At COP28, a chance for the West to make amends

The West often engages in moral grandstanding when addressing critical global issues like climate change, emphasizing the need for action and accountability. But when it comes to taking responsibility for historic carbon emissions, the developed world often falls short of its obligations.

This disparity between rhetoric and action has significant implications, particularly for vulnerable nations. The Loss and Damages Fund, a significant achievement of the COP27 summit last year in Egypt, highlights this disconnect.

The increasing severity, breadth, and regularity of climate calamities has disproportionately affected developing countries, as evidenced by the Global Climate Risk Index 2021. Of the 10 most affected territories and countries between 2000 and 2019, all were in the developing world.

The Gr9up of 77 and China played a pivotal role in including finance for loss and damages at COP27. The emphasis was on framing this mechanism as a global commitment rather than liability or compensation. The result was collective acknowledgment of the asymmetric impacts of climate change and a step toward rectifying these imbalances.

However, the path to operationalizing the fund is fraught with obstacles. The impasse at an October meeting on the topic cast doubt over the process, particularly concerning the fund’s practical implementation.

Fortunately, a breakthrough was achieved at a follow-up meeting in Abu Dhabi this month. The text adopted there will form the basis of a final decision at COP28 in Dubai in December. Even before that meeting starts, the deal on loss and damages already has the potential to become one of the meeting’s greatest achievements.

Yet even amid progress, the adopted text reveals three issues that hint at how difficult it will be to implement the fund. The success of COP28 in addressing these issues will be a test of the international community’s commitment to equitable climate action.

The first point of contention concerns identification of fund contributors. Developing nations advocate for financial commitments from developed countries, while the United States and Europe assert that emerging economies, notably China and Gulf nations such as Saudi Arabia, should share financial responsibilities equitably.

During preparatory meetings for COP28, the Saudi delegation reportedly referred to historical “failures on obligations and gaps in action” by Western nations during and after the Industrial Revolution, an opinion shared by many leaders in developing countries.

The West has a history of falling short in funding climate action. A 2009 promise to mobilize US$100 billion annually for developing countries by 2020 was never met. It’s high time the West matches its rhetoric with financial commitment. COP28 is the place to deliver.

While the developing world is open to funding from non-governmental sources like the private sector and humanitarian groups, the primary responsibility lies with Western governments. Failure to step up could mean either the loss and damages fund remains non-operational, or its scale is too small to impact climate-change mitigation and adaptation significantly.

The second key challenge for COP28 is pinpointing which nations should benefit from the fund. At COP27, the definition of “particularly vulnerable” sparked debate – a matter still unresolved. COP28 must clarify this. It’s a complex issue; assessing loss and damages goes beyond simple economic factors to include losses that are less tangible and harder to measure, like those from gradual environmental changes.

There’s also a gap between what affected communities experience and the data collected by governments and organizations. Localized impacts may seem more pressing than the broader climate context, complicating the creation of effective responses.

The third challenge revolves around the location and administration of the fund. Western countries, particularly the US and the European Union, favored housing the fund within the World Bank, an idea that developing countries have strongly opposed.

Opposition was rooted in concerns that the World Bank’s loan-based financing model was unsuitable for debt-burdened developing countries, and that the bank’s decision-making process was too heavily influenced by its major donors, particularly the US. Moreover, high administrative fees associated with the World Bank have further fueled resistance.

Despite these reservations, developing countries made a substantial concession by agreeing to an interim arrangement where the fund would be housed in the World Bank for four years, under conditions that included direct access to grants and inclusivity of non-World Bank member states. But if the rest of the demands of the developing world are not met, they can easily do away with this concession.

Thus COP28 faces a crucial task in making the Loss and Damages Fund operational. If successful, next month in Dubai will mark a significant victory for the Global South and those communities bearing the brunt of the West’s historical emissions. This momentous step could pivot the scales toward a fairer climate future.

This article was provided by Syndication Bureau, which holds copyright.

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School Strike 4 Climate: Australian students with ‘sick note’ demand climate action

Climate protestors in SydneyGetty Images

Thousands of Australian students have walked out of class to attend School Strike 4 Climate rallies, backed by a “sick note” from “climate doctors”.

