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The Latest Breaking News from Developing Countries

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.

Reuters

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…

Asharq Al-Awsat

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

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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 Guardian - UK

What the papers say – November 7

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

The Independent UK

Climate summit desperate and delayed

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

Newsroom.co.nz

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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.

WEKU

Loss and damage: Who is responsible when climate change harms the world's poorest countries, and what does compensation look like?

You may be hearing the phrase “loss and damage” in the coming weeks as government leaders meet in Egypt for the 2022 U.N. Climate Change Conference.

The Conversation

Fast Fashion Waste Is Choking Developing Countries With Mountains of Trash

Less than 1% of used clothing gets recycled into new garments, overwhelming countries like Ghana with discards.

Businessweek

Developing countries want compensation for climate damages

Loss and damage — sometimes referred to as "climate reparations" — is aimed at helping the hardest-hit countries.

Axios

Ghana's illegal mining continues because the rules and reality are disconnected

Artisanal and small-scale mining – a low-tech, indigenous mining subsector – is taking on increasing economic importance in many developing countries. Over 150 million people worldwide are estimated to derive their livelihoods from this activity indirectly. In Ghana, it supports millions and contributes up to 43% of the nation’s total…

The Conversation

UK criticised for failing to pay $300m in promised climate funds ahead of Cop27

Missed deadline for money pledged to assist developing countries sends ‘strong negative signal’ ahead of Egypt summit, say experts

The Guardian - UK

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The Conversation

How debt-for-climate swaps can help solve low-income countries' fiscal and environmental challenges at the same time

Barbados Prime Minister Mia Amor Mottley spoke passionately to the United Nations General Assembly in September about the mounting debt many developing countries are shouldering and its increasing impact on their ability to thrive.

The Guardian - US

Illegal fishing spurs billions in losses for developing countries, study says

Analysis finds global practice is a major driver of marine ecosystems’ destruction and is estimated to run up to $50bn

Reuters

UN wants India to mobilise G20 to help debt-stressed countries

U.N. chief Antonio Guterres on Wednesday sought India's support in mobilising G20 nations to help out developing countries saddled with debt, with three of India's neighbours already seeking IMF loans as their economies struggle.

The Guardian - UK

UK joins calls for World Bank reform to focus funding on climate crisis

Alok Sharma’s intervention puts pressure on Trump-appointed Bank chief who faces calls to resign

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Tribune News Service

Commentary: How to foot the bill on urgent climate action

This week’s annual meetings of the World Bank could have important implications for the climate crisis and could help shift the trajectory of global warming. Multilateral development banks can make or break the transition to renewable energy, and governments are their shareholders. It’s time for those governments to step up…

The Independent UK

UN chief: 20 leading economies must help developing nations

The United Nations chief has sent a letter to finance ministers and central bankers from the world’s 20 leading economies urging that they change course and steer a global economic recovery including developing countries that have been hardest hit by the COVID-19 pandemic, the impact of the war in Ukraine…

The Guardian - UK

Billionaire MacKenzie Scott donates $15m to help provide glasses to farmers in developing countries

Donation is believed to be the largest single donation towards helping solve the problem of uncorrected blurry vision

Reuters

G7 finance leaders pledge to intensify climate efforts despite war challenges

Finance leaders from the Group of Seven wealthy democracies on Wednesday pledged to increase emissions reductions efforts and climate support for developing countries despite energy cost and security challenges prompted by Russia's war in Ukraine.

France 24

Tunisia struggles as petrol supply disrupted

For days, drivers in Tunisia have faced long queues at petrol stations due to fuel shortages. And Lesotho's election winner Sam Matekane has announced a new coalition government. Finally, developing countries call for more funding for the programme that allows crucial grain and food to be safely exported out ofports…

Asharq Al-Awsat

World Bank's Malpass, IMF's Georgieva See Rising Risks of Global Recession

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem after Russia's invasion of Ukraine. "There's a risk and real danger of a world recession next year," Malpass said in…

Bangkok Post

The US inflation bonanza for sovereign debtors

As developing countries confront a new era of elevated inflation, rising interest rates, a stronger dollar, and capital outflows, some governments stand to benefit from a little-noticed bonanza. During the "Great Moderation" that preceded the Covid-19 pandemic, years of low inflation led to the growth of sovereign debt issued at…

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