Developing countries' demands for richer nations to help pay for the damage caused by climate change look set to dominate the climate talks in Egypt.
The 2021 figure, however, remains a long way short of the estimated finance needed by emerging markets, and this year's summit will likely include discussions of reforming development banks to accelerate climate financing. Climate Investment Funds is another influential multilateral investor which helps low and middle-income countries adapt to and mitigate climate change.
However, climate-related flows fell to $14 billion in 2019-2021 from $36.5 billion between 2016-2018, a 60% decrease, according to a recent report by data tracker Convergence.Egypt has made the issue of providing finance for"loss and damage," - climate-related destruction to homes, infrastructure, and livelihoods in the poorest countries that have contributed least to global warming - a key focus for this year's summit.
In a bid to help conserve some of the world's most vulnerable marine ecosystems, Belize last year swapped a promise to protect the northern hemisphere's biggest barrier reef for much-needed debt relief.
Developing countries just want to steal the money. Foolstop.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
R1.4 trillion needed to fund SA’s energy transition | CitypressR1.4 trillion needed to fund SA’s energy transition | COP27: SA goes to Egypt seeking a lot more cash if it is to successfully wean itself off fossil fuels Why should SA be seeking financial boost to ditch coal-electricity generation for the so-called renewables while struggling to maintain the poorly-constructed and available generating units? Will the envisaged renewables not be subjected to the same shambles treatment? When President Zuma asked for half that, he got push back from civil society It's beyond the country's reach, and it definitely won't solve the current energy woes.
Source: City_Press - 🏆 7. / 72 Read more »
WHAT WE'RE WATCHING: Understanding the climate crisis – YouTube channels, podcasts and free online resourcesWith COP27 about to kick off on 6 November in Egypt, Our Burning Planet will report on the annual meeting’s goals, policies, controversies and empty platitudes. But if you’re strapped for time or energy to engage with detailed written articles, try these instead and get quickly clued up on the science around our climate crisis. I really appreciate Ambery_Marcus3,effort for turning my little investment of R8000 i got a big smile on my face after withdrawing R80,000 as my profit i just want to make everyone know of Ambery_Marcus3,and how He has helped me through tough times
Source: dailymaverick - 🏆 3. / 84 Read more »