fbpx

Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

COP27: New Zealand pledges $20 million to underdeveloped countries

spot_imgspot_img

NEW ZEALAND (Commonwealth Union)_ New Zealand has joined a small group of countries in donating money to developing countries to compensate for the loss and damage caused by climate change. Climate Change Minister James Shaw and Foreign Affairs Minister Nanaia Mahuta have stated that $20 million will be set aside from an emissions trading programme fund.

All-night talks were required to place the matter on the official agenda for the first time at this year’s UN climate summit in Egypt.

Pacific countries and other poor countries have been demanding for compensation for the emissions created by affluent nations over hundreds of years, as well as the economic impact on developing countries. Wealthy nations, notably the United States and the European Union, have repeatedly opposed, fearing they would be liable for billions of euros in recurring reparations.

Some estimates put the total harm at half a trillion US dollars in only the last decade. According to Mahuta, the specific funding for loss and damage places Aotearoa New Zealand at the forefront of wealthy countries. “It clearly indicates our support for Pacific interests.” Climate change, she warned, threatens not only the foundation of Pacific peoples’ lives, but also their culture, language, and mental and physical well-being.

Shaw stated that relatively prosperous countries such as New Zealand owed it to the countries most vulnerable to climate change. “It’s a bit of a down payment,” the Kiwi Climate Change Minister said of the $20 million commitment, which was planned to coincide with COP27 in order to make progress in these talks.

“The debate over whether it is compensation or historical culpability for emissions… has actually been the impediment to progress. We want to see progress, and the Pacific Islands want to see progress, so we’re saying let’s get started and hope it injects some good faith into negotiations and results in some movement.”

Germany, Belgium, Denmark, and Scotland are the only other countries to contribute to loss and damage, with the contributions considered as symbolic rather than financial in nature.

The cash generated by the emissions trading scheme is used to fund New Zealand. At COP27, developing nations are anticipated to press for a centralised mechanism to allocate loss and damage monies. “While New Zealand is not opposed to this, we also encourage a variety of funding options in order to make the best use of our contribution,” Minsiter Mahuta said. “We will collaborate with our partners, particularly Pacific governments, to support sectors identified as priorities.”

Latest news

Singapore opens first bus-stop gym in Boon Lay

By Savithri Rodrigo Singapore (Commonwealth Union)_It is Singapore’s new alternative energy option – human power! Simply take a walk to the bus-stop, work on your...

Latest news

Singapore opens first bus-stop gym in Boon Lay

By Savithri Rodrigo Singapore (Commonwealth Union)_It is Singapore’s new alternative energy option – human power! Simply take a walk to the bus-stop, work on your...

Goyal encourages the steel industry to best utilize the India-Australia trade accord 

India (Commonwealth Union)_Commerce Minister Piyush Goyal advised the local steel sector to make the most of the India-Australia Economic Cooperation & Trade Agreement (ECTA)...

Malaysia joins three other nations in nomination for UNESCO intangible cultural heritage 

Malaysia (Commonwealth Union)_ Malaysia, Brunei, Singapore and Thailand have collaboratively decided to nominate the Kebaya to UNESCO's (United Nations Educational, Scientific, and Cultural Organization)...

US Senator claims cryptocurrency will destroy the economy – the community responds

(Commonwealth Union)_ Since the situation began to unravel days before it declared bankruptcy on November 11, the entire industry has been in upheaval as...

New process allowing tourists to submit ED card even after departure

(Commonwealth Union)_Saint Lucia is improving its entry process by introducing an online Embarkation/Disembarkation (ED) form that enables electronic processing of tourists. Beginning November 30,...

Lowering potholes with new technology

Australia (Commonwealth Union) - Millions of potholes across the world continue to be a menace to drivers. Roads located in remote areas are less...

Brunei and Australia boost defense relations 

Brunei (Commonwealth Union)_ The Indo Pacific Endeavour 2022 (IPE 02/2022) is a yearly defense-led international engagement in Australia that aims to enhance the country’s...

GFS Lanka sets the bar high in container feeder operations via Sri Lanka

GFS Lanka (Pvt) Ltd. is the Sri Lankan representation of Global Feeder Shipping LLC (GFS), a leading feeder shipping line headquartered in Dubai. The...

Hardware innovation with potential to transform people’s lives

(Commonwealth Union)_ It takes more than a solid idea to win the American Society of Mechanical Engineers (ASME) Innovation Showcase, a social purpose technology...

New Zealand intensifies its fight against rising costs

NEW ZEALAND (Commonwealth Union)_ New Zealand's central bank has increased its key interest rate to the highest level in almost 13 years in order...

