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.
Tesla racks up nearly 34 million metric tons of GHG emissions credits in 2023
Tesla sold 34M tons of GHG credits in 2023 as automakers faced record deficits amid stricter EPA emissions standards.
Contentious COP29 deal shows climate cooperation fraying at edges
Among the biggest factors clouding the negotiations at COP29 was the return of climate skeptic Donald Trump as president of the U.S.
Business seeks details in face of mixed COP29 climate messages
If nations deliver clear climate policies next year, COP29 finance and carbon market deals could unlock billions in the business world.
Analysis: Climate finance’s ‘new era’ shows new political realities
Next year, Germany, Canada and Australia all hold elections in which conservatives less supportive of green policies stand chances of victory.
Cop29 finance deal ‘a death sentence’ and ‘woefully inadequate’, activists say
COP29's $300bn climate deal is slammed as 'woefully inadequate' and a 'death sentence for millions.'
How public funds are being used to lure private dollars in race for climate financing
Blended finance could help bridge the climate funding gap by attracting private sector investment.
Irish climate minister says COP29 deal ‘far from perfect but can be built on’
Ireland's Eamon Ryan, the former Green Party leader, called the deal a hopeful step toward financial fairness for nations most in need.
Breakthrough in Baku delivers $1.3tn “Baku Finance Goal”
24 November 2024 • The Baku Finance Goal sets new global target to channel $1.3tn of climate finance to developing countries by 2035...
COP29 Finance Deal a Downpayment for a Safer, More Equitable Future
November 23 2024 BAKU (November 24, 2024) -- The COP29 climate negotiations in Baku concluded with delegates agreeing to a new climate finance goal...
Here’s what to know about the new funding deal that countries agreed to at UN climate talks
At COP29, rich countries agreed on a climate deal of $300 billion annually by 2035 — here's how they got there.
