Un Climate Summit

Rich nations fail to meet climate goals, study reveals worsening outlook

Investors largely agree that climate risks aren't fully priced into markets, and academics are now studying what they're calling the climate-sovereign debt doom loop to calculate the potential costs

Too little, too distant: India rejects $300 bn climate finance at COP29

India on Sunday rejected the new climate finance package of a meagre USD 300 billion annually by 2035 for the Global South at the UN climate conference here, calling it "too little and too distant". The USD 300 billion figure is a far cry from the USD 1.3 trillion the Global South has been demanding over the past three years of talks to tackle climate change. Making a statement on behalf of India, Chandni Raina, Adviser, Department of Economic Affairs, said they were not allowed to speak before the adoption of the deal, undermining their trust in the process. "In continuation of several such incidents of not following inclusivity, not respecting country positions... We had informed the presidency, we had informed the secretariat that we wanted to make a statement prior to any decision. However, this is for everyone to see, this has been stage-managed. We are extremely disappointed," she said. "The goal is too little, too distant," Raina said, asserting that it is set for 2035, whic

Rich nations offer $300 billion annually after 10 years to Global South

Developed countries made a final offer of USD 300 billion annually by 2035 to help developing countries tackle climate change, hours after two groups of the world's most climate-vulnerable countries stormed out of the negotiating room at COP29 here. The USD 300 billion figure, however, is a far cry from the USD 1.3 trillion the Global South has been demanding in the three years of talks. The offer is part of the draft deal on a new climate finance package for developing nations, or the New Collective Quantified Goal (NCQG), which will be put before countries for approval in a plenary session shortly. The new amount will replace the USD 100 billion figure pledged in 2009. The draft deal also introduces the Baku to Belem Roadmap, an important request for Africa and other developing country groups to lay out a meaningful process towards aligning the global finance system with achieving the USD 1.3 trillion goal by 2035. Issued after tiring, mind-numbing negotiations that continued fo

COP29 gets Article 6 of Paris Agreement operational, opens carbon markets

Article 6 provides trusted and transparent carbon markets for countries as they collaborate to reach their climate goals

COP29: Civil society protests climate finance proposal, demands 'no deal'

Civil society members staged a silent march at the UN climate summit, condemning the developed nations' proposal to increase annual climate finance to a meagre USD 250 billion by 2035. They called on the developing world to reject what they described as an "insulting" and "unjust" deal. With their arms crossed in defiance, protesters walked silently through the summit venue, where chanting is prohibited. "We urge you to stand up for the people of the Global South, and we insist: no deal in Baku is better than a bad deal, and this is a very, very bad deal because of the intransigence of developed countries," said Climate Action Network (CAN), a global coalition of more than 1,900 civil society organisations, in a letter to G77 and China, the largest bloc of developing nations. The letter urged negotiators to abandon weak agreements, saying, "If nothing sufficiently strong is forthcoming at this COP, we urge you to walk away from the table to fight another day, and we will fight the

COP29: 'X' factor could shape Global South's future, climate talks at Baku

After two weeks of intense negotiations at the UN climate conference here, countries are facing an 'X' sitting in a bracket instead of a clear figure for the trillions of dollars needed to help developing nations fight climate change -- a problem they did not create. Developed countries, which built their economies on fossil fuels and are responsible for most of the greenhouse gas emissions driving climate change, are still avoiding a key question: how much climate finance will they provide to developing countries each year starting in 2025? At the UN climate conference in Baku, they are required to update the climate finance goal of USD 100 billion agreed upon in 2009 to at least USD 1.3 trillion per year to meet the needs of developing countries amid the intensifying impacts of climate change. It's the final day of the conference, and countries are awaiting a new "acceptable" version of the draft text that can be refined to produce a balanced outcome. The draft text on the new ..

COP29 produces streamlined climate finance draft, but key issues remain

After an all-nighter, a draft text on the new climate finance package for the developing world finally dropped Thursday morning -- shrunk from 25 pages to 10, but the major sticking points remain. With less than two days left for the UN climate conference to close, negotiators face a gargantuan task to hammer it out. A quick glance at the text shows developed countries are still dodging a key question: How much climate finance are they ready to give developing countries every year starting in 2025? This has led to significant frustration among developing countries, who have repeatedly said they need at least USD 1.3 trillion to tackle the escalating challenges. "The revised draft text, while more streamlined, presents a spectrum of options -- some good, some bad, and some outright ugly," said Harjeet Singh, a climate activist and Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative. He said it acknowledges the need for public funds from developed ...

