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☆ COP29 host Azerbaijan hits out at West in defense of oil and gas
▼ + stars: | 2024-11-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +5 min

The president of Azerbaijan, host of this year’s U.N. climate summit, lashed out at Western critics of his country’s oil and gas industry on Tuesday. Azerbaijan’s finance ministry said the share of oil and gas as a contribution to the economy was declining as the country diversifies. The people need them.”He singled out the United States, the world’s largest historic carbon emitter, and the European Union for particular criticism, accusing them of double standards. The United States is the world’s largest oil and gas producer. Aiming to cut methane emissions from the United States, President Joe Biden’s administration on Tuesday finalized a methane fee for big oil and gas producers.

Persons: Ilham Aliyev, General Antonio Guterres, ”, Aliyev, bode, Romain Ioualalen, Harjeet Singh, Ali Zaidi, Joe Biden’s, Donald Trump, ” Guterres, Mia Mottley Organizations: European Union, Observers, Shell, World Bank Locations: Azerbaijan, United States, Ukraine, California, New York, Spain, Barbados

CNN —India’s T20 World Cup-winning cricket team will finally be able to fly home Tuesday after being stuck in Barbados due to Hurricane Beryl, a powerful storm churning through the Caribbean. CNN has reached out to India’s Board of Control for Cricket for comment. The hurricane made landfall on Grenada’s Carriacou Island in the Caribbean Sea on Monday morning, causing extreme damage and one confirmed death. As of early Tuesday, Hurricane Beryl had winds of 165 miles (265 kilometers) per hour, according to the National Hurricane Center (NHC). India’s T20 World Cup victory – its first since winning the inaugural 2007 edition – sparked emotional celebrations after a year of heartbreak for many of its players, who lost to Australia in the finals of both the ODI Cricket World Cup and World Test Championship.

Persons: CNN —, Mia Mottley, Vincent, Hurricane Beryl, It’s Organizations: CNN, Caribbean, South, Board of Control, Cricket, National Hurricane Center Locations: Barbados, South Africa, Grenadines, Jamaica, Australia

☆ Hurricane Beryl nears Caribbean as life-threatening Category 3 storm — marking an unusually early start to hurricane season
▼ + stars: | 2024-07-01 | by ( Elizabeth Wolfe | ) edition.cnn.com time to read: +8 min

CNN —Hurricane Beryl, a powerful Category 3 storm, is expected to slam into the Caribbean on Monday, endangering several island communities with life-threatening storm surge, violent winds and flash flooding. Beryl’s arrival marks an exceptionally early – and likely devastating – start to the Atlantic hurricane season. • Widespread tropical storm advisories: Tropical storm warnings are in effect for Martinique and Trinidad, the National Hurricane Center said. Less severe tropical storm watches are also in place in parts of the Dominican Republic and the southern coast of Haiti. The storm’s rapid intensification is very atypical this early into hurricane season, according to National Hurricane Center Director Mike Brennan.

Persons: Vincent, Beryl, Ivan, Ralph Gonsalves, ”, Mia Amor Mottley, Hurricane, Chandan Khanna, Ramona Archer, Bradshaw, “, General Cecile La, Saint Lucia, Grenada’s Maurice, Lucia’s, George Charles, Chris –, Mike Brennan, Alma, Hurricane Audrey, “ Beryl, ” Brennan, Phil Klotzbach, CNN’s Michael Rios, Marlon Sorto, Sandi Sidhu, Melissa Alonso, Isaac Yee, Brandon Miller Organizations: CNN, Atlantic, Islanders, Local, ”, National Hurricane Center ., Hurrican Center, Barbados, ” Workers, Getty, CBC News, Grenadian, Grenada’s Maurice Bishop International, Grantley Adams International, Lucia’s Hewanorra, George, National Hurricane Center, •, National Hurricane, NOAA, Systems, Colorado State University, Weather Service Locations: Caribbean, Grenada, St, Grenadines, Windward, Saint Vincent, Barbados, Windward Islands, Bridgetown, Lucia, Tobago, •, Saint, Martinique, Trinidad, Dominican Republic, Haiti, Gulf of Mexico, Lesser, Atlantic, El

