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Climate Finance Crisis at COP29
World leaders grapple with setting a new climate funding target to help low-income countries adapt to climate change, with trillions of dollars needed and disagreements on financial responsibility.
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United States
Climate ChangeEuropean UnionEnergy SecurityFinanceSustainabilityInternational CooperationDevelopment
United NationsOecdClimate Policy InitiativeWorld BankEuropean Union
- What is the aim of the new climate funding target?
- The new funding goal aims to replace the 2009 target of \$100 billion annually, which was only met in 2022. Disagreements persist on who should bear the financial responsibility.
- What is the role of international development banks in climate financing?
- International development banks, fueled by taxpayer funding, have become major climate finance providers for developing nations, although there are calls for them to work faster and more efficiently.
- How much climate financing does the world need to limit warming to 1.5°C?
- The world needs roughly five times the current annual climate financing to limit warming to 1.5°C, according to the Climate Policy Initiative. Estimates for 2030 range up to \$9 trillion.
- What is the disparity in access to climate financing between developed and developing countries?
- Developed nations acknowledge the need for trillion-dollar investments but haven't yet set a specific target for international financial aid; the disparity in access to low-interest rates contributes to unequal climate financing.
- What is the main challenge faced by world leaders and negotiators at the UN Climate Change Conference?
- Negotiators at the UN Climate Change Conference (COP29) in Baku are struggling to agree on a new financial target to help low-income countries adapt to climate change, with trillions of dollars needed.