Developing nations demand upto $900 bn in public climate finance at COP29

Developing countries are asking for up to USD 900 billion in public funding from a total of USD 1.3 trillion they seek from developed nations in the new climate finance package for reducing emissions and adapting to the growing impacts of climate change. Negotiators told PTI that the Like-Minded Developing Countries (LMDC) group has called for USD 600 billion in public funding, supplemented by private finance at concessional rates to meet the USD 1.3 trillion goal. Meanwhile, the Alliance of Small Island States (AOSIS) is pushing for USD 900 billion in government funding, while the Arab Group has proposed USD 440 billion. Although developed countries have yet to officially propose a figure, their negotiators indicated that European Union nations are discussing a global climate finance target of USD 200 billion to USD 300 billion per year. EU climate commissioner Wopke Hoekstra told reporters that developed countries want to ascertain the package's components before committing to a

Time runs down for negotiators at COP29 to find deal to curb global warming

With time running down, negotiators at the United Nations annual climate talks on Wednesday returned to the puzzle of finding an agreement to bring far more money for vulnerable nations to adapt than wealthier countries have shown they're willing to pay. Pressure was building to drive a deal by the time COP29, as this year's summit is known, concludes this week. COP29 President Mukhtar Babayev asked negotiators to clear away the technical part of talks by Wednesday afternoon so they can focus on substance. That substance is daunting. Vulnerable nations are seeking USD 1.3 trillion to deal with damage from climate change and to adapt to that change, including building out their own clean-energy systems. Experts agree that at least USD 1 trillion is called for, but both figures are far more than the developed world has so far offered. Half the world away in Rio, Brazil, where the Group of 20 summit was wrapping up on Tuesday, the United Nations Secretary-General Antonio Guterres told

COP29: India asks rich nations to keep climate adaptation commitments

India has called on developed countries to step up their support for climate adaptation in developing countries, saying the growing frequency and intensity of extreme weather events is putting the survival of people, especially in poor nations, at risk. Speaking at a high-level ministerial dialogue on adaptation on Tuesday, India highlighted that the developing world is disproportionately suffering from the impacts of climate change, which are largely the result of historical emissions by developed countries. The increasing frequency and intensity of extreme weather events are adversely affecting the lives and livelihood of those in the developing world, putting their very survival at risk, Indian negotiator Rajasree Ray said. India recalled that the UAE framework for global climate resilience adopted at COP28 last year emphasises the urgent need for enhanced support from developed countries. This mobilisation should go beyond the previous efforts, supporting the country driven ...

G20: Leaders prioritise climate change, clean energy on summit's final day

Developed countries, including in Europe, argue that the contributor base needs to be expanded to include richer developing countries like China and richer Middle Eastern countries in order to agree

India asks developed nations to remove barriers to technology transfer

India on Monday called on developed countries to remove barriers to technology transfer, increase public climate finance, and avoid unfair trade measures disguised as climate action. The appeal came during a high-level ministerial roundtable on pre-2030 ambition at the UN climate talks in Baku. India's environment secretary Leena Nandan also urged rich nations to take the lead in cutting emissions and achieving net-zero by 2030. This is essential to build a stronger, sustainable future, she said. The official said that innovative technologies are critical for a low-carbon future but said they must be made accessible to developing countries. Developing countries need solutions like clean energy and carbon removal, but barriers like intellectual property rights make it hard for them to access these technologies, Nandan said. COP29 should come up with practical solutions to make technology affordable, adaptable, and relevant for developing countries, she added. India asked develope

COP29: UN climate chief calls for focus on climate action through politics

As the COP29 summit entered the second week, the UN climate chief called on Monday for swift resolution of less contentious issues and an urgent focus on major political decisions to advance global climate action. United Nations Framework Convention on Climate Change Executive Secretary Simon Stiell urged delegates to shed "bluffing and brinkmanship" and focus on pragmatic solutions to overcome the critical challenges ahead. During the plenary session here, Stiell stressed the need for collaborative progress. "We can't lose sight of the forest because we're tussling over individual trees," he remarked, warning against the stalling tactics of you-first-ism, where parties refuse to act until others take the lead. He emphasised that such approaches risk halting progress entirely. This is a recipe for going literally nowhere, Stiell said, adding that only parallel efforts from all parties could ensure a robust outcome. Azerbaijan, The Presidency of COP29 was praised for its ...

