Developing countries propose $100bn climate damage fund

Developing countries propose a new U.N. fund that would unlock at least $100 billion by 2030 to address irreversible damage caused by climate change, but there are disagreements among nations on who should pay into the fund and who should benefit from it.

reuters.com

Relevant topic timeline:

8/21/2023

Investor pressure group urges G20 to reform agricultural subsidies

A group of investors managing $7.3 trillion in assets has called on the G20 countries to align agricultural subsidies with climate and nature goals by the end of the decade, citing concerns over the risks to investment portfolios and the environmental damage caused by subsidies.

8/26/2023

Emerging nations need $100-150 bn annually for climate transition: UN special envoy

Developed nations will need to invest $100-150 billion per year through multilateral development banks to support emerging economies in financing their climate transition, according to Mark Carney, UN special envoy for climate action and finance. Carney emphasized the importance of transition finance for challenging sectors and called for changes in the operational orientation of MDBs to prioritize climate funding.

8/26/2023

Time to replace extreme poverty line of $2.15/day with empowerment line of $12/day: McKinsey report

A McKinsey Global Institute report highlights the need for $37 trillion in cumulative spending power increase by 2030 to achieve global economic empowerment, focusing on fulfilling essential needs such as nutrition, housing, healthcare, and education while also addressing environmental concerns. Economic empowerment and sustainability must go hand in hand, requiring additional investment of $47 trillion to achieve net-zero emissions, resulting in a total global investment of $84 trillion by 2030. While businesses and the market economy can contribute half of these resources, bridging the remaining gap will require new policies and incentives.

9/9/2023

Historic Africa Climate Summit Highlights Urgency of Global Action and Key Role of Arab Nations

The Africa Climate Summit highlighted the need for global action to combat climate change, with the Arab world playing a key role in addressing the issue and supporting Africa's climate resilience efforts through financial assistance and collaborative initiatives.

9/10/2023

UK Pledges Record $2 Billion to Global Climate Fund at G20 Summit

The United Kingdom will provide a record $2 billion to the Green Climate Fund at the G20 Summit, the largest single funding commitment by the UK to tackle climate change.

9/10/2023

Sunak Pledges $2 Billion for UN Climate Fund at COP27, Underscoring UK's Ongoing Commitment to Tackling Climate Change

UK Prime Minister Rishi Sunak has pledged $2 billion to the UN's Green Climate Fund, following the adoption of a 'green development pact' by G20 leaders to address environmental and climate challenges and support developing countries.

9/18/2023

U.S., Norway Launch $200M Africa Agriculture Fund to Boost Food Security Amid Rising Hunger

The United States and Norway will pledge a total of $70 million to launch a fund aimed at helping farmers and agricultural businesses in Africa, in response to worsening hunger in the region caused by armed conflict and climate change.

9/19/2023

U.S. Treasury Lays Out Principles for Banks' Net Zero Climate Commitments, Philanthropies Pledge $340M for Climate Data

The U.S. Treasury has called for "net-zero" financing commitments from banks and asset managers to be aligned with climate goals, backed by credible metrics and targets, and supporting decarbonization in high-emitting sectors. The Treasury also announced philanthropic groups pledging $340 million to support the development and execution of robust net-zero commitments.

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Posted 9/6/2023, 6:06:00 PM

Developing countries propose $100bn climate damage fund

reuters.com

Relevant topic timeline:

8/21/2023

Investor pressure group urges G20 to reform agricultural subsidies

8/26/2023

Emerging nations need $100-150 bn annually for climate transition: UN special envoy

8/26/2023

Time to replace extreme poverty line of $2.15/day with empowerment line of $12/day: McKinsey report

9/9/2023

Historic Africa Climate Summit Highlights Urgency of Global Action and Key Role of Arab Nations

9/10/2023

UK Pledges Record $2 Billion to Global Climate Fund at G20 Summit

The United Kingdom will provide a record $2 billion to the Green Climate Fund at the G20 Summit, the largest single funding commitment by the UK to tackle climate change.

9/10/2023

Sunak Pledges $2 Billion for UN Climate Fund at COP27, Underscoring UK's Ongoing Commitment to Tackling Climate Change

9/18/2023

U.S., Norway Launch $200M Africa Agriculture Fund to Boost Food Security Amid Rising Hunger

9/19/2023

U.S. Treasury Lays Out Principles for Banks' Net Zero Climate Commitments, Philanthropies Pledge $340M for Climate Data