ANTALYA(National Times)- Act now against the devastating effects of El Nino or pay double later, the head of the United Nations Development Programme (UNDP) warned on Friday as delegates debated how to finance climate action at the COP31 talks in Turkey.<\/p>\n\n\n\n
\u201cThe needs to hedge the impact of El Nino are $36 billion if you do it now,\u201d the agency\u2019s chief, Alexander De Croo, said in an interview in the Turkish resort of Antalya. \u201cIf you don\u2019t do it, the cost will be $73bn. So the cost would be two times as high.\u201d<\/p>\n\n\n\n
El Nino heats Pacific Ocean waters every two to seven years, disrupting global wind patterns and rainfall. This exceptionally strong cycle has already battered economies worldwide.<\/p>\n\n\n\n
\u201cNot acting is the most expensive climate policy that you could have,\u201d De Croo warned, urging major players such as the International Monetary Fund to help vulnerable developing nations mitigate the damage.<\/p>\n\n\n\n
Developing countries want more financial support from wealthier nations historically responsible for global warming, though De Croo acknowledged rich governments face heavy debt burdens and war costs.<\/p>\n\n\n\n
Still, he argued vulnerable nations have had no time to recover from compounding crises: the Covid-19 pandemic, the war in Ukraine, the closure of the Strait of Hormuz, \u201cand now El Nino, and now the cost of financing\u201d.<\/p>\n\n\n\n
A UN report this week noted African Development Bank estimates of $10bn to $20bn in regional damage, while the UN Economic Commission for Latin America and the Caribbean projected cumulative GDP losses of at least 2pc over three years, pushing 4.8 million people into poverty.<\/p>\n\n\n\n
While De Croo pressed for immediate adaptation investments and policy reforms to lower capital costs across 47 partner nations, questions over long-term global climate leadership also surfaced on the sidelines of the Antalya summit.<\/p>\n\n\n\n
Separately, China has decided against hosting the UN\u2019s annual climate talks in 2028 after considering the possibility in recent months, sources familiar with the issue said Friday on condition of anonymity at COP31.<\/p>\n\n\n\n
Beijing\u2019s decision leaves the door open for another Asia-Pacific nation to organise COP33, as it is the region\u2019s turn to host. India withdrew its offer in April without specifying a reason, while South Korea has previously expressed interest.<\/p>\n\n\n\n
Asked about the decision, first reported by The Guardian, a Chinese foreign ministry spokesperson said he was unaware of the situation, adding that China remains committed to \u201cpromoting the global green and low-carbon transition\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
ANTALYA(National Times)- Act now against the devastating effects of El Nino or pay double later, the head of the United Nations Development Programme (UNDP) warned on Friday as delegates debated how to finance climate action at the COP31 talks in Turkey. \u201cThe needs to hedge the impact of El Nino are $36 billion if you […]<\/p>\n","protected":false},"author":2,"featured_media":136419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-136418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest_news","entry"],"yoast_head":"\n