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The Latest Breaking News from Developing Countries

Rich countries shouldn’t balk at climate spending – it will soon pay for itself

‘Loss and damage’ finance for developing nations and domestic support for clean energy industries may be politically difficult – but they are necessary investments

The Guardian - AU

It’s the big issue of COP27 climate summit: poor nations face a $1 trillion ‘loss and damage’ bill, but rich nations won’t pay up

The costs of climate-related disasters are growing and the poorest countries are bearing the brunt of impacts, from the unprecedented floods in Pakistan to the expanding famine in Somalia. Natural disasters in 2022 alone cost the global economy an estimated US$227 billion.

The Conversation

US introduces new carbon trading scheme to boost investment in developing countries

Critics question plan’s effectiveness in dealing with climate emergency and its potential to greenwash polluters’ reputations

The Guardian - US

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China’s top climate official urges US to ‘clear barriers’ to talks

US-China relations hit new low this year after Nancy Pelosi visited Taiwan, over which China claims sovereignty

The Guardian - UK

U.S. climate envoy Kerry launches carbon offset plan

U.S. climate envoy John Kerry on Wednesday announced the creation of a carbon offset plan meant to help developing countries speed their transition away from fossil fuels.

Reuters

Investors have trillions to fight climate change. Developing nations get little of it

Private investment is crucial to addressing climate change. But a big barrier to private investment in developing countries is the perception that risks are higher than in industrialized nations.

WEKU

Climate finance and human rights fears: what happened on day two of Cop27?

Deep chasm emerges between long-time polluting rich states and developing countries on second full day of summit

The Guardian - UK

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New Zealand allocates $12 million to fund climate damage in developing nations

The New Zealand government said on Wednesday it was allocating NZ$20 million ($12 million) of climate funding to address loss and damage in developing countries.

Reuters

Scotland is making real progress, says Sturgeon at Cop27

First Minister Nicola Sturgeon said Scotland was "making real progress" on reducing emissions, as she spoke at a New York Times event at the Cop27 climate summit.At the summit Ms Sturgeon said the Scottish Government would commit £5 million to help developing countries mitigate the "gender impact of loss and…

Evening Standard

First Thing: Biden makes final plea in high stakes midterms

The Democrats could lose their majorities in both chambers today. Plus, developing countries ‘need $2tn a year in climate funding’

The Guardian - UK

COP27: how responsible are industrialised countries for climate change?

The United Nation’s 27th annual climate summit, COP27, opened on Monday in Sharm el-Sheikh, Egypt. The event, which should pressure governments into ramping up their decarbonisation pledges, will be the first to put the issue of financial compensation for damages suffered by developing countries at the top of the agenda.…

The Conversation

COP27: Austria commits $50 million for climate 'loss and damage'

Austria will provide 50 million euros (dollars) to developing countries facing unavoidable damage and losses caused by climate change as it joins a small group of European nations to offer such funds, the country’s climate ministry told Reuters.

Reuters

COP27: What are climate change ‘loss and damage’ reparations and who should pay?

The phrase refers to the cost, both economic and physical, that developing countries are facing from the extreme impacts of climate change.

Evening Standard

Developing countries need $1 trillion a year in climate finance -report

Developing countries need to work with investors, rich countries and development banks to secure $1 trillion a year in external financing for climate action by the end of the decade and to match that with their own funds, a report said on Tuesday.

Reuters

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The Guardian - UK

Developing countries ‘will need $2tn a year in climate funding by 2030’

Report co-written by Nicholas Stern says figure required to switch away from fossil fuels and cope with extreme weather impacts

Reuters

COP 27: Dutch to boost climate funding to developing nations, PM says

Dutch Prime Minister Mark Rutte on Monday said the Netherlands will increase its annual contribution to climate finance in developing countries to 1.8 billion euros, about 50% above 2021 levels, by 2025.

Reuters

Germany, Belgium pledge funds to tackle climate 'loss and damage'

Germany and Belgium on Monday joined a small number of wealthy countries to commit funding to help developing nations facing damage and losses caused by climate change, committing 170 million euros and 2.5 million euros respectively.

Asharq Al-Awsat

UK Pledges More than $115 Mln to Developing Economies to Tackle Climate Change

Britain's foreign minister James Cleverly on Monday will announce investments of more than 100 million pounds ($115 million) to support developing countries in their fight against the impact of climate change. "Mr. Cleverly will also argue that long-term prosperity depends on taking action on climate change and ramping up investment…

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The Guardian - UK

Loss and damage issue keeps us Cop27 negotiators wrangling late into the night

Developing countries hope to make progress on this problem because we are already suffering the effects

The Guardian - UK

Revealed: US and UK fall billions short of ‘fair share’ of climate funding

Exclusive: Support for developing countries will be critical issue at Cop27 but new data shows rich countries are lagging

The Guardian - UK

Money talks: why climate finance at Cop27 is key to beating global heating

Funding urgently needed to cope with climate disasters – and to prevent distrust crashing UN negotiations

The Independent UK

What the papers say – November 7

Britain has reportedly ‘opened the door to paying climate change reparations’ to developing countries.

Newsroom.co.nz

Climate summit desperate and delayed

Newsroom columnist Rod Oram reports from Egypt as the world gathers, again, to wrangle solutions to climate change

WEKU

Money will likely be the central tension in the U.N.'s COP27 climate negotiations

Global efforts to limit climate change can't happen without more aid. Rich countries promised $100 billion to poorer ones to cope with global warming but seven years later, have yet to deliver.

WEKU

Countries hit hardest by climate change need much more money to prepare, U.N. says

Impacts from global warming hit the world's poorest countries hardest, although they're responsible for a relatively small share of climate emissions. They need more money to protect against risks.

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