A recent report by the Independent High-Level Expert Group on Climate Finance suggests that poorer nations will need $1tn by 2030 to cope with the escalating impact of the climate crisis, five years earlier than previously suggested. This poses a huge challenge, as richer nations will need to contribute to meet this financial need. As world leaders wrap up their speeches at Cop29, focus has now shifted to climate finance negotiations. Developing countries are pushing for at least $1.3tn in funding annually to tackle climate disasters and phase out fossil fuels. The talks aim to reach a consensus on committing at least $1 trillion each year by 2035. Tensions are high at Cop29, with recent controversies such as France’s ecology minister canceling her flight to Baku after Azerbaijan’s president criticized France and concerns about Donald Trump’s pledge to exit the Paris climate agreement. However, Barbados prime minister Mia Mottley has called for unity in addressing the climate crisis, inviting Trump to a meeting to find common ground. Stay tuned for updates on the finance negotiations as the IHLEG releases an update to their report. For more information on Cop29, keep following our coverage or reach out to our online guide, Matthew Taylor, for any news or suggestions.
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Live Coverage of COP29: Can the Climate Summit Secure $1 Trillion Annually?
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