Signed by three prominent scientists, it concludes: “It is my recommendation that they take a sick day to protest for a sick planet.”

The students called for greater climate action, as the country faces another summer with natural disasters.

However some state education officials said schools will not accept the note.

Penned by Dr David Karoly, Dr Nick Abel and Dr Lesley Hughes, the letter was available online for students to download.

It said they were unfit to attend school because of “increased anxiety” around government inaction, “elevated stress” due to the impact of climate change, and “feelings of despair” about their future.

The note is not a formal medical certificate, and education departments in New South Wales and Victoria said it will not be accepted in their schools.

The Minister for Education Jason Clare also said students should not be at the Friday strike. “I want our kids to be passionate, I want our kids to care about democracy and I want our kids to care about the future, but I also want our kids at school,” he said.

But students who attended the protests across nine cities said the government’s response demonstrated a failure to take their concerns seriously.

“[They are] throwing our future under the bus by approving new coal and gas [projects] in Australia,” year 10 student Joey Thompson told the Australian Broadcasting Corporation in Melbourne on Friday.

In Sydney, protesters chanted “shame” outside the office of Environment Minister Tanya Plibersek.

One 16-year-old, Min Park, told the Australian Associated Press she was striking because of Ms Plibersek’s approval of new coal and gas projects.

“She is listening to the fossil fuel lobby instead of doing her job and taking responsibility to protect the health of the planet,” she said.

Australia has long faced international criticism for being slow to respond to the threat posed by climate change.

While the Labour government led by Anthony Albanese promised greater action to halt climate change when elected in May 2022, experts say Australia is still not keeping pace with key allies like the US and the UK.

Originating in Sweden, School Strike 4 Climate is an international movement of students who skip classes on Friday to press for political action on climate change.

The Friday rallies are the 11th held in Australia, and the largest since 2019 when an estimated 300,000 people turned out across the country.

They come after former diplomat and public servant Gregory Andrews was forced to end a hunger strike outside Parliament House in Canberra. Mr Andrews had refused to eat until the government declared a climate emergency, but was taken away by an ambulance on Friday morning.

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Xi and Biden at summit speak of conflict avoidance

State leaders of China and the United States met on the sidelines of the Asia-Pacific Economic Cooperation (APEC) leaders’ meeting on Wednesday to discuss trade, Taiwan and other geopolitical issues. 

Chinese President Xi Jinping and US President Joe Biden had a face-to-face meeting at Filoli estate, a historical site in San Francisco. The two had not met each other since they had a talk in Bali, Indonesia a year earlier.

“Sino-US relations have not always been smooth, but the two countries still have to deal with each other,” Xi said in his opening speech at the meeting. “Confrontation is not a practical move. The earth can accommodate both China and the US.”

“Although the two countries have different development paths, as long as they adhere to mutual respect, peaceful coexistence and win-win cooperation, they can transcend their differences and find a way for the two countries to get along with each other,” he said. “The future of China and the US is bright.”

Biden said both China and the US should make sure that their competition will not lead to conflicts. He said both countries can work together in artificial intelligence and climate change issues. 

Before the two leaders’ meeting, China and the US said in a joint statement that they recall, reaffirm, and commit to further the effective and sustained implementation of the April 2021 US-China Joint Statement Addressing the Climate Crisis and the November 2021 US-China Joint Glasgow Declaration on Enhancing Climate Action in the 2020s. 

They said they decided to operationalize the Working Group on Enhancing Climate Action in the 2020s, to engage in dialogue and cooperation to accelerate concrete climate actions.

Win-win situation

On Tuesday and Wednesday, China’s state media published a series of articles, saying that the Xi-Biden meeting would help significantly improve Sino-US relations. 

“We hope that the positive stance shown by the US in its recent interactions with China is not political calculation and tactic, and that the verbal commitments it has made will become concrete policies and substantive actions,” Xinhua said in a commentary on Wednesday.

“We also hope that the US will not be fettered by domestic party disputes and the selfish interests of politicians, and will work together with China to make long-term efforts to accumulate good news and momentum in China-US relations and promote the real stabilization and improvement of bilateral relations,” it said.

