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The World Bank has secured $100 billion for its International Development Association (IDA) to aid the world's poorest nations, despite a slight increase in donor pledges to $23.7 billion. This funding aims to enhance climate resilience and address food insecurity and conflict, although experts warn that inflation may diminish its real value. The IDA, which has become vital for climate finance, will channel resources primarily to African nations, with a commitment to allocate 45% of its funding to climate projects by mid-2025.
Plastics negotiations in Busan are at an impasse, with a coalition of 102 countries advocating for production cuts, opposed by oil-rich states like Saudi Arabia and Russia. As talks near conclusion, calls for compromise intensify, while activists warn against a weak treaty that fails to address the full lifecycle of plastics. The financial framework remains contentious, with developing nations seeking a multilateral fund, contrasting with developed countries' preference for voluntary contributions.
COP29 talks on fossil fuel transition faced near collapse due to opposition from Saudi Arabia and some developing nations, prompting the presidency to intervene. Despite setbacks, countries emphasized the need for strong emission-cutting measures and financing for energy transitions, with consultations led by Norway and South Africa set to conclude soon.
Uncertainty in assessing adaptation measures and their funding risks deters private investment, despite a growing recognition of the private sector's role in climate resilience. Blended finance mechanisms, like those used by Kenya's Apollo Agriculture, show promise in mobilizing funds, while recent analyses suggest private adaptation investments may be significantly underestimated. Efforts to improve tracking and reporting could encourage more businesses to engage in adaptation initiatives, addressing the urgent need for climate resilience in developing countries.
India's coal giants, including Coal India Limited and NTPC, have lobbied successfully to weaken pollution regulations on fly ash, despite international commitments to phase down coal use. This push for lax rules coincided with a significant ramp-up in coal production, raising concerns about environmental health and sustainability. The financial penalties for non-compliance could threaten the viability of power stations, potentially leading to a power crisis.
Matteo Civillini
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
World Bank Secures 100 Billion for Climate Resilience in Poorest Nations
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