Spotlight: Climate Finance
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.
At COP29, a draft of the deal gives little clarity on climate cash for developing nations
COP29 draft text on climate finance lacks clarity on wealthy nations' contributions, leaving critical issues unresolved amid mounting pressure.
Climate funding divisions laid bare as COP29 deadline looms
The goal of COP29 is to agree how much money richer countries should provide poorer developing ones to help fight climate change.
Britain announces plan to boost heat pump uptake
Most of Britain’s homes are heated by gas — but the government wants to change that.
Brazil will not ‘shy away’ from fossil fuels as COP30 host: envoy
Brazil, host of COP30, won’t shy away from leading global talks on fossil fuel phaseout, despite being a major oil producer.
Bosnia needs to invest $6.8 billion to tackle climate change impact, World Bank says
Bosnia needs $6.8B in climate adaptation by 2030 to combat floods, air pollution, and ensure economic stability, says World Bank.
COP29 president faces pressure over LSE climate academic detained in Azerbaijan
COP29 faces scrutiny as academics urge Azerbaijan to release detained climate professor Gubad Ibadoghlu amid health concerns.
As Trump returns, China seizes chance for climate mantle
With Trump expected to take the U.S. out of climate diplomacy, China positions itself as a global climate leader at COP29.
Lack of focus on nature and farming solutions at COP29, say campaigners
Campaigners at COP29 urge nations to prioritize nature-based solutions, like forests and soil, in climate finance and action plans.
Climate finance talks face ‘hardest’ stage as COP29 nears end-game
COP29 finance talks heat up as negotiators tackle funding for climate adaptation, clean energy, and emission cuts amid a Friday deadline.
‘Steep climb’ ahead as clock ticks on stalled climate talks
With two days left at COP29, wealthy nations have yet to disclose funding plans for developing countries on climate change.
