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Climate finance

As COP29 Winds Down, Poorer Nations Reject Wealthy Countries’ Offer

November 23, 2024 Cristen Hemingway Jaynes, EcoWatch. , , ,
The COP29 United Nations Climate Conference extended into overtime on Friday, as the offer by the world’s richest countries of $250 billion annually by 2035 to assist poorer nations struggling with the most dire effects of the climate crisis was rejected as inadequate. “I’m so mad. It’s ridiculous. Just ridiculous,” said Juan Carlos Monterrey Gómez, Panama’s special representative for climate change, as Reuters reported. “It feels that the developed world wants the planet to burn.” Representatives from nearly 200 nations at the summit in Baku, Azerbaijan, have been given the goal of coming to an agreement on a financing plan to deal with climate change.

Climate Finance Is Central To COP29 Negotiations In Azerbaijan

November 14, 2024 Abdul Rahman, People's Dispatch. , , , , ,
This year’s Conference of the Parties of the UN Framework Convention on Climate Change (COP29) opened in Baku in Azerbaijan on Monday, November 11 amid the growing concerns of rising global temperatures and failures of the developed countries to fulfill their existing pledges to mitigate the climate crisis. The urgency of the COP29 discussions has not been determined by moving speeches and demands, but from the reality facing countries across the globe, such as Spain, Nepal, the US, and others, struggling to respond to floods, fires, hurricanes, and drought which have exacted devastating tolls in recent months.

Extreme Weather Events Have Cost $2 Trillion Over The Past Decade

November 12, 2024 Paige Bennett, EcoWatch. , , ,
According to a new report by the International Chamber of Commerce and consultancy firm Oxera, extreme weather events over the past 10 years have cost a total of $2 trillion globally. The countries that have faced the biggest losses include the U.S., China and India. The report tracked nearly 4,000 extreme weather events from 2014 through 2023. In total, the results found that these events affected more than 1.6 billion people and cost around $2 trillion in economic losses. Over just the past two years, losses linked to extreme weather cost the world $451 billion.

Leaders From Key Countries Will Not Attend COP29

November 7, 2024 Cristen Hemingway Jaynes, EcoWatch. , , ,
Leaders from some of the world’s major economies, including the European Union, the United States and Brazil, will not be attending the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, this month. COP29, which will convene from November 11 to 22, is expected to have more than 40,000 delegates in attendance. European Commission Ursula von der Leyen will not attend the summit to prepare for a second term in office, reported The Guardian. Instead, a team of negotiators, including energy commissioner Kadri Simson and climate commissioner Wopke Hoekstra, will represent the commission at the talks.

COP16 Ends Without Consensus On Financing For Nature Conservation

November 5, 2024 Cristen Hemingway Jaynes, EcoWatch. , , , , ,
The COP16 biodiversity summit in Cali, Colombia, ended in disappointment this weekend, with countries failing to determine how to raise $200 billion a year in funding for conservation by 2030, reported Reuters. Originally intended as a check-in on countries’ progress with meeting the goals of the 2022 Kunming-Montreal Global Biodiversity Framework (GBF), COP16 went into overtime Saturday as nations scrambled to reach a consensus while delegates dwindled along with hopes for a decisive conclusion. “I am both saddened and enraged by the non-outcome of COP16,” said Shilps Gautam, carbon removal financing firm Opna’s chief executive, as Reuters reported.

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