Latest news with #COP29
Business Recorder
10 hours ago
- Business
- Business Recorder
‘Climate snub'
EDITORIAL: It says something about the global climate conversation when the hosts of COP29 must chase the IMF and World Bank for a meeting — and still come away empty-handed. That's what Azerbaijan's lead negotiators are now warning about: a quiet but unmistakable retreat by the world's leading financial institutions from the very commitments they helped shape. This is not a technical delay or a bureaucratic glitch. It's a political message — one the poorest and most vulnerable countries can hear loud and clear. Climate finance, the one lever of justice in a warming world, is being quietly sidelined. For countries like Pakistan, which knows better than most the cost of extreme weather and broken promises, this should be deeply alarming. It was just two years ago that much of the world stood with Pakistan in the aftermath of catastrophic floods. There were donor conferences, high-level speeches, solemn declarations. Yet very little of the aid pledged at the time has actually arrived. Pakistan's experience is no exception — it is, unfortunately, becoming the norm. The sums promised at international forums rarely make their way through bureaucratic pipelines, and when they do, they come tied to layers of conditionalities that undercut their effectiveness. What's different — and more dangerous — about this moment is the growing ideological shift. At the recent spring meetings in Washington, even as COP29 negotiators tried to revive the climate finance conversation, the reception was reportedly cold. Instead of reaffirming commitments to the USD 300 billion annual pledge made last year, officials from leading economies, particularly the United States, emphasised so-called 'dependable technologies' like gas. Climate goals, it seems, are being replaced by energy realism. That would be an error of historic proportions. The developing world's transition to cleaner, more resilient infrastructure requires not just encouragement, but real capital. The estimated need of USD 1.3 trillion annually by 2035 isn't just a negotiating position — it reflects the cost of adaptation, mitigation, and survival. If multilateral lenders and the world's richest economies choose this moment to step back, the fallout won't be limited to emissions. It will deepen poverty, entrench inequality, and push fragile states toward crisis. There is also a basic moral imperative. The countries now resisting climate finance are also the ones that built their wealth on the back of centuries of carbon-intensive growth. The atmosphere's carbon budget has been disproportionately spent by the industrialised world. For them to now shrug at the consequences while the poorest nations suffer the most is not just unfair — it's untenable. Pakistan, like many countries in the Global South, is already paying the price. Its own development ambitions are repeatedly undermined by the dual burdens of extreme weather and unsustainable debt. It cannot invest in long-term resilience while being forced to borrow at punitive rates for recovery. That's why the conversation around climate finance is so critical. It's not just about cutting emissions — it's about rewriting the financial terms of survival. The world does not need more declarations. It needs enforcement mechanisms. It needs binding frameworks, credible delivery pipelines, and a reorientation of international lending priorities. That requires leadership — not just from climate ministries or environmental agencies, but from finance ministries and central banks. It also demands that institutions like the IMF and World Bank be held accountable to their own mandates. The alternative is a global system where the rich protect themselves and the poor pay twice: first with lives and livelihoods, then with debt. That is not a future anybody should accept. Copyright Business Recorder, 2025
New Indian Express
13 hours ago
- Business
- New Indian Express
Climate meltdown at Bonn, all eyes on COP30 now
Procedural inertia The Bonn talks descended into what many described as a climate meltdown, with procedural wrangling overshadowing substantive action. The attempt to sideline Article 9.1 was not an isolated incident; negotiations on the Global Goal on Adaptation (GGA) and response measures also floundered. Developing countries, including the African and Arab Groups, pushed for alignment with the Paris Agreement and deletion of duplicative language, but clashed with developed nations over indicator guidance and means of implementation (MoI). The failure to agree on GGA indicators, critical for vulnerable nations, risks setting back the process by a year, a setback Cristina Rumbaitis of the UN Foundation called 'deeply disappointing.' Mohamed Adow, Director of Power Shift Africa, echoed this sentiment, stating, 'The slow pace on core issues like finance, adaptation, and just transition reveals a deepening trust gap between rich and vulnerable nations.' The COP29 outcome in Baku, where developed countries pledged only $300 billion annually by 2035 against the $1.3 trillion (including $600 billion in grants) sought by the Global South, loomed large over Bonn. Diego Pacheco, Bolivia's climate negotiator and LMDC spokesperson, lamented 'many, many unfulfilled promises,' accusing developed nations of obfuscating real issues and offering inadequate mobilisation targets. The just transition dialogue saw some progress, with the UAE Just Transition Work Programme gaining traction, particularly on creating an enabling international environment. Khaled Hashim of G77+China noted satisfaction with advancements. However, the