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According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<ul class="summary-list"><li>Congress' sweeping spending bill for next year includes $1 billion for international climate aid.</li><li>The amount falls short of President Joe Biden's promise to quadruple climate aid to $11 billion.</li></ul>Congress just dealt a blow to President Joe Biden's pledge to quadruple climate financing for poorer nations to $11 billion a year.Lawmakers on Tuesday released a <a href="https://www.appropriations.senate.gov/imo/media/doc/JRQ121922.PDF">government funding bill</a> more than 4,000 pages long for the coming fiscal year that would spend just over $1 billion on international climate finance, according to an analysis that the Natural Resources Defense Council shared with Insider. The amount is only a 0.09% increase over fiscal 2022, the environmental group said.Congress is expected to pass the bill this week.The White House <a href="https://www.whitehouse.gov/omb/briefing-room/2022/03/28/president-bidens-fy-2023-budget-reduces-energy-costs-combats-the-climate-crisis-and-advances-environmental-justice/" target="_blank" rel="noopener noreferrer">had hoped Congress would appropriate $5.3 billion for climate assistance</a>. The remainder needed to hit the $11 billion target would have come from various federal agencies that have discretion over their spending.The budget package arrived a month after world leaders at a United Nations' climate summit in Egypt <a href="https://www.businessinsider.com/takeaways-un-climate-summit-loss-damage-fossil-fuels-2022-11">promised to boost funding</a> for developing countries on the front lines of a climate crisis they didn't cause. Wealthy countries like the US and those in Europe <a href="https://www.carbonbrief.org/analysis-which-countries-are-historically-responsible-for-climate-change/">account for 80% of greenhouse-gas emissions</a> after more than a century of burning fossil fuels to industrialize their economies."This really undermines trust in the US," Joe Thwaites, NRDC's international climate-finance advocate who conducted the group's analysis, told Insider. "It's disappointing because the US was just starting to show up. The Inflation Reduction Act provides a pathway to deliver emissions-reductions pledges. But the US commitments on international climate finance just aren't credible."In August, Biden signed into law the Inflation Reduction Act, which includes nearly $370 billion in new climate spending and tax breaks for clean energy, electric vehicles, and homes along with other green initiatives.Thwaites noted that prior federal spending proposals by House and Senate Democrats included about $3 billion for climate finance, but those amounts were most likely shot down by Republicans who had long opposed funds like the UN's Green Climate Fund — the largest global pool of money to help developing countries deploy clean energy and adapt to rising temperatures.Democrats have a slim majority in the Senate and need at least 60 votes to clear a spending bill. Finding new money for climate efforts is likely to get harder because Republicans will soon take control of the House following the recent midterm elections.Neither the House and Senate appropriations committees nor the White House returned requests for comment.Thwaites said that even though Congress failed to fulfill US climate-aid promises again this year, the Biden administration could increase spending through other channels. US agencies like the Export-Import Bank and the International Development Finance Corporation have flexible accounts that could be steered toward climate projects."Congress has made clear what they're what they're willing to appropriate," Thwaites said. "The focus now really needs to move towards to the White House. The Biden administration needs to light a fire under these agencies and make sure they're looking under the couch cushions to find every possible way to ramp up the spending."

Once again, the US won't fulfill its promises on climate aid for developing countries. The White House had hoped to quadruple spending.

