramatically increase international climate financing while asserting that the world stands at an inflection point. In his address to a select group of world leaders at the APEC informal dialogue and working lunch on Thursday, Biden said every economy is seeing signs of what's to come -- droughts, floods, rise in sea levels and temperatures, and unpredictable weather patterns -- if action is not taken. Our world stands at an inflection point, a point where the decisions we make now are going to determine the course of the world, not just a few of our countries, for the next several decades of consequence, Biden said. Nowhere is that more true than when it comes to climate. Every economy around this table faces this challenge, every one of us. And as I've said before, it's the only existential threat to humanity. We either get this right or there's not going to be a whole lot of people around to talk about it. A

The silver-solar connection

Climate finance and advances in solar technology will shape the future of the energy industry

Leadership roundtable at WETEX, DSS discuss ways to achieve climate goals

We seek to galvanise and coordinate the efforts of all stakeholders in the government and private sectors to support climate action

Funding deficit for climate adaptation puts some nations at high risk: UN

Despite clear signs of accelerating climate risks and impacts worldwide, the adaptation finance gap is widening and now stands at between USD 194 billion and USD 366 billion per year, according to a new report by the United Nations. Released ahead of the annual UN climate talks in Dubai, UAE, the "Adaptation Gap Report 2023: Underfinanced. Underprepared - Inadequate investment and planning on climate adaptation leaves the world exposed" finds that the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows over 50 per cent higher than the previous range estimate. The adaptation finance gap is the difference between the estimated costs of adapting to climate change in developing countries and the amount of finance available to meet these costs. "Today's Adaptation Gap Report shows a growing divide between need and action when it comes to protecting people from climate extremes. Action to protect people and nature is more pressing

COP28: BASIC countries demand equity at centre of Global Stocktake

The principles of equity and common but differentiated responsibilities and respective capabilities (CBDRRC) must be at the centre of the Global Stocktake -- a periodic review of global efforts to achieve goals of the Paris Agreement -- and operationalised in its each and every component, BASIC countries have said. In their submission to the United Nations Framework Convention on Climate Change (UNFCCC) outlining their expectations from the Global Stocktake (GST) in September, the BASIC group said it should acknowledge the existing implementation gaps, particularly those related to the pre-2020 period. The BASIC group comprises Brazil, South Africa, India, and China. The developed nations either acknowledge their historical responsibilities, take lead in climate action or admit their failure to do so, they said. The Global Stocktake is a two-year UN review process to evaluate collective global progress in meeting the Paris Agreement's goals. Initiated in Glasgow in 2021, the ...

How the World Bank group can scale climate finance

IFC should aim to become the leading equity fund manager and fund-of-funds manager for climate mitigation investment in emerging markets

G20: India looks to forge alliance on fuels of future & climate finance

Among the fuels of the future are biofuels and hydrogen. India has already announced the creation of a Global Biofuel Alliance (GBA), of which the US would be the founding member