Climate finance refers to dedicating public and/or private financial resources to support climate change mitigation (which aims to reduce global greenhouse gas emissions), or adaptation (which helps build resiliency in the face of climate change). Climate finance can come from public sources, such as government or national and multilateral development banks, or from a growing array of private institutional investors and public-private institutions. Internationally, climate finance is one way to recognize that less-developed countries are often more vulnerable to climate change for which they are relatively less responsible and yet have fewer resources to address. Climate finance also refers to funding mechanisms to support the energy transition to net-zero emissions, such as clean technology development and related infrastructure. The 2015 Paris Agreement calls for developed country governments to commit to increasing climate finance commitments (currently USD $100 billion/year) at specified intervals, such as this year. Therefore, negotiating a “New Collective Quantified Goal” on Climate Finance is a major focus of the 2024 UN climate conference (COP29) in Azerbaijan.
Developing nations at COP29 decry trade barriers like the EU's carbon border levy, warning they hinder green transitions and climate equity.
By Kate Abnett21 Nov 2024ReutersEuropean right-wing leaders embrace climate action as economic opportunity, contrasting U.S. fossil fuel-driven skepticism under Trump.
By Michael Phillis and Seth Borenstein21 Nov 2024The Associated Press“Amidst geopolitical divisions and uncertainties, the world needs countries to come together here in Baku."
By Rebecca Speare-Cole21 Nov 2024UK PA MediaCOP29 draft text on climate finance lacks clarity on wealthy nations' contributions, leaving critical issues unresolved amid mounting pressure.
By Sibi Arasu and Michael Phillis21 Nov 2024The Associated PressThe goal of COP29 is to agree how much money richer countries should provide poorer developing ones to help fight climate change.
By William James, Gloria Dickie and Kate Abnett20 Nov 2024ReutersMost of Britain’s homes are heated by gas — but the government wants to change that.
By Reuters20 Nov 2024ReutersBrazil, host of COP30, won’t shy away from leading global talks on fossil fuel phaseout, despite being a major oil producer.
By Nick Perry20 Nov 2024Agence France-PresseBosnia needs $6.8B in climate adaptation by 2030 to combat floods, air pollution, and ensure economic stability, says World Bank.
By Reuters20 Nov 2024ReutersCOP29 faces scrutiny as academics urge Azerbaijan to release detained climate professor Gubad Ibadoghlu amid health concerns.
By Rebecca Speare-Cole20 Nov 2024UK PA MediaWith Trump expected to take the U.S. out of climate diplomacy, China positions itself as a global climate leader at COP29.
By Shaun Tandon20 Nov 2024Agence France-PressePlease login to like, dislike or bookmark this article.