Page 2 - Un Climate Summit

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

Azerbaijan accused of intensifying repression of critics amid hosting COP29

As representatives from nearly 200 countries, along with hundreds of journalists, arrived in Azerbaijan in November for the UN climate conference known this year as COP29, they bring with them a level of scrutiny the hosts aren't accustomed to and don't often tolerate. Azerbaijan has had a poor human rights record for many years and the government has regularly targeted journalists, activists and independent politicians. President Ilham Aliyev and his administration are accused by human rights organisations of spearheading an intensifying crackdown on freedom of speech ahead of the climate summit, including against climate activists and journalists. Aliyev's father, Haidar, ruled Azerbaijan from 1993 until he died in 2003 and Ilham took over. Both suppressed dissent as the country of almost 10 million people on the Caspian Sea basked in growing wealth from huge oil and natural gas reserves. Elections since independence from the Soviet Union in the 1990s haven't been regarded as ful

COP29: United Nations calls for urgent climate action, financial commitment

Soaring rhetoric, urgent pleas and pledges of cooperation contrasted with a backdrop of seismic political changes, global wars and economic hardships as United Nations annual climate talks began Monday and got right to the hard part: money. In Baku, Azerbaijan, where the world's first oil well was drilled and the smell of the fuel was noticeable outdoors, the two-week session, called COP29, got right to the major focus of striking a new deal on how many hundreds of billions or even trillions of dollars a year will flow from rich nations to poor to try to curb and adapt to climate change. The money is to help the developing world transition their energy systems away from planet-warming fossil fuels and toward clean energy, compensate for climate disasters mostly triggered by carbon pollution from rich nations and adapt to future extreme weather. These numbers may sound big but they are nothing compared to the cost of inaction, the new COP29 president, Mukhtar Babayev, said as he to

Trump policies and trade disputes overshadow COP29 climate summit in Baku

COP29 host Azerbaijan will be tasked with keeping countries focused on agreeing to a new global finance target to replace the current $100 billion pledge expiring this year.

PM Modi, environment minister unlikely to attend UN climate summit in Baku

Prime Minister Narendra Modi is unlikely to attend the UN climate conference in Azerbaijan that Environment Minister Bhupender Yadav may also miss, official sources said on Thursday. Union Minister of State for Environment, Forest and Climate Change Kirti Vardhan Singh will lead the 19-member Indian delegation and deliver India's national statement at the high-level segment on November 18-19. India will not host a pavilion at COP29, marking its first absence since the 2021 UN climate conference in Glasgow. Modi will not attend the World Leaders' Climate Action Summit at COP29, scheduled for November 12-13, an official source confirmed to PTI. Yadav is expected to skip the climate conference as he will be occupied with the November 20 assembly elections in Maharashtra where he is the BJP's in-charge. According to sources, India's key priorities for COP29 include securing an ambitious new climate finance goal that meets the needs of all developing countries and the operationalisatio

2024 to be world's hottest ever since records began: EU scientists

The world has not breached that target - which refers to an average global temperature of 1.5C over decades - but C3S now expects the world to exceed the Paris goal around 2030

COP16: Funding for nature conservation stalls, eyes on pvt investment

At the COP16 negotiations in Cali, Colombia, countries failed to figure out how they would mobilise $200 billion annually in conservation funding by 2030

Countries should tax oil imports, reduce methane emissions: Climate Group

International non-profit organisation Climate Group kicked off the annual Climate Week NYC on Sunday, urging countries to tax imports of oil and gas to fund the green transition, remove barriers to renewable energy expansion, and rapidly reduce methane emissions. Organised by Climate Group in partnership with the United Nations, Climate Week NYC is an annual event held in New York City that brings together world leaders, businesses, activists, and organisations to discuss and accelerate global climate action. Releasing a seven-point to-do list to get the world on track with climate goals, Climate Group said the UN climate negotiations and the implementation of agreements alone are not delivering the speed of emissions cuts needed to avoid breaching the 1.5 degrees Celsius guardrail. According to the Intergovernmental Panel on Climate Change, the world needs to reduce greenhouse gas emissions by at least 43 percent by 2030 (compared to 2019 levels) and by at least 60 percent by 2035

BASIC bloc slams rich countries for 'leadership void' on climate change

They called on developed countries to set ambitious new targets to reach net-zero "significantly ahead of 2050 (and) preferably by 2030" and to achieve "net-negative" emissions immediately after that