unresolved finance gap from COP29 cast a long shadow, reinforcing the report's critique that private-sector-first approaches are failing to deliver the $420 billion annually needed for fair fossil fuel phase-out programmes, including worker support and economic diversification. Ilana Seid, Chair of the Alliance of Small Island States (AOSIS), highlighted the inclusive yet inadequate outcome: 'The pace of action remains far behind the accelerating impacts our nations are already enduring. Small island developing states should not be the collateral damage of other countries' lack of climate action.' AOSIS called for enhanced, 1.5°C-aligned Nationally Determined Contributions (NDCs) and operationalising the GGA with scaled-up, accessible finance, expressing concern over logistical uncertainties for COP30. Lien Vandamme, Senior Campaigner at the Center for International Environmental Law (CIEL), said, for 30 years, the negotiations have failed to deliver climate justice, undermined international law, and allowed the fossil fuel industry to shape the rules. Urgent and deep reform of the UN climate talks is critical.' This aligns with the growing sentiment that corporate influence and lack of accountability are derailing progress. David Waskow, Director of the International Climate Initiative at the World Resources Institute (WRI), said with just few months to go before COP30, leaders need to start delivering: they need to put forward strong national plans to cut emissions and transform key sectors; scale up climate finance from all sources; and urgently implement and mainstream adaptation and resilience to protect lives, economies, and security. Persistent political tensions and competing agendas led to limited and uneven progress in Bonn.'
eNCA
3 days ago
- Business
- eNCA
Treasury says funds will be used to ignite growth
JOHANNESBURG -The World Bank and South Africa have agreed to a R27-billion loan. READ: World Bank and IMF climate snub 'worrying', says COP29 presidency Treasury says the money will be used to revitalise economic growth and modernise energy and transport infrastructure. But one political economist believes this will not improve the lives of ordinary South Africans. Political economist, Professor Patrick Bond discussed what the loan could mean for the people of the country with eNCA.
Economic Times
3 days ago
- Business
- Economic Times
In Bonn, India leads climate finance fight for developing world ahead of COP30
Developing nations, led by India, are pushing for climate finance accountability at the Bonn climate conference, demanding developed countries fulfill their obligations under Article 9.1 of Paris Agreement. Dissatisfaction with COP29's climate finance outcomes fuels the push to include Article 9.1 as a formal agenda item at COP30. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ( Originally published on Jun 24, 2025 ) Backed by strong interventions led by India, coalitions such as G77+China, the Like-Minded Developing Countries (LMDC), Alliance of Small Island States (AOSIS), Least Developed Countries (LDCs), and the African Group of Negotiators (AGN) came together to raise the issue of climate finance accountability at the ongoing SB62 Bonn climate conference The mobilisation of developing nations at Bonn is likely to set the tone for the upcoming COP30 in Brazil, where there is expected to be a strong push to include Article 9.1 of the Paris Agreement as a formal agenda item. This comes against the backdrop of widespread disappointment with the climate finance outcomes at COP29 in Baku in Bonn conference - an annual precursor to the COP - has seen a standoff between developed and developing countries over including Article 9.1 as a standalone agenda item. The article underscores the obligation of developed countries to provide financial resources to support both mitigation and adaptation efforts in developing the demand to list Article 9.1 formally on the agenda was not accepted, the conference Chairs permitted a formal consultation on the issue on June 23. India and Bolivia led the discussions, with active interventions from Nigeria, Chad, and the Arab the heart of the debate is Article 9.1 of the Paris Agreement, which states: "Developed country Parties shall provide financial resources to assist developing country Parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention."However, developing nations argue that the poor implementation of Article 9.1 has undermined both climate equity and trust in the global climate regime. Most climate finance, they note, continues to be in the form of loans rather than grants, increasing the financial burden on vulnerable made a forceful pitch during the formal consultation, describing Article 9.1 not just as a moral imperative, but a legal obligation and the "cornerstone of climate equity." It cautioned that strategic deflections from the issue would only delay global climate action and asserted that the commitment cannot be replaced by loosely defined or indirect support concern over what it called a weakening of multilateralism in climate action , India stressed that implementing Article 9.1 was essential to restoring credibility, balance, and trust in the climate also termed the New Collective Quantified Goal (NCQG) on climate finance, announced at COP29 in Baku, as "grossly inadequate," "incomplete," and an "eyewash," sources told Indian delegation also flagged shifting narratives that place unrealistic burdens on developing countries, ignoring their domestic priorities and development challenges. It emphasised that additional climate finance must not come at the cost of undermining national development goals.
