Publish: 14:54, 14 Nov, 2024

$1 trillion needed in climate cash for developing nations, Experts say at COP29

Online Desk
$1 trillion needed in climate cash for developing nations, Experts say at COP29
AP Photo

The major battle in Baku is over how much rich nations will help poor countries to decarbonize their energy systems, cope with future harms of climate change and pay for damage from warming's extreme weather. The old goal of $100 billion a year in aid is expiring and Baku's main focus is coming up with a new, bigger figure.

A special independent group of experts commissioned by United Nations Secretary-General Antonio Guterres issued its own estimate of costs and finances on Thursday, calling for a tripling of the old commitment.

“Advanced economies need to demonstrate a credible commitment” to helping poor nations, the report said.

A coalition of poor nations at the Baku talks are asking for $1.3 trillion in annual climate finance. The independent experts' report said about $1 trillion a year is needed by developing nations from all outside sources, not just government grants.

The report detailed how expensive decarbonizing the world's economy would be, how much it would cost and where the money could come from. Overall climate adaption spending for all countries is projected to reach $2.4 trillion a year.

"The transition to clean, low-carbon energy, building resilience to the impacts of climate change, coping with loss and damage, protecting nature and biodiversity, and ensuring a just transition, require a rapid step-up in investment in all countries,'' said the report.

For the third straight year, efforts to fight climate change haven't lowered projections for how hot the world is likely to get — and recent developments in China and the United States are likely to slightly worsen the outlook, according to an analysis Thursday.

The analysis comes as countries come together for the 29th edition of the United Nations climate talks, hosted in Baku, Azerbaijan, where nations are trying to set new targets to cut emissions of heat-trapping gases and figure out how much rich nations will pay to help the world with that task.

But Earth remains on a path to be 2.7 degrees Celsius (4.9 degrees Fahrenheit) warmer than pre-industrial times, according to Climate Action Tracker, a group of scientists and analysts who study government policies and translate that into projections of warming.

If emissions are still rising and temperature projections are no longer dropping, people should wonder if the United Nations climate negotiations known as COP are doing any good, said Climate Analytics CEO Bill Hare.

“There’s an awful lot going on that’s positive here, but on the big picture of actually getting stuff done to reduce emissions ... to me it feels broken,” Hare said.

Climate action is stifled by the biggest emitters

The world has already warmed 1.3 degrees Celsius (2.3 Fahrenheit) above pre-industrial times. That's near the 1.5-degree (2.7 F) limit that countries agreed to at 2015 climate talks in Paris. Climate scientists say the atmospheric warming, mainly from human burning of fossil fuels, is causing ever more extreme and damaging weather including droughts, flooding and dangerous heat.

Climate Action Tracker does projections under several different scenarios, and in some cases, those are going up slightly.

One projected track based on what countries promise to do by 2030 is up to 2.6 degrees Celsius, a tenth of a degree warmer than before. And even the analysts' most optimistic scenario, which assumes that countries all deliver on their promises and targets, is at 1.9 Celsius, also up a tenth of a degree from last year, said study lead author Sofia Gonzales-Zuniga of Climate Analytics, one of the main groups behind the tracker.

“This is driven highly by China,” Gonzales-Zuniga said. Even though China's fast-rising emissions are starting to plateau, they are peaking higher than anticipated, she said.

Another upcoming factor not yet in the calculations is the U.S. elections. A Trump administration that rolls back the climate policies in the Inflation Reduction Act, and carries out the conservative blueprint Project 2025, would add 0.04 degree Celsius (0.07 Fahrenheit) to warming projections, Gonzales-Zuniga said. That's not much, but it could be more if other nations use it as an excuse to do less, she said. And a reduction in American financial aid could also reverberate even more in future temperature outlooks.

“For the U.S. it is going backwards,” said Hare. At least China has more of an optimistic future with a potential giant plunge in future emissions, he said.

“We should already be seeing (global) emissions going down" and they are not, Hare said. “In the face of all of the climate disasters we’ve observed, whether it’s the massive floods in Nepal that killed hundreds of people or whether it’s the floods in Valencia, Spain, that just killed hundreds of people. The political system, politicians are not reacting. And I think that’s something that people everywhere should be worried about.”

