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.
Biden to announce ‘historic’ pledge to World Bank fund for poorest countries, advisor says
Biden to announce historic pledge to replenish the World Bank’s fund for the world’s poorest countries.
Can a COP29 deal clean up scandal-ridden carbon offsets?
COP29 carbon credit deal could fund emissions cuts, but past scandals mean trust must be regained first.
Young people, whose futures are at stake in UN climate talks, push through anger to fight for hope
Youth at UN climate talks grapple with lost homes and futures yet persist, pushing leaders for urgent action against climate change.
Brazil Restoration & Bioeconomy Finance Coalition Launched to Mobilize $10 Billion for Forest Conservation and Bioeconomy by 2030
MANAUS, Brazil--(BUSINESS WIRE)--Today, on the margins of the G20, a group of public and private sector leaders launched the Brazil Restoration & Bioeconomy...
COP29: As talks in Baku cross the halfway point, nations are no closer to a goal on cash for climate action
Week one at COP29 in Baku, Azerbaijan saw little progress on climate funding, but more is expected in week two.
Message From Executive Secretary Simon Stiell Ahead of G20 Leaders Summit Issued at COP29, Baku, Azerbaijan
The following is a message from UN Climate Change Executive Secretary Simon Stiell at the UN Climate Change Conference (COP29) as world leaders...
UN climate chief asks G20 leaders for boost as finance talks lag
The U.N. urges G20 leaders to back global climate finance at Rio, aiming to boost progress for COP29 talks.
Colombia’s government is eager for post-fossil fuels economy. But costs are a barrier
Colombia's president, Gustavo Petro, is set on transitioning from fossil fuels, prioritizing the green energy transition despite costs.
Europe may have set bar too high on climate, says Cyprus
Tough European Union rules seek to slash net greenhouse gas emissions in the bloc by 90 per cent by 2040, and reach zero...
Al Gore says ‘absurd’ to hold UN climate talks in petrostates
US vice president Al Gore told AFP Friday it was "absurd" for petrostates such as Azerbaijan to host UN climate talks, saying the...