COP29: Young activists push for hope amid frustration at UN climate talks

Young people who attend the United Nations climate talks have a lot to be angry about. They've lost loved ones and months of school. They've lost homes and family farms and connections to their families' native lands. They haven't lost hope, though. Not yet. It has become so tiring for me to be just a poster child, said Marinel Ubaldo, who by age 16 had watched two back-to-back supersized typhoons destroy entire communities in her native Philippines. Missing a chunk of high school in the aftermath, because there was no school to go back to, was a wake-up call. Now 27, COP29 will be her sixth time attending the summit where leaders negotiate the future she will inherit. I guess I'm very pessimistic, but I'm going to be positive that this COP could actually bring more clarity, she said. Her pessimism isn't unwarranted. Fewer leaders were in attendance this year, with a backdrop of uncertainty as political will on climate unravels in major countries like the US and Germany. While many

COP29: Climate talks head into second week, coinciding with G20 in Rio

United Nations talks on getting money to curb and adapt to climate change resumed Monday with tempered hope that negotiators and ministers can work through disagreements and hammer out a deal after slow progress last week. That hope comes from the arrival of the climate and environment ministers from around the world this week in Baku, Azerbaijan, for the COP29 talks. They'll give their teams instructions on ways forward. "We are in a difficult place, said Melanie Robinson, economics and finance program director of global climate at the World Resources Institute. The discussion has not yet moved to the political level when it does I think ministers will do what they can to make a deal. Talks in Baku are focused on getting more climate cash for developing countries to transition away from fossil fuels, adapt to climate change and pay for damages caused by extreme weather. But countries are far apart on how much money that will require. Several experts put the sum needed at around US

Protesters gear up for biggest day at UN climate talks amid slow progress

The United Nations climate talks neared the end of their first week on Saturday with negotiators still at work on how much wealthier nations will pay for developing countries to adapt to planetary warming. Meanwhile, activists planned actions on what is traditionally their biggest protest day during the two-week talks. The demonstration in Baku, Azerbaijan is expected to be echoed at sites around the world in a global day of action for climate justice that's become an annual event. Negotiators at COP29, as the talks are known, will return to a hoped-for deal that might be worth hundreds of billions of dollars to poorer nations. Many are in the Global South and already suffering the costly impacts of weather disasters fuelled by climate change. Several experts have said USD 1 trillion a year or more is needed both to compensate for such damages and to pay for a clean-energy transition that most countries can't afford on their own. The talks came in for criticism on several fronts .

COP climate talks need reform, no longer fit for purpose: Climate leaders

Delegates struggled for hours on the opening day to agree an agenda and the mood has been soured by doubts about the United States' future role under a Donald Trump presidency, diplomatic spats

India's fragmented climate response limits women's role as leaders: Study

Despite progress in gender-focused policies, India's climate response remains fragmented, and its national climate policy still lacks a consolidated, gender-responsive climate finance strategy that could more comprehensively support women as climate leaders, according to a new report. The report by research and public policy consulting firm Chase India, supported by Global Counsel, underscores this gap, calling for coordinated, gender-responsive climate finance frameworks to position women as central agents of climate resilience rather than passive beneficiaries. The report was presented on Thursday during the COP29 climate summit here in Azerbaijan's capital. Programmes like the Pradhan Mantri Ujjwala Yojana, which has provided over 103 million rural women with access to clean cooking fuel, and the National Rural Livelihoods Mission, which has mobilised millions of women in sustainable livelihoods, demonstrate India's commitment to gender-responsive policies. However, these ...

A 34-page complex climate finance draft sparks concern in COP29 summit

An overly lengthy 34-page draft on a new climate finance goal emerged on the third day of the UN climate talks in Azerbaijan's Baku on Wednesday, but the text is filled with repetitions and duplications, making it difficult to work with. While it includes all the elements everyone wanted, there is growing concern as three days have already passed with little progress. Observers say all negotiating groups have now asked the co-facilitators to condense the document to make it more manageable. The G77 and China group requested the co-chairs to organise the draft text by themes and not add new ideas to it. There were three options for structuring the climate finance goal in the draft framework prepared in October by the co-chairs of the Ad Hoc Work Programme on the New Collective Quantified Goal (NCQG). The new draft now presents 13 sub-options too. The new finance text is expected to include the same options for the goal as the previous two drafts. One of the options is a specific dol

Most G20 nations should advance climate action: Global South climate index

Most G20 members, including the US, Australia, Canada, Saudi Arabia and Turkey, need to significantly step up climate action, according to a Climate Accountability Matrix launched at COP29 here on Tuesday. The Climate Accountability Matrix (CAM) is a first-of-its-kind assessment tool from the Global South to analyse countries' performance in climate aspects beyond mitigation, including adaptation and means of implementation. As against the rich nations, countries from the Global South, such as India and South Africa have made significant efforts in climate action by actively participating in key agreements, undertaking reasonable efforts domestically and adhering to their obligations, the CAM, featured in a report by independent, New Delhi-based think tank the Council on Energy, Environment and Water (CEEW), found. The CEEW report Are G20 Countries Delivering on Climate Goals? Tracking Progress on Commitments to Strengthen the Paris Agreement unveiled at the COP29 here introduces