☆ Beryl strengthens into a hurricane in the Atlantic, forecast to become a major storm
▼ + stars: | 2024-06-29 | by ( ) www.cnbc.com time to read: +6 min

A major hurricane is considered Category 3 or higher, with winds of at least 111 mph (178 kph). Beryl also is the strongest June tropical storm on record that far east in the tropical Atlantic, according to Klotzbach. Beryl is the second named storm in what is predicted to be a busy hurricane season, from June 1 to November 30 in the Atlantic. He said one was the first hurricane of 1933, the most active hurricane season on record. An average Atlantic hurricane season produces 14 named storms, seven of them hurricanes and three major hurricanes.

Persons: Beryl, Philip Klotzbach, St, Vincent, Michael Lowry, Sabu Best, Tomer Burg, Brian McNoldy, Mia Mottley, Musku, Ralph Gonsalves, Storm Alberto, Lowry, Mark Spence, I'm Organizations: Barbados, Colorado State University, National Hurricane Center, University of Miami, South Africa, Grenadines, Cricket, Atmospheric Administration Locations: Caribbean, Barbados, Lucia, Grenada, St, Grenadines, Martinique, Dominica, Tobago, Florida, Jamaica, Mexico, Miami, India, South, Bridgetown, Pittsburgh, Trinidad and Tobago, Port, Spain, South Florida

☆ Read Your Way Through the San Francisco Bay Area
▼ + stars: | 2024-03-13 | by ( Leila Mottley | ) www.nytimes.com time to read: +1 min

Read Your Way Around the World is a series exploring the globe through books. The San Francisco Bay Area is anything but a monoculture. Go to San Francisco, hop across the Bay Bridge into Oakland, then head up into Richmond or down to Hayward, and the landscape around you — the people, the food, the particular cadence of walk and talk — will morph. The Bay Area is known for starting shit. The Bay Area is unafraid to be first.

Persons: —, Jack London’s, John Steinbeck’s Locations: San Francisco Bay, San Francisco, Oakland, Richmond, Hayward, John Steinbeck’s Salinas

☆ Haiti’s prime minister is resigning. Will that bring calm to the gang-ravaged country?
▼ + stars: | 2024-03-12 | by ( Caitlin Stephen Hu | Jennifer Hansler | ) edition.cnn.com time to read: +9 min

In Henry’s place, a transitional council will be established and endowed with some powers of the presidency – including the ability to name a new interim prime minister. It is unclear how long it could take to establish a transitional council to begin the transfer of power, though Haiti’s former PM Claude Joseph told CNN that it could be created within 24 hours. The big question is whether these changes can bring calm to Haiti, and put a stop to the terrible violence tearing apart Haiti’s capital Port-au-Prince. Talks with regional leaders continued, leading into the emergency CARICOM meeting on Monday. The United States will contribute $300 million to the Kenyan-led multinational security mission, Blinken said after attending the CARICOM meeting on Monday.

Persons: CNN —, Ariel Henry, Henry, Claude Joseph, Jimmy “, Henry’s, Cherizier, Odelyn Joseph, Romaine LeCoeur, Fanmi, Petit, Jimmy Cherizier, Viv Ansanm, “ ’ Viv Ansanm ’, ” Cherizier, Guy Philippe, Philippe, ”, “ we’re, State Anthony Blinken, William Ruto, “, ” Blinken, Mia Mottley, Will Ariel Henry, Blinken Organizations: CNN, CNN — Haiti’s, Caribbean, US State Department, AP, United Nations, Initiative, Transnational, CARICOM, Montana Group, Petit Dessalinnes, United Nations Security, Kenyan, senior State Department, State, State Department Locations: Caribbean, Puerto Rico, Haiti, Kenya, Port, Prince, Swiss, EDE, CARICOM, “, Barbados, United States

On Monday, Prince Abdulaziz bin Salman, energy minister and the key climate negotiator, for the kingdom, was a no-show at the Saudi Green Initiative. "The climate finance that they have pledged at this COP28 is simply not enough," said Pakistani activist Zaigham Abbas, whose country was devastated last year by widespread flooding. Elsewhere, France and Japan said they would support a move by the African Development Bank to leverage IMF Special Drawing Rights for climate and development. This year also features the biggest-ever representation of business at the annual U.N. summit, amid hopes for more private investment toward climate causes. "The scale of the climate crisis demands urgent and game-changing solutions from every industry," COP28 President Ahmed Al-Jaber said.

