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.
Analysis: COP29 talks struggle in a year of climate stress and global bickering
COP29 in Baku faces stalled climate finance talks as global tensions, host conflicts, and Trump’s reelection shadow progress.
Fragile countries make $20 billion climate finance push at COP29, letter says
"A flood situation in South Sudan or Somalia creates more catastrophe than it would in any other developing country."
Global carbon offset standard setter okays three deforestation project types
Preserving forests is crucial to meeting international goals to limit global temperature increases.
Energy projects in developing countries to receive £79m in UK climate finance
The money comes under the UK’s existing pledge to spend £11.6 billion in climate finance over five years up to 2026.
Verra’s REDD Methodology and Jurisdictional and Nested REDD+ Framework Secure ICVCM Approval
Approvals set a new benchmark for integrity in forest conservation, enabling the integration of project- and jurisdictional-level efforts, and empowering buyers to invest...
Climate finance: who is being asked to pay what at COP29?
Of the annual $2.4 trillion needed, an estimated $1.4 trillion will need to come from developing countries themselves.
JPMorgan gives green energy finance ratio for the first time
Banks are increasingly under pressure from investors to show how they are helping clients in the transition to clean energy.
For 3rd straight year, no improvement in Earth’s projected warming
Earth remains on a path to be 2.7 degrees Celsius warmer than pre-industrial times, according to Climate Action Tracker.
Rich nations must double climate finance from taxpayers’ money by 2030 – experts
Currently, around $43 billion per year is flowing from developed to developing countries, according to a new analysis.
Bangladesh leader Muhammad Yunus slams rich nations for burning up the planet at UN climate talks
Interim Bangladeshi leader Muhammad Yunus urges wealthy nations to provide funds for climate crisis instead of negotiating.
