COP29 Preparations Focus on Climate Financing

Azerbaijan's Ecology Minister Mukhtar Babayev and ADB President Masatsugu Asakawa discussed innovative climate financing in Washington ahead of COP29, which will take place in Baku from November 11 to 22. The BRICS nations and the G24 group have emphasized the urgent need for increased climate finance, particularly for developing countries, with the G24 calling for over $100 billion annually to meet COP29 targets. The Commonwealth Climate Breakfast highlighted the financial challenges faced by vulnerable nations, with Commonwealth Secretary-General Patricia Scotland stressing the urgent need for climate finance to help these countries recover from climate-related shocks. Despite the challenges posed by global political instability and inadequate funding commitments, there is a consensus on the necessity for collaboration between governments, financial institutions, and philanthropic organizations to mobilize sufficient resources. The upcoming COP29 aims to finalize critical climate finance goals, particularly the new collective quantified goal (NCQG), to support global climate efforts in light of rising challenges. Overall, leaders are calling for bold actions to prevent reversing decades of progress in combating climate change and addressing poverty.