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Four New Reports Set Scene for Discussions on Climate Finance at COP27

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Four New Reports Set Scene for Discussions on Climate Finance at COP27

UN Climate Change News, 2 November 2022 – A key Committee dealing with climate finance has published four new reports that will form an important basis for discussions by governments at the UN Climate Change Conference COP27 in Sharm el-Sheikh (6–18 November). The reports provide clarity on where the world stands in its efforts to mobilize the billions of dollars needed every year to green economies and build resilience to the inevitable impacts of climate change.

The reports published by the UNFCCC’s Standing Committee on Finance (SCF) build upon the experiences of countries, multilateral development banks, Climate Funds, and the financial community at large.

They provide a comprehensive landscape of climate finance from the perspective of current climate finance flows, progress towards achieving the goal of mobilizing jointly USD 100 billion per year, definitions on climate finance, and efforts aimed at making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development (work related to Article 2, paragraph 1(c) of the Paris Agreement).

The reports show that while there has been an increase in the overall global climate finance flows, key targets to mobilize climate finance for developing countries have not been met.

At the same time governments and multilateral institutions have been working on methodologies, policies and approaches to improve the implementation of climate finance targets and scale up effectiveness of climate finance from all sources globally.

Here are the key findings of each report:

Fifth Biennial Assessment and Overview of Climate Finance Flows 

This report shows that global climate finance flows were 12 per cent higher in 2019-2020 than the previous biennium, reaching an annual average of USD 803 billion. The increase was mainly driven by more investment in energy efficiency in buildings, investments in electric vehicles and measures to adapt to climate change, such as building new defences against flooding.

Climate finance from developed to developing countries increased between 6 per cent and 17 per cent in 2019-2020, either directly from developed to developing countries, or through climate funds and multilateral development banks.

The report identified that finance for mitigation (cutting greenhouse gas emissions) constitutes the largest share of climate-specific financial support, but the share of adaptation finance continues to increase and grew at a higher rate than mitigation finance. In addition, adaptation finance is predominantly delivered through grants, while public mitigation finance predominantly takes the form of loans.

Meanwhile, ways to track domestic public climate finance are improving in both developed and developing countries.

The report reiterates that a sole focus on positive climate finance flows will be insufficient to meet the overarching purpose and goals of the Paris Agreement, and that finance flows must integrate climate risks into decision-making and avoid increasing the likelihood of negative climate outcomes.

Report on progress towards achieving the goal of mobilizing jointly USD 100 billion per year to address the needs of developing countries in the context of meaningful mitigation actions and transparency of implementation 

The technical report on progress towards mobilizing jointly USD 100 billion per year for consideration by governments at COP27 represents the first effort of its kind undertaken by the SCF and looked at progress across three dimensions of the goal: a) the finance flows for USD 100 billion, b) how the needs of developing countries are being addressed, and c) progress on the context of meaningful mitigation action and transparency of implementation.

The report confirmed the goal was not met in 2020. It also identified the role of international public climate finance as critical in the face of the current economic challenges in developing countries due to extreme weather, food and energy crises.

Furthermore, the report identifies the need to overcome capacity gaps in building project pipelines in developing countries, for example through country platforms and investment plans outlined in national climate action plans (Nationally Determined Contributions, or ‘NDCs’), and the importance to scale up access to climate finance and innovative instruments such as sovereign guarantees.

Work on definitions of climate finance 

This work was based on 18 submissions received from Parties and 4 submissions from non-Party stakeholders. It highlights how views on definitions can differ in three areas: a) what climate-related activities should be financed; b) how finance should be accounted for; and c) which actors should be included.

It finds that different definitions are used for specific purposes such as tracking global climate finance, tracking finance from developed to developing countries, or tracking finance in government budgets.