Al Bawaba
3 days ago
- Business
- Al Bawaba
14th EmiratesGBC Annual Congress calls for bold collaborative approach to achieve 1.5C
In recognition of the urgency of the climate crisis, the Emirates Green Building Council (EmiratesGBC) hosted their 14th Annual Congress recently, bringing together regulators, industry and academia to accelerate actions towards achieving the 1.5C. The Congress' agenda was formulated in line with the release of the UAE Third Nationally Determined Contribution (NDC 3.0) and the Global Green Building Council network's call on governments to be bold on buildings at COP29. Held across two days in Dubai and Abu Dhabi under the title, 'Mission to 1.5C: Be Bold on Buildings', the EmiratesGBC Annual Congress 2025 advocated for bold policy changes as well as a market shift toward sustainability aligning with the Net Zero by 2050 roadmap. Through in-depth discussions, the Congress assessed the current state of the built environment, set short-, medium- and long-term targets, in alignment with the UAE's Nationally Determined Contributions (NDC) and National Adaptation Plan (NAP) that focuses on emissions reduction, energy efficiency, renewable energy integration and climate resilience. By showcasing data-driven insights and cutting-edge innovations needed for meaningful progress, the Congress was able to demonstrate that the built environment plays a key role in achieving national climate goals and enhancing resilience to climate impacts. The event was structured around four key themes that reflect the UAE's advancing leadership in sustainable development: The UAE Commitment – Enhancing Ambitions through NDCs, Climate Finance as Enabler, Efficiency, Resilience, and Adaptation and The Building Breakthrough. Participants shared case studies, products, and processes that accelerate this transition, ensuring a practical and results-oriented approach. The Congress advocated for actionable local initiatives including piloting sustainable programs, optimizing buildings with AI, aligning finance with carbon goals and measurable outcomes such as cutting emissions by almost 80% by 2035, ensuring global ambition is met with concrete local impact. The welcome and keynote address by Khaled Bushnaq, Chairman of Emirates Green Building Council, set the tone for the event focused on advancing climate action through the built environment. Reaffirming EmiratesGBC's role as a catalyst for collaboration and a hub of excellence to drive sustainability in the UAE's built environment, he said; 'This Congress is not just another event on the calendar, it is the flagship platform where we pause, reflect, and challenge ourselves to go further. Fourteen years of convening leaders across government, business, academia, and civil society has taught us one thing: progress happens when we come together with purpose.'During the event, Mohammad Jebreel, Vice-Chair of EmiratesGBC, officially announced the release of the EmiratesGBC Market Brief 2024 offering a comprehensive snapshot of the UAE's green building landscape. Participants and speakers stressed the urgency of implementing actionable changes needed to align the local built environment with the UAE's climate commitment. The UAE's updated Nationally Determined Contributions (NDCs), and upcoming reporting mandates for 2025, were highlighted to showcase how organizations can align with national net-zero targets while future-proofing their investments. The presentation on 'UAE 3D Digital Twin to Improve Livability and Sustainability in Cities' highlighted how the UAE's Ministry of Energy and Infrastructure is utilizing its advanced 3D Digital Twin Platform for sustainable urban development and improved quality of life in cities. The Dubai Land Department introduced the methodology behind the Smart Residential Rent Index and its growing alignment with sustainability considerations. Syed Mohamed Beary, Chairman, Bearys Global (Platinum Sponsor), added: 'As global awareness around sustainability grows, Bearys Global stands at the forefront merging design excellence with environmental integrity. Our participation at EGBC reflects our unwavering commitment to delivering green buildings that aren't just future ready, but future defining.'EmiratesGBC members also discussed how the Building Breakthrough initiative is driving global climate action, showcasing the pivotal role of leading industry players in accelerating sustainability efforts within the built environment. The Congress delved into the role of innovative technologies and key enablers to help new buildings achieve net zero operational emissions by 2030 and for existing buildings by 2050. With 250+ attendees and 50+ speakers, the congress addressed key issues pertaining to achieving sustainability through the built environment. Offering exhibition space for stakeholders and university students, the Congress brought together the entire ecosystem to drive actionable change. During the two-day event they also announced the opening of applications for the MENA Green Building Awards and EmiratesGBC Membership Forum, encouraging members to join for collaboration and knowledge exchange in keeping with EmiratesGBC's call for a multi-sector approach to championing green building practices.