Persons: COP28, Johanna Geron, Prince Abdulaziz bin Salman, Crown Prince Mohammad bin Salman, Nicholas Stern, Mia Mottley, Antonio Guterres, Zaigham Abbas, Abu Dhabi, Ahmed Al, Jaber, Simon Jessop, Maha El, Al Sayegh, Alexander Cornwell, Elizabeth Piper, David Stanway, Katy Daigle Organizations: of, European Union, REUTERS, Companies, Saudi, United, United Arab Emirates, Saudi Green Initiative, Crown, Grantham Research, Asian Peoples ' Movement, Development, African Development Bank, European Bank for Reconstruction, Copenhagen Infrastructure Partners, BlackRock, HSBC, Finance, Reuters, Thomson Locations: Dubai, Brussels, Belgium, Companies UAE, DUBAI, COP28, United Arab, Saudi Arabia, Sharm el, Sheikh, Egypt, Paris, China, Grantham, Barbados, France, Japan, Copenhagen, Abu

☆ What are leaders saying at the UN climate summit?
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +3 min

President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan walks with Brazil's President Luiz Inacio Lula da Silva, alongside other world leaders and delegates, at Dubai's Expo City ahead of the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates,... Acquire Licensing Rights Read moreDUBAI, Dec 2 (Reuters) - World leaders addressed the COP28 summit on Saturday, where their countries' delegations are assessing progress towards meeting global climate goals. Because for every dollar that we spend before disaster, we can save $7 in damage, and indeed loss of lives. Leaders who deny climate science, delay climate action and spread misinformation. Corporations that greenwash climate inaction and lobby for billions of dollars in fossil fuel subsidies. ___For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Luiz Inacio Lula da Silva, OLAF SCHOLZ, there's, POPE FRANCIS, State Cardinal Pietro Parolin, KAMALA HARRIS, William James, Elizabeth Piper, Nandita Bose Organizations: United, United Nations, Change, Vatican, State, Reuters, Thomson Locations: United Arab Emirates, Dubai, DUBAI, BARBADOS

A pipeline that moves methane gas from the Frank R. Bowerman landfill to an onsite power plant is shown in Irvine, California, California, U.S., June 15, 2021. The philanthropies, which include the Bezos Earth Fund, Bloomberg Philanthropies and the Sequoia Climate Foundation, will help accelerate the phase-down of methane emissions and other non-carbon dioxide greenhouse gases. That means that reining in methane emissions can have a more immediate impact in limiting climate change. Research firm Kayrros, which tracks methane emissions, said on Friday that despite the pledge, emissions of methane are not coming down, and in some places, they are even going up. Rapid cuts in methane emissions from fossil fuels could lead to a reduction of 0.1°C in global temperature rise by mid-century," said Antoine Rostand, CEO of Kayrros.

Persons: Frank R, Bowerman, Mike Blake, Bloomberg Philanthropies, ”, Mia Amor Mottley, “ We’ve, Antoine Rostand, Valerie Volcovici, Frances Kerry Organizations: REUTERS, Rights, Fund, Bloomberg, Sequoia Climate Foundation, U.S, Thomson Locations: Irvine , California , California, U.S, United States, UAE, China, Barbados, EU

☆ COP 28 Climate Summit Global Warming Talks Begin Amid Deep Tensions
▼ + stars: | 2023-12-01 | by ( David Gelles | ) www.nytimes.com time to read: +3 min

PinnedWorld leaders are gathering in Dubai for an annual United Nations climate summit and calling for urgent action to slow down global warming. Greenhouse gas emissions, mainly driven by the burning of fossil fuels, have now warmed the planet by about 1.2 degrees Celsius above preindustrial levels. While many developed countries are installing more wind and solar power, global greenhouse gas emissions and fossil fuel demand continue to rise. Another big issue on the table is an international effort to limit emissions of methane, a potent greenhouse gas. The president of the proceedings, Sultan Al Jaber, is the head of the Emirates’ state oil company, Adnoc.

