Latest news with #UnitedNationsFrameworkConventiononClimateChange
Express Tribune
2 days ago
- Business
- Express Tribune
Countries agree on 10% UN climate budget rise
Simon Stiell, Secretary of UN Climate Change (UNFCCC), speaks during an event with the newly announced COP30 President Ambassador Andre Correa do Lago, in Brasilia, Brazil February 6, 2025. Photo REUTERS Countries agreed on Thursday to increase the UN climate body's budget by 10% for the next two years, a move the body welcomed as a commitment by governments to work together to address on climate change, with China's contribution rising. The deal, agreed by nearly 200 countries - from Japan to Saudi Arabia, to small island nations like Fiji - at UN climate negotiations in Bonn, comes despite major funding cuts at other UN agencies, triggered in part by the US slashing its contributions, and political pushback on ambitious climate policies in European countries. Countries agreed to a core budget of 81.5 million euros for the United Nations Framework Convention on Climate Change (UNFCCC) over 2026-2027, up 10% from 2024-2025. The core budget is funded by government contributions. The deal includes an increase in China's contribution, reflecting the country's economic growth. China, the world's second-biggest economy, would cover 20% of the new budget, up from 15% previously.
GMA Network
3 days ago
- Business
- GMA Network
Countries agree 10% increase for UN climate budget
BONN, Germany - Countries agreed on Thursday to increase the U.N. climate body's budget by 10% for the next two years, a move the body welcomed as a commitment by governments to work together to address on climate change, with China's contribution rising. The deal, agreed by nearly 200 countries - from Japan to Saudi Arabia, to small island nations like Fiji - at U.N. climate negotiations in Bonn, comes despite major funding cuts at other U.N. agencies, triggered in part by the U.S. slashing its contributions, and political pushback on ambitious climate policies in European countries. Countries agreed to a core budget of 81.5 million euros for the United Nations Framework Convention on Climate Change (UNFCCC) over 2026-2027, up 10% from 2024-2025. The core budget is funded by government contributions. The deal includes an increase in China's contribution, reflecting the country's economic growth. China, the world's second-biggest economy, would cover 20% of the new budget, up from 15% previously. Only the United States, the world's biggest economy, was allocated a bigger share, of 22%. However, President Donald Trump quit the U.N. Paris climate agreement and halted international climate funding. Bloomberg Philanthropies has pledged to cover the U.S. contribution to the UNFCCC budget. The U.S. did not attend the U.N. climate talks this week in Bonn, Germany where the budget was approved. UN climate chief Simon Stiell welcomed the increase as "a clear signal that governments continue to see U.N.-convened climate cooperation as essential, even in difficult times." The UNFCCC runs annual climate negotiations among countries and helps implement deals that are made - including the 2015 Paris Agreement, which commits nearly all nations to limit global warming. The body has faced a severe budget shortfall in recent years, as major donors including China and the U.S. had not paid on time, prompting the body to cut costs including by cancelling some events. The UNFCC's running costs and headcount - its core budget funded 181 staff in 2025 - are smaller than some other U.N. bodies facing sharp funding cuts, such as the U.N. trade and development agency's roughly 400 staff. Meanwhile, the U.N. Secretariat, the global body's executive arm, is preparing to slash its $3.7 billion budget by 20%, according to an internal memo. — Reuters
Straits Times
3 days ago
- Business
- Straits Times
Countries agree 10% increase for UN climate budget
FILE PHOTO: Simon Stiell, Secretary of UN Climate Change (UNFCCC), speaks during an event with the newly announced COP30 President Ambassador Andre Correa do Lago, in Brasilia, Brazil February 6, 2025. REUTERS/Andressa Anholete/File Photo BONN - Countries agreed on Thursday to increase the U.N. climate body's budget by 10% for the next two years, a move the body welcomed as a commitment by governments to work together to address on climate change, with China's contribution rising. The deal, agreed by nearly 200 countries - from Japan to Saudi Arabia, to small island nations like Fiji - at U.N. climate negotiations in Bonn, comes despite major funding cuts at other U.N. agencies, triggered in part by the U.S. slashing its contributions, and political pushback on ambitious climate policies in European countries. Countries agreed to a core budget of 81.5 million euros for the United Nations Framework Convention on Climate Change (UNFCCC) over 2026-2027, up 10% from 2024-2025. The core budget is funded by government contributions. The deal includes an increase in China's contribution, reflecting the country's economic growth. China, the world's second-biggest economy, would cover 20% of the new budget, up from 15% previously. Only the United States, the world's biggest economy, was allocated a bigger share, of 22%. However, President Donald Trump quit the U.N. Paris climate agreement and halted international climate funding. Bloomberg Philanthropies has pledged to cover the U.S. contribution to the UNFCCC budget. The U.S. did not attend the U.N. climate talks this week in Bonn, Germany where the budget was approved. UN climate chief Simon Stiell welcomed the increase as "a clear signal that governments continue to see U.N.-convened climate cooperation as essential, even in difficult times." The UNFCCC runs annual climate negotiations among countries and helps implement deals that are made - including the 2015 Paris Agreement, which commits nearly all nations to limit global warming. The body has faced a severe budget shortfall in recent years, as major donors including China and the U.S. had not paid on time, prompting the body to cut costs including by cancelling some events. The UNFCC's running costs and headcount - its core budget funded 181 staff in 2025 - are smaller than some other U.N. bodies facing sharp funding cuts, such as the U.N. trade and development agency's roughly 400 staff. Meanwhile, the U.N. Secretariat, the global body's executive arm, is preparing to slash its $3.7 billion budget by 20%, according to an internal memo. REUTERS Find out more about climate change and how it could affect you on the ST microsite here.