(Source: AP)

bd-pratidin/Rafid

More News
Former UK Deputy Prime Minister John Prescott dies at age 86
Former UK Deputy Prime Minister John Prescott dies at age 86
Putin gifts over 70 animals to North Korean zoo following troop support for Russian army
Putin gifts over 70 animals to North Korean zoo following troop support for Russian army
4 foreign tourists die from methanol tainted alcohol in Laos
4 foreign tourists die from methanol tainted alcohol in Laos
Ukraine says Russia has launched an ICBM in an attack
Ukraine says Russia has launched an ICBM in an attack
Iran slams US’ veto on Gaza ceasefire resolution
Iran slams US’ veto on Gaza ceasefire resolution
Angela Merkel reveals strategies for dealing with Donald Trump in ‘Memoir’
Angela Merkel reveals strategies for dealing with Donald Trump in ‘Memoir’
UN decides holding high-level conference on Rohingya next year
UN decides holding high-level conference on Rohingya next year
Adani charged in US over massive bribery scheme
Adani charged in US over massive bribery scheme
Ukraine reportedly fires UK 'Storm Shadow' missiles into Russia
Ukraine reportedly fires UK 'Storm Shadow' missiles into Russia
Israeli attack on Syria kills 36
Israeli attack on Syria kills 36
Magnitude 5.2 earthquake hits Panama
Magnitude 5.2 earthquake hits Panama
US vetoes on Gaza ceasefire resolution
US vetoes on Gaza ceasefire resolution
Latest News
Govt unveils treatment plan for injured in July-August movement
Govt unveils treatment plan for injured in July-August movement

1 minute ago | National

Battery rickshaw blockade suspended until Saturday
Battery rickshaw blockade suspended until Saturday

5 minutes ago | National

Akbar to be banned for two NCL matches
Akbar to be banned for two NCL matches

27 minutes ago | Sports

Two bodies recovered in Naogaon
Two bodies recovered in Naogaon

31 minutes ago | City

Yunus proud to bring Khaleda back to Senakunja
Yunus proud to bring Khaleda back to Senakunja

37 minutes ago | National

Opportunities created to decrease fuel oil price further: BPC chairman
Opportunities created to decrease fuel oil price further: BPC chairman

1 hour ago | Economy

I believe in free, fair, and credible election: CEC
I believe in free, fair, and credible election: CEC

1 hour ago | National

Shafik Rehman secures bail
Shafik Rehman secures bail

1 hour ago | National

Former UK Deputy Prime Minister John Prescott dies at age 86
Former UK Deputy Prime Minister John Prescott dies at age 86

1 hour ago | International

Khaleda Zia makes first public appearance at Senakunja in 12 years
Khaleda Zia makes first public appearance at Senakunja in 12 years

2 hours ago | National

Putin gifts over 70 animals to North Korean zoo following troop support for Russian army
Putin gifts over 70 animals to North Korean zoo following troop support for Russian army

2 hours ago | International

4 foreign tourists die from methanol tainted alcohol in Laos
4 foreign tourists die from methanol tainted alcohol in Laos

2 hours ago | International

Supreme Court stays ex-Addl AG Mehedi’s bail
Supreme Court stays ex-Addl AG Mehedi’s bail

2 hours ago | National

Farmers busy in harvesting paddy in Naogaon
Farmers busy in harvesting paddy in Naogaon

2 hours ago | City

Ukraine says Russia has launched an ICBM in an attack
Ukraine says Russia has launched an ICBM in an attack

2 hours ago | International

No artificial crisis be allowed in food supply chain: Bashir
No artificial crisis be allowed in food supply chain: Bashir

2 hours ago | City

Nasir Uddin appointed as new CEC, along with four others
Nasir Uddin appointed as new CEC, along with four others

3 hours ago | National

Garment workers block road in Gazipur protesting
Garment workers block road in Gazipur protesting

3 hours ago | City

Dr. Yunus advocates for a country where people hold ultimate power
Dr. Yunus advocates for a country where people hold ultimate power

3 hours ago | National

New DMP Commissioner Sazzad Ali takes charge
New DMP Commissioner Sazzad Ali takes charge

3 hours ago | City

Shakib hints he might be available for Windies ODIs
Shakib hints he might be available for Windies ODIs

3 hours ago | Sports

Iran slams US’ veto on Gaza ceasefire resolution
Iran slams US’ veto on Gaza ceasefire resolution

4 hours ago | International

Robert Pattinson cast in Christopher Nolan's next film
Robert Pattinson cast in Christopher Nolan's next film

4 hours ago | Showbiz

Georgia mom charged as son walks alone
Georgia mom charged as son walks alone

4 hours ago | Lifestyle

Ex-MP Shahjahan  arrested
Ex-MP Shahjahan arrested

4 hours ago | National

South Korea donates $2mn to support WFP’s Rohingya food aid in Bangladesh
South Korea donates $2mn to support WFP’s Rohingya food aid in Bangladesh

4 hours ago | Economy

Barrister Suman shifted to Habiganj jail
Barrister Suman shifted to Habiganj jail

4 hours ago | National

Bhutanese Ambassador and BNP leader Fakhrul discuss SAARC revival
Bhutanese Ambassador and BNP leader Fakhrul discuss SAARC revival