COP29 host Azerbaijan launches climate fund, introduces fossil fuel levy

Azerbaijan, the host of this year's UN climate talks, has shelved a planned levy on fossil fuel production and instead launched a fund to "invest" in climate action in developing countries. Reports suggest that Azerbaijan, which relies heavily on oil and gas revenues, faced resistance from some oil- and gas-producing Gulf countries regarding the planned levy announced in May. The new fund, the "Climate Finance Action Fund" (CFAF), will receive annual contributions from fossil fuel-producing countries and companies. Initial fundraising aims for USD 1 billion, with members committing to annual contributions as fixed sums or based on production volume, according to a statement. Based in the capital city of Baku, the fund will target climate projects in developing countries, meeting the next generation of national climate plans to limit global warming to 1.5 degrees Celsius, and addressing the consequences of climate change-fuelled disasters. Financial support to help middle-income and

Political direction needed to settle dispute on climate finance: COP29 prez

The president of this year's UN climate summit said on Wednesday that political direction is required to resolve disagreements on a new financial target to support developing countries' climate actions post 2025. Climate finance will be at the centre of the UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on the issue at the mid-year UN climate talks in Bonn, Germany. "There are disagreements on key elements that will require political direction and we must focus high-level discussions on these points," COP29 President-Designate Mukhtar Babayev said in a letter to nearly 200 countries that are signatories to the United Nations Framework Convention on Climate Change (UNFCCC). Babayev said clima

Developed countries fulfilled $100 bn climate finance promise in 2022: OECD

Developed countries met their long-standing promise of mobilizing USD 100 billion a year to help developing countries mitigate and adapt to climate change in 2022, according to the latest data published by the Organisation for Economic Co-operation and Development (OECD) on Wednesday. This promise was made in Copenhagen in 2009 and was supposed to be met by 2020. Delays in achieving the USD 100 billion goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. Developing nations argue they cannot be expected to reduce CO2 emissions faster if developed countries - historically responsible for climate change - do not provide enhanced financial support. According to the OECD, developed countries provided USD 115.9 billion in climate finance to developing countries in 2022. The data showed that public climate finance (bilateral and multilateral funds attributable to developed countries) accounted fo

India better prepared than Pak to handle climate shocks: Scientists

Conducive weather conditions in both India and Pakistan are helping them to achieve record wheat output this year, but India is better prepared than the neighbour to handle climate change impact as it has developed many indigenous heat-resistant and short-duration seed varieties, according to agri-scientists. India is the second and Pakistan is the eighth largest wheat-producing country in the world. While India is self-sufficient in wheat output, the latter imports 2-3 million tonnes. One of the reasons behind Pakistan still being dependent on imports to meet domestic requirements is its failure to develop indigenous varieties of climate-resilient seeds. Presently, the harvesting of wheat crops is underway in both countries. India has projected wheat output to touch a new record of 114 million tonnes in the 2023-24 crop year (July-June), while Pakistan has set an ambitious target of 32.2 million tonnes from an area of 8.9 million hectares. While the two countries have been facing

TMS Ep586: India at COP28, IT hiring, Fed pivot, phase-down of fossil fuels

What did India gain from COP28? Why has IT hiring slowed down? What does the Fed pivot mean for Indian markets? How is phase-out of fossil fuels different from phase-down? All answers here

Lopsided COP28 boon for India's growing coal and crude oil appetite

India supports changes in global stocktaking text, but weak stand by rich nations to help the fossil fuel economy in the country

COP28 summit forced into overtime as fossil fuel talks divide nations

Al Suwaidi said the COP28 presidency aimed for a "historic" result that included mentioning fossil fuels - but that it was up to countries to agree

COP28 summit: Draft climate deal stops short of fossil fuel 'phase-out'

First global stocktake on Paris Agreement recognizes current emissions reductions not enough

India opted holistic approach to environment conservation: Bhupendra Yadav

Yadav said, "The mangrove ecosystem in India offers a unique example of existing in harmony with nature. The Sunderbans, lying along eastern India, offers the largest contiguous mangrove forest in the

India at COP: Advocates equity, seeks stronger role from developed nations

New Delhi reduced its GDP emission intensity by 33% between 2005 and 2019, achieving the target 11 years in advance, says Environment Minister Bhupender Yadav