Cop29 climate summit live: raising funds to finance climate fight is feasible, economists say
Cop29 negotiations aren’t moving fast enough, according to one of the Pacific leaders attending the summit in Baku.Surangel Whipps Jr, the president of the republic of Palau, has written an op-ed for the Guardian in which he describes the relentless invasion of his country’s coastlines by rising seawater and calls for bolder action by negotiators. He says: The importance of these issues to Pacific countries cannot be understated. Around the world, conversations on global security often revolve around invasions, acts of terrorism and threats to peace. For us, the climate crisis is our invasion. It’s a relentless, unyielding force that attacks our food security, our economy, our culture and our very existence. We want to access sufficient, predictable, grants-based climate finance to address our climate change needs and priorities. These climate finance mechanisms should be scalable, contextual, flexible and predictable. The reality is that we don’t have time. We are battling an enemy that strikes hardest at those who have contributed the least to global warming, marine pollution and environmental degradation. Click below to read more:Leading economists have said that raising money needed to tackle the climate crisis need not be a burden on overstretched government budgets, writes Guardian environment editor Fiona Harvey.The sums needed – approximately $1tn a year by 2030 – are achievable without disruption to the global economy, and would help to generate greener economic growth for the future.Experts have said the developing world will need $1tn a year in climate finance by 20230. Photograph: Maxim Shemetov/ReutersAmar Bhattacharya, a senior fellow at the Brookings Institution, and a visiting professor at the London School of Economics, who is the executive secretary of the UN’s independent high-level expert group (IHLEG) on climate finance, said: Is it feasible? The answer is absolutely yes. Is it politically challenging? The answer is also yes. But I do believe it can be done. Without such investment, the world faces a future of economic damage, rampant inflation and the reversal of gains made in recent decades to pull poor countries out of destitution, the UN has warned.Simon Stiell, the UN’s climate chief, said: When nations can’t climate-proof their links in global supply chains, every nation in an interconnected global economy pays the price. And I mean literally pays the price, in the form of higher inflation, especially in food prices, as savage droughts, wildfires and floods rip through food production. Click below to read more:https://www.theguardian.com/environment/2024/nov/19/it-is-feasible-climate-finance-wont-burden-rich-countries-say-economistsIt’s day eight at the Cop29 talks in Baku and negotiators have run into what some describe as the “valley of death” that can hit UN climate talks at about this point, writes Adam Morton, Guardian Australia’s climate and environment editor.The climate crisis is a bleak enough subject to begin with, and a sense of madness can descend on delegates after more than a week of long days stuck with tens of thousands of others in overheated and mostly personality-free temporary rooms built in the bowels of a football stadium.That doesn’t mean the situation is necessarily hopeless – agreements have been plucked from this situation before – but just that this is about the time, with four seemingly endless days to go, when it can feel like it.Activists hold a sign at the Cop29 summit in Baku. Photograph: Peter Dejong/APNegotiations between climate and environment ministers on the centrepiece issue at the summit – how to design a new model for climate finance for developing countries that can meaningfully and fairly deliver at least US$1tn a year – continues.One of the ministers co-chairing that stream of talks, Chris Bowen, Australia’s minister for climate change and energy, described leading the talks in this area, where different countries still hold such divergent views, as being like trying to build a “four dimensional jigsaw puzzle” in which nearly 200 countries get a say in where the pieces go.After obstruction from some oil states, work has also restarted on how to turn the Cop28 consensus agreement that the world needs to transition away from fossil fuels into something tangible.It is unclear where, or if, any of this will land. But the incentive of trying to get a deal before things get even more challenging following the arrival of a second Trump administration next year is significant. And there is enough time left.Good morning Cop-watchers! This is Damien Gayle, environment correspondent, writing from London, getting you started today with the latest news from Cop29 in Baku.I’ll be anchoring the live blog today while our team of reporters in the Azerbaijani capital send in the the latest news from the UN climate summit negotiations.Remember that we are always happy to hear your comments, tips and suggestions for what we should be covering, and that you can reach me at damien.gayle@theguardian.com.
