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The Latest Breaking News from Developing Countries

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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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

The Guardian - UK

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.

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

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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 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

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

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The Conversation

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.

Businessweek

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.

Axios

Developing countries want compensation for climate damages

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

The Conversation

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…

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The Guardian - UK

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 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

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…

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