COP29 Stresses $1 Trillion Climate Finance by 2030
COP29 Stresses $1 Trillion Climate Finance by 2030
COP29 Stresses $1 Trillion Climate Finance by 2030
News summary

At COP29 in Baku, the focus is on mobilizing $1 trillion annually by 2030 for climate finance, emphasizing contributions from both public and private sectors to support developing countries, excluding China. Developing nations demand a $1.3 trillion annual commitment from developed countries to transition to cleaner energy and manage climate impacts. The Independent High-Level Expert Group warns that delaying funding until 2035 could severely affect vulnerable nations. Geopolitical tensions and disagreements over contributions complicate negotiations, while businesses like IOI Properties in Malaysia adopt green practices. Egypt's Finance Minister highlights innovative financing mechanisms and international collaboration to bridge climate finance gaps, especially in Africa. The summit underscores the critical need for faster progress amidst rising emissions and finance needs.

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