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.
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.
Calculating clean energy household savings for Canadians and how government incentives could help
Canadian households could cut costs and carbon emissions with clean energy solutions, but government incentives are crucial to widespread adoption.
Nations to submit boosted climate plans at COP29: what’s at stake?
With COP29 underway, major emitters face pressure to enhance climate goals for the 1.5°C target, but most remain uncommitted.
UK says £58bn climate finance tool to launch on London Stock Exchange
A $75B scheme to fund clean energy projects in poorer countries will launch on the London Stock Exchange.
At COP29, development lenders set $120 billion climate finance goal for poorer countries
Global banks pledge $120B yearly climate aid by 2030, targeting low-income nations, boosting private sector investment.
For nearly a decade, climate talks have been hashing out so-called Article 6. But what is it?
At COP29, leaders finalize Article 6 for carbon trading, stirring debate over its impact on emissions and human rights.
COP29: Host nation Azerbaijan hits out at West in defence of oil and gas industry
At COP29, UN's Guterres urged world leaders to boost climate finance, warning, “Pay up, or humanity will pay the price.”
Singapore commits up to $500 million funding to support decarbonisation in Asia
Singapore has committed the funding to support the local central bank's initiative to help fund Asia-focused climate projects.