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

<ul class="summary-list"><li>Just 2% of philanthropic finance goes to nature and climate — Davos panelists want to see more.</li><li>We need to be investing $9 in renewable energy per dollar in fossil fuel, according to a top economist.</li><li>And we need to scale down anti-climate finance, says Al Gore.</li></ul>There's a financing gap in our climate pledges and we need to find a way to fill it quickly — that's the warning from panelists at the <a href="https://www.businessinsider.com/climate-conversations-must-happen-wef-2023-1">World Economic Forum's annual meeting</a> in Davos, Switzerland, this week.In his welcoming remarks, World Economic Forum founder Klaus Schwab said that the world is currently "confronted with unprecedented and multiple challenges." If the expert sessions held on Tuesday morning are anything to go by, the most pressing of those challenges is financing the climate crisis.John Kerry, US Special Presidential Envoy for Climate, opened the proceedings with an at-times gloomy outlook. "We're not doing everything we promised," he said. "I am convinced that we will get to a low-carbon economy. I'm not convinced we're going to get there in time."However, Kerry said, the solution is right in front of us: "Money, money, money." "We have to find a way to get really serious with getting the corporate world on board around the world," he said, adding that while the private sector is stepping up, it's not enough. He said companies are pledging to get to net zero by 2050, but they don't know how they're going to get there."The secret to this is partnership," said Kerry. "We need to bring the private sector to the table."<h2>Philanthropy is one part of the equation</h2>Out of the <a href="https://www.privatebank.citibank.com/newcpb-media/media/documents/insights/Philanthropy-and-global-economy.pdf">estimated $2.3 trillion</a> of philanthropic funding each year, <a href="https://www.london.ac.uk/institute-in-paris/news/beyond-2-climate-philanthropy-climate-justice-philanthropy">only 2% goes to nature and climate.</a> Panel speakers said philanthropy is often overlooked when thinking about the climate finance gap and that it could act as vital leverage. Rania Al-Mashat, Egypt's minister of international cooperation who played a key role in 2022's COP27 conference, called philanthropy the "prominent third 'P'" alongside "public" and "private."Former Governor of the Bank of England Mark Carney added that "we need layers of capital to catalyze investments that need to happen."Panelists cited the <a href="https://www.iisd.org/articles/insight/just-energy-transition-partnerships">Just Energy Transition Partnership</a> — known as JETP — as an example of philanthropy in action. A JETP deal between Indonesia and G20 countries mobilized $20 billion of funding to help Indonesia phase out fossil fuels and transition to renewable energy. The funding utilized philanthropic capital.Michael Wilkins, executive director and professor of practice at the Centre for Climate Finance &amp; Investment at Imperial College Business School, welcomed the comments made by panelists at Davos."Philanthropy has been crucial in research and development for climate finance and its development," Wilkins told Insider.<h2>The private sector has a key role to play</h2>Elsewhere at Davos, Al Gore told attendees that we are "going through a sustainability revolution that has the scale of the industrial revolution coupled with the pace of the digital revolution."The key thing about the sustainability revolution? We need to finance it. "The private sector has to join the public sector," Gore said.The solution is not just about scaling up climate investment, though, according to Gore. "We desperately need to <a href="https://www.businessinsider.com/helena-gualinga-davos-fossil-fuels-climate-crisis-2023-1" target="_blank" rel="noopener">scale down anti-climate finance</a>," he said. Gore conjured an unusual image to help illustrate his point: Imagine you're running a race, he said, and there are two bulldogs, each tugging at one of your pant legs and holding you back. Those bulldogs are oil and gas, which, Gore added, are "fighting tooth and nail in every form" to stay ahead.<h2>The world's big development banks need reform</h2>Another solution touted by Gore was to reform multilateral development banks, such as the European Bank for Reconstruction and Development (EBRD) — the cross-government organizations that give financial assistance to developing countries. Reform would include ending fossil-fuel financing and a leadership committed to promoting sustainable development.Wilkins agreed, adding that reforming multilateral banks was a <a href="https://www.businessinsider.com/climate-crisis-loss-damage-reparations-egypt-pakistan-developing-countries" target="_blank" rel="noopener">key outcome of COP27</a>. "The multilaterals have been described as 'not fit for purpose' when it comes to climate finance, largely due to their risk-averse nature," Wilkins told Insider. "Reform is being considered, especially by the World Bank."<h2>More investment is crucial</h2>While panel discussions at Davos highlighted the multiple solutions to financing the climate-funding gap, Colombian economist Mauricio Cárdenas brought things back to basics: above all, we need investment by both public and private sectors.Cárdenas cited data from the International Energy Agency on the amount of investment in clean energy relative to fossil fuel. Right now, he said, there's $1.50 invested in renewable energy for every $1 invested in fossil fuels."To get to the goals in 2030, we need to be investing $9 in renewable energy per dollar in fossil fuel," Cárdenas said. "We're still far away from there."

