World News | Leaders Discuss Finances to Fight Climate Change

Washington, Apr 22 (AP) After livestreamed remarks by dozens of world leaders at the U.S.-hosted global climate summit, the conversation has turned to money.

President Joe Biden says, “Good ideas and good intentions aren't good enough." He says, "We need to ensure that the financing will be there.”

Biden says combatting climate change will require mobilizing finance on an unprecedented scale. He says the U.S. on Thursday would announce an international climate finance plan, involving not only governments but also the private sector. He calls on Wall Street to join the climate fight.

Biden says investing in green businesses isn't a drain on the economy but an opportunity. He says climate change "is more than a threat” and presents the largest opportunities for job creation in the future.

Jamaica's Prime Minister Andrew Holness says the amount of money pledged by developed countries to help developing countries leapfrog to cleaner technologies needs to be increased.

Brazil's President Jair Bolsonaro has shifted his tone on preservation of the Amazon rainforest at the U.S.-led climate summit, exhibiting willingness to step up commitment even as many critics continue doubting his credibility.

Bolsonaro said Thursday he agrees with U.S. President Joe Biden's “call for the establishment of ambitious commitments.” Brazil's leader says he is “determined that our climate neutrality will be reached by 2050.”

Bolsonaro also said he would double the amount of money for environmental authorities' oversight. It's unclear how that reconciles with immediate spending, as the 2021 budget outlook for the environment ministry is the lowest for any year this century.

The speech shows Bolsonaro's administration realizes it needs to at least start talking the talk in the face of international and domestic pressure.

Youth activist Xiye Bastida has told world leaders the climate crisis is the result of powerful people like them who are “perpetuating and upholding the harmful systems of colonialism, oppression, capitalism and market-oriented brainwashed solutions? to global problems.

In a hard-hitting speech Thursday at the virtual climate summit, the Mexican teenager said solutions to global warming “must be aligned with the fact that climate justice is social justice.?

She says current economic and political systems “rely on the existence of sacrifice zones” that “target the global South and Black and brown communities to the global North.”

Russian President Vladimir Putin has called for international cooperation to tackle climate change at a virtual climate summit convened by U.S. President Joe Biden.

In his speech, Putin urged “broad and effective international cooperation in the calculation and monitoring of volumes of all types of harmful emissions into the atmosphere.”

Putin said Thursday, “Russia is genuinely interested in galvanizing international cooperation so as to look further for effective solutions to climate change as well as to all other vital challenges.”

South Korean President Moon Jae-in says his country will no longer finance the construction of coal power plants in other nations as he promises stronger contributions to international efforts to curb global warming.

Moon said his country will provide a more ambitious target for reducing carbon emissions by the end of the year. South Korea in December had announced a 2030 target to cut its carbon emissions by 24.4% from the country's 2017 level.

South Korea has faced international criticism for its continued investment in coal plants in other countries even as it pushes to phase out coal power at home.

Moon's office says his pledge doesn't affect South Korea's participation in ongoing projects to build two new coal plants in Indonesia and another one in Vietnam.

Japan's Prime Minister Yoshihide Suga emphasised the global nature of the event, saying, “Good morning, good afternoon and good evening, everyone.” He was speaking at nearly 10 p.m. in Japan and in the morning on the U.S. East Coast. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)