4 hours ago | National

Sohanur Rahman honored with YAS24 Award in Geneva
Sohanur Rahman honored with YAS24 Award in Geneva

4 hours ago | National

Russia to provide 30,000 MT of fertilizer to Bangladesh free of charge
Russia to provide 30,000 MT of fertilizer to Bangladesh free of charge

5 hours ago | National

Most Read
Armed Forces Day: Traffic restrictions in Dhaka Cantonment today
Armed Forces Day: Traffic restrictions in Dhaka Cantonment today

8 hours ago | City

Russia to provide 30,000 MT of fertilizer to Bangladesh free of charge
Russia to provide 30,000 MT of fertilizer to Bangladesh free of charge

4 hours ago | National

New IGP, DMP commissioner appointed
New IGP, DMP commissioner appointed

22 hours ago | National

Response to Israeli strikes on Beirut will be on ‘central Tel Aviv’: Hezbollah chief
Response to Israeli strikes on Beirut will be on ‘central Tel Aviv’: Hezbollah chief

20 hours ago | International

Rizwana for coordination between financial institutions, development partners
Rizwana for coordination between financial institutions, development partners

23 hours ago | National

US vetoes on Gaza ceasefire resolution
US vetoes on Gaza ceasefire resolution

8 hours ago | International

‘Provision of appeal against order of ICT to ensure fair trial’
‘Provision of appeal against order of ICT to ensure fair trial’

5 hours ago | National

Yemeni forces seize Israeli ship in fresh operation
Yemeni forces seize Israeli ship in fresh operation

10 hours ago | International

Jamaat Ameer returns country from UK
Jamaat Ameer returns country from UK

6 hours ago | National

24 Bangladeshis return after 2-year jail term in India
24 Bangladeshis return after 2-year jail term in India

7 hours ago | National

Armed Forces to continue collaboration with people to safeguard independence: CA
Armed Forces to continue collaboration with people to safeguard independence: CA

21 hours ago | National

Nasir Uddin appointed as new CEC, along with four others
Nasir Uddin appointed as new CEC, along with four others

2 hours ago | National

Khaleda Zia to join Armed Forces Day reception at Senakunja
Khaleda Zia to join Armed Forces Day reception at Senakunja

9 hours ago | National

Indian FS leads Delhi at Bangladesh-India FOC next month: Touhid
Indian FS leads Delhi at Bangladesh-India FOC next month: Touhid

22 hours ago | National

Rickshaw drivers block railway line, disrupt communication with Dhaka
Rickshaw drivers block railway line, disrupt communication with Dhaka

5 hours ago | City

Bangladesh highlights adequate and quality Climate Finance at COP29
Bangladesh highlights adequate and quality Climate Finance at COP29

22 hours ago | National

Australia introduces 'Landmark' bill to ban social media for children under 16
Australia introduces 'Landmark' bill to ban social media for children under 16

6 hours ago | Tech

Barrister Suman shifted to Habiganj jail
Barrister Suman shifted to Habiganj jail

4 hours ago | National

People to decide which party to do politics or join polls: Fakhrul
People to decide which party to do politics or join polls: Fakhrul

23 hours ago | National

Armed Forces Day being observed
Armed Forces Day being observed

7 hours ago | National

US regulators seek to break up Google, as part of punishment
US regulators seek to break up Google, as part of punishment

6 hours ago | Tech

Angela Merkel reveals strategies for dealing with Donald Trump in ‘Memoir’
Angela Merkel reveals strategies for dealing with Donald Trump in ‘Memoir’

6 hours ago | International

VR training tool to boost surgical skills of ophthalmologists
VR training tool to boost surgical skills of ophthalmologists

7 hours ago | National

Report on Bangladesh Pratidin: DNCC to repair road in front of Ziaur Rahman's plot
Report on Bangladesh Pratidin: DNCC to repair road in front of Ziaur Rahman's plot

8 hours ago | City

Bangladesh keen to work closely with Trump administration: CA
Bangladesh keen to work closely with Trump administration: CA

5 hours ago | National

UNICEF appoints 16-year-old Gargee as new youth advocate in Bangladesh
UNICEF appoints 16-year-old Gargee as new youth advocate in Bangladesh

9 hours ago | National

Trump made no mention of Sheikh Hasina's leadership in interview
Trump made no mention of Sheikh Hasina's leadership in interview

5 hours ago | National

Microsoft to introduce voice cloning for teams meetings soon
Microsoft to introduce voice cloning for teams meetings soon

7 hours ago | Tech

Bangladesh ready to face West Indies in first test on Friday
Bangladesh ready to face West Indies in first test on Friday

6 hours ago | Sports

Dr. Yunus advocates for a country where people hold ultimate power
Dr. Yunus advocates for a country where people hold ultimate power

3 hours ago | National