4 ways to pay for the climate crisis, according to Al Gore and other leaders at Davos

<ul><li>IFC, which is a part of the <keyword id="93417" type="General" weightage="20" keywordseo="world-bank-group" source="Orion">World Bank Group</keyword>, is looking for interns in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> for its Global Internship Program.</li><li>The window for online application will close on Monday, March 7.</li><li>The internship programme will be of four months duration.</li></ul>The <keyword id="166412" type="General" weightage="20" keywordseo="International-Finance-Corporation" source="Orion">International Finance Corporation</keyword> (IFC), which is a part of the World Bank Group, is inviting applications for their internship programme named ‘Global Internship Program (GIP)’ for the New Delhi office. However, candidates can work remotely as well. The online application has already begun and the last date to apply for the opportunity is Monday, March 7. The duration of the internship programme is at least four months, which is expected to start in May this year.<table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Eligibility criteria for the roles — <ol><li>Candidates must be currently enrolled in a masters’ degree level programme with expected graduation date after December 1, 2022 in order to be eligible.</li><li>For Research Climate Finance: Candidates must be from these disciplines — Economics, Climate, Sustainable Finance, or other relevant discipline.</li><li>For India Climate Intern: Candidates must be from these disciplines — Business Administration (MBA), Engineering, or other relevant discipline.</li><li>For India Country Strategy: Candidates must be from these disciplines — Business Administration (MBA), Finance, or Economics, preferably.</li><li>Candidates must have at least 3 years of relevant work experience. </li><li>Candidates must have Indian citizenship or Overseas Citizenship of India (OCI) card.</li></ol>Duties and responsibilities — <ol><li>For Research Climate Finance: Support the Financial Institutions Group (FIG) Advisory team in undertaking market research (secondary) and preparing capacity building/training modules (in the form of structured powerpoint presentations) aimed at middle level and frontline staff of Indian financial institutions to build their knowledge and awareness about various aspects of climate finance. Join the discussions and support the FIG Advisory Team in its other climate/green projects in India.</li><li>For India Climate Intern: Interns will get an opportunity to work on joint initiatives like Country Climate Development Report and conceptualise one transformational project which could unlock climate business opportunity for IFC in the region. Assist team members on strategy, finalising presentation. Identify transformational projects in consultation with team members and presenting the outcome at the end of Internship.</li><li>For India Country Strategy: Support proposals for new investment projects and financial products with corporate conglomerates.</li></ol>Interested candidates are expected to submit their resume and cover letter stating their motivation/reason to apply and how their skills and expertise relate to the internship requirements. Selected candidates will be contacted directly by departments for interviews between Monday, March 21 to Friday, April 29. Selected interns will be offered a competitive salary and a limited medical insurance coverage for the duration of the internship. Interested candidates can seek more information and apply <a href="https://www.ifc.org/wps/wcm/connect/careers_ext_content/ifc_external_corporate_site/ifc+careers/recruitment+programs/global+internship+program">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/apple-google-and-microsoft-are-hiring-freshers-checkout-eligibility-and-other-details/articleshow/89720898.cms">Apple, Google and Microsoft are hiring freshers — Checkout eligibility and other details</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-freelancers-are-earning-more-than-their-counterparts-in-other-countries/slidelist/89728039.cms">Indian freelancers are earning more than their counterparts in other countries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/looking-to-freelance-here-are-the-highest-paying-fields-globally/slidelist/89727484.cms">Looking to freelance? Here are the highest paying fields globally</a>

World Bank Group is hiring 60 plus interns including in India — Checkout eligibility, last date and other details

