Need for seismic shifts: COP29 Baku must secure a $1 trillion climate finance target
The need to combat the climate crisis has never been this urgent. There is a crucial need for seismic shifts, and not incremental changes. The destruction triggered by Spain floods and US hurricanes have already brought the impacts of climate change in the limelight.
It appears only funding can unlock the urgently needed global climate action. Baku is hosting the COP29 Summit from November 11-22. The climate conference must forge an agreement to establish a collective qualified goal (NCQG) for the required climate finance.
https://twitter.com/COP29_AZ/status/1841137855491662181
Is $1 trillion climate finance target a realistic number?
Climate finance is not about generosity but responsibility. Currently, 69% of all climate finance is provided in the form of loans. This process exacerbates existing inequalities and debt crises in poor countries susceptible to the effects of climate change.
The NCQG requires core public grant funding – around $1 trillion per year – directed at developing countries. This funding should be allocated across mitigation, adaptation, and loss and damage. Today, most funds are allocated for mitigation, creating an imbalance in climate action.
Should the $1 trillion a year target be considered a realistic number? It is possible. There is an increasing interest in billionaire taxes that could raise up to $1.7 trillion annually. Plus, some of the most reputed oil companies have been recording soaring profits.
Need for real commitments at COP29 Summit in Baku
The upcoming COP28 Summit in Baku is going to keep climate finance at the core of its agenda. But several global leaders from major economies including the US and Brazil are planning to skip the crucial climate conference.
European Commission President Ursula von der Leyen cannot attend the Summit, and similar is the case for US President Joe Biden and his Brazilian counterpart Luiz Inacio Lula da Silva. But the presence of real commitments to fight climate change is equally important.