It said the general trend of the world is peace, development, cooperation and win-win situation, and that no country or group of countries can dominate world affairs alone.

Xinhua also said cooperation, not competition, should dominate the perception of Sino-US relations. It said if both sides define their entire relationship with competition, antagonism will continue to increase while the two nations will face a risk of slipping into the abyss of a “New Cold War.”

It said China and the US can boost bilateral trade, work together in the carbon neutrality and medical sectors and encourage mutual investment. It said China’s middle-class population will provide growth potential for American farmers. 

Besides, the China Central TV said in an article that Xi had paid a lot of effort to encourage informal exchange between Chinese and US people over the past three decades. His effort included an invitation of the wife of late American physicist Milton Gardner to visit Fuzhou, where the scientist spent 10 happy years of his childhood, in 1992.

“We’re not trying to decouple from China. What we’re trying to do is change the relationship for the better,” Biden told reporters at the White House on Tuesday.

He said the US was wary of investing in China due to Beijing’s business practices, which require foreign investors to turn over their trade secrets. 

He said that, by meeting with Xi, he wanted to get back on a “normal course of correspondence,” such as being able to have emergency phone calls or military talks whenever there is a crisis. 

China’s ‘real problems’

In early 2023, political tensions between China and the US were heightened by the Chinese spy balloon incident, Taiwan matters and Washington’s chip exports ban against China. The two sides could only resume dialogues in May.

Xi’s US trip happened against a backdrop of China seeing a decline in its foreign direct investment (FDI) and exports this year. The Chinese economy is also facing deflationary risks. 

On Tuesday, Biden said at a fundraiser in San Francisco that China has “real problems.”

“President Xi is another example of how re-establishing American leadership in the world is taking hold. They’ve got real problems,” he said, without further elaboration.

“Nations that have no problems do not exist in this world,” Mao Ning, a spokesperson of the Chinese Foreign Ministry, said in a regular media briefing on Wednesday in what may have been a retort to Biden’s remark. “China is confident that it can achieve better development and achieve brighter prospects,” she said. “It is hoped that the US can also seriously solve its own problems and bring better life to the American people.”

Prior to this, Biden said on August 10 that China’s economic situation was a ticking time bomb. He said China was in trouble as it had a slowing growth and high youth unemployment rate.

China’s FDI fell 14.7% year-on-year to about US$132.9 billion in the first nine months of this year. The figure is an estimation calculated by Asia Times with the FDI in renminbi terms.

In January-October, China’s exports fell 5.6% to US$2.79 trillion from the same period of last year. The country’s imports dropped 6.5% to US$2.11 trillion.  

People also reduced spending due to falling or unstable income. In October, China’s consumer price index (CPI) fell 0.2% year-on-year, according to the National Bureau of Statistics (NBS). It was the second contraction in prices since the last one in July. 

NBS officials said falling consumer prices were a result of rising food supply and weaker demand after long holidays.

The Chinese economy has been hit by a property and local government debt crisis over the past two years. Many property developers were struggling to sell their apartments, return loans and finish their construction work. 

The central government is going to issue 1 trillion yuan of sovereign bonds but the sum is only enough for local governments to pay the interest on their outstanding debt. 

According to China’s Ministry of Finance, the outstanding amount of local government debt grew 15.1% to 35.06 trillion yuan at the end of last year from 30.47 trillion yuan a year earlier.  

Read: End to decoupling tops China’s pre-summit demands

Follow Jeff Pao on Twitter at @jeffpao3

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US and China reach ‘some agreements’ on climate – John Kerry

US Special Envoy for Climate John KerryJeff J Mitchell

The US has reached some agreements with China ahead of the COP28 Summit in Dubai at the end of this month, Washington’s climate envoy has said.

“We felt that our days of talks were very successful. We did come up with some agreements”, John Kerry told the BBC at a business summit in Singapore.

Details will be shared “at the appropriate moment soon”, he said.

The world’s two biggest polluters finding common ground is considered a crucial part of any consensus at COP28.

