COP29: What is the ‘new collective quantified goal’ on climate finance?

Quick Summary:

As nations assemble at COP29 in Baku, Azerbaijan, one issue is expected to dominate the summit: climate finance.

Meeting such a target would require an unprecedented tenfold boost in climate finance by 2025.(However, it is difficult to compare like-for-like, as countries have different expectations about the sources that will make up the NCQG target.

Alex Scott, a senior associate in climate diplomacy at the thinktank ECCO, noted in a recent briefing that progress outside negotiations, such as mobilising more climate finance from the World Bank, could “build a bit more confidence amongst developed countries that…there are other sources of finance that are going to complement what they can put on the table”.

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Author / Journalist: Josh Gabbatiss

Category: EconomyBusiness

Markets: SingaporeAustraliaAzerbaijanBrazilCanadaChinaFranceGermanyIndiaIsraelJapanSouth KoreaKuwaitNew ZealandPakistanQatarSwedenSwitzerlandTurkeyUkraineUnited Arab Emirates

Topics: Energy transition Investment UNFCCC UN Renewable energy Climate COP28 Decarbonisation Paris Agreement International cooperation Clean energy Inequality Financing COP29 COP Emissions Climate finance World Bank IPCC Energy Multilateral development bank Global Stocktake

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Article Type: News Report

Published On: 2024-11-08 @ 07:55:00 (15 hours ago)

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News Source URL: eco-business.com

Language: English

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