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COP29 Climate Finance Negotiations
COP29 climate talks in Baku focus heavily on climate finance, with discussions around how much wealthy nations should pay developing countries to address climate change.
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Canada
Climate ChangeEnergy SecurityFinanceClimateNegotiationsInternationalDevelopment
United NationsClimate AnalyticsClimate Action Network CanadaGreen Climate FundWorld Bank
Bill HareSoomin HanCatherine MckennaNaomi JohnsonCatherine AbreuSteven Guilbeault
- Who pays?
- Discussions about who should contribute beyond the original 23 high-emitting countries are complicated, with some suggesting China and Gulf states should also contribute. Concerns exist that wealthy nations might use this to avoid their responsibilities.
- What is climate finance?
- Climate finance refers to the financial commitments made by wealthy nations to help developing countries mitigate and adapt to climate change.
- How much does Canada owe?
- Canada's current pledge is $5.3 billion over five years, but some advocate for tripling this amount. Several independent assessments suggest that developing countries might need upwards of $1 trillion annually to meet their climate goals.
- Why is climate finance set to dominate these talks?
- The 2009 agreement set a goal of $100 billion annually by 2020, but this was only met in 2022. A new, more ambitious goal is needed for the period after 2025, and negotiations are underway at COP29 to determine its amount.
- Where should the money go and how should it be delivered?
- Negotiations include determining the balance between grants and loans, allocation of funds between emission reduction and adaptation projects, and whether to include loss and damage funding. Transparency and public vs. private sector contributions also need to be addressed.