Persons: King Charles III, Mia Mottley, Volodymyr Zelensky, William Ruto, Isaac Herzog of Israel, Mahmoud Abbas, Sultan Al Jaber, Al Jaber, ”, “ Organizations: Palestinian, United Arab, Emirates, Adnoc Locations: Dubai, United Nations, Barbados, Ukraine, Kenya, Gaza, United Arab Emirates

☆ King Charles says world heading for ‘dangerous uncharted territory’ as climate crisis deepens
▼ + stars: | 2023-12-01 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

CNN —King Charles III told world leaders Friday that the warning signs of the climate crisis are being ignored and that the world is heading for “dangerous uncharted territory,” with devastating consequences for lives and livelihoods. The King called for a series of measures, including a ramp-up of public and private finance, to tackle the climate crisis and rapidly increase renewable energy. The King did not attend last year’s COP27 summit in Egypt, after the then UK Prime Minister, Liz Truss advised him against going. CNN understood at the time that, the monarch and government jointly agreed that the climate summit wasn’t the right occasion for the King’s first trip overseas as sovereign. The US announced a commitment of $17.5 million, which some experts and advocacy groups said was “embarrassing.”World leaders including India’s Prime Minister Narendra Modi, Brazil’s President Lula Da Silva, UK Prime Minister Rishi Sunak and Prime Minister of Barbados Mia Mottley are due to address delegates later.

Persons: King Charles III, King, ”, won’t, Liz Truss, Sheikh Mohammed bin Zayed Al Nahyan, “, Narendra Modi, Lula Da Silva, Rishi Sunak, Barbados Mia Mottley, CNN’s Lauren Said, Moorhouse, Angela Dewan, Ella Nilsen Organizations: CNN, UAE, CNN’s Royal, United Arab, US, India’s, Brazil’s, UK Locations: Dubai, Pakistan, Bangladesh, East Africa, Egypt, UAE, United Arab Emirates, Germany, Barbados

☆ What to watch at COP28 on Saturday?
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

Delegates walk past flag posts at the Dubai's Expo City after attending the World Climate Action Summit, during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. Among the headliners expected to speak at COP28 are U.S. Vice President Kamala Harris, Barbados Prime Minister Mia Mottley and Ukrainian President Volodymyr Zelenskiy, whose video address had originally been scheduled for Friday. Governments also are poised to announce a promise to triple renewable energy capacity, boost nuclear energy capacity and rein in emissions of methane. Friday's first day at the summit highlighted tensions between the United Nations, whose secretary general urged leaders to commit to quitting fossil fuels, and the COP28's UAE hosts, who have urged cooperation with oil companies. ___For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Thomas Mukoya, Kamala Harris, Mia Mottley, Volodymyr Zelenskiy, Katy Daigle, Diane Craft Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, UAE, Reuters, Thomson Locations: Dubai, United Arab, COP28, Barbados, Gaza

☆ The next United Nations Secretary General? This Caribbean climate leader makes diplomats 'jump' with excitement
▼ + stars: | 2023-09-29 | by ( Stephanie Fillion | ) edition.cnn.com time to read: +8 min

United Nations CNN —Asked last week if she will run to become the United Nations’ next Secretary General, Prime Minister Mia Mottley of Barbados gave a thumbs up, smiled, and walked away. Fighting for a woman at the helmThe UN’s next Secretary General would take office in January 2027. “There’s always lots of men that want to run,” said Ben Donaldson, head of campaigns at the United Nations Association of the United Kingdom. “It’s not so much about talking about a Julie or Anne, or Mary, it is more about talking about a Madame Secretary General as a general proposition, and then making sure that we pave the way to get there,” she said. “I believe that men should run next time around as I believe women should run in their numbers,” he said.

