* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, August 25, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

    ‘When Calls the Heart’ Fans All Want the Same Thing After Seeing the Show’s Latest Update – yahoo.com

    When Calls the Heart’ Fans Rally Together in Excitement Over Exciting New Update!

    Quotes of the Week: Peacemaker, Project Runway, Countdown and More – yahoo.com

    This Week’s Most Memorable Quotes from Peacemaker, Project Runway, Countdown, and More!

    Drake Appears in Teaser for Bobbi Althoff’s New Podcast ‘Not This Again’ – yahoo.com

    Drake Drops a Surprise Cameo in Bobbi Althoff’s Thrilling New Podcast Teaser ‘Not This Again

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Ten upcoming sports stadiums where technology takes to the field – Dezeen

    10 Futuristic Sports Stadiums Revolutionizing the Game with Cutting-Edge Technology

    Figure Technology Solutions, Inc. Files Registration Statement for Proposed Initial Public Offering – Business Wire

    Figure Technology Solutions, Inc. Unveils Exciting Plans for Its Upcoming Initial Public Offering

    UNLV Responds to Workforce Need with Microcredential in Nuclear Technology – University of Nevada, Las Vegas | UNLV

    UNLV Unveils Cutting-Edge Microcredential Program to Fuel Growth in Nuclear Technology

    Why Technology Will Never Take Over Completely – Patheos

    Why Technology Will Never Completely Control Our Lives

    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

    ‘When Calls the Heart’ Fans All Want the Same Thing After Seeing the Show’s Latest Update – yahoo.com

    When Calls the Heart’ Fans Rally Together in Excitement Over Exciting New Update!

    Quotes of the Week: Peacemaker, Project Runway, Countdown and More – yahoo.com

    This Week’s Most Memorable Quotes from Peacemaker, Project Runway, Countdown, and More!

    Drake Appears in Teaser for Bobbi Althoff’s New Podcast ‘Not This Again’ – yahoo.com

    Drake Drops a Surprise Cameo in Bobbi Althoff’s Thrilling New Podcast Teaser ‘Not This Again

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Ten upcoming sports stadiums where technology takes to the field – Dezeen

    10 Futuristic Sports Stadiums Revolutionizing the Game with Cutting-Edge Technology

    Figure Technology Solutions, Inc. Files Registration Statement for Proposed Initial Public Offering – Business Wire

    Figure Technology Solutions, Inc. Unveils Exciting Plans for Its Upcoming Initial Public Offering

    UNLV Responds to Workforce Need with Microcredential in Nuclear Technology – University of Nevada, Las Vegas | UNLV

    UNLV Unveils Cutting-Edge Microcredential Program to Fuel Growth in Nuclear Technology

    Why Technology Will Never Take Over Completely – Patheos

    Why Technology Will Never Completely Control Our Lives

    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Science

How much do rich countries owe in climate aid? That’s the trillion-dollar question.

April 12, 2024
in Science
How much do rich countries owe in climate aid? That’s the trillion-dollar question.
Share on FacebookShare on Twitter

Last year’s United Nations climate conference in the United Arab Emirates ended on a surprising high note as the world’s countries endorsed a landmark agreement to transition away from fossil fuels. After weeks of tense negotiation, the conference produced a slew of unprecedented commitments to ramp up the deployment of renewables, adapt to climate disasters, and move away from the use of coal, oil, and gas.

The question at this year’s COP29 conference in Baku, Azerbaijan, is just how much that massive effort will cost. After years of global debate over the scale of funding that developed countries owe less fortunate nations for decarbonization and disaster aid, negotiators have until the end of the conference in December to agree on a hard-fought financial target for climate assistance over the next few decades. This new target, referred to as the New Collective Quantified Goal by climate negotiators, is critical to upholding the 2015 Paris Agreement and addressing the harm of fossil fuel emissions from industrialized countries like the United States. Without funding, some of the poorest nations in Asia and Africa, which have contributed negligibly to the climate crisis, stand little chance of transitioning their economies away from fossil fuels and adapting to a warmer world. 

The last time the world set such a goal, it didn’t work out well. Back in 2009, wealthy countries agreed to send poorer countries $100 billion in climate finance every year by 2020. Though the figure was less than half of the annual global need, according to World Bank estimates, rich countries didn’t even come close to meeting their target until last year. Even then, some aid organizations like Oxfam contend that these countries have overstated or double-counted their aid by tens of billions of dollars. In the meantime, international estimates of total aid needs have ballooned into the trillions. As a result, the talks around climate finance are still marked by frustration and mistrust, and diplomats debating the goal over the past two years have made little progress toward consensus.

As dozens of negotiators head to Colombia later this month for the first in a series of pre-conference talks that will lay the groundwork for the new goal, developing countries are trying to use the failures of the $100 billion promise as leverage for a much bigger commitment. After years of advocacy from climate-vulnerable nations, the economic heavyweights of India and Saudi Arabia are making a formal demand for climate aid to reach $1 trillion per year, broaching a number that will send negotiations into uncharted territory. 

