COP29: Six key reasons why international climate finance is a ‘wild west’

Quick Summary:

Developed nations have committed to providing billions of dollars of 'climate finance' to developing countries, as part of the global effort to tackle climate change.

Efforts since then to agree on a definition have failed.“Developed countries oppose a definition that would restrict climate finance to certain financial instruments, while petrostates oppose a definition that would exclude counting funding for fossil-fuel projects as climate finance.

As countries gather to negotiate a new climate-finance target at COP29 in Baku, Azerbaijan, Carbon Brief – in no particular order – explores six of the issues that make climate finance such a “wild west”.1.

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Author / Journalist: Josh Gabbatiss, Vera Deleja-Hotko, Gustav Elfving, Lyse Mauvais, Sevilay Nur Saraçlar

Category: EconomyBusiness

Markets: SingaporeAustraliaAzerbaijanBangladeshDenmarkFranceGeorgiaGermanyGuatemalaIndiaIndonesiaItalyIvory CoastJapanKenyaMaliMozambiqueNetherlandsSenegalSwedenTurkey

Topics: Sustainable development Inequality Paris Agreement Climate justice NGOs Fossil fuels Research OECD Loss and damage Climate finance Climate Oil Investment Infrastructure COP UNFCCC COP29 Reporting UN Sustainable finance International cooperation Financing Multilateral development bank

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-15 @ 03:00:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 3691 words

Reading Time: 21 minutes read

Sentences: 163 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Eco-Business

News ID: 23665111

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