Persons: United Nations CNN —, Mia Mottley, Mottley, Juan Manuel Santos –, –, Santos, Rafael Grossi, António Guterres, Alicia Bárcena, Rebeca, Maria Fernanda Espinosa Garcés, “, Ralph Gonsalves, Saint Vincent, ”, Guterres, Obama, Richard Gowan, ” Elina Valtonen, ” Valtonen, it’s, Ben Donaldson, “ I’m, Susana Malcorra, It’s, Julie, Anne, Mary, Dennis Francis, doesn’t, ” Julia Maciel Organizations: United Nations CNN, United Nations ’, UN, United Nations, International Atomic Energy Agency, Assembly, CNN, International Monetary Fund, General, Chevron, European Union, Bridgetown Initiative, IMF, World Bank, Crisis, UN Security Council, Security Council, Security, United Nations Association of, Global, Madame Locations: Barbados, America, Caribbean, New York, Colombian, Costa Rica, Ecuador, Grenadines, Venezuela, Bridgetown, COP28, New York City, UN, Portuguese, United Kingdom, Trinidad and Tobago, Ukraine, Paraguay

UNITED NATIONS (AP) — It's Day 5 of the U.N. General Assembly high-level meeting that brings world leaders together at U.N. headquarters in New York. Here are the highlights of what happened Thursday at the U.N. and what to keep an eye on Saturday. — Armenia and Azerbaijan have already traded words over Nagorno-Karabakh at the Security Council but now each will get to address the General Assembly on Saturday. Mottley has made a habit of including song lyrics in her General Assembly speeches, last year invoking “We Are the World” and, the year before, Bob Marley. ___For more coverage of this year's U.N. General Assembly, visit https://apnews.com/hub/united-nations-general-assembly

Persons: —, Yemen’s, Benjamin Netanyahu, Israel, Ariel Henry, Sergey Lavrov, They're, Mia Amor Mottley, Rocky Dawuni, Mottley, “, Bob Marley Organizations: UNITED NATIONS, General Assembly, UN GENERAL, Transitional Council, Associated Press, U.S, Security Council Locations: U.N, New York, Saudi Arabia, Haiti, Kenya, Haitian, Azerbaijan, Armenia, lRussia, Mexico, Belarus, Venezuela, Ukraine, Russia, — Armenia, Nagorno, Karabakh, Barbados

☆ Conservative women leaders make their entrance at the UN General Assembly
▼ + stars: | 2023-09-22 | by ( Stephanie Fillion | ) edition.cnn.com time to read: +6 min

United Nations CNN —When Jacinda Ardern brought her baby Neve to the United Nations for the 2018 General Assembly, then-New Zealand Prime Minister became an emblematic figure of modern women in politics. But women attending the annual top rendezvous of diplomacy have remained a minority, and the UN General Assembly this year is no different. “This perpetuates the cycle,” Susana Malcorra, a former foreign minister of Argentina and president of Global Women Leaders Voices, said. Of course, not all the women leaders attending UNGA are on the far side of the political spectrum. It was Čaputová’s last General Assembly as president of her country, as she announced a few months ago she won’t seek reelection in 2024 for personal reasons.

Persons: Jacinda Ardern, Neve, ” Susana Malcorra, Katalin Novak, Giorgia Meloni, Meloni, “ Meloni, ” Richard Gowan, Katalin Novák, Viktor Orbán, it’s, Novák, Orban, Novak, ”, Mike Segar, Dina Boluarte, Peru’s, Pedro Castillo, Boluarte, UNGA, Zuzana, Maia Sandu, Nataša Pirc Musar, –, Sheikh Hasina, Mia Mottley, Bob Marley, Xiomara Castro, Ursula von der Leyen, Kristalina Georgieva, Ngozi, Natalie Portman Organizations: United Nations CNN, United Nations, Zealand, UN, Assembly, Global, Italian, Ukraine, Crisis, United Nations Security Council, Reuters, Security Council, Slovenia, Big Apple, European Commission, International Monetary Fund, World Trade Organization Locations: New York, Argentina, Italy, Ukraine, Slovakia, Moldova, Barbados, New York City, Honduras

"The move from fossil fuels to renewables is happening – but we are decades behind," Guterres said at the start of the one-day summit. "We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels." Those not invited to speak were the world's two top polluters - the United States and China – though U.S. Special Envoy on Climate Change John Kerry was in the audience. "This climate crisis is a fossil fuel crisis," he said, drawing applause from the heads of state and others in the room. "Climate change is a top priority for my administration," Thavisin told the gathering, his country having recently created a climate change ministry.

