Page 7 - Climate Change Talks

US firm KKR to raise up to $7 bn for first global climate fund: Report

The fund will scout for opportunities across the United States, Europe and Asia Pacific for investments of between $300 million and $750 million each, the source added

COP28 secures $83 bn in climate pledges; India skips energy, health pledges

The first week of the COP28 global climate talks concluded with a significant milestone with the operationalisation of the Loss and Damage Fund, pledges of over USD 83 billion and the draft text for Global Stocktake mentioning phasing out of all fossil fuels for the first time in years. However, even as over USD 83 billion was mobilised in pledges questions persist about the voluntary nature of these commitments and the actual fulfilment by the participating nations. Amidst the discussions, the issue of fossil fuels emerged as a focal point, with a new draft text of the Global Stocktake proposing options for the phase-out of unabated coal and an orderly and just transition away from fossil fuels which might be a contentious point for India. India has repeatedly stressed that phasing out or phasing down coal language is something that it can't support. India even skipped signing the pledge to commit to tripling the global renewable energy capacity by 2030 over this. Over the reducti

Whether to phase out or phase down fossil fuels is the question at COP28

After days of shaving off the edges of key warming issues, climate negotiators on Tuesday zeroed in on the tough job of dealing with the main cause of what's overheating the planet: fossil fuels. As scientists, activists and United Nations officials repeatedly detailed how the world needs to phase-out the use of coal, oil and natural gas, the United Arab Emirates-hosted conference opened energy transition day with a session headlined by top officials of two oil companies. Negotiators produced a new draft of what's expected to be the core document of the UN talks, something called the Global Stocktake, but it had so many possibilities in its 24-pages that it didn't give too much of a hint of what will be agreed upon when the session ends next week. Whatever is adopted has to be agreed on by consensus so it has to be near unanimous. The central issue of this COP, the global stocktake, is to reach a conclusion about the phasing out of fossil fuels, said climate scientist Bill Hare, CEO

US joins several nations in backing COP28 pledge to slash cooling emissions

It's a tough task, given the cooling industry is only expected to grow as temperatures continue to climb

India needs to continue momentum at COP28, seek more commitments: UNDP

India needs to continue its momentum and advocacy efforts at the UN COP28 here towards global climate action and seek more commitments and finances from developed countries, UNDP India climate chief has said. The UN climate talks in Dubai opened with a bang with countries clinching an early deal on how to compensate developing and vulnerable countries that bear the brunt of the climate crisis despite contributing very little to it. The agreement on the operationalisation of the Loss and Damage Fund on the first day of COP28 set the stage for more ambitious decisions over the next 12 days. In an interview with PTI, Dr Ashish Chaturvedi, Head, Action for Climate and Environment at the United Nations Development Programme (UNDP) India, lauded India's positive intent, highlighting the nation's commitment to continue contributing to global adaptation efforts. "The Loss and Damage fund stands as a victory for India to a certain extent as well. We've played an important role in pushing f

AC companies plan cool designs for warming world, but high costs a hurdle

While cooling technologies can save lives during deadly heat, they also threaten to worsen the climate crisis

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

Best of BS Opinion: Possible return of China growth, climate change & more

Here is the best of Business Standard's opinion pieces for today

Climate finance in the spotlight at COP28 climate talks to bridge gaps

The amount of cash needed for the energy transition, climate adaptation and disaster relief is overwhelming

Hillary advocates climate resilience in India, calls for local solutions

Former US Secretary of State Hillary Clinton highlighted the critical need for gender-responsive climate policies, with a particular emphasis on the challenges faced by women in India. Addressing a session on Empowering Communities: Women at the Heart of Climate Resilience at global climate talks COP28 on Sunday, Clinton pointed out that extreme heat, largely driven by climate change, is a powerful and accelerating threat to livelihoods, human health, and our social fabric, and its impacts are disproportionately harmful and costly to women. She highlighted the critical need for gender-responsive climate policies, with a particular emphasis on the challenges faced by women in India. "So extreme heat has to be viewed as one of the most dangerous results of changing climate, especially in India. It is happening, and we know it's happening. And while we race to find big changes and transitions, we have to worry about what's happening on the ground with so many millions of people, ...

Ukrainian diplomats negotiate climate change at COP28 summit in Dubai

While Ukrainian diplomats take part in negotiations at the United Nations COP28 climate talks, Russia's war on the country lurks just in the background even as the United Arab Emirates has seen its business ties to Moscow surge despite Western sanctions. As Ukraine announced a 450 million euro ($489 million) expansion Monday of a wind farm in its Mykolaiv region, officials highlighted how its turbines would be spread far enough apart to survive any Russian missile attack. They decried continued attacks by Moscow on its energy infrastructure as snow storms grip the country. And an American diplomat forcefully denounced Russian President Vladimir Putin at an event that's seen demonstrators stopped from naming Israel in their protests over its pounding airstrikes and ground offensive in the Gaza Strip against Hamas. The war in Ukraine Putin's invasion represents a fundamental challenge to the international system that the United States and our allies and partners are trying to build,

Scale and ambition

Loss and damage fund may prove underwhelming

India eyes Global South pole position with COP host pitch in 2028

Under the current Bharatiya Janata Party-led government, the Indian state has been positioning itself as the leader of the Global South

COP28: Top development banks vow to up climate game, quiet on fossil fuels

The group said it would look at activities including removing "distorting" subsidies and developing pipelines of green projects

Hillary Clinton at COP28 climate talks calls for insurance sector reform

Clinton warned that this trend would escalate. "People in the United States, Europe, they're going to wake up and say, 'What do you mean, I can't get insurance?'"