Mr Kerry had met with his Chinese counterpart Xie Zhenhua in California this week for four days. He described the meetings as tough and serious.

In response to a question, Mr Kerry refuted observations that US climate policies and technologies are “anti-China”.

“Like any other country in the world, [China] benefits from a new technology. We’re trying to develop that… Every country I’ve heard from Germany and France, and other countries, do the same thing. We need to all move faster,” he said.

It is hoped that COP28 – to be held from 30 November to 12 December – will help keep alive the goal of limiting long-term global temperature rises to 1.5C. This was agreed by nearly 200 countries in Paris in 2015.

Contentious topics on the table in Dubai include details of a fund for richer countries to compensate the poorest nations as they cope with climate change.

The US and some other developed countries have been wary of the fund and sought to limit access to the most vulnerable countries not covered by development banks and relief funds.

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Australia offers climate refuge to Tuvalu citizens

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Australia has offered refuge to citizens of Tuvalu because of the impacts of climate change, in a landmark pact.

Tuvalu – a series of low-lying atolls in the Pacific – is among the nations most at risk from rising seas.

It is home to 11,200 people and has repeatedly called for greater action to combat climate change.

Australian Prime Minister Anthony Albanese on Friday said it was a “ground-breaking” agreement.

“It will be regarded as a significant day in which Australia acknowledged that we are part of the Pacific family, and with that comes the responsibility to act,” he told reporters.

The new treaty – known as the Falepili Union – is the “most significant” agreement between Australia and a Pacific country ever, he added.

Along with setting up a new migration pathway for residents of the country, the agreement also commits to providing assistance to the nation on climate action and security.

This is a breaking news story – more to follow.

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Malaysia’s net zero transition: expediting ESG | FinanceAsia

The Joint Committee on Climate Change ( JC3 ) of Malaysia met last month to discuss working together to improve the financial sector’s ability to develop climate resilience. & nbsp,

According to a spokesperson for Bank Negara Malaysia( BNM ),” sustainable assets are gaining momentum in Malaysia with key investment styles built around the need for accelerating sectoral transition and climate resilience, such as energy transition, circular economy, food security, and freedom change.”

The JC3 board was established in September 2019 to ensure a cogent approach to ESG initiatives, with its founding serving as” great testimony” to how proponents of Malaysia’s capital markets intend to work closely to improve sustainability practices in Malaysia, according to Angelia Chin – Sharpe, CEO of BNP Paribas Asset Management, which operates in Southeast Asia.

Its members include representatives of the market’s central bank, BNM, capital markets regulator, Securities Commission Malaysia ( SC ), stock exchange, Bursa Malaysia, and 21 other financial industry players, including Chin-Shawni at BNP AM, insurance companies Allianz, Swiss Re and Zurich, as well as banks like RHB Islamic and CIMB.

The committee outlined five initiatives at the meeting that” emphasise the crucial part of the banking sector in enabling a lasting plan” with the goal of expediting the economy’s low-carbon practices. A pilot project to switch industrial parks and their operational infrastructure to low-carbon practices was one of these, along with three data-related initiatives and a RM1 billion($ 0.210 million ) guarantee to provide funding to smaller market players to support their ESG agendas. & nbsp,

The BNM spokesperson stated to FA that one of the goals of” Ekonomi Madani” is to encourage Malaysia’s green growth in the direction of climate resilience. This goal aims to put Malaysia on a strong development path by realizing and addressing key national issues.

There are numerous opportunities for industry players, including international investors, to achieve the National Energy Transition Roadmap ( NETR ) targets set for 2050, she said.

Energy efficiency( EE ), renewable energy( RE ), hydrogen, bioenergy, and green mobility and carbon capture, utilisation and storage( CCUS ) are the six energy transition levers that Malaysia’s NETR identifies as its ten flagship projects. These are anticipated to catalyze and quicken the market’s energy transition, reduce greenhouse gas ( GHG ) emissions by at least 10 metric tons of carbon dioxide equivalent ( MtCO2eq ) annually, create 23, 000 high-impact job opportunities, and improve corporate ecosystem growth opportunities with benefits to society.

