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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

☆ Effects of climate change increasing in Asia, WMO says
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows submerged building amid flood water, following rains and floods during the monsoon season in Talti town in Sehwan, Pakistan September 15, 2022. REUTERS/Akhtar Soomro/File PhotoGENEVA, July 27 (Reuters) - Extreme weather events ranging from droughts to large-scale floods and other effects of climate change are on the rise in Asia and bound to affect food security and the continent's ecosystems, the World Meteorological Organization said. In a report published on Thursday, WMO said Asia was the world's most disaster-impacted region, with 81 weather, climate and water-related disasters recorded last year, the majority of which were floods and storms. The WMO report also highlighted that most glaciers the High-Mountain Asia region had loss significant mass as a result of warm and dry conditions in 2022. "This will have major implications for future food and water security and ecosystems," said WMO Secretary-General Petteri Taalas.

Persons: Akhtar Soomro, Petteri Taalas, Gabrielle Tétrault, Farber, Simon Cameron, Moore Organizations: REUTERS, World Meteorological Organization, WMO, Thomson Locations: Talti, Sehwan, Pakistan, GENEVA, Asia, China

☆ Half a trillion in debt haircuts essential for sustainability - study
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +3 min

The haircuts on debt owed to public and private creditors by 61 of the nations that are already in or are at most risk of debt distress are essential to avoid "cascading defaults," according to calculations from the Boston University Global Development Policy Center and the Debt Relief for a Green and Inclusive Recovery (DRGR) Project. "Without ambitious debt relief, many of the poorest countries don't have a chance," said Kevin P. Gallagher, DRGR project co-chair and director of the Boston University Global Development Policy Center. Reuters GraphicsThe researchers found that some $812 billion in debt across all creditor classes should be in scope for restructuring. To achieve the best outcome, researchers proposed to include instruments that had alleviated previous emerging market debt crises. Ratings agency Fitch said there are currently a record number of sovereign debt defaults, while the International Monetary Fund said 25% of emerging markets and 60% of low-income countries are in or near debt distress.

☆ Pakistan seeks billions of dollars in new loans after floods -FT
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

Displaced people walk on flooded highway, following rains and floods during the monsoon season in Sehwan, Pakistan, September 16, 2022. REUTERS/Akhtar SoomroOct 19 (Reuters) - Pakistan will ask international lenders for billions of dollars in loans after devastating floods exacerbated the South Asian nation's economic crisis, the Financial Times reported on Wednesday. "We are not asking for any kind of measure [such as] a rescheduling or a moratorium," the country's Prime Minister Shehbaz Sharif told the Financial Times. Register now for FREE unlimited access to Reuters.com RegisterSharif did not specify the amount Pakistan is seeking, but repeated an estimate of $30 billion of flood losses, the report said. read moreThe European Union also scaled up its flood assistance to 30 million euros ($29.57 million).

☆ Flood-hit Pakistan should suspend debt repayments, says UN paper - FT
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Stringer/File PhotoSept 23 (Reuters) - Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country's financial crisis, the Financial Times reported on Friday, citing a UN policy memo. Pakistan has earlier estimated the damage at $30 billion, and both the government and U.N. Secretary-General Antonio Guterres have blamed the flooding on climate change. The memo further proposed debt restructuring or swaps, where creditors would let go of repayments in exchange for Pakistan agreeing to invest in climate change-resilient infrastructure, FT said. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people - creating concern that Pakistan will not meet debts. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Jyoti Narayan in Bengaluru; Editing by Christian Schmollinger and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Akhtar SoomroUNITED NATIONS, Sept 23 (Reuters) - Countries on the front lines of the climate crisis are fed up. Pakistan's Prime Minister Shehbaz Sharif asked world leaders why his people were paying the price of global warming. "We renew our call to the world to declare total war on this century's greatest challenge: the climate change monster. Philippines President Ferdinand Marcos Jr. said the least responsible for climate change are suffering the most. And yet, we are the fourth most vulnerable country to climate change," he told the U.N. gathering.

☆ Pakistan flood victims hit by disease outbreak amid stagnant water
▼ + stars: | 2022-09-21 | by ( Syed Raza Hassan | ) www.reuters.com time to read: +2 min

read moreWith Pakistan's already weak health system and lack of support, displaced families have complained of being forced to drink and cook with disease-ridden water. "The aid is slow to arrive," said Dr. Farah Naureen, Mercy Corps' country director for Pakistan after visiting several submerged regions. "We need to work in a coordinated manner to respond to their immediate needs," she said in a statement late Monday, prioritising clean drinking water. Health and nutrition stand out as the most important needs of the displaced population, she said. Register now for FREE unlimited access to Reuters.com RegisterWriting by Asif Shahzad.

☆ Gastroenteritis, malaria kill 9 more people in Pakistan floods aftermath
▼ + stars: | 2022-09-20 | by ( Syed Raza Hassan | ) www.reuters.com time to read: +3 min

A displaced woman holds her ailing boy, while taking refuge in a camp, following rains and floods during the monsoon season in Sehwan, Pakistan, September 16, 2022. read moreRegister now for FREE unlimited access to Reuters.com RegisterThe provincial government said in a report issued on Tuesday that nine people died of gastroenteritis, acute diarrhoea and suspected malaria on Monday. The report said over 72,000 patients were treated on Monday at makeshift or mobile hospitals set up in flood-hit regions. Malaria and diarrhoea are out of control, he said. read moreRegister now for FREE unlimited access to Reuters.com RegisterWriting by Asif Shahzad; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

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