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.
UN climate negotiations through the years to COP29
Here are some of the most significant moments in the history of climate talks.
Developing world faces multi-billion climate adaptation cash gap, U.N. report says
Developing nations need $359B yearly to adapt to climate change, yet funding in 2022 hit only $28B, a UNEP report shows.
2024 will be world’s hottest on record, EU scientists say
2024 is set to become the hottest year on record, intensifying calls for stronger climate action at COP29 in Azerbaijan.
Trump return will slow, not stop, US clean energy boom
Trump’s White House return shifts energy policy to oil and gas. Still, it’s unlikely to dramatically slow U.S. renewables.
Deadlock over climate finance is undermining Paris agreement, Singapore minister says
Efforts to persuade more countries to contribute to a new global climate financing initiative risks undermining the Paris agreement.
China wants talks on trade measures at COP29 climate summit, document shows
China has called for talks on carbon border taxes and other restrictive trade measures at next week's COP29 climate summit.
Nations gather for crunch COP29 climate talks in shadow of US vote
With high stakes at COP29, leaders face climate funding challenges amid political tensions, critical U.S. elections, and urgent goals.
Public funding for nature conservation stalls at COP16, eyes on private investment
At COP16, wealthy nations pulled back on conservation funding, leaving private capital to help bridge the $200 billion gap.
Where will captured carbon go? Ohio company among those seeking to embed it in new products
Quasar Energy Group heads up a team awarded a U.S. grant to use carbon dioxide from biodigesters to make algae-based polyurethane.
How US states can lead on carbon removal policy
U.S. states are scaling carbon removal efforts, adapting policies to local needs, and setting examples for climate action nationwide.