Persons: Antonio Guterres, Mike Segar, Guterres, John Kerry, China's U.N, William Ruto, Ruto, Gavin Newsom, Srettha Thavisin, Thavisin, Sultan Ahmed al, Jaber, COP28, Mia Mottley, Ursula von der Leyen, Pushpa Kamal Dahal, Valerie Volcovici, Katy Daigle, Howard Goller Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, General, United Arab Emirates, Thailand's, FINANCE, Security Council, Allianz, World Bank, International Monetary Fund, Fund, Thomson Locations: New York City, U.S, COP28, Dubai, Brazil, Canada, Pakistan, South Africa, Tuvalu, United States, China, California, UAE, Barbados, Ukraine

In climate negotiations, "loss and damage" refers to existing costs incurred from climate-fueled weather impacts, such last year's devastating Pakistan flooding. The U.S. is part of a 24-country committee deciding how the fund will work before the COP28 climate summit in Dubai can officially adopt it this year. Both voted to approve new funding arrangements under the condition that the fund not be about liability for rich countries and compensation. Instead, both Washington and Brussels say the fund should be filled from myriad sources including industry taxes, philanthropic donations or other schemes. The world’s least developed nations want the fund to be limited to the neediest nations.

Persons: Akhtar Soomro, that's, ”, Sue Biniaz, Biniaz, Christina Chan, “, “ That’s, Avinash Persaud, Mia Mottley, Persaud, Dileimy Orzoco, Valerie Volcovici, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, . State Department, Reuters, The, State Department, EU, Nonprofit, Thomson Locations: Sehwan, Pakistan, U.S, Washington, The U.S, Dubai, Dominican Republic, Paris, Brussels, China, Barbados, Philippines

The World Bank and others also said they would start adding clauses to lending terms that allow vulnerable states to suspend debt repayments when natural disaster strikes. Specifically, for the first time, the document acknowledged the potential need for richer countries to provide fresh money to multilateral development institutions like the World Bank. Another first was in the explicit target for multilateral development banks to leverage "at least" $100 billion a year in private sector capital when they lend. All eyes now turn to more traditional events later in the year, including the International Monetary Fund and World Bank annual meetings, a G20 meeting in September and the COP28 climate talks in Dubai. Persaud said his focus would be on making sure the plan to scale up multilateral development bank lending was in place by the time of annual meetings in October, and that pilot work began on reducing the cost of capital for developing countries.

Persons: Macron, Mia Mottley, Avinash Persaud, What's, Persaud, Teresa Anderson, They've, Sonia Dunlop, Simon Jessop, Leigh Thomas, Tommy Reggiori Wilkes, Mark Heinrich Our Organizations: Global, Pact, Reuters, World Bank, International Maritime Organisation, Paris Summit, Climate Justice, ActionAid, International Monetary Fund, Bank, Thomson Locations: Barbados, PARIS, Bridgetown, Zambia, Paris, Dubai

Leaders are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, according to a draft summit statement seen by Reuters. Citing the war in Ukraine, climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision. The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance. Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks. Though binding decisions are not expected, officials involved in the summit's planning said some strong commitments should be made about financing poor countries.

