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

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Eco-Business 5d ago

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

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”.