According to the BNM touch, their powerful supply necessitates investments in infrastructure, engineering, and human capital totaling between RM1.2 trillion and Rs1.3 trillion up to 2050. In addition to & nbsp,

While Malaysia’s administrative society is capable of reviewing such an option and is aware of the significance of incorporating ESG into purchase technique,” there is still a need to teach” smaller scale investors on the opportunities and risks associated with sustainability strategies, according to Chin-Sharpe, BNP Paribas AM.

Having said that, she added,” Most banks in Malaysia are committed to playing a more active role to align and help their clients understand the[ relevant ] Malaysian taxonomies.”

Purchase and regulation

The five new initiatives have been included in the government’s budget for 2024 and” complement other policies such as the NETR, the New Industrial Master Plan ( NIMP ) 2030 and the Mid-Term Review of the 12th Malaysia Plan ( MTR – 12MP ,” according to YB Nik Nazmi Nk Ahmad, minister of Natural Resources, Environment, and Climate Change.

All governing events, including JC3 users, Malaysia’s Corporate Guarantee Corporation, and pertinent ministries, are committed to putting the tasks into action, the BNM representative confirmed with FA.

The regulatory environment in Malaysia keeps up with the country’s continued energy transition and the funding needed to make it happen. To obtain conservation and environment goals, the money market should be prepared to help finance raising and investments. Since 2011, when Sustainable and Responsible Investment ( SRI ) has been included as a crucial growth strategy in the Capital Market Masterplan CMP2, the SC has paved the way for sustainability, according to Dato ‘ Seri Dr. Awang Adek Hussin, its chairman.

A Climate Chance and Principle-based Taxonomy was published by BNM in 2021. In December 2022, SC unveiled a Principles-Based SRI Taxony for the Malaysian Capital Market. This year, in June of this year. SC also established the International Sustainability Standards Board’s ( ISSB ). & nbsp,

Meanwhile, the BNM spokesperson emphasized last month’s Energy Efficiency and Conservation legislation as having the potential to significantly lower energy use by 2050 — by 2, 017 million gigajoules, or RM97 billion in savings— and to” create new jobs in energy management and auditing ,” she said.

According to Adrian Wong, mind of jobs and director at the Singapore-based law firm Prolegis, which has a formal legal ally with Herbert Smith Freehills( HSF ),” investment has increased in Malaysia in part because the regulatory environment has done more to promote appetite in renewables.”

Large-scale solar auctions in Malaysia’s peninsular and projects along the Sarawak Corridor of Renewable Energy ( Score) are two of the renewable infrastructure projects his team is helping clients with.

The transport industry is anticipated to play a significant role in the demand for renewable energy, with electric vehicle ( EV ) usage expected to reach 80 % of the car market in 2050.

However, he informed FA that the greatest possibility is present in projects involving solar, water, and biofuel. In 2040, it is anticipated that all three sources will increase and account for roughly 17 % of Malaysia’s total energy mix.

a files travel

Data and the potential of emerging technologies to support Malaysia’s conservation plan are the three activities that were announced at the event.

The first builds on the accomplishments of JC3’s Greening Value Chain ( GVC ) pilot program, which began in 2022 and has so far assisted 80 small and medium enterprises( SMEs ) in tracking and reporting greenhouse gas ( GHG ) emissions across the length of their supply chains. In order to provide public listed companies( PLCs ) capacity-building support, reporting tools, and additional financing facilities, which the BNM spokesperson said could be accessed” at competitive rates via the Low Carbon Transition Facility( LCTF ), the updated plan connects Bursa Malaysia’s sustainability data platform with the GVC program.

Access to an” ESG jump-start portal,” through which Malay businesses can obtain useful information on ESG-related capacity-building programs, certification, as well as financial and opportunity methods, and the introduction of a Green AgriTech program to promote the adoption of green technology and sustainable agriculture techniques among local producers, are additional data related initiatives.

According to the BNM director,” Green AgriTech offers substantial potential for Malaysia’s agricultural field by opening up new possibilities and addressing vital difficulties.”