<ul class="summary-list"><li><keyword id="6358584" type="UNKNOWN" weightage="60" keywordseo="hsbc" source="Orion">HSBC</keyword> has suspended an executive after comments he made about the <keyword id="12002886" type="UNKNOWN" weightage="60" keywordseo="climate" source="Orion">climate</keyword> crisis, <a href="https://www.ft.com/content/8e1a16ea-bf63-45f8-81af-dc41c0df4e06">per the FT.</a></li><li>Stuart Kirk played down warnings about the climate crisis in a <a href="https://www.youtube.com/watch?v=bfNamRmje-s">presentation on Thursday.</a></li></ul>HSBC has suspended a senior executive after remarks he made about the climate crisis, <a href="https://www.ft.com/content/8e1a16ea-bf63-45f8-81af-dc41c0df4e06">the Financial Times reported on Sunday.</a>Stuart Kirk, HSBC's head of responsible investing in the company's asset management division, referred to warnings about the climate crisis as "unsubstantiated" and "shrill" on a slide in a presentation at the FT's Moral Money Summit last Thursday.The presentation, which was viewed by Insider, was called "<a href="https://www.youtube.com/watch?v=bfNamRmje-s">Why investors need not worry about climate risk."</a> Kirk said in the presentation that throughout his 25-year career in <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword>, there was "always some nut-job telling me about the end of the world." He also drew a link between the climate crisis and Y2K, a widespread belief that a computer program issue was going to cause havoc at the turn of the millennium.His presentation drew criticism, including from HSBC's group chief executive, Noel Quinn, for appearing to dismiss the global risks of <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword>. According to the FT, the bank has suspended Kirk, pending an internal investigation.Quinn criticized Kirk's remarks in a <a href="https://www.linkedin.com/posts/noel-quinn-hsbc_i-do-not-agree-at-all-with-the-remarks-activity-6933729465193668608-14ho/">LinkedIn post</a> on Sunday, saying that the comments were "inconsistent with HSBC's strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management." Quinn's post also stated: "Our ambition is to be the leading bank supporting the global economy in the transition to net-zero. I hope my colleagues, customers, and others will all know, from our work and my public comments, that HSBC is absolutely committed to a net-zero future."Kirk did not immediately respond to Insider's request for comment made outside of normal working hours. When asked to confirm reports of Kirk's suspension to Insider, HSBC said it would not comment on individual employees' situations.

HSBC suspends senior exec after he called warnings about the climate crisis 'unsubstantiated' and 'shrill,' a report says