Work relating to Article 2, paragraph 1(c) of the Paris Agreement (making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development) 

In this work, the SCF identified ways of achieving the goal in Article 2, paragraph 1(c), of the Paris Agreement based on 14 submissions received from Parties and non-Party stakeholders. It identified the type of finance and actors that might be relevant to the goal, in particular asset managers and banks, as well as some ways that Parties could continue to work on this topic.

The SCF also mapped out updated information relevant to the goal. For example, there has been a 16 per cent increase in the number of policy and regulatory measures on green finance since the end of 2020, and a number of new collective initiatives for the financial sector have been established operating under the Race to Zero and the Glasgow Financial Alliance for Net Zero (GFANZ). While there has been a rise in engagement of public sector financial institutions in developing countries in these initiatives, more participation from private financial institutions in developing countries is important for initiatives in the private sector.

Next steps for the consideration of the reports

At COP27 in Sharm el-Sheikh, the work of the SCF will be launched at a side event on 10 November and will inform the negotiations on finance-related agenda items as well as the high-level ministerial dialogues on the new collective quantified goal on climate finance (on 9 November) and on climate finance (on 14 November).

About the Standing Committee on Finance (SCF)

The Standing Committee on Finance (SCF) is made up of 20 climate finance experts and presided over by two Co-Chairs. The Committee assists the Conference of the Parties (COP) in exercising its functions in relation to the Financial Mechanism of the UN Framework Convention on Climate Change. This involves: improving coherence and coordination in the delivery of climate change financing, rationalization of the Financial Mechanism, mobilization of financial resources, and measurement, reporting and verification of support provided to developing country Parties. More information on the committee can be found here.

LINKS TO REPORTS

The Fifth Biennial Assessment and Overview of Climate Finance Flows  can be found here.

The Report on progress towards achieving the goal of mobilizing jointly USD 100 billion per year to address the needs of developing countries in the context of meaningful mitigation actions and transparency of implementation can be found here.

Work on definitions of climate finance can be found here.

Work relating to Article 2, paragraph 1(c) of the Paris Agreement (making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development) can be found here and here.

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Super hit news: Linkin Park’s Song With a Billion Streams Once Replaced a National Anthem Ahead of FIFA Friendly

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Super hit news: Linkin Park’s Song With a Billion Streams Once Replaced a National Anthem Ahead of FIFA Friendly

Super hit news: Linkin Park is among the most popular rock bands in the world. They have delivered several best-sellers and MTV2 labeled them the sixth-greatest band in the music video era. However, the band went on a hiatus back in 2017 after the shocking death of Chester Bennington. They are currently not working on any music video or album, but continue to make the headlines. Once during a FIFA soccer international friendly, Linkin Park’s song was accidentally played instead of the team’s national anthem.

Some of the most popular albums of Linkin Park are Hybrid Theory, Meteora, and A Thousand Suns, among others. However, they have remained inactive for a while now. But despite that, they have a combined net worth of more than $100 million.

Linkin Park has, however, made its mark on soccer, when its super hit song ‘Numb’ was played instead of the national anthem of Malta in a FIFA friendly. However, the Malta players smiled a bit before singing their original national anthem.

Malta’s national anthem was replaced by Linkin Park’s ‘Numb’ in a FIFA friendly

Malta is a small soccer nation that plays in the UEFA. According to the latest FIFA rankings, Malta is 168th in the world. However, they made headlines back in 2014, ahead of their FIFA-friendly game vs Slovakia. Fans had turned up in big numbers for the game, but the stadium personnel responsible for the national anthem played Linkin Park’s ‘Numb’ instead of Malta’s national anthem.

However, the Malta players took it lightly and smiled before the original ‘L-Innu Malti’ national anthem was played. Malta was host to Slovakia in the friendly game. Slovakia was a heavy favorite ahead of the game and won 1-0 in 2014.

Adam Nemec, who currently plays in the Romanian Liga, was the difference maker for Slovakia in their 1-0 win over Malta. Since then, the two sides have played four times, with Malta failing to win any of them.