As day eight begins in Baku, leading economists say finding the required $1tn a year ‘is feasible’, even as negotiators run into a ‘valley of death’ amid deadlock in climate talksCop29 negotiations aren’t moving fast enough, according to one of the Pacific leaders attending the summit in Baku.Surangel Whipps Jr, the president of the republic of Palau, has written an op-ed for the Guardian in which he describes the relentless invasion of his country’s coastlines by rising seawater and calls for bolder action by negotiators. He says:The importance of these issues to Pacific countries cannot be understated. Around the world, conversations on global security often revolve around invasions, acts of terrorism and threats to peace. For us, the climate crisis is our invasion. It’s a relentless, unyielding force that attacks our food security, our economy, our culture and our very existence.We want to access sufficient, predictable, grants-based climate finance to address our climate change needs and priorities. These climate finance mechanisms should be scalable, contextual, flexible and predictable. Continue reading...
Cop29 negotiations aren’t moving fast enough, according to one of the Pacific leaders attending the summit in Baku.
Surangel Whipps Jr, the president of the republic of Palau, has written an op-ed for the Guardian in which he describes the relentless invasion of his country’s coastlines by rising seawater and calls for bolder action by negotiators. He says:
The importance of these issues to Pacific countries cannot be understated. Around the world, conversations on global security often revolve around invasions, acts of terrorism and threats to peace. For us, the climate crisis is our invasion. It’s a relentless, unyielding force that attacks our food security, our economy, our culture and our very existence.
We want to access sufficient, predictable, grants-based climate finance to address our climate change needs and priorities. These climate finance mechanisms should be scalable, contextual, flexible and predictable.
The reality is that we don’t have time. We are battling an enemy that strikes hardest at those who have contributed the least to global warming, marine pollution and environmental degradation.
Click below to read more:
Leading economists have said that raising money needed to tackle the climate crisis need not be a burden on overstretched government budgets, writes Guardian environment editor Fiona Harvey.
The sums needed – approximately $1tn a year by 2030 – are achievable without disruption to the global economy, and would help to generate greener economic growth for the future.
Amar Bhattacharya, a senior fellow at the Brookings Institution, and a visiting professor at the London School of Economics, who is the executive secretary of the UN’s independent high-level expert group (IHLEG) on climate finance, said:
Is it feasible? The answer is absolutely yes. Is it politically challenging? The answer is also yes. But I do believe it can be done.
Without such investment, the world faces a future of economic damage, rampant inflation and the reversal of gains made in recent decades to pull poor countries out of destitution, the UN has warned.
Simon Stiell, the UN’s climate chief, said:
When nations can’t climate-proof their links in global supply chains, every nation in an interconnected global economy pays the price. And I mean literally pays the price, in the form of higher inflation, especially in food prices, as savage droughts, wildfires and floods rip through food production.
Click below to read more:
https://www.theguardian.com/environment/2024/nov/19/it-is-feasible-climate-finance-wont-burden-rich-countries-say-economists
It’s day eight at the Cop29 talks in Baku and negotiators have run into what some describe as the “valley of death” that can hit UN climate talks at about this point, writes Adam Morton, Guardian Australia’s climate and environment editor.
The climate crisis is a bleak enough subject to begin with, and a sense of madness can descend on delegates after more than a week of long days stuck with tens of thousands of others in overheated and mostly personality-free temporary rooms built in the bowels of a football stadium.
That doesn’t mean the situation is necessarily hopeless – agreements have been plucked from this situation before – but just that this is about the time, with four seemingly endless days to go, when it can feel like it.
Negotiations between climate and environment ministers on the centrepiece issue at the summit – how to design a new model for climate finance for developing countries that can meaningfully and fairly deliver at least US$1tn a year – continues.
One of the ministers co-chairing that stream of talks, Chris Bowen, Australia’s minister for climate change and energy, described leading the talks in this area, where different countries still hold such divergent views, as being like trying to build a “four dimensional jigsaw puzzle” in which nearly 200 countries get a say in where the pieces go.
After obstruction from some oil states, work has also restarted on how to turn the Cop28 consensus agreement that the world needs to transition away from fossil fuels into something tangible.
It is unclear where, or if, any of this will land. But the incentive of trying to get a deal before things get even more challenging following the arrival of a second Trump administration next year is significant. And there is enough time left.
Good morning Cop-watchers! This is Damien Gayle, environment correspondent, writing from London, getting you started today with the latest news from Cop29 in Baku.
I’ll be anchoring the live blog today while our team of reporters in the Azerbaijani capital send in the the latest news from the UN climate summit negotiations.
Remember that we are always happy to hear your comments, tips and suggestions for what we should be covering, and that you can reach me at damien.gayle@theguardian.com.