Wong concurred that emerging technology has the potential to modernize and alter Malaysia’s ESG strategy, particularly in the agricultural industry. From ensuring a sustainable supply of food sources to raising general health and environmental criteria, he mentioned the potential for positive effects.

To ensure that farmers may conduct their financial transactions online, he suggested the Malaysia Digital Economy Corporation’s project, which linked small farmers to online marketplaces offering bright warehouse facilities, supply, and farming solutions.

Through a thorough approach to alternative solutions, this catalytic pilot program encourages farmers to use technologies and follow greener and ecological practices. Participating farmers can obtain grants and LCTF to purchase natural systems, the BNM spokesperson added.

” Technology use may improve produce stability and quality while also assisting in the resolution of food safety issues.”

maintaining speed

The efforts to enlist input from all parts of Malaysia’s market, both the public sector and the private sector, is at the core of the country as it transitions. The BNM spokesperson informed FA that” efforts to level public-private partnerships are even continuing, with fresh initiatives.”

She stated that the GVC program is an excellent illustration of a cutting-edge blended financing initiative in Malaysia that supports the country’s move toward enlightenment.

BNM continues to support private institutions’ participation in the government’s loan offerings, the call emphasized,” BNM also supports such attempts by facilitating the release of Government of Malaysia Sustainable Sukuk for registration by both domestic and foreign investors.”

According to SC chairman Hussin at the conference, the SRI-linked Sukuk Framework was introduced last year, giving the Indonesian capital market access to a full range of frameworks to assist businesses in financing transitional projects as well as alternative, social, and sustainability initiatives.

Fitch recently released an ESG document that showed a steadfast global appetite for the sukuk. The data shows that by the end of 3Q23, ESG sukuk issuance had increased by 66 % year over year( YoY ) to reach$ 33.3 billion worldwide.

Due to built-in sharia filters, there is a cross between Islamic funding and ESG principles, according to the ratings agent’s research. & nbsp,

Over the moderate name,” Fitch Ratings anticipates more rise.” According to the review, the company’s growth is largely driven by governments’ sustainability initiatives and issuers’ funding diversification goals toward both sharia and ESG-sensitive investors.

” ESG sukuk could receive an awareness and issuance boost ,” said Bashar Al-Natoor, Fitch’s global head of Islamic Finance, with the United Arab Emirates( UAE) hosting the Conference of Parties( COP ) 28 this year.

It is motivating to see the Indonesian government adopting a” full of state” approach to addressing the impact of climate change on economic conservation, Hussin said at the conference’s conclusion. The nation’s interests and sustainable development methods are outlined in roadmaps and masterplans that have been made available by the relevant ministries.

I want to say it again:” Our planet is facing an unprecedented problem, one that necessitates immediate and coordinated effort from all countries, sectors, and individuals.”

 

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Multilateral development banks hold key to solving climate crisis

When climate ministers from nearly 200 countries descend on the United Arab Emirates for a UN climate summit in late November, some hard conversations will need to be had on what has – and what hasn’t – been done to mitigate climate change on a global scale.

This year’s event is of particular importance. The 28th Conference of the Parties (COP28) faces a reckoning as it takes stock of progress toward the goals of the Paris Agreement, which set out to limit the average warming across the globe to “well below” 2 degrees Celsius and to pursue efforts to cap warming to 1.5 degrees.

On September 8, the United Nations Framework Convention on Climate Change (UNFCCC) released the Technical Document on Global Stocktake, a sort of check-in on what countries have done so far to prevent a more dangerous climate change. Two findings in this document stand out, and they will feed into the outcomes of the COP28 summit.    

First, global emissions are not on track with the desired targets of the Paris Agreement. The UNFCCC’s 2022 Nationally Determined Contributions Synthesis report found that the global emissions are set to rise by 10.6% by 2030 compared with 2010, an improvement from the 2021 projections of 13.7% increase.

However, these efforts are not enough and implementation of current pledges by national governments put the world on track to become 2.5 degrees warmer by the end of the century. COP28 will have to reach a consensus for further reductions in emissions targets, especially by the developed world.

