International News
COP29: Climate Summit Faces Deadlock Over Vague Funding Proposals For Vulnerable Nations
As the 29th United Nations Climate Change Summit (COP29) nears its conclusion, tensions are rising over a newly published funding proposal aimed at assisting developing nations in addressing climate-induced crises.
The proposal, released by the United Nations Framework Convention on Climate Change (UNFCCC) on Thursday, has sparked widespread debate among delegations, activists, and observers at the summit.
The document, spanning ten pages, outlines funding options to support developing countries in implementing their Nationally Determined Contributions (NDCs) under the 2015 Paris Agreement.
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However, it fails to specify how much wealthier nations are required to contribute annually—a key sticking point that has drawn criticism from the Global South and climate advocates.
Ambiguity in Funding Commitments
Critics argue that the absence of concrete figures undermines the credibility of the proposed framework.
Mohamed Adow, Founder and Director of Power Shift Africa, described the proposal as “a blank piece of paper,” highlighting the lack of clarity on financial commitments.
“This is the ‘finance COP.’ We came here to talk about money. The way you measure money is with numbers. We need a cheque, but all we have right now is a blank piece of paper,” Adow remarked during an interview.
The Global South, led by African delegations, is demanding at least $1.3 trillion annually by the end of the decade to adapt to climate change impacts and transition to sustainable energy systems.
Yet, developed nations have yet to commit to a specific annual figure, raising concerns over the summit’s ability to deliver tangible outcomes.
Key Provisions and Concerns
The new text acknowledges the disproportionate impact of climate change on developing nations and the financial barriers they face, including high costs of capital and limited fiscal space.
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It proposes the establishment of a New Collective Quantified Goal (NCQG) for climate finance, suggesting a framework of “at least USD [X] trillion annually” from 2025 to 2035.
However, the absence of defined numbers has led to frustration among negotiators.
David Tong, Global Industry Campaign Manager at Oil Change International, emphasized the critical role of finance in achieving meaningful progress.
“Without finance, there is no phase-out [of fossil fuels], no energy transition, no adaptation. The ambitious options are simply missing,” Tong stated during a press briefing.
Rising Frustration from the Global South
Delegates from the Global South have expressed dissatisfaction with what they perceive as weak commitments from developed nations.
Many fear that without concrete financial pledges, the summit’s outcomes may fall short of expectations.
“This summit is about delivering justice to those who suffer most from climate impacts. Wealthy nations must step up and provide the necessary funding,” said an African negotiator, speaking on condition of anonymity.
A Critical Juncture
With less than 48 hours remaining in the summit, the stakes are high. The COP29 negotiations in Baku, dubbed the “finance COP,” are expected to set a precedent for addressing the financial needs of vulnerable nations.
Delegates are calling on world leaders to finalize an ambitious NCQG target and bridge the growing divide between developed and developing nations.
International News
‘Only Two Genders’ – Trump Vows To Tackle Transgender Lunacy
President-elect Donald Trump has announced plans to take sweeping actions against what he described as “transgender lunacy,” signaling a push to reverse policies protecting transgender individuals in schools, sports, and the military.
Speaking at the AmericaFest conference in Phoenix, Trump outlined his administration’s priorities, stating, “I will sign executive orders to end child sexual mutilation, get transgender out of the military, and out of our elementary schools, middle schools, and high schools.”
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He also vowed to “keep men out of women’s sports” and asserted, “It will be the official policy of the United States government that there are only two genders, male and female.”
The president-elect’s remarks come amid growing national debate over transgender rights, with states divided over issues such as gender-affirming medical care and the inclusion of books addressing transgender topics in schools.
The controversy escalated last week when Congress passed a defense budget provision blocking funding for certain gender-affirming care for the children of service members.
Trump’s speech drew strong reactions, with critics warning that his policies could strip essential protections from transgender individuals.
Civil rights advocates have raised concerns about the implications of these proposals on marginalized communities.
