Page 2 - Climate Finance

BASIC Nations criticise developed world for backtracking on climate finance

They say fossil fuel use in Global North has risen, call it "double standards towards climate equity"; note that climate finance from developed nations continues to fall short of $100 bn a year goal

BASIC countries call out rich nations' 'double standards' at COP27

The BASIC group, comprising India, China, Brazil and South Africa, has called out rich nations' "double standards" at the UN climate summit in Egypt, saying they have backtracked on their commitment to provide finance to developing countries to fight climate change and have increased consumption and production of fossil fuels instead. "BASIC countries are gravely concerned that developed countries are still not showing leadership or responding with a matching progression of effort. There has been backtracking on finance and mitigation commitments and pledges by developed countries," the four countries said in a joint statement. "There has also been a significant increase in the consumption and production of fossil fuels in the past year by developed countries, even as they continue to press developing countries to move away from the same resources. Such double standards are incompatible with climate equity and justice," the statement said. The ministers of BASIC countries met on the

COP27: Nations pledge added support to GEF funds to tackle climate crisis

Several welcomed the SCCF's dedicated focus on Small Island Developing States as a key avenue of climate finance that is otherwise lacking

Climate finance, tech needed to promote trust, transparency: India at COP27

Access to climate finance and technology in developing countries is a "must-have" to protect the earth and humanity from apocalyptic changes, India said at the ongoing UN climate summit in Egypt on Monday. Making an intervention at the High-Level Ministerial Dialogue on Climate Finance at COP27, Union Environment Minister Bhupender Yadav said a clear definition of climate finance is needed to promote transparency and trust in all multilateral discussions to address climate change. "Access to finance and technology in developing countries is a must-have if we expect to protect our earth and ourselves from apocalyptic changes. The commitment made by the developed countries to mobilise USD 100 billion from diverse sources by 2020 was a meagre amount and remains unachieved till now. The current needs of developing countries are estimated to be in the order of trillions," a statement quoted him as saying. At COP15 in Copenhagen in 2009, developed countries had committed to jointly ...

COP27: Biofuels and green H2 to power India's low-carbon growth

Minister outlines plan for carbon reduction

Climate debt-trap risks pushing vulnerable emerging markets to brink

Rising global borrowing costs are denting the finances of some of the most climate-vulnerable countries right when they most need money to fight the devastating impacts of global warming

India expected to see faster progress towards clean energy economy: Report

At least three of the four top emitters of greenhouse gases -- China, the EU and India -- are expected to see faster progress towards a clean energy economy than they have set out in national plans or NDCs, according to a new analysis released on Monday, coinciding with the UN climate summit in Egypt. According to "Global Carbon Budget Report 2022", the top four CO2 emitters in 2021 were China (31 per cent), the US (14 per cent), the European Union (8 per cent) and India (7 per cent). The report, "Big Four: Are major emitters downplaying their climate and clean energy progress?", by the UK-based Energy and Climate Intelligence Unit, suggests interconnected global crises and market mechanisms are driving the shift towards electric vehicles, low-carbon heating and renewables around the world, in particular in those four countries. Rapid price reductions, which make wind and solar power vastly cheaper than fossil fuel alternatives, concerns over energy security and access, and in Europ

After KFW deal, SBI now in talks with EIB for Euro 200 mn green funding

Last week the lender tied up its second Euro 150 million funding with German govt-owned KFW as part of solar partnership with India

Beyond bloviation: What do climate conferences like COP achieve anyway?

It would be wrong to think that nothing has been achieved. A great deal has, though far too slowly - for which lack of speed the world, especially its poor, will pay the price, writes T N Ninan

From Nazca Lines to the Mona Lisa, a history of unique climate protest

The protests, meanwhile, do reveal the anger and frustration activists feel, especially with the decision of Egyptian authorities and the United Nations Framework Convention on Climate Change

CAG calls upon supreme audit institutions to work for mutual benefits

He sought innovative suggestions from members to shape Knowledge Share Committee strategies for the next three years

COP27: CDRI to propose climate-change adaptation projects on Nov 17

Environment minister Bhupender Yadav says country 'making swift progress' in building such systems

Energy colonialism, climate reparations: COP27 and key concepts to know

As countries come together at COP27 to take actions on the collective goals under the Paris Agreement and Convention in Egypt, here are the key concepts you must know about

Making fast progress in strengthening early warning systems: India at COP27

With climate finance still scarce, climate adaptation in the form of early warning dissemination is key to safeguarding lives and livelihoods from cascading natural hazards causing substantial losses around the world, Union Environment Minister Bhupender Yadav said at the UN Climate Conference (COP27) in Egypt on Monday. Speaking at the UN Secretary General High Level Round Table to launch the "Early Warnings for All Executive Action Plan", Yadav stressed that the global pace of climate mitigation is not enough to contain the rate of climate change. There is an urgent need to acknowledge the cascading natural hazards that cause substantial losses around the world, he said, adding that India fully supports the UN secretary general's agenda to achieve "Early Warnings for All". With the intensification of tropical cyclones in the Pacific and the Caribbean, small tropical States have lost 200 per cent of their national income in a few hours. Such instances could have devastating ...

What is COP27, and what issues are expected to be discussed at the summit?

Among other top agendas is the discussion on compensating the poor or developing nations for the 'loss and damage' due to climate change

Environment minister Bhupender Yadav inaugurates India Pavilion at COP27

The minister also felicitated the COP Young Scholars from India who worked towards Positive Climate Change solutions

India to seek clarity on $100 billion climate financing at COP27

Union Minister of Environment, Forest and Climate Change Bhupender Yadav will represent India at the session

India will demand 'action' from developed nations at COP27: Bhupender Yadav

India will demand "action" in terms of climate finance, technology transfer and capacity building from developed countries to help developing countries fight climate change, Union Environment Minister Bhupender Yadav said on Thursday, ahead of the 27th edition of the Conference of Parties (COP) to UNFCCC. "COP27 should be COP for action in terms of climate finance, technology transfer and capacity building. This is our overall approach. India will seek clarity as to what is being termed as climate finance -- whether it is grants, loans or subsidies. Public and private finance should be separated. These issues will be taken up strongly," the minister told reporters here. US President Joe Biden, UK Prime Minister Rishi Sunak and more than 100 heads of states are expected to attend the conference which will be organised at Sharm El-Sheikh in Egypt in from November 6 to 18. It is not yet clear if Prime Minister Narendra Modi will attend it. "Even some developed countries" will join Ind

Adaptation target not keeping pace with growing risks: UNEP Report

Adaptation finance flows to developing countries are 5 to 10 times below estimated needs

COP27: All eyes on Egypt to steer climate finance towards adaptation

With the summit happening amid Ukraine war and recession fears, budget cuts for climate are apprehended as nations use money to secure energy and development aid shifts towards humanitarian projects