COP29 kicks off; host asks nations to urgently resolve differences on new climate finance goal

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COP29 kicks off; host asks nations to urgently resolve differences on new climate finance goal - YourStory

Quick Summary:

Delivering his remarks at the opening ceremony of the UN summit, COP29 President Mukhtar Babayev said current policies are leading the world toward 3 degrees Celsius of warming, which would be catastrophic for billions of people.

Public finance ensures a stable source of support, while grants and concessional loans (with very low or zero interest) are easier for developing countries to manage.

Among Global South negotiators, the Like-Minded Developing Countries (LMDC) group has suggested that $1 trillion per year is needed, the Arab Group has called for $1.1 trillion, the African Group $1.3 trillion, India $1 trillion, and Pakistan $2 trillion.