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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>Nominations are open for Business Insider's third annual list of top climate leaders.</li><li>We're looking for top innovators spearheading climate solutions.</li></ul>We're seeking nominations for Business Insider's <a target="_blank" rel="" href="https://www.businessinsider.com/climate-action-30-global-leaders-climate-solutions-2023-11#abdulla-al-mandous-president-world-meteorological-organization-director-general-united-arab-emirates-national-center-of-meteorology-1">third annual climate action list</a>, which identifies global leaders working toward climate solutions.Aligning with COP29 and launching in November, BI's climate action list will invite honorees to share their progress toward achieving their climate goals and the specific actions they think our readers can take to do the same.The list is a part of BI's ongoing <a target="_blank" rel="" href="https://www.businessinsider.com/one-planet">One Planet program</a>.<h2 id="eb28bff6-dc16-420c-bbd7-31e45a62c043">What we're looking for</h2>Tell us about someone you believe is leading the most innovative solutions to tackle the global climate crisis.This could be a scientist or academic, a business leader, a founder, someone from an NGO, a private-sector executive, a politician or a policymaker, among others.Nominees can be located anywhere in the world. Self-nominations are also welcome.<h2 id="5d3e8f2a-1aa1-4c00-90dd-63f9880d8b33">How we judge</h2>Our editorial team and sustainability and climate experts will review the nominee shortlists and select the final honorees.<a target="_blank" class="" href="https://forms.gle/y9HWSQTzg5xqqMy97">Please submit your nominee via the below form or open it here</a>.The deadline for submissions is August 12.

Seeking nominations for Business Insider's third annual climate action list 

<ul class="summary-list"><li>UAE's state-owned oil company brokered deals to boost fossil fuels at home and overseas in 2023.</li><li>The deals included supplying gas to China and expanding into Egypt and Azerbaijan.</li></ul>Last year, while the United Arab Emirates oversaw a historic agreement to fight the climate crisis, it was brokering deals for oil and gas that could bring the country tens of billions of dollars and boost fossil-fuel production globally.An <a target="_blank" href="https://www.globalwitness.org/en/campaigns/fossil-gas/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/">analysis by the climate watchdog Global Witness</a> found that the UAE's state-owned oil company, known as ADNOC, closed more than a dozen deals to expand its oil and gas footprint at home and overseas.Among the transactions were ADNOC's first contract to supply gas to China; a joint venture with the oil giant BP in Egypt; and a stake in Azerbaijan's gas field in the Caspian Sea. ADNOC also bought a Dutch fertilizer company and acquired a stake in an Austrian plastics maker, both of which rely on fossil fuels for their products.In November, during the UN climate summit in Dubai, <a target="_blank" href="https://www.businessinsider.com/cop28-host-uae-broker-secret-oil-deals-climate-summit-bbc-2023-11">the BBC and the Center for Climate Reporting</a> reported that UAE planning documents showed that oil, gas, petrochemical, and renewable-energy projects were among the talking points for meetings with countries in the lead-up to the climate summit, COP28. The summit was led by ADNOC's chief executive, Sultan Al Jaber.Global Witness found that ADNOC either pursued or closed fossil-fuel deals with firms in 11 of the 16 countries targeted in the UAE planning documents. These included deals to sell liquefied natural gas to Chinese-owned firms and to expand oil and gas businesses in Egypt and Azerbaijan — two countries that open up the UAE's access to Europe as it seeks non-Russian gas. Global Witness estimated that the overall value of the deals it analyzed was nearly $100 billion, though some haven't been finalized."Make no mistake, COP28 was hijacked by the interests of the fossil fuel industry, who weren't content simply to block or stall genuine climate policy but used the opportunity to pursue more climate-wrecking oil and gas deals," Patrick Galey, a senior investigator at Global Witness, said in a statement.ADNOC did not return a request for comment from Business Insider, but Global Witness presented its findings to the oil giant. A spokesperson told Global Witness that the allegation that ADNOC used COP28 to pursue business deals was "completely baseless and false."The spokesperson argued that COP28 "delivered the biggest climate breakthroughs" since the Paris Agreement in 2015, when world leaders agreed to try to limit global warming to 1.5 degrees Celsius above preindustrial levels.<h2 id="ab608433-ab72-4ca8-86e5-40fa507c2070">A historic deal in Dubai</h2>A <a target="_blank" href="https://www.ipcc.ch/report/sixth-assessment-report-cycle/">panel of hundreds of climate scientists</a> convened by the UN has said that temperature threshold is likely to be crossed within the next decade, pushing the planet toward a catastrophe, unless countries rapidly stop burning fossil fuels. They've said emissions from existing oil, gas, and coal infrastructure are on track to exceed the Paris Agreement goal.So far, the planet has warmed by about 1.1 degrees Celsius, and <a target="_blank" href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">deadly heat waves, wildfires, flooding</a>, and <a target="_blank" href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">drought-caused famine</a> are on the rise.At COP28 in Dubai, countries for the first time called for a transition away from fossil fuels this decade and for the tripling of renewable energy by 2030. In a side agreement brokered by the UAE, oil and gas companies accounting for 40% of global production <a target="_blank" href="https://www.businessinsider.com/cop28-un-climate-conference-oil-and-gas-methane-emissions-satellites-2023-12">promised to nearly eliminate their methane emissions</a> by 2030.But the Dubai deal left the door open to more fossil-fuel production by promoting technology such as carbon capture, which is still in the early stages of development. The deal also said "transitional fuels" could play a role in reducing emissions — a nod to gas, which is less polluting than coal but a major emitter of methane.<a target="_blank" href="https://climateactiontracker.org/countries/uae/">Climate scientists have found</a> that while the UAE is investing in renewable energy, carbon capture, and other low-carbon technologies, that activity is dwarfed by the country's fossil-fuel expansion. The UAE, the seventh-largest oil producer, is investing $150 billion to boost its own oil and gas production through 2027. Global Witness' investigation also sheds light on how the country is securing new markets overseas.Galey said he was concerned that another petrostate, Azerbaijan, which is hosting this year's UN climate summit, could follow the UAE's lead. COP29 is set to be led by Azerbaijan's ecology minister, Mukhtar Babayev, who spent nearly two decades in senior positions at the country's state-owned energy company until leaving in 2018.Azerbaijan is an emerging economy that relies on oil and gas for nearly half of its GDP and more than 92% of its export revenue.COP29 organizers didn't return a request for comment from BI. They told Global Witness that they "reject in the strongest terms the suggestion that Azerbaijan has a hidden agenda" in hosting the climate summit.