COP28: Activists allowed into UAE can demonstrate under strict guidelines

As participants at the United Nations' COP28 climate talks filed in on Sunday for another day of talks, they found themselves greeted by a rare sight in the United Arab Emirates a protest. From activism about the Israel-Hamas war to environmental issues, activists allowed into the UAE can demonstrate under strict guidelines in this autocratic nation. Others from organizations long banned by the country also have been let in, providing them some the opportunity for the first time in about a decade to offer criticism though many acknowledge it may see them never allowed back in the country. One of our major issues with COP28 is the fact that the UAE government is using this to burnish its image internationally and the fact that limited protests are allowed ... is a good thing, said Joey Shea, now on her first trip to the Emirates as a researcher focused on the country at Human Rights Watch. "But at the end of the day, it helps to create this very false image that the UAE does have ..

India ahead of Montreal protocol targets, leads sustainable cooling goals

India has successfully phased out ozone depleting and climate warming chemical HCFC 141b and is ahead of schedule in eliminating another such gas, HCFCs, in new equipment manufacturing, according to a government report launched here on Sunday during the global climate talks. The report, jointly brought out by the Environment ministry and UNDP, during a side-event of the annual climate talks COP28, said that surpassing the 35 per cent phase-out target for HCFCs, India has achieved an impressive 44 per cent reduction, showcasing its commitment to collaboration and innovation to meet climate targets. India's proactive measures, outlined in the HCFC Phase-out Management Plan (HPMP) Stage-II, have set a remarkable example for global climate action, the report said. The report said India has successfully phased out ozone depleting and climate warming chemical 1,1-Dichloro-1-fluoroethane (HCFC-141b) and is ahead of schedule in eliminating another such gas Hydrochlorofluorocarbons in new ..

As host of COP28, autocratic UAE now allowing critics it once kept out

As participants at the United Nations' COP28 climate talks filed in Sunday for another day of talks, they found themselves greeted by a rare sight in the United Arab Emirates a protest. From activism about the Israel-Hamas war to environmental issues, activists allowed into the UAE can demonstrate under strict guidelines in this autocratic nation. Others from organisations long banned by the country also have been let in, providing them some the opportunity for the first time in over a decade to offer criticism though many acknowledge it may see them never allowed back in the country. The UAE, a federation of seven sheikhdoms led by Abu Dhabi's ruler, bans political parties and labour unions. All power rests in each emirate's hereditary ruler. Broad laws tightly restrict speech and nearly all major local media are either state-owned or state-affiliated outlets. Laws also criminalise the very few protests that take place by foreign labourers over working conditions and unpaid ...

COP28: India skips pledge to triple global renewable energy target by 2030

India and China both on Saturday refrained from signing the pledge at the COP28 climate summit to triple the world's renewable energy capacity by 2030 even though New Delhi already committed to it as part of its G20 presidency. During the UN's climate talks here, 118 countries committed to tripling the global renewable energy capacity by 2030 in a highly endorsed initiative. This ambitious goal aims to reduce the reliance on fossil fuels in the world's overall energy production. The countries which backed the pledge included Japan, Australia, Canada, Chile, Brazil, Nigeria, and Barbados. Although China and India have expressed endorsement for the threefold increase in renewable energy by 2030, neither of them formally supported the comprehensive pledge on Saturday. This commitment involves scaling up clean power alongside a decrease in the utilisation of fossil fuels. The pledge called for phase down of unabated coal power and putting an end to the financing of new coal-fired pow

Developing nations press rich world to fight climate change at UN summit

Leaders of developing nations jumped into Saturday's second-day of a UN climate summit to press rich industrial countries to share their knowhow to fight global warming and ease the financial burdens they face while trumpeting their own natural resources that swallow heat-trapping carbon in the air. The 28th annual UN Conference of the Parties, or COP28, in the oil-rich United Arab Emirates featured about 150 presidents, prime ministers, royals and other leaders who are presenting their plans to cut heat-trapping emissions and mostly seek unity with other nations to avert climate catastrophe that seemed to draw closer than ever in 2023. The developing world took centre stage early Saturday. Several African leaders noted their continent's rainforests help gobble up excess carbon dioxide in the air and emphasised how their countries belch out only a tiny fraction of heat-trapping emissions compared to richer countries. Teodoro Obiang Nguema Mbasogo of Equatorial Guinea one of ...