Calling on the diaspora to develop the Maritime India brand

India (Commonwealth Union) _ The Institute of Marine Engineers India, which hosts INMARCO every four years, recently wrapped up INMARCO 2022. It was an...

Not all dogs can swim, some even need a life vest

(Commonwealth Union)_Is your dog enthralled by every body of water he sees? Perhaps you can't walk by a creek or pond without your dog...

Related news

New Zealand intensifies its fight against rising costs

NEW ZEALAND (Commonwealth Union)_ New Zealand's central bank has increased its key interest rate to the highest level in almost 13 years in order...

Amid global warming and rising sea levels, Kiribati is making an unusual request

KIRIBATI (Commonwealth Union)_Developing countries exposed to the harshest effects of global warming have spent the past week at UN climate talks pleading for more...

Earthquakes struck Solomon Islands, the roof fell off Australian High Commission building!

SOLOMON ISLANDS (Commonwealth Union)_ The first magnitude 7.0 earthquake triggered a tsunami warning and temporarily disrupted communications and radio services. Buildings were damaged and...

Fiji’s daring plan shows how to relocate a country

FIJI (Common wealth Union)_In Fiji, a special government group has been attempting to figure out how to advance the country for the past four...

After 140 years, a rare pigeon species has been rediscovered in PNG

PAPUA NEW GUINEA (Commonwealth Union)_A rare pigeon species was photographed for the first time in 140 years by a group of scientists and environmentalists...

Why is this Pacific Island replicating itself in the metaverse?

TUVALU (Commonwealth Union)_ Tuvalu announced plans on Tuesday to create a digital clone of itself, recreating islands and monuments and conserving its history and...

Population of New Zealand after the world reaches 8 billion people

NEW ZEALAND (Commonwealth Union)_According to the United Nations, the world's population will surpass 8 billion later today. It's a huge number, but how does...

Australia’s climate minister to criticise World Bank’s approach to the crisis

AUSTRALIA (Commonwealth Union)_Chris Bowen, Australia's climate change minister, will use his key speech at the COP27 UN meeting in Egypt to criticise the World...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

New Zealand intensifies its fight against rising costs

NEW ZEALAND (Commonwealth Union)_ New Zealand's central bank has increased its key interest rate to the highest level in almost 13 years in order...

Calling on the diaspora to develop the Maritime India brand

India (Commonwealth Union) _ The Institute of Marine Engineers India, which hosts INMARCO every four years, recently wrapped up INMARCO 2022. It was an...

Not all dogs can swim, some even need a life vest

(Commonwealth Union)_Is your dog enthralled by every body of water he sees? Perhaps you can't walk by a creek or pond without your dog...

PropertyGuru reports $5.3 million net loss for the third quarter

Singapore (Commonwealth Union)_ PropertyGuru, a Singapore-based online property platform, reported a net loss of $7.4 million Singapore dollars ($5.3 million) for the quarter ended...

Pershimex Resources will be purchased by Abcourt Mines

Caneda (Commonwealth Union) _ The definitive amalgamation agreement between Abcourt Mines Inc. and Pershimex Resources Corporation was announced on November 18, 2022. Abcourt has...

Hailey celebrates birthday with husband Justin Bieber in Japan

Canada (Commonwealth Union)_ Justin Bieber’s wife, supermodel Hailey Bieber, turned 26 this year. She is enjoying her special day with her husband Justin Bieber...

Achieving elimination of cervical cancer in the Commonwealth by 2025  

England (Commonwealth Union)_ The Commonwealth has a large cervical cancer burden, especially in the low- and middle-income countries (LMICs). Despite comprising just 30% of...

New Protein may give insight to chemotherapy sensitivity

Australia (Commonwealth Union) – The advancement in technology and better knowledge of the role proteins and enzymes has created a better understanding on the...

UK airport security regulations regarding liquids and laptops to be relaxed?

England (Commonwealth Union) _ Due to the introduction of sophisticated 3D scanners, security prohibitions on liquids and computers in hand baggage at airports may...

Banks and stores may run out of cash during the holidays!

England (Commonwealth Union)_ Since more than 1,000 security personnel who deliver cash to some of the biggest banks and supermarkets in the UK have...

Former Welsh captain ordered to remove banned symbol

England (Commonwealth Union) – Controversy at the FIFA world cup continued at the match held Monday, November 21 between Wales and USA which resulted...

Deepfake advertising may fool you

Australia (Commonwealth Union) – Advertising maybe set for a new technology with deepfake advertising, which may fool consumers into believing a brand is endorsed...