Developing Nations Press Rich World to Better Fight Climate Change at UN Climate Summit

 Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
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Developing Nations Press Rich World to Better Fight Climate Change at UN Climate Summit

 Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)

Leaders of developing nations jumped into Saturday's second-day of a UN climate summit to press rich industrial countries to share their knowhow to fight global warming and ease the financial burdens they face — while trumpeting their own natural resources that swallow heat-trapping carbon in the air.

The annual United Nations Conference of the Parties, known as COP28, in the United Arab Emirates featured about 150 presidents, prime ministers, royals and other leaders who are presenting their plans to cut heat-trapping emissions and mostly seek unity with other nations to avert climate catastrophe that seemed to draw closer than ever in 2023.

The developing world took center stage early Saturday, with Vice President Kamala Harris of the United States set to speak later.

African leaders noted their continent's rainforests help gobble up excess carbon dioxide in the air and their countries have belched out a tiny fraction of heat-trapping emissions compared to richer countries.

Teodoro Obiang Nguema Mbasogo of Equatorial Guinea — one of sub-Saharan Africa's biggest oil producers — faulted developed nations for failing to deliver on their pledges to meet their commitments on financing for climate action and meet their own targets to curb their industries' emissions.

"Africa is one of the regions in the world that sequesters the most carbon and emits oxygen," he said.

President Jose Ramos Horta of Timor-Leste, next to Indonesia and north of Australia, blasted "shark loans" from multilateral lending institutions, saying developing nations cannot recover from heavy debt burdens that squelch their ability to put money into fighting climate change and grow economically.

Harris’ appearance at COP28 in Dubai marks the first time since COP3 in Kyoto, Japan, that a vice president has led America’s delegation. COP3 in 1997 saw then-Vice President Al Gore speak. Intervening COP summits through President George W. Bush’s tenure saw lower-level representatives.

As Harris made her way toward the Dubai venue, US climate envoy John Kerry and French President Emmanuel Macron pushed for development of nuclear energy — which does not produce greenhouse gas emissions, even if it also presents security and waste challenges.

Overall, a group of more than 20 nations called for a tripling of nuclear energy generated in the world by 2050.

"I want here to reiterate the fact that nuclear energy is a clean energy and it should be repeated," said Macron, which gets around two-thirds of its electricity from nuclear power, the most of any industrialized country, and even exports some of it to its neighbors. "Nuclear energy is back."

A declaration issued at the event did not specify how much money should be set aside, but urged the World Bank and others to "encourage" expanding lending for nuclear projects.

"We have to invest — I’m not saying give away," Kerry said. "I’m saying invest the trillions of dollars that are sitting on the sidelines looking for bankable deals but not willing to move as fast as we need to move."

Whatever their perspective or national interest, leaders almost universally voiced their shared views that Earth is in crisis — with the United Nations and other environmental groups warning that the planet has recorded the nine hottest years on record over the last decade.

Bolivian Vice President David Choquehuanca called for "saving Mother Earth and staving off the multiple crises which have been caused by neocolonial, capitalist, imperialist, patriarchal, Western culture."

"The climate crisis is but the latest chapter in a long history of hypocrisy and lies: The ‘Global North’ is responsible for the global imbalance that we’re seeing," he said, using a catchall term for industrialized countries. "They seek permanent growth to the detriment of the global South."

Worries are rising that the world is set to blow past — even obliterate — targets in the Paris climate accord of 2015 to cap the increase in global temperatures by the end of the century by 1.5 degrees Celsius (2.7 Fahrenheit) since the start of the industrial era.

In a fire-and-brimstone kickoff Friday, UN Secretary-General Antonio Guterres, fresh from viewing melting glaciers in Antarctica and Nepal, said "Earth's vital signs are failing" and told leaders, "You can prevent planetary crash and burn."

In a direct challenge to fossil fuel-aligned nations, the UN chief said the only way to limit warming to the goal set in 2015 is by eliminating oil, coal and gas use. "Not reduce, not abate. Phase out," he said.



Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.