Overwhelmed by storms, drought, and rising seas, stressed out developing countries won creation of a fund for loss and damage at the UN’s annual climate conference, COP27. More than 45,000 participants gathered in this resort town at the tip of the Sinai Peninsula to negotiate implementation of the 2015 Paris Agreement on climate, build coalitions, solve problems, and find financing.
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In emerging market and developing economies, many workers and small firms operate informally, outside the legal and regulatory framework, and that could hold back the pandemic recovery in these economies unless governments adopt a comprehensive set of policies to address the drawbacks of the informal sector, concludes a new book by the World Bank Group.
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By 2050, the cost of adapting to climate change in developing countries could balloon to $500 billion a year, five times greater than previous estimates, warns a new report from the United Nations Environment Programme.
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“The Paris Agreement on climate change is a monumental triumph for people and planet,” declared UN Secretary-General Ban Ki-moon as delegates from 195 countries approved the world’s first universal pact to take common climate action.
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Finance remains the most contentious issue as climate negotiators from around the world approach agreement on an historic pact to control climate change that will apply to all nations.
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