<ul class="summary-list"><li>The climate crisis is set to dominate the agenda at this year's World Economic Forum meeting in Davos.</li><li>Climate experts say they'll be looking out for 3 conversations, including how to pay for the climate crisis.</li><li>They also expect leaders at Davos to talk, finally, about the links between climate, health, and more.</li></ul>This week, more than 2,500 business leaders and politicians are making their way to the Swiss Alps for the World Economic Forum's 53rd annual meeting at Davos. There's one thing missing this year, though — snow.Unseasonably warm weather across Europe has led to much less snowfall than usual. The absence of snowy ski slopes at Davos is a fitting reminder of what is set to be a major topic at this year's meeting — <a href="https://www.businessinsider.com/melting-glaciers-ice-sheets-sea-level-rise-climate-disaster-2022-12">the climate crisis</a>.The 2023 program features sessions tackling big issues — such as <a href="https://www.businessinsider.com/countries-un-make-businesses-show-impact-nature-food-production-2022-12" target="_blank" rel="noopener">sustainable diets</a> and transitioning to <a href="https://www.businessinsider.com/agrivoltaic-farming-solar-sharing-growing-more-popular-in-japan-2022-12">clean energy</a> — as well as more niche events on circular economies and using satellite data to monitor deforestation. Climate leaders, including former US politicians Al Gore and John Kerry, will take to the stage to discuss decarbonization, clean technology, climate finance, and more.The World Economic Forum's recent <a href="https://www.weforum.org/reports/global-risks-report-2023/">Global Risks Report</a>, which is released every year in the run up to Davos, ranked the failure to mitigate the climate crisis as the No. 1 risk facing the world over the next 10 years.Insider sat down with three climate experts to get the lowdown on what they hope to see at Davos this year.<h2>1. More climate finance deals</h2>Some solutions to the climate crisis already exist, according to Sweta Chakraborty, behavioral scientist and CEO of climate solutions organization <a href="https://app.wedonthavetime.org/">We Don't Have Time</a>.She told Insider that the next step is capitalizing on these tools, which is why she expects climate finance — i.e. paying for these tools — to be a big issue at Davos this year. Jennifer Morris, CEO of <a href="https://www.nature.org/en-us/">The Nature Conservancy</a>, a global environmental nonprofit, agreed. She said that the biggest challenge in reaching climate goals is <a href="https://www.businessinsider.com/sustainable-finance-drives-goals-around-climate-equity-prosperity-and-governance-2022-3">finding the money.</a>"In 2023, I want to see more robust financing from private investors," Morris said. "Currently, it takes more than $4 of public money to leverage $1 of private money. We urgently need that ratio to start to reverse."In 2022, countries including Belize and Barbados took on climate commitments as part of sovereign debt conversion deals, supported by The Nature Conservancy. Countries can go into "sovereign debt" when they borrow money. A sovereign debt conversion deal enables governments to convert a portion of this debt into sustainability financing. For instance, in one deal, the Government of Barbados was able to transfer part of its sovereign debt service into ocean conservation funding.Morris said that there could be more sovereign debt deals to come. "Developing countries want to join the fight against the climate crisis and need financial support to be successful," she said.<h2>2. Getting out of 'silos' and addressing interlinked crises, like climate and health</h2><a href="https://affiliate.insider.com?postID=63c1927516ce4f56a06e02d6&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41558-022-01426-1">A recent study</a> found that over half of infectious diseases could be exacerbated by the climate crisis, such as warming temperatures and increased rainfall. Alice Bell, head of climate and health at the <a href="https://wellcome.org/">Wellcome Trust</a>, emphasized the links between climate and health."We're especially excited about the prospect of getting out of the silos of talking about either climate or health on their own, and getting deep into a really collaborative discussion about the intersection of the two issues," she told Insider.Morris agreed that there are multiple crises to deal with. "We must also acknowledge that we are addressing a confluence of crises that are interconnected," she said, citing the war in Ukraine, a concerning outlook for the global economy, and the continued effects of the pandemic. "Throughout it all, we must be careful not to pit our immediate needs against our long-term survival," Morris said.<h2>3. A plan to redirect fossil-fuel subsidies to clean energy</h2>With 52 heads of state and over 500 CEOs heading to Davos this year, Chakraborty said that the meeting is the "perfect convening" to focus on financing a clean energy transition and "to accelerate the public-private partnerships needed to turn our goals into reality."One way to do this, according to Chakraborty, would be to phase out fossil-fuel subsidies and redirect that money to investments that will help scale green solutions faster.Fossil-fuel subsidies are a way for governments to lower the cost of fossil fuels. Often, the subsidies come in the form of tax breaks on either the consumption or production of fossil fuels such as oil and coal. According to <a href="https://www.imf.org/en/Publications/WP/Issues/2021/09/23/Still-Not-Getting-Energy-Prices-Right-A-Global-and-Country-Update-of-Fossil-Fuel-Subsidies-466004">research by the International Monetary Fund</a>, global fossil-fuel subsidies in 2020 totalled $5.9 trillion — which equates to around 6.8% of GDP."The goal of redirecting fossil-fuel subsidies to clean energy is to accelerate the transition to a low-carbon economy and help mitigate the effects of the climate crisis by reducing greenhouse gas emissions," she said. "This will also level the playing field and allow for a much more rapid and equitable rollout of the next generation of clean energy."Chakraborty added: "It's time to harness the scientific research, scalable solutions, and the momentum of public and private interest."

Climate leaders say 3 conversations need to happen at the World Economic Forum this week to lock in a sustainable future

Here’s why Indian Prime Minister would like the net zero goal to be moved to 2070 instead of 2050

