By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
    Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
    May 14, 2025
    Cassandra Ventura testifies, tells jury freak offs became a job
    Cassandra Ventura testifies, tells jury freak offs became a job
    May 13, 2025
    White South Africans arrive in US after Trump administration granted them refugee status | World News
    White South Africans arrive in US after Trump administration granted them refugee status | World News
    May 13, 2025
    Trump’s Mideast Wish List: + Trillion in Investments – and Some Diplomacy Too
    Trump’s Mideast Wish List: $1+ Trillion in Investments – and Some Diplomacy Too
    May 13, 2025
    Djokovic-Murray coaching partnership ends before French Open | Tennis News
    Djokovic-Murray coaching partnership ends before French Open | Tennis News
    May 13, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
    Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
    May 14, 2025
    BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
    BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
    May 14, 2025
    Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here
    Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here
    May 14, 2025
    How to Use tsUSDe on TON for Passive Dollar Yield in 2025
    How to Use tsUSDe on TON for Passive Dollar Yield in 2025
    May 13, 2025
    South Korea’s Democratic Party sets up ‘Digital Asset Committee’
    South Korea’s Democratic Party sets up ‘Digital Asset Committee’
    May 13, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Over a $1 trillion needed for developing nations climate transition
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > World News > Over a $1 trillion needed for developing nations climate transition
Over a  trillion needed for developing nations climate transition
World News

Over a $1 trillion needed for developing nations climate transition

Published August 7, 2023
Share
5 Min Read
SHARE

Contents
Sharp criticism‘Scale and urgency’

Smoke billows from an unauthorized steel factory, foreground, on November 4, 2016 in Inner Mongolia, China. To meet China’s targets to slash emissions of carbon dioxide, authorities are pushing to shut down privately owned steel, coal, and other high-polluting factories scattered across rural areas. (Photo by Kevin Frayer/Getty Images)

Kevin Frayer | Getty Images News | Getty Images

Developing nations will need more than $1 trillion each year to make significant progress in climate transition, according Mari Pangestu, a former World Bank official.

“The estimate is like $1 [trillion] to $3 trillion a year for developing countries to be able to transition,” she told CNBC’s “Squawk Box Asia” on Thursday.

The lack of funding has made it difficult for those countries to reduce their high carbon emissions and shift to clean energy, Pangestu added. This has led to tensions between developing nations and the developed world, which are pushing for more progress in climate related issues.

“This debate is going to continue unless developed countries can see that this is about development and climate — not just about climate,” Pangestu, a former trade and tourism minister for Indonesia, said.

“And that has been the source of tension. You can’t separate the two,” she added, underlining the “key word is actually — transition.”

“How do you transition from the high emission now to clean energy? It will require us to have resources.”

This was “part of the bone of contention,” for the lack of progress made in the recently concluded Group of 20 climate ministers meeting in India, Pangestu said.

The talks in late July wrapped up without consensus on crucial matters to address the climate crisis such as the issue of financing to support developing countries, the document showed.

India’s climate change minister Bhupender Yadav, who chaired the meeting, acknowledged there had been “some issues about energy, and some target-oriented issues.”

Sharp criticism

The July climate meeting was seen as a chance for the world’s biggest polluters to take concrete steps ahead of a G20 leaders’ meeting in September in New Delhi and the COP28 Summit in the United Arab Emirates in December.

The failure to reach a deal drew withering criticism from environmental activists.

“Europe and North Africa are burning, Asia is ravaged with floods yet G20 climate ministers have failed to agree on a shared direction to halt the climate crisis which is escalating day by day,” said Alex Scott of climate change think-tank E3G.

“Reports of Saudi Arabia and China stifling the forum’s political space to even discuss a new direction on the energy transition fly in the face of their claims of defending the interests of developing countries,” he added.

Abu Dhabi National Oil Company has brought forward its net-zero target by 5 years

China rejected reports it had obstructed climate discussions at the G20 climate meeting, saying “relevant reports totally run counter to the facts.”

The Ministry of Foreign Affairs insisted the meeting “achieved positive and balanced outcomes.”

“However, some countries introduced geopolitical issues as an obstruction and the meeting failed to adopt a communique. China finds it regrettable,” the ministry said without elaborating.

‘Scale and urgency’

There’s a “scale and urgency” to address the climate crisis, said Pangestu, adding it requires greater effort from all stakeholders.

“Part of that will have to come from countries’ own resources,” she noted. “Also part of it has to come from multilateral development banks and other sources, which are going to reduce the cost and risks — so that you can get private sector to come in.”

We're not reducing emissions fast enough, says professor

Pangestu argued that if developed nations want to move away from fossil fuels and “retire coals plants early,” more support should be provided to developing countries.

“What South Africa and Indonesia have done more recently on this particular issue is say: ‘That’s fine and well, you want us to get out early’ — but who’s going to fund the cost of getting out early?” she asked.

“These are private companies, you have to also compensate them. There’s a legal issue, financial issue. So this is where we need to really get into the policies and the reforms.”

 

#trillion #needed #developing #nations #climate #transition

TAGGED:Asia Economybusiness newsChinaclimatedevelopingEnvironmentForeign policyIndiaMari PangestunationsNeededNew DelhiPollutionSaudi ArabiaSouth AfricatransitiontrillionUnited Arab EmiratesWorld economy
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Why businesses, State agencies need to beef up war chest against hackers Why businesses, State agencies need to beef up war chest against hackers
Next Article Jags are taking it slow with OL Tyler Shatley after he experienced an irregular heartbeat Jags are taking it slow with OL Tyler Shatley after he experienced an irregular heartbeat
- Advertisement -

Latest Post

Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
Cantor Equity Partners (CEP) News: 4,812 Bitcoin Purchased
Cryptocurrency
BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR
Cryptocurrency
Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
Ousted Bangladesh PM Hasina’s party barred from election as party registration suspended
World News
Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here
Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here
Cryptocurrency
Cassandra Ventura testifies, tells jury freak offs became a job
Cassandra Ventura testifies, tells jury freak offs became a job
World News
How to Use tsUSDe on TON for Passive Dollar Yield in 2025
How to Use tsUSDe on TON for Passive Dollar Yield in 2025
Cryptocurrency
- Advertisement -

You Might Also Like

Iceland cave collapse kills tourist, two more missing
World News

Iceland cave collapse kills tourist, two more missing

August 26, 2024
X logo officially replaces Twitter’s famous bird on mobile app
World News

X logo officially replaces Twitter’s famous bird on mobile app

July 29, 2023
India’s Modi calls for ‘consensus’ as parliament opens after polls
World News

India’s Modi calls for ‘consensus’ as parliament opens after polls

June 25, 2024
U.S. imposes sanctions on prominent Russian financiers with ties to West
World News

U.S. imposes sanctions on prominent Russian financiers with ties to West

August 12, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?