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.
As COP29 eyes $1 trillion climate fund, some see new taxes as one way to get there
COP29 leaders eye $1T+ yearly for climate aid, exploring taxes on shipping, aviation, fossil fuels, crypto, and wealth to fund efforts.
UK joins coalition to phase out fossil fuel subsidies
The UK joins 16 nations in a coalition to phase out fossil fuel subsidies at COP29 in Azerbaijan.
COP29 talks buoyed by G20 support but fears stoked over fossil fuels backsliding
The G20's support for a strong finance deal at COP29 was welcomed, but concerns arose over fossil fuel commitments.
Beyond B-loans? Development banks seek private money for climate change fight
An investment manager warns of barriers to private sector investment in climate change projects, citing a lack of transparency.
Carbon Brief on COP29: Six key reasons why international climate finance is a ‘wild west’
Carbon Brief: Climate finance has long been plagued by accusations of poor transparency. Much stems from a lack of consensus on what counts.
At UN climate talks, farmers argue for a share of money dedicated to fighting climate change
Small farmers receive less than 1% of climate finance, yet they feed millions and face growing threats from climate change.
Negotiators seek to break COP29 impasse after G20 ‘marching orders’
Negotiators push to resolve deadlock at U.N. climate talks after G20 backs trillions of dollars for poorer nations.
Money to respond to climate change is key to UN talks in Baku. Nations are finding ways to raise it
Rich nations at COP29 face pressure to boost climate finance, balancing loans, grants, and leverage amid fears of debt for poorer nations.
Summit host Azerbaijan warns COP29 cannot succeed without G20 boost
COP29 host in Azerbaijan urges G20 leaders to prioritize climate action as they meet in Brazil.
COP29: US-UAE climate-friendly farming partnership grows to $29 billion
Launched in 2021, 'AIM for Climate' has secured $29.2 billion in funding for agricultural innovation.
