- Phillies win thriller to level Mets series
- Yu bags first PGA Tour win with playoff win
- PSG held by Nice to leave Monaco clear at top of Ligue 1
- Lewandowski treble for leaders Barca as Atletico held
- Fresh Israeli strikes hit south Beirut
- Sucic stunner earns Real Sociedad draw against Atletico
- PSG draw with Nice, fail to reclaim top spot in Ligue 1
- Gudmundsson downs AC Milan after De Gea's penalty heroics for Fiorentina
- 'Yes' vote prevails in Kazakhstan nuclear plant vote: TV
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- 'Nothing gets in way of team,' says Celtics' MVP hopeful Tatum
- 'We will win!': Mozambique's ruling party confident at final vote rally
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Florida braces for Milton, FEMA head slams 'dangerous' Helene misinformation
- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
- Marmoush double denies Bayern outright Bundesliga top spot
- Rallies worldwide call for Gaza, Lebanon ceasefire
- New 'Joker' film, a dark musical, tops N.America box office
- Man Utd stalemate keeps Ten Hag in danger, Spurs rocked by Brighton
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Vikings hold off Jets in London to stay unbeaten
- Ahead of attack anniversary, Netanyahu says: 'We will win'
- West Indies cruise to T20 World Cup win over Scotland
- Man Utd fire another blank in Aston Villa stalemate
- Lewandowski treble powers Liga leaders Barca to Alaves victory
- Russian activist killed on front line in Ukraine
- Openda strike briefly sends Leipzig top of Bundesliga
- Goal-shy Man Utd have to 'step up', says Ten Hag
- India bowl out Bangladesh for 127 in T20 opener
- Madueke rescues Chelsea in draw with 10-man Forest
- Beckett's belief rewarded as Bluestocking storms to Arc glory
- Trump on the stump, Harris hits airwaves in razor-edge US election
- Flash flooding kills three in northern Thailand
- Kaur leads India to victory over Pakistan in Women's T20 World Cup
- Juventus held by Cagliari after late penalty drama
- In France's Marseille, teen 'stabbed 50 times' then burned alive
- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Two elephants die in flash flooding in northern Thailand
- Sabalenka targets world number one and Wuhan hat-trick
- Tunisia votes with Saied set for re-election
- Bagnaia sets 'example' with Japan MotoGP win to cut gap on Martin
- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
Climate finance summit wraps up eyeing bigger progress
A global summit seeking to overhaul the international financial system wraps up Friday after taking small steps towards easing the debt burden of developing nations weighed down by climate and economic crises.
While host country France pitched the conference as a consensus-building exercise, leaders are under pressure to produce clear outcomes from the two-day meeting as economies stagger under growing debt after successive crises in recent years.
The summit comes amid growing recognition of the scale of the financial challenges ahead, with warnings that the world's ability to curb global warming at tolerable levels is reliant on a massive increase in clean energy investment in developing countries.
With trust in short supply over broken climate financing promises from richer countries, developing nations are looking for tangible progress.
The V20 group of countries on the climate front lines -- which now includes 58 member nations -- has said restructuring the global financial system to align with climate targets must be completed by 2030.
"We come to Paris to identify the common humanity that we share and the absolute moral imperative to save our planet and to make it liveable," said Barbados Prime Minister Mia Mottley, whose Caribbean island nation is threatened by rising sea levels and tropical storms.
She has become a powerful advocate for revamping the role of the World Bank and International Monetary Fund in an era of climate crisis.
Barbados has put forward a detailed plan for how to fix the global financial system to help developing countries invest in clean energy and boost resilience to climate impacts.
One key announcement came from IMF director Kristalina Georgieva, who said a pledge to shift $100 billion of liquidity-boosting "special drawing rights" into a climate and poverty fund had been met.
World Bank president Ajay Banga said the lender would introduce a "pause" mechanism on debt repayments for countries hit by a crisis so they could "focus on what matters" and "stop worrying about the bill that is going to come".
Separately, Senegal was promised 2.5 billion euros ($2.7 billion) by a group of wealthy nations and multilateral development banks to help the west African country reduce its dependence on fossil fuels.
And Zambia, which defaulted on its debt after the Covid pandemic broke out, secured some financial relief as its main lender China and other creditors agreed to restructure $6.3 billion in loans.
On Twitter, Zambian President Hakainde Hichilema called it a "significant milestone in our journey towards economic recovery & growth".
- Turning 'billions to trillions' -
But much more is needed to help developing countries combat climate change.
Macron said he was hopeful that a pledge to deliver $100 billion a year in climate finance to poorer nations by 2020 would finally be fulfilled this year -- although actual confirmation the money has been delivered will take months if not years.
This week, the International Energy Agency said annual investment just for clean energy in these countries will need to jump to nearly $2 trillion within a decade.
This is crucial to keep alive the Paris Agreement goal of limiting global warming to "well below" two degrees Celsius since pre-industrial times, and below 1.5C if possible.
Ideas for how to turn "billions to trillions" for these climate and development goals include using multilateral development banks to help unlock climate investments, as well as taxation on fossil fuel profits and financial transactions to raise climate funds.
France backs the idea of an international tax on carbon emissions from shipping, with hopes for a breakthrough at a meeting of the International Maritime Organization in July.
Countries also want disaster clauses added to new debt arrangements to allow a country to pause repayments for two years after an extreme weather event.
V.Dantas--PC