Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Obama tells COP26 to help poor nations, chides China and Russia

Economy Nov 08, 2021 06:32PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. An advertising board is seen during the UN Climate Change Conference (COP26), in Glasgow, Scotland, Britain, November 7, 2021. REUTERS/Yves Herman 2/2

By Elizabeth Piper and Valerie Volcovici

GLASGOW (Reuters) - Former U.S. President Barack Obama called on Monday for rich nations to end years of deadlock with developing countries over cash for climate change, and criticised China and Russia for their "lack of urgency" in curbing emissions.

At the start of the second and final week of the U.N. climate talks in Glasgow https://www.reuters.com/business/cop - known as COP26 - ministers got down to the detail of trying to honour promises to pay for https://www.reuters.com/business/environment/climate-finance-could-make-or-break-cop26-summit-heres-why-2021-11-01 climate-linked losses and damages, and to address how to help nations adapt to the devastating effects of climate change.

"We have to act now to help with adaptation and resilience," Obama told a meeting of island nations at the summit, adding that his views on the immediacy of the threat had been shaped by his experience growing up in Hawaii.

Obama said too little progress had been made since the 2015 Paris Agreement to try to curb warming at 1.5 degrees Celsius above pre-industrial levels and lambasted China and Russia for a lack of commitment in making the Glasgow talks a success.

"It was particularly discouraging to see the leaders of two of the world's largest emitters, China and Russia, declined to even attend the proceedings," he said.

Their "national plans so far reflect what appears to be a dangerous lack of urgency and willingness to maintain the status quo on the part of those governments, and that's a shame".

The failure of rich nations to make good on promises to provide help for developing countries has fuelled mistrust, and is seen as a major obstacle to progress in cutting emissions to limit the impact of rising temperatures.

Vanessa Nakate, a 24-year-old Ugandan climate activist attending the Glasgow conference published a video showing Obama had made the same call for action, not words, to help poor nations as long ago as 2009, but with few results in the ensuing years.

"Everyone knows what is to be done," said Kenya's Environment Minister Keriako Tobiko. "There have been too much and too many workshops, retreats and conferences. And it is always 'the time is now', 'the time has come'. Actually there's no more time, let's put the money on the table."

At a U.N. climate summit 12 years ago in Copenhagen, rich nations promised to hand developing countries $100 billion a year by 2020 to help them adapt to climate change.

The target was missed, and at COP26 richer nations have said they will meet the goal in 2023 at the latest, with some hoping it could be delivered a year earlier.

In recent weeks and months, rich nations including the United States, Japan, Spain and Italy have raised their "climate financing" pledges, but some still fall short of what international bodies say is a fair contribution.

The head of Ghana's Environmental Protection Agency Henry Kokofu said negotiations over funds for adaption and resilience in the nations hardest-hit by climate change were not reflecting the levels of ambition publicly voiced by developed countries.

"It's very unfortunate and sad indeed," he said.

DIFFERENT PRIORITIES

While developing countries want more money to help them adapt to higher temperatures https://www.reuters.com/business/cop/whats-difference-between-15c-2c-global-warming-2021-11-07 that have caused more frequent droughts, floods and wildfires, developed nations have been focused on channelling finance towards cutting emissions.

The cost of both is huge, but it will be even higher unless the Glasgow talks can keep alive the Paris goal of capping global temperatures at 1.5C (2.7 degrees Fahrenheit) above pre-industrial levels.

Beyond this level the world risks catastrophic climate impacts. https://www.reuters.com/business/cop/whats-difference-between-15c-2c-global-warming-2021-11-07

"We are nowhere near where we need to be," Obama told the audience, lamenting the lack of progress since Paris.

Aside from China and Russia, the Democratic former president also took aim at U.S. lawmakers from the Republican Party, which he said had expressed "active hostility toward climate science" and made climate change a partisan issue.

"For those listening back home in the U.S., let me say this: It doesn't matter if you're a Republican or a Democrat if your Florida house is flooded by rising seas, or your crops fail in the Dakotas or your California house is burning down," he said.

With activist Greta Thunberg already dismissing the Glasgow talks as a "failure", richer nations need to firm up and make good on the many pledges https://www.reuters.com/business/environment/new-promises-glasgow-climate-talks-2021-11-02 they delivered in the first week of the conference, which is scheduled to finish on Friday.

Underlining the difficulties, COP26 President Alok Sharma said there was a desire among parties "to continue technical work with a renewed urgency to make progress" on climate finance where there were "a large number of outstanding issues".

"My priority now is pace," he added. "There needs to be a sense of urgency in all our negotiations."

Potentially more problematic for rich nations than meeting the $100 billion goal is how they should compensate less developed countries for loss and damages caused by historic emissions, an area where concrete pledges have yet to be made.

Sharma acknowledged that this was a historically polarising issue, but said he believed "the mood music has changed somewhat.

"There is now a practical recognition that action is needed on this topic in the face of growing impacts," he said.

Obama tells COP26 to help poor nations, chides China and Russia
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Roger Miller
Roger Miller Nov 08, 2021 9:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I remember how Obama was going to create a green economy, and spent billions to do it. It was just as successful as his early years as a community organizer in Chicago.
Ac Tektrader
Ac Tektrader Nov 08, 2021 3:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
people who are telling you that global warming is a scam are working for special interests that are gaslighting you. climate change is affecting the whole planet. the data tells us these changes in our environment are accelerating, it's now or never to start making the necessary changes to human behavior. the consequences are the losses of trillions of Dollars in physical damage and economic activity, economic dislocation, and untold loss of life over the next 50 years.been to Mahi lately, there loosing their major road system and have danger of loosing major condo buildings and hotels to sea level rises. Miami Florida is in danger of loosing it's sewage system and it's freshwater aquafers. the Everglades are seeing encroaching seawater. Glaciation in the Pacific Northwest, and the Rocky Mountains, is disappearing taking it's freshwater supplies with it. this is happening NOW. the changes are accelerating.the 2 things that destroy high civilization are climate change and pandemic.
Ac Tektrader
Ac Tektrader Nov 08, 2021 2:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
George Soros is hated by dictatorships all over the world. he funds pro-democracy movements n.g.os and supports agreements dealing with climate change. if you love authoritarian dictatorships then of course, you hate Mr Soros.
Connecticut Yankee
A_Jaundiced_Eye Nov 08, 2021 2:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Russia and China are the winners.  They know that if they just stall and stall, eventually the Western countries will be pressured by the likes of Thunberg et al. to pay the money for them.
Felipe Daniel
Felipe Daniel Nov 08, 2021 11:04AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Obama is wealthy politican, nevertheless a PUPPET for George Soros. How about Martha’s Vineyard $11 million mansion the Obamas bought. If they thought climate change was real they wouldnt invest in property right by the coast!! Sophisticated crowd they called themselves, sophisticated at lying for sure.
Ac Tektrader
Ac Tektrader Nov 08, 2021 11:04AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
felipe I see you're still in full support of dictatorshipa and the misinformation and lies they are spreading on various sites. how many kopecks are they paying you now.
John Smit
John Smit Nov 07, 2021 11:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The shoulder 'medicine' will sort out all these problems by 2030 when the re**t is achieved.
Steve Bojo
Steve Bojo Nov 07, 2021 9:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Human caused climate change is a scam
Karl Kessler
Karl Kessler Nov 07, 2021 7:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Addressing climate change is dead simple. Just raise interest rates. Problem solved.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email