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
Qatar participates in 62nd session of UNFCCC subsidiaries in Germany
QNA Berlin Qatar is participating in the Subsidiary Body for Scientific and Technological Advice and the Subsidiary Body for Implementation (SB 62) of the United Nations Framework Convention on Climate Change (UNFCCC), currently being held in Bonn, Germany, and will runs until June 26, as part of the international community's preparations for the Conference of the Parties (COP30), scheduled to be held in Brazil at the end of 2025. Qatar is represented by an official delegation comprising several national entities, including the Ministry of Environment and Climate Change, the Ministry of Foreign Affairs, the Ministry of Transport, the Ministry of Commerce and Industry, Qatar University, QatarEnergy, the Qatar Civil Aviation Authority, the Qatar General Electricity and Water Corporation, and the Ministry of Municipality. Qatar's participation emphasises its commitment to supporting international efforts to address the challenges of climate change and implement the Paris Agreement, as well as actively contributing to formulating global policies related to mitigating emissions and adapting to the effects of climate change, enhancing climate action financing, and improving the quality and transparency of national reports. This year's Bonn Conference will discuss a number of key issues, especially updating Nationally Determined Contributions (NDCs), activating the mechanisms of Article 6 of the Paris Agreement on international cooperation, supporting adaptation plans in developing and least developed countries, and developing transparency systems and climate data exchange among the participating countries. The conference will also feature extensive workshops and discussion sessions with the participation of representatives from the Intergovernmental Panel on Climate Change (IPCC), international research and financial institutions, and regional partners, with the aim of exchanging the best practices in the fields of renewable energy, innovation, finance, and climate capacity building. Qatar's delegation emphasised the importance of enhancing technology transfer and capacity-building initiatives in developing countries, and facilitating access to accurate climate data. It also affirmed Qatar's commitment to updating its national policies to achieve sustainable development and carbon neutrality, in line with the goals of Qatar National Vision 2030. The SB62 Bonn Conference is a pivotal milestone in the roadmap to COP30, as its technical outcomes will help shape the final agreements expected in Brazil and provide an effective platform for exchanging views and coordinating positions among participating countries.
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Business Standard
18-06-2025
- Business
- Business Standard
Moody's says updated climate goals may miss 2°C Paris Agreement aim
Moody's warns updated national emissions targets under NDCs may not limit global warming to under 2°C; credit risks tied to weak execution and external dependencies Puja Das Implementing updated national carbon emissions reduction goals is still likely to fall short of the Paris Agreement's objective of limiting global warming to well below 2°C above pre-industrial levels, Moody's Ratings has warned. The warning assumes significance as the latest carbon reduction goals submitted by governments ahead of the 2025 UN Climate Change Conference (COP30) in November reflect heightened ambition. Credit implications, however, will depend on the pace and rigour of implementation. Achieving absolute global emissions cuts will remain difficult. Should emissions rise following the exit of the US — the world's second-largest emitter — from the Paris Agreement, other advanced economies (AEs) would need to increase their mitigation efforts. This has not been reflected in nationally determined contributions (NDCs) to date, Moody's noted in a report on Tuesday. 'We expect that forthcoming emerging market (EM) emission reduction goals will remain more modest than AE submissions, reflecting their share of global emissions, financing obstacles, the need to address pressing social issues, support the agricultural sector and sustain industrialisation as economies grow. Even if fully implemented, it is unlikely that the updated NDCs would achieve the Paris Agreement goal of limiting global warming to well below 2.0°C,' the agency said. Over 20 countries, including major emitters like Brazil, the US, Canada, Japan and the UK — which together account for one-fifth of global emissions — have submitted updated NDCs. India, along with several other member countries, is yet to submit its third-round NDC or climate action plan to the United Nations Framework Convention on Climate Change (UNFCCC). The revised deadline is now September, ahead of COP30 in November. The UK has submitted one of the most ambitious NDCs; if implemented, it would place the country on track to achieve net-zero emissions by 2050. Other submissions have come from nations with minimal emissions but high climate vulnerability, such as Saint Lucia, the Marshall Islands and the Maldives. As national ambitions grow, more sectors will face exposure to policy, technology and demand risks stemming from the carbon transition. Moody's noted that mitigation activities outside the boundaries of national plans could also increase credit risks in some countries. India, the world's third-largest emitter, faces significant challenges in meeting its climate commitments while continuing to grow economically. On a per capita basis, India's greenhouse gas (GHG) emissions intensity is well below that of the US or China, according to European Commission data. India's overall emissions intensity had fallen by 55 per cent compared to 2005 levels as of 2023 — surpassing its 45 per cent reduction target for 2030. However, emissions could rise again due to growing middle-class demand for electricity and carbon-intensive products and services, alongside further industrialisation. Like many EMs, India's targets are conditional on receiving technological and capacity-building support from AEs, Moody's cautioned. The 2023 global stocktake found that fully implemented second-round NDCs project warming between 2.1°C and 2.8°C. The UNEP Emissions Gap Report last year warned that achieving the 1.5°C target would require up to six times the current levels of mitigation investment and a significant redirection of international climate finance to EMs. The Intergovernmental Panel on Climate Change (IPCC) in 2023 stated that, to keep the 1.5°C target within reach, global emissions must fall by 60 per cent by 2035. Few of the world's highest-emitting countries have raised their 2035 targets to above that threshold. Moody's also flagged that the conditionality of many EM NDCs on external financial, technological or capacity-building support could hinder their implementation. Additional uncertainty from geopolitical tensions affecting trade and financing may further dampen national ambitions and create new obstacles to delivery. Pointers: Credit implications will depend on the pace of implementation Updated NDCs unlikely to achieve Paris goal of staying below 2.0°C