Persons: Ajay Banga, Banga, Mia Mottley, John Irish, Philippa Fletcher Organizations: Glasgow, Summit, New Global Financial, World Bank, United Nations, Bank, Reuters, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, International Maritime Organization, Thomson Locations: Paris, France, PARIS, Africa, Ukraine, Banga, Bridgetown, French

Ranging from debt relief to climate finance, many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'. Though binding decisions are not expected, officials involved in the summit's planning said that some strong commitments should be made about financing poor countries. In particular, there should be an announcement that a $100 billion target has been met that will be made available through the International Monetary Fund for vulnerable countries, officials said. The plan, first agreed two years ago at an African finance summit in Paris, calls on wealthy governments to lend unused special drawing rights to the IMF to, in turn, lend to poor countries. Reporting by Leigh Thomas in Paris and Simon Jessop in London; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron, Mia Mottley, Avinash Persaud, Persaud, Leigh Thomas, Simon Jessop, Christina Fincher Organizations: World Bank, United Nations, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, IMF, AAA, Paris Club, International Maritime Organization, Thomson Locations: Bridgetown, Mottley, Paris, Ethiopia, Ghana, Sri Lanka, Zambia, China, London

☆ Natural evolution: Record Galapagos deal sparks clamour for eco-friendly debt swaps
▼ + stars: | 2023-06-09 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

The growing appetite comes as record numbers of developing world governments face debt pressures due to higher global interest rates. There have been around 140 over the past 35 years, but even including last month's super-sized Galapagos deal they have only involved around $5 billion of debt altogether. The top-level attendees will be urged to do more, not only debt swaps, but also by providing foreign exchange guarantees and automatic debt-payment breaks for countries hit by climate-related disasters. "Seeing something that has a group of countries involved would be amazing," Issa said. Ecuador says it is eyeing another transaction to capitalise on the halo effect from the Galapagos deal.

Persons: Ramzi Issa, Charles Darwin's, Issa, Ilan Goldfajn, Scott Nathan, Nathan, Emmanuel Macron, Mia Mottley, Suisse's Issa, Simon Jessop, Sharon Singleton Organizations: Ecuador, Credit Suisse, Inter, American Development Bank, U.S . International Development Finance Corporation, Reuters Graphics, Thomson Locations: Ecuador, Belize, Barbados, Gabon, Paris, Sri Lanka, Indian, Colombia, Costa Rica, Panama, Kenya, Mozambique, Tanzania, Seychelles

It would see the IMF and other MDBs "cut the excessive macro-risk premia on developing countries with $100 billion per year of foreign exchange guarantees", for financing in more volatile domestic currencies rather than the dollar or euro. A report by the World Bank and other big multilateral lenders said they gave $51 billion in 2021 alongside $13 billion from private finance. Outlines of the proposals have been sent to the key groups preparing the discussions over the last couple of weeks. "This is a call to arms" the source said, referring to the document and its intention to galvanise more concrete action from the IMF and multilateral lenders. The proposals put forward in the April document, which also include redistributing other IMF money, are likely to form a key part of the negotiating position of developing countries at the next round of annual climate talks in Dubai later this year.

The key to it all, of course, is money, and as organized and funded now, the World Bank would be stretched to meet those goals. He also serves on the advisory board of Beyond Net Zero, a climate finance fund. This will be especially difficult for the World Bank's top shareholder, the United States, due to political brawling between the Biden administration and the Republican-majority House of Representatives. The House has major sway over the country's purse strings and its leaders are not disposed to widen the World Bank's role in fighting climate change. In fiscal 2022, the World Bank committed more than $104 billion to projects around the globe, according to the bank's annual report.

☆ $1 Trillion Plan to Help Developing Nations Take On Climate Change Gains Momentum
▼ + stars: | 2022-11-24 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

Barbados Prime Minister Mia Mottley has pushed the World Bank and the International Monetary Fund to expand lending to low and mid-income countries. WASHINGTON—Global leaders are pushing the World Bank and other international development banks to revamp their lending practices to help poorer nations address climate change and soaring debt burdens. The effort, which comes as poor nations suffer economic difficulties amplified by the war in Ukraine, gained momentum during the COP 27 climate summit this month. Nations agreed there to set up a fund that would pay for climate-related damage in countries deemed particularly vulnerable.

It also referred to the need to reform international financial institutions. It should lead to a tripling of the amount international financial institutions lend "with a clear focus on climate and sustainable development goals," Prasad said. Similarly, Akinwumi Adesina, head of the African Development Bank said: "If you want to do more, you actually need more." "There has to be a lot more increase in capital, for the multilateral development banks," he told Reuters. "Our international financial architecture is built for a different time and different challenges," he said.

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