Increasing climate aid by more than tenfold could alter the life prospects of millions of people staring down imminent climate impacts in poor countries in Africa and Asia, but experts say the astronomical number will be a hard sell for many wealthy nations dealing with inflation and domestic turmoil. Plus, the commitment itself won’t mean much without strong safeguards to ensure the money reaches the vulnerable communities that most need it.

“It’s good that countries are using the t-word because that’s grappling with the scale of ambition that we need,” said Joe Thwaites, a climate finance expert at the nonprofit Natural Resources Defense Council. “But the key question is the political one of how you break that up.”

The world has known for years that the $100 billion goal was fundamentally flawed: The target number was far too low to match the mounting toll of climate change in the developing world, which one recent estimate pegged at around $2.4 trillion per year. And more than two-thirds of the aid from wealthy countries has been through loans rather than grants, forcing poor states to take on higher debt loads to respond to climate disasters. Some countries also tried to count aid to seaside hotels and gelato stores as climate assistance, exaggerating their contributions.

The slow pace of United Nations diplomacy has forced developing countries to wait more than a decade for the opportunity to hash out a new number with their counterparts in the United States and the European Union. Now that that chance has arrived, many of these countries are seeking to raise the floor for climate finance by scaling up their demands to a level that once would have sounded ludicrous. 

In a letter to fellow negotiators in February, India argued that “developed countries need to provide at least USD 1 trillion per year, composed primarily of grants and concessional finance,” or very low-interest loans. Saudi Arabia, writing on behalf of a group of countries in the Middle East, said just a few days later that “we set a [target] of USD 1.1 trillion from developed to developing countries,” plus arrears for the failure of the last goal. There are just 19 countries in the world whose economies are larger than $1 trillion, according to data from the International Monetary Fund.

The fact that India and Saudi Arabia have endorsed this number is significant. India is the world’s most populous country and one of its largest emitters, and it has significant political clout in climate talks as the largest country that still needs aid to finance its energy transition. Saudi Arabia, meanwhile, is one of the wealthiest countries in the world, and it has faced immense pressure to join the United States and the European Union in sending aid to poorer countries. They are the only two countries to name a number so far.

Setting such an ambitious goal comes with pros and cons, experts say. On the one hand, shooting for the moon with a very high target provides poor countries with some cushion against the possibility that rich countries may fail to meet their promises. On the other hand, if voters and political leaders in wealthy countries don’t back the goal, the strategy might backfire and poor countries may end up receiving very little aid. 

The United States Congress, for instance, has fought for months over whether to send around $60 billion in new aid to Ukraine, and it’s a safe bet that many lawmakers would balk at helping with a trillion-dollar global commitment. Mobilizing climate aid in a divided Congress has proven to be a challenging endeavor in previous years. Endorsing a new goal could even become a liability for President Biden and other climate-forward leaders as they stare down an election year. 

Developed countries like the United States, the United Kingdom, and those within the European Union haven’t proposed a numerical target for the goal in their missives to fellow negotiators. Instead, they’ve urged a broader conversation about how to mobilize private money and how to ensure aid contributions are reaching the right communities, with Canada for instance advocating a “pragmatic approach to establishing a quantum [goal size].” The U.S. has shied away from discussion of the size, focusing in its letters on questions about which nations should contribute aid money and which nations should receive it.

“Although this [trillion] number better reflects the needs of developing countries, it will be a difficult outcome to achieve given the current constraints of developed countries — shifting geopolitics, energy security concerns, stagflation, and internal politics,” said Aman Srivatstava, a climate finance expert at the Centre for Policy Research, an India-based think tank.

But negotiators and climate advocates told Grist that the structure of the new goal matters just as much as the eventual size. The $100 billion goal was too low, but it was also too vague about what counts as “climate finance,” and many wealthy countries focused on doling out loans and private investment rather than no-strings-attached grants. These countries also tended to provide much more assistance for renewables and energy projects rather than the flood and drought aid that many countries have demanded. 

“We don’t need to talk only about the quantum in terms of the money, but also about the quality of the money,” said Sandra Guzmán Luna, the founder of the Climate Finance Group for Latin America and the Caribbean, which helps developing countries in the region track and access climate aid money. 

Herd boys pull out an ox stuck in the muddy waters of a drying reservoir in southern Zimbabwe. The county has declared a national emergency due to a drought caused by climate change and El Niño.

