Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Japan PMI Data Signals Manufacturing Stabilization as Services Continue to Drive Growth 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Oil Prices Slip in Asia as 2026 Supply Glut Fears and Russia-Ukraine Talks Weigh on Markets 
U.S. Dollar Slips Near Two-Month Low as Markets Await Key Jobs Data and Central Bank Decisions 
Australian Consumer Sentiment Slumps in Early December as Inflation Fears Resurface 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Bank of Japan Poised for Historic Rate Hike as Inflation Pressures Persist 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
UNFCCC Budget Shortfall: A Threat to Global Climate Negotiations
The United Nations Framework Convention on Climate Change (UNFCCC) is currently facing a budget shortfall of at least €57 million ($61.53 million) for 2024, according to a recent Reuters analysis. This funding gap jeopardizes international climate dialogues and the implementation of agreements among nearly 200 member countries.
Budget Overview
The UNFCCC's total budget for 2024-2025 is set at €240 million, half of which is allocated for this year. The budget comprises a core fund, a supplementary fund supported by voluntary donations, and a fund to assist delegates from developing nations. While countries like Japan and Germany have exceeded their payment obligations, the U.S. and China—two of the largest greenhouse gas emitters—have yet to fulfill theirs, with contributions due annually on January 1.
Impacts of the Shortfall
The budget crisis has forced the UNFCCC to curtail its activities, including reducing operational hours and canceling regional climate events that previously attracted substantial investment pledges. A spokesperson acknowledged that resources are increasingly stretched, hampering efforts to support vulnerable nations and maintain effective climate negotiations.
Delayed Contributions and Consequences
As of October, the UNFCCC had only received €63 million ($68 million) of the required funds for 2024. Although the U.S. and China have indicated they will meet their obligations, their contributions alone will not bridge the budget gap. Diplomatic sources express concern that this funding deficit could undermine critical climate actions and negotiations, particularly at the upcoming COP29 summit in Baku, Azerbaijan.
Conclusion
The UNFCCC's ability to facilitate global climate action is at risk without timely contributions from member nations. Strengthening financial commitments is essential to ensure effective dialogue and meaningful progress in the fight against climate change.
