Global leaders are drafting an important climate finance deal to be finalised at the upcoming 29th Conference of the Parties (COP29) in Baku in November. It outlines a plan that could mobilise trillions of dollars in support for vulnerable and developing nations.
The COP29 Presidency is leading efforts to resolve critical gaps ahead of the annual event. The country’s lead negotiator Yalchin Rafiyev noted the challenge, stating that the funding needed to address the climate crisis is “in the space of trillions”, as per reports.
But negotiations are moving in the direction of a more realistic expectation of public sector contributions – likely to reach “hundreds of billions” per year. Climate finance is important as several countries across the globe need it to build resilience and reduce emissions.
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Climate finance, energy resilience, climate transparency
The Gulf state of Uae hosted the previous COP28 Summit at Expo City Dubai last year. The conference achieved an early success on its first day itself as participants agreed to operationalise the Loss and Damage Fund to compensate nations for climate consequences.
These annual Conference of Parties (COP) events have constantly served as critical platforms for advancing the 2015 Paris agreement agenda – that calls on global leaders to limit global heating to 1.5 degrees Celsius above pre-industrial levels.
The pre-COP conference in Baku marked a significant step in preparing a draft negotiating text for the fresh climate finance goal – expected to be published in the coming days. Besides finance, the talks also covered energy resilience and climate transparency.
