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Where Will the COP29 Money Come From?

Livemint · 7d

The COP29 climate summit in Baku, Azerbaijan, aims to establish an agreement for climate-related transfers from rich to poor countries. The focus is on the financing aspect of climate change, with discussions surrounding the amount of money needed and who will provide it. The target of $100 billion annually by 2020, set in 2009, was only met in 2022 and is insufficient. Private sector involvement will be necessary to bridge the investment gap, but this year's summit will be more low-key compared to previous years. Focus will be on concrete actions and technologies rather than grand political statements. Multilateral development banks (MDBs) are expected to play a bigger role in securing climate finance for developing nations. The return of Donald Trump may pose challenges to environmental, social, and governance (ESG) initiatives in the United States.