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FIFA is planning to expand the number of teams for the next World Cup 2026 to have 104 matches in total

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FIFA is planning to expand the number of teams for the next World Cup 2026 to have 104 matches in total is planning to expand the number of teams for the next World Cup 2026 to have 104 matches in total

The group stage of Qatar 2022 has only just ended and FIFA is already organizing the next FIFA World Cup, which will be hosted by three nations for the first time in its existence, Canada, the United States and the Mexico. The tournament, which is still three and a half years away, will have an increment of play, the reason is supposed to put on a bigger show and obviously generate several million more.

To that end, the world’s largest football organization plans to change the format of the tournament to have a total of 104 matches throughout the competition.

32 teams in the knockout stage

According to The Guardian, FIFA will change their initial idea of ​​having 16 groups of three teams each, for a very long group stage of 12 sectors with four teams each, to a round of 32 teams to start the knockout phase. .

Currently, the 32 teams are divided into 8 groups of 4 teams each, where the first and second place in each group qualify for the round of 16.

104 games in total
With this change, the 2026 World Cup would have a total of 104 matches, 40 more than those scheduled for Qatar 2022, including the group stage and the qualifiers.

Among other changes according to The Athletic, FIFA is considering that in the event of a tie in the group stage, matches will be defined in a penalty shootout to determine a winner and there will be a tiebreaker much more. clear than those currently applied, where even the number of cards or even a raffle can define the ticket for the second round.

The idea of ​​FIFA is that in case of victory the winner gets three points and a penalty shootout winner, after a draw in regular time, gets two points, while the penalty shootout loser gets one a.

How many places will each Confederation have in North America in 2026?
The next World Cup will award 16 tickets more than those granted so far. One of the most profitable confederations will be CONCACAF, which, in addition to the three direct tickets for the hosts, will have three other qualifying places. Here is the breakdown by confederation:

UEFA: will increase the number of tickets available from 13 to 16.
CAF (Africa): nine direct tickets and half a ticket to play in the play-off.
CAF (Asia): will have 8 direct entries
Conmebol: Six direct tickets and a half-ticket to be played via the Play-offs
CONCACAF: Three direct tickets (in addition to the three from the hosts) and an additional half-place via the Play-offs.
OFC (Oceania): For the first time in history, it will have a direct ticket and an additional half-ticket via the Play-offs.

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HEALTH HAZARDS

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HEALTH HAZARDS

HEALTH HAZARDS: An ineffective sewerage system is the main cause of unhygienic conditions in Karachi. While the whole city is struggling on this count, some areas are struggling more than the rest. Mehmoodabad is one such area where people are forced to live under such conditions. The area is littered with garbage, and overflowing sewers leave the lanes filled with sludge, making life unbearable with stink in the air. Does anyone care about this?

ROAD ACCIDENTS: Balochistan has no dearth of issues affecting the life of the common man one way or the other. While there is precious little that may be done in the case of several of such issues, but the number of fatal road traffic accidents (RTAs) across the province can surely be controlled. Most of the important highways and roads do not have safety barriers installed that may guide or stop an out-of-control vehicle. The National Highway Authority (NHA) must wake up before more lives are lost on Balochistan’s killer roads.

Dr Mustafa Khan Musakhail
Quetta

ATTACK ON EDUCATION: Girls in Pakistan have struggled for years to acquire the right to education. Recently, a girls’ school in Diamer district of Gilgit-Baltistan was burnt down by miscreants. It is not the first such incident. Unfortunately, girls have been deprived of their fundamental right to education due to various reasons. It is time for society at large to take a firm stand in this regard and promote girls’ education.

MUGGERS ON THE LOOSE: The spike in street crimes in Karachi has triggered a sense of insecurity among the general public. One of our neighbours was shot by muggers after he offered some resistance to them in Gulistan-i-Jauhar. This tragic incident has raised concerns over the worsening law and order situation in the city and has left us completely traumatised. The government should pay attention to the matter, and the police force should definitely improve its performance.

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