<ul class="summary-list"><li>President Joe Biden touted the new US climate law and methane restrictions at a UN climate summit.</li><li>Biden urged rich countries pay up on climate, but the US hasn't been meeting its own promises.</li></ul>SHARM EL-SHEIKH, Egypt – President Joe Biden used his speech at the United Nations' climate summit as a victory lap for getting the Inflation Reduction Act signed into law and pledged to hike funding for poorer countries bearing the brunt of the climate crisis. The US is meeting the urgency of the moment by spending $369 billion in tax credits for renewable energy, electric-vehicle infrastructure, and a cleaner manufacturing sector under the Inflation Reduction Act, Biden said.But the president failed to mention that the US isn't anywhere close to fulfilling a promise to quadruple climate financing for developing nations to $11 billion annually by 2024 — a defining issue at the UN climate summit in Sharm el-Sheikh, a resort city along the Red Sea in Egypt. "The United States is acting. Everyone has to act. That's the duty and responsibility of global leadership," Biden said. But some observers criticized the gap between the rhetoric coming from the US and the action. "The US is the world's richest country and the largest contributor to the cumulative heat-trapping emissions that are driving climate change," Rachel Cleetus, the policy director and lead economist for the Union of Concerned Scientists' climate and energy program, said. "Yet the US has repeatedly and shamefully failed to meet its commitments to provide robust public climate finance for low- and middle-income countries to transition to clean energy and adapt to climate change."A Democrat-controlled Congress this year authorized just $1 billion for helping other countries, <a href="https://www.wri.org/insights/bidens-budget-request-does-it-make-good-climate-finance-pledges">according to an analysis by the World Resources Institute</a>. With Republicans expected to retake the House following the final results of the midterm elections, it is unlikely Congress will approve a major increase. The US isn't alone in failing to live up to its promises. More than a decade ago, wealthy nations agreed to collectively spend $100 billion a year by 2020 to help developing countries adapt to more frequent and intense storms and build out renewable energy. <a href="https://www.canada.ca/en/services/environment/weather/climatechange/canada-international-action/climate-finance/delivery-plan.html">An analysis by the Canadian government</a> found rich countries are still falling short of the target, though they are on track to hit it by 2023. Climate diplomats are talking about creating a separate fund for the loss and damage that developing countries have already suffered from the climate crisis, such as deadly flooding in Pakistan and Nigeria, drought in the Horn of Africa, and vanishing coastlines in Barbados. Developing nations share comparatively little responsibility for the buildup of heat-trapping gasses in the atmosphere. The US has historically been opposed to such blame-game discussions. The Biden administration changed that position but hasn't committed to creating an official finance mechanism under the "conference of the parties," as the the UN's annual climate conferences are called. "If countries can finance coal in developing countries, there is no reason we can't finance clean energy in developing countries," Biden said to loud applause from the audience. Most of the president's speech was spent touting the White House's climate achievements. The US, under the new climate law, is expected to slash greenhouse-gas emissions by 40% this decade. On Friday, the administration rolled out stricter regulations on methane emissions. Biden said targeting methane, a potent greenhouse gas that traps 80 times as much heat in the atmosphere as carbon dioxide, is the best chance to prevent global temperatures from rising more than 1.5 degrees Celsius this century. Going above that threshold means social and environmental catastrophe, climate scientists warn. Global temperatures have already risen 1.2 degrees Celsius since preindustrial times. The Environmental Protection Agency estimates that its rule, which requires oil and gas companies to find and fix methane leaks, would cut another 1% of emissions. Reducing methane is important not just because it's a potent greenhouse gas. Methane stays in the atmosphere for a far shorter time than carbon, so curbing methane could amount to a quick win in the effort to keep the planet from catastrophic overheating.The UN on Friday also announced the launch of a global satellite system to detect major methane releases from the power, waste, and agricultural sectors.Looming over COP27 is the global energy crisis sparked by Russia's war in Ukraine. Energy shortages and price spikes are complicating calls for raising climate ambitions, even as the past eight years are on track to be the warmest on record. Biden said the crisis only enhances the need to move from fossil fuels and toward renewables."This gathering must be the moment to recommit to our future," he said.

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India provided more climate finance in 2022 than many rich nations, noted recent report

PTI

Once again, the US won't fulfill its promises on climate aid for developing countries. The White House had hoped to quadruple spending.

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Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

PTI

4 ways to pay for the climate crisis, according to Al Gore and other leaders at Davos

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World Bank Group is hiring 60 plus interns including in India — Checkout eligibility, last date and other details

Vaamanaa Sethi

HSBC suspends senior exec after he called warnings about the climate crisis 'unsubstantiated' and 'shrill,' a report says

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Climate leaders say 3 conversations need to happen at the World Economic Forum this week to lock in a sustainable future

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Here’s why Indian Prime Minister would like the net zero goal to be moved to 2070 instead of 2050

BI India Bureau

As Biden touts his climate plans and says 'everyone has to act,' many wonder when the US will take on what it's asking others to do

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