Herd boys pull out an ox stuck in the muddy waters of a drying reservoir in southern Zimbabwe. The county has declared a national emergency due to a drought caused by climate change and El Niño.
Zinyange Auntony / AFP via Getty Images

The most likely outcome is a structure that some negotiators liken to an onion with multiple concentric layers. The United States, the European Union, and other wealthy countries would contribute a chunk of public funding in the form of grants for unprofitable projects like sea walls and drinking water systems. The other layers could include additional grants from new contributors like Saudi Arabia and the United Arab Emirates, which have ample wealth but have never donated much climate aid, or private loans from investors and banks. This approach would mimic the Kunming-Montreal Global Biodiversity Framework, a 2022 agreement to protect nature and endangered species that also featured a “layered” set of commitments.

But creating such a complex structure for climate aid ahead of COP29 will be a Herculean task. Despite new endorsements for a $1 trillion goal, rich and poor countries still have huge disagreements about who should contribute to the goal, how much money should come from grants and loans, and how rich countries should be held accountable for their share. Rich countries are advocating a broader group of contributors that would include Saudi Arabia and the United Arab Emirates, as well as more flexibility to include private money in their aid contributions. Countries like China and Saudi Arabia, which have huge economies but account for a low share of carbon emissions historically, are pushing for the U.S. and the E.U. to bear the greatest burden.

With COP29 just seven months away, negotiators still haven’t even put their ideas to paper, and drafts of the potential text likely won’t appear until the summer. From there the world’s climate leaders will sprint to settle as many details as possible before the conference clock in Baku runs out. Thwaites likened the process to the puzzle game Rush Hour, where a player has to move several cars around on a grid in order to clear space for one car to escape.

“Even when you think that it’s a done deal, things can fall apart, so it’s hard to make predictions,” said Eleonora Cogo, a climate finance expert at ECCO, an Italian think tank. (Cogo has negotiated on behalf of the European Union in previous climate finance talks.) 

Given how far apart the sides are right now, Cogo says that she doubts countries will be able to work out all the details by the end of COP29. The most likely outcome is a basic agreement on “some core elements” like an approximate size and a promise to work the rest out later. This could produce any number of commitments — a strong promise from rich countries to scale up their grants, a weakened framework like the $100 billion goal, or something in between.

“The asks on the table are so different, and the points of departure are so far away,” said Cogo. “It’s all open.”

Editor’s note: The Natural Resources Defense Council is an advertiser with Grist. Advertisers have no role in Grist’s editorial decisions.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Grist – https://grist.org/international/cop29-climate-finance-new-collective-quantified-goal-trillion-india-saudi-arabia/

Tags: climatecountriesscience
Previous Post

DOJ thinks Enbridge Line 5 pipeline is trespassing on tribal lands

Next Post

Disallowed Wolves goal was correct decision

South Carolina city selected to host 2027 Diamond Youth Baseball World Series – WRDW

South Carolina City Chosen to Host the 2027 Diamond Youth Baseball World Series

August 25, 2025

Brazil’s low-voltage consumers could save 16% on power bills – Valor International

August 25, 2025
‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

August 25, 2025
Georgia lawmakers plan for federal cuts to already ‘underfunded’ public health services – Grice Connect

Georgia Lawmakers Prepare to Fight Federal Cuts Threatening Public Health Services

August 25, 2025
Poverty and Policy, Not Politics, Drive Crime in American Cities | Opinion – Newsweek

How Poverty and Policy Drive Crime in American Cities-Beyond Politics

August 25, 2025
Pressured researchers in ecology and conservation demand support to guarantee fair interactions with stakeholders – ScienceDirect.com

Pressured researchers in ecology and conservation demand support to guarantee fair interactions with stakeholders – ScienceDirect.com

August 25, 2025
What moving averages say about Genenta Science S.p.A. Depositary Receipt – Stop Loss & Technical Pattern Based Signals – Newser

What Moving Averages Reveal About Genenta Science S.p.A.: Key Stop Loss Strategies and Technical Patterns Uncovered

August 25, 2025
Asking Eric: My partner’s unhealthy lifestyle is killing our relationship – MassLive

How My Partner’s Unhealthy Habits Are Driving a Wedge Between Us

August 25, 2025
Ten upcoming sports stadiums where technology takes to the field – Dezeen

10 Futuristic Sports Stadiums Revolutionizing the Game with Cutting-Edge Technology

August 25, 2025
WEATHER REPORT: Notre Dame Fighting Irish VS Miami Hurricanes – Yahoo Sports

Epic Showdown Ahead: Notre Dame Fighting Irish Clash with Miami Hurricanes

August 25, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (789)
  • Economy (809)
  • Entertainment (21,689)
  • General (16,667)
  • Health (9,850)
  • Lifestyle (822)
  • News (22,149)
  • People (810)
  • Politics (818)
  • Science (16,020)
  • Sports (21,308)
  • Technology (15,790)
  • World (791)

Recent News

South Carolina city selected to host 2027 Diamond Youth Baseball World Series – WRDW

South Carolina City Chosen to Host the 2027 Diamond Youth Baseball World Series

August 25, 2025

Brazil’s low-voltage consumers could save 16% on power bills – Valor International

August 25, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version