The United Arab Emirates pursued nearly $100 billion worth of oil and gas deals the same year it led the global climate summit, analysis finds 

<keyword id="20243228" type="General" weightage="20" keywordseo="developed-countries" source="keywords">Developed countries</keyword> historically responsible for maximum <keyword id="19951337" type="General" weightage="20" keywordseo="carbon-emissions" source="keywords">carbon emissions</keyword> should come forward and own the responsibility of providing finance to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> to address the <keyword id="20212385" type="General" weightage="20" keywordseo="climate-crisis" source="keywords">climate crisis</keyword>, Union Environment Minister Bhupender Yadav said on Friday. <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">Climate finance</keyword> will be at the centre of the 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 in 2025 to support climate action in developing countries. "Temperature rise is a global problem. IPCC reports clearly say the increase in carbon emissions is driving average global temperatures up. Countries have prepared their Nationally Determined Contributions. India has achieved its climate targets, be it in the renewable energy sector or reducing carbon emissions," Yadav said at the India Climate Summit organised by Times Network. "Developed countries are required to provide finance and technological support to developing countries if we need equal growth in the world. Unfortunately, this could not happen but the New Collective Quantified Goal will be the central point of the COP29 in Baku. Countries historically responsible for maximum carbon emissions should come forward," he said. NDCs are national climate plans to achieve the goals set out in the 2015 Paris Agreement, including limiting global warming to well below 2 degrees Celsius and preferably to 1.5 degrees Celsius compared to the 1850-1900 average. With the Earth's global surface temperature already 1.15 degrees Celsius above the average in 1850-1900, climate scientists say countries need to take urgent action to reduce heat-trapping greenhouse gas emissions by at least 43 per cent by 2030 (compared to 2019 levels) to limit warming to 1.5 degrees Celsius. Developing nations argue they cannot be expected to reduce CO2 emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Now, rich countries are expected to raise more than USD 100 billion, with developing countries demanding trillions of dollars to tackle climate change. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/stock-market/news/allied-blenders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111317150.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/allied-blenders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111317150.cms" target="_blank">Allied Blenders IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

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

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Seeking nominations for Business Insider's third annual climate action list

Insider Inc.

The United Arab Emirates pursued nearly $100 billion worth of oil and gas deals the same year it led the global climate summit, analysis finds

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Rich nations should provide climate finance to developing countries: Bhupender Yadav

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