António Guterres issued his clarion call noting that sustainable development powered by international cooperation, is now facing “massive headwinds.” Addressing the opening session of the 4th Financing for Development Conference (FFD4) in baking hot Sevilla, Spain – basking in record high June temperatures – the Secretary-General noted multilateralism itself is...
From rising debt and shrinking investment, to the aid funding crisis and struggles to meet ambitious development goals, the global financial system is failing the people it’s supposed to serve: fixing that is the challenge facing world leaders gathered in Spain’s sweltering southern jewel of Sevilla this week, as the...
The Southeast Asian country has already raised close to $12 billion in thematic bonds, including blue bonds and Islamic investment instruments over the last seven years. These efforts have been supported by development partners, including the United Nations. Putut Hari Satyaka, is the Deputy Minister for Development Financing and Investment at Indonesia’s...
The new draft outcome text, which will surely push this round of talks into the weekend, called for the overall climate financing goal to reach “at least $1.3 trillion by 2035”, but left out specifics – grants, loans, or from the private sector – on how these funds will be...
Having just returned from the G20 Summit in Rio, Mr. Guterres shared the resounding message he delivered there: an ambitious climate finance goal is not only essential, but urgent. “Failure is not an option,” he emphasized, warning that the result of inaction could be catastrophic. Just 24 hours before COP29...
The source of the hundreds of billions, if not trillions, of funds that developing nations say will be needed to adapt to a fast-changing climate – governments, multilateral banks, or the private sector – has become a major subject of contention during the last eight days. The good, the bad...
While the statement from the world’s leading economies – and biggest emitters – stopped short of explicit reference of ‘transitioning away from fossil fuels’, to which all nations agreed last year at COP28 in Dubai, the G20 leaders did ‘welcome the balanced, ambitious outcome’ of those talks. The G20 communique...
“Let’s dispense with any idea that climate finance is charity;” runaway climate change is impacting “every single individual in the world one way or another,” Mr. Stiell said on Monday. His strong call to action kicked off the latest round of UN climate talks, which will run in the Azerbaijan...
That’s the message from the UN’s trade and development body UNCTAD, which called on Tuesday for urgent reform of the international financial system to support the world’s 46 Least Developed Countries. In line with the Sustainable Development Goals, or SDGs, these most vulnerable economies urgently require foreign investment to add...
“If there is any doubt about loss and damage, go to Pakistan,” he told delegates at the International Conference on climate resilient Pakistan. “There is loss. There is damage. The devastation of climate change is real. From floods and droughts to cyclones and torrential rains. And as always, those countries...
Over 50 activists of all ages and backgrounds took over the so-called ‘Blue Zone’ – the main area of the conference centre in Sharm el-Sheikh overseen by the UN – to chant “Stop funding fossil fuels! Stop funding death!” Susan Huang, representing the NGO Oil Change International, was among the...
“Humanity has a choice: cooperate or perish. It is either a Climate Solidarity Pact – or a Collective Suicide Pact,” the UN Secretary-General told over 100 world leaders reunited for the first official plenary of the UN Climate Change Conference. The proposed Pact would see all countries taking extra efforts...