Poor access to funding

This brings us to the second key issue raised by the Global Stocktake. The shift to low-emission energy sources has been too slow. This lag is primarily because of a lack of technology and insufficient climate financing options, especially for developing and low-income nations. Poor countries face obstacles in generating local resources for climate initiatives. The absence of loans from the private sector poses a significant barrier.

The creditworthiness of a nation is generally gauged through macroeconomic parameters and past repayment histories. Unfortunately, many developing nations wrestle with issues related to low GDP, political instability and poor fiscal management, affecting their credit ratings adversely.

Even when loans are secured, they often come with exorbitantly high interest rates, further exacerbating their economic strain. The lack of adequate financing not only hampers their ability to implement crucial climate mitigation and adaptation strategies but also restricts their capacity to participate in global climate initiatives, perpetuating a cycle of environmental degradation and economic hardship.

Moreover, the scant finances often must be juggled between immediate socioeconomic concerns and long-term climate actions, presenting a complex conundrum for policymakers.

Developing countries need better access to institutionalized climate finance. The financial commitments essential for combating climate change are in disarray. The 2009 pledge to mobilize US$100 billion annually for developing nations by 2020 has not been achieved in any single year.

The Organization for Economic Cooperation and Development (OECD) estimates available funding for the year 2020 at a paltry $83.3 billion, a figure that underscores the systemic failure to honor even the most basic commitments. Further, more public funds flow from developed to developing nations for mitigation rather than adaptation.

However, there has been a rise in adaptation finance from multilateral development banks (MDBs), which include such institutions as the as the World Bank and the Islamic Development Bank.

The OECD’s “Towards Orderly Green Transition” report indicates that by 2030, an extra $1.8 trillion annually is required for climate action, representing a quadrupling (toward adaptation, resilience and mitigation) from 2019 levels, primarily for sustainable infrastructure.

That is where MDBs come in. They can substantively address the climate financing challenges faced by developing and low-income countries by amalgamating financial support, technical expertise and policy advice to bolster necessary reforms and resources.

Their capacity to work cohesively with both governments and the private sector facilitates a framework for investment, while their aptitude for providing low-cost, extended-maturity financing mitigates and efficiently shares risks, thereby enticing private investment.

However, the disbursements by MDBs have been lagging, and the current extent of resource transfer to developing countries is inadequate. Unlike many institutions that consistently seek to enhance their reach and efficiency, MDBs appear to have stagnated in their efforts.

In financial terms, MDBs’ gross disbursements are currently half what they were in 1990 relative to the GDP of borrowing countries. On the private-sector front, MDBs now mobilize just $0.60 in private capital for each dollar they lend. Thus MDBs need to reform.

An independent expert group commissioned under India’s G20 presidency has crafted a strategy for MDBs. Tasked with producing two reports, the initial “Triple Agenda” emphasizes the role of MDBs in merging development and climate goals, partnering with governments and businesses to mitigate risks, and becoming more adaptable.

MDBs should enhance their operations, considering disbursements and resources are now below 1990 ratios. The group suggests a tripartite strategy: MDBs should focus on eradicating poverty, boosting shared wealth and aiding global issues like climate change.

There’s also a call to triple sustainable lending by 2030 and introduce a novel funding approach (apart from negotiated equity contributions from sovereign shareholders and discretionary trust funds) to foster versatile collaborations with investors aligned with the MDB agenda.

COP28 needs to advance this issue. Without climate finance for developing countries, Paris Agreement goals won’t be met. The UAE will have a crucial role to take this agenda forward.

This article was provided by Syndication Bureau, which holds copyright.

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‘Climate no burden,’ PM tells local event

According to Prime Minister Srettha Thavisin, Thailand will reiterate its commitments and demand more technological and financial assistance in its effort to combat climate change at the upcoming” 28th United Nations Climate Change Conference of the Parties” ( COP28 ) in the United Arab Emirates( UAE ) next month.

To ensure that the nation’s commitment to environmental protection is viewed as unquestionable, it will also invest more in natural bonds.

Mr. Srettha gave a keynote address at the 2nd Thailand Climate Action Conference( TCAC ) in the Queen Sirikit National Convention Center’s SX Grand Plenary Hall, stating that the issue of global climate change has grown urgent and serious for both stakeholders and the general public.