In addition to his focus on cultural issues, Trump used the event to outline his vision for the nation under his leadership.
He described his presidency as a turning point, promising to address international conflicts and restore American dominance.
“On January 20, the United States will turn the page forever on four long, horrible years of failure, incompetence, national decline, and we will inaugurate a new era of peace, prosperity, and national greatness,” Trump declared, referring to his upcoming swearing-in.
He pledged to end the war in Ukraine, stabilize the Middle East, and avert global conflict. “I will stop the chaos in the Middle East, and I will prevent, I promise, World War III,” he said.
The president-elect also reiterated his commitment to reclaiming control of the Panama Canal and combating crime linked to illegal immigration.
“I can proudly proclaim that the golden age of America is upon us,” Trump concluded.
International News
Ex-IMF Chief, Rodrigo Rato Jailed For Money Laundering, Fraud
A Madrid court on Friday handed down a sentence of more than four years in prison to Rodrigo Rato, the former chief of the International Monetary Fund (IMF) and Spain’s ex-economy minister.
Rato was convicted of multiple charges, including tax crimes, money laundering, and corruption.
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The court found Rato guilty of “three offences against the treasury, one offence of money laundering, and one offence of corruption between individuals,” according to an official statement.
Details shortly………..
International News
South Korean President Banned From Travel Amid Martial Law Backlash
South Korean President, Yoon Suk Yeol has been banned from leaving the country, the Justice Ministry confirmed Monday, following a week of political chaos triggered by his brief declaration of martial law.
The ban marks the first time a sitting president has faced such a restriction in the nation’s history.
Recall that on December 3, Yoon ordered special forces and helicopters to the National Assembly in an attempt to impose martial law.
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Lawmakers swiftly overturned the decree, forcing Yoon to rescind the order. Although he survived an impeachment motion on Saturday, public anger has continued to mount, with large protests demanding his resignation.
Authorities are now investigating Yoon and his close allies for their roles in last week’s events, including allegations of insurrection.
Among those facing travel bans are former Defense Minister Kim Yong-Hyun, who is in custody, and former Interior Minister Lee Sang-min.
General Park An-su, who led the martial law operation, and Defence Counterintelligence Commander Yeo In-hyung have also been barred from leaving the country.
General Park was questioned by investigators on Monday as the probe intensified.
Yoon’s impeachment failed after members of his ruling People Power Party (PPP) walked out of the National Assembly, denying the opposition the required two-thirds majority.
In exchange for their support, Yoon reportedly agreed to delegate his powers to the prime minister and the PPP chairman.
“This is an unlawful, unconstitutional act of a second insurrection and a second coup,” said Park Chan-dae, floor leader of the opposition Democratic Party.
Critics argue that Yoon’s decision to hand power to unelected officials violates the constitution.
“It seems to resemble an unconstitutional soft coup,” said Kim Hae-won, a constitutional law professor at Pusan National University.
“Their attitude of placing themselves above the constitution mirrors that of insurrectionist Yoon Suk Yeol,” added Park Chan-dae.
Despite Yoon’s apology for the “anxiety and inconvenience” caused by his martial law order, his approval rating has plummeted to 11%, according to a recent Gallup poll.
Opposition leaders have announced plans for a second impeachment vote on Saturday, with massive protests expected outside the National Assembly.
The PPP’s claim that Yoon can remain in office while delegating his powers to party officials has also been widely criticized.
“If there are issues with the president, the constitution lays out clear procedures, such as suspension or impeachment,” said Professor Kim Hae-won.
The ongoing crisis has raised concerns about South Korea’s leadership amid tensions with nuclear-armed North Korea.
The Defense Ministry confirmed Monday that Yoon remains the official commander in chief, despite questions about his authority.
“Legally, (control of military forces) currently lies with the commander in chief,” said Defense Ministry spokesperson Jeon Ha-Kyou.