Climate Finance Targets Discussed at COP29 in Baku

At the COP29 climate conference in Baku, discussions are focusing on establishing a new climate finance target to support developing nations in tackling climate change. Current estimates indicate that trillions of dollars are needed, with proposals calling for annual commitments ranging from $1.3 trillion to $9 trillion by 2030. Despite some progress, consensus remains elusive, with debates on financial responsibility between developed and emerging economies. UN Secretary-General António Guterres has urged for increased contributions to the Loss and Damage Fund, stressing the urgency of addressing climate impacts. A recent report has shown that climate-related extreme weather events have cost the global economy over $2 trillion in the past decade, emphasizing the importance of decisive action. Meanwhile, Pakistan and other vulnerable nations are advocating for equitable climate finance to address their substantial needs, highlighted by Pakistan's projected requirement of $348 billion by 2030.