COP29 Negotiates New Climate Finance Goals

The COP29 climate summit in Baku, Azerbaijan, has commenced with nearly 200 countries negotiating increased climate finance, particularly for developing nations, amid recent weather disasters and political uncertainties like Donald Trump's re-election. Notable absences include leaders from the US, China, and India, raising concerns about the summit's effectiveness. Key discussions are set to center around establishing a new climate finance goal to replace the current $100 billion annual commitment, with proposals reaching up to $1 trillion. Afghan Taliban officials are attending for the first time since taking power, despite Afghanistan's lack of official UN recognition, highlighting changes in multilateral participation dynamics. The summit is seen as a critical juncture for reinforcing international climate cooperation and addressing the urgent challenges posed by ongoing climate change. The European Bank for Reconstruction and Development is advancing green financing in Türkiye with a €25 million loan to support sustainable projects, reflecting efforts to promote low-carbon economies.