He continued,” But this is not a concern that the government only may solve, but one that requires cooperation from everyone in society. This is why Thailand has been positively implementing every means necessary to fight the culture issue.”

Climate change was one of the most crucial topics on his recent trip to the UN General Assembly’s 78th treatment next month.

At some Climate and SDG conferences, he claimed to have had the chance to speak with world leaders and exchange ideas.

According to Mr. Srettha, Thailand aimed to meet the 1.5C target set by the Paris Agreement by becoming carbon neutral by 2050 and achieving net-zero pollution in 2065. Additionally, it has set a 20 % to 40 % national contribution goal for 2030.

According to him, these goals serve as the foundation for procedures like the 13th National Economic and Social Development Plan and the 20-Year National Strategy.

In order to reduce greenhouse gas emissions by 15 % in the energy sector, he stated that Thailand intends to concentrate on increasing energy efficiency and renewable use. In order to eliminate 120 million tonnes of greenhouse gases annually by 2037, it will also increase its green area to 55 % of its total land area.

” Some people may feel burdened by climate actions. However, I see this as a chance. a chance for conservation for Thailand and our personal business. Leading organizations have now promoted green measures thanks to a paradigm shift in production and services, he claimed.

The UAE does host COP28 from November 30 through December 12.

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Govt pledges to boost security

Capturing prompts the PM’s assurance

Following the Siam Paragon shooting, the government has promised that security measures will be intensified to boost international tourists’ confidence.

After being questioned by Chinese media regarding Tuesday’s shooting, which resulted in the deaths of two foreigners, one Chinese and one Myanmar, as well as the injuries of five people — one Chinese, a Lao national, and three Thais — Prime Minister Srettha Thavisin provided the assurances.

The primary minister added that security procedures will be increased to avoid any further situations and that Chinese tourists are always welcome in Thailand.

To reduce easy access to firearms, he added that gun control measures would also be tightened.

After presiding over the conference’s opening, Mr. Srettha was responding to media inquiries at the 2nd Thailand Climate Action Conference( TCAC ) held at Queen Sirikit National Convention Center.

The Situation Command Centre( SCC ), which was established to handle the shooting, held a press briefing yesterday at the Ministry of Foreign Affairs to provide updates on the investigation into the incident and the financial aid provided to its victims. The state will do its best to ensure justice for those who were impacted by the shooting, according to deputy foreign secretary Jakkapong Sangmanee, who presided over the press briefing.

According to Mr. Jakkapong, the Foreign Affairs Ministry has maintained close ties with foreign embassies whose residents were impacted in order to provide the families of the deceased and injured with the assistance they require as soon as possible.

He claimed that the PM would visit China in the middle of the quarter to reestablish ties between the two nations after sending a letter to Beijing regarding the incident.

The state does provide 1, according to the SCC. Each family of the victims received 2 million ringgit as payment. At the same time, each household will receive an additional 5 million baht from the Siam Paragon shopping mall.

The five injured individuals will receive 50,000 ringgit in state payment after being released from the hospital, as well as another 300,000 in shopping mall compensation. The government claims that Giffarine Skyline Unity Co., a Thai direct sales organization, has also given the government 1 million baht as payment for the incident that made headlines all over the world.

After the killing spree, a 14-year-old boy was taken into custody and charged with premeditated murder, attempted homicide, illegal firearm and ammunition hands, unlawful arm carrying, and shooting while in public. On Thursday, three men were detained for selling the girl the weapon and the ammunition.

In the meantime, the boy’s parents sent a letter of apology monday.

The parents wrote,” My community and I feel a deep sense of regret.” ” We extend our sincere condolences to the patients, the families of the deceased, and the injured for the latest shooting incident that resulted from our father’s behavior at the Siam Paragon office business.”

” We accept responsibility as completely as we can and are deeply saddened and shocked by this affair.” Additionally, we would like to pledge that we will work with the law, federal agencies, and any other important parties in relation to these legal proceedings, as well as help any mitigation measures and initiatives to mitigate the effects of this event. “”

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