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.
Development bank financing pledge gives COP29 summit early boost
Lenders, including the World Bank, aim to increase climate financing to poor and middle-income countries by 60% from 2023.
What are they saying at the COP29 climate summit?
World leaders at the U.N. climate summit urge urgent, unified action amid ongoing inaction, inequality, and climate crisis.
Europe needs more resources to tackle climate change, Greek PM says
Greek PM Mitsotakis urges Europe to balance swift green goals with immediate climate response resources to protect lives.
Explainer: Why are countries fighting over climate finance at COP29?
COP29 aims to secure trillions for global climate projects, focusing on funding from wealthy nations and private sectors as past pledges expire.
At UN climate talks, nations big and small get chance to bear witness to climate change
World leaders at COP29 call for climate finance, with wealthier nations urged to aid poorer countries in climate resilience.
Global CO2 emissions to hit record high in 2024, report says
Global CO2 emissions will hit a record 41.6 billion tons in 2024, worsening climate impacts despite renewable energy progress.
Climate cash should also go to nuclear, says UN atomic chief
IAEA chief Grossi urges climate funds for nuclear energy, emphasizing its potential to aid global decarbonization responsibly.
Lame-duck US climate team vows to be ‘effective’ at COP29
US officials keep a busy schedule at COP29, assuring global leaders of continued climate action despite Trump's return threat.
UN carbon market inches closer after COP29 agreement
The UN-backed carbon market moves closer, with COP29 nations setting new standards to ensure transparency and project credibility.
‘Carbon-neutral’ countries demand credit at COP29
Small nations like Bhutan and Panama, which absorb more carbon than they emit, demand recognition at COP29 for their sacrifices.
