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Countries meeting in Baku, Azerbaijan, for the Cop29 climate summit are under pressure to secure funding for poorer nations to reduce greenhouse gas emissions and adapt to extreme weather. Approximately $1 trillion annually is needed, with developed countries willing to provide half from public sources, leaving a significant funding gap. Innovative financing options, such as levies on high-carbon activities and taxes on wealth, are being considered. However, these methods could have varying impacts, and some may be challenging to implement. #Cop29 https://bit.ly/4fIyykH

Climate Change mitigation & adaptation is not an option (unless you consider the survival of humanity as "optional") The problem is that all this isn't free. It's even been estimated at $1,000bn per year! I know right, kinda sucks 🫤 💰 In the next few days, governments will try to (dis)agree on where to find these $1,000bn per year at #COP29 in Azerbaijan. 💡 If they are lacking inspiration, the Guardian listed a few options here: https://lnkd.in/edmbUWgC ❌️ You will note that many that are fair & just are rated as nearly impossible to implement because of lobbying & various pressures on governments 🙄 ➡️ What if we, the people, were trying to put even more pressure on our leaders so that they eventually agree fair & just Climate Change finance? 📝 You can start by adding your name to a campaign here: www.cop29.com Or write to your MP here: www.writetothem.com ⚠️ And let no one tell you there's no money for Climate Change: the money is there 💰💰💰 We just need to make sure it is used to mitigate and adapt to Climate Change, not to accelerate it 🤦🏻♀️ #ClimateChange #ClimateMitigation #ClimateAdaptation #ClimateFinance #COP29 #COP #Baku #FossilFuels #OilAndGas #WindfallTaxes #FossilFuelSubsidies #WealthTaxes #TaxTheSuperRich #ClimateJustice

🌍 COP29: $250bn pledged to climate change, but it’s only 8% of global profits! At the COP29 summit in Baku, wealthy nations committed $300 billion annually by 2035 to help developing countries adapt to climate impacts and transition to low-carbon economies. While this pledge marks progress, it falls short of the $1.3 trillion requested, leaving a significant gap to be filled by private and international financing. As the climate crisis deepens and global warming exceeds key thresholds, can this agreement bridge the disparity between ambition and reality? #ClimateFinance #COP29 #Sustainability #GlobalWarming #ClimateChange #BetterTomorrowBrands #ClimateAction 🔗 Full story ⬇️

COP29 recently concluded in Baku, and while an agreement was reached on climate finance, it left many nations, particularly in the Global South, deeply disappointed. A $300 billion per year pledge starting in 2035 was made, but it’s a far cry from the $1.3 trillion per year that developing nations, including India, have called for to effectively tackle the climate crisis. The contrast between these figures highlights the challenge ahead. Developing countries, often hardest hit by climate change, are demanding not just more money but fairer decision-making. India’s objection to the “stage-managed” adoption process reflects the deeper injustice felt about the unequal distribution of climate responsibilities. #COP29 #ClimateAction #GlobalEquity

At COP29, a $300 billion annual climate finance deal was approved to aid developing nations in combating climate change. However, this amount falls significantly short of the $1.3 trillion that developing countries had requested, highlighting a persistent imbalance in climate responsibility and financial commitments. (Source: The Times) Here's what especially stood out to me—countries that have contributed the least to this crisis are being asked to shoulder the lion's share of the responsibility. And guess what? A good chunk of that 70% will still need to come from industrialized nations through loans and other financing mechanisms. To me, this raises concerns about what would feel like another iteration of debt colonialism. Industrialized nations, with their outsized role in creating this problem, are taking what seems like an undersized role in solving it. However, I get it—there are constraints on all sides. Negotiations like these are complicated, and I’m surely not pretending to have all the answers. But while we debate, the effects of climate change are intensifying. The planet isn’t waiting for us to sort out fairness. How can we create systems where industrialized and developing nations share responsibility equitably, without perpetuating cycles of debt? What creative financing mechanisms or collaborative efforts could bridge this gap more fairly? Would love to hear your thoughts. Are there any resources I can look into to learn more about climate finance? 💭 #cop29 #climatechange #climatetech https://lnkd.in/ga82yCBX

I do really enjoy COP season. This iteration, COP 29, has not disappointed. Juan Carlos Monterrey Gómez, Panama’s climate envoy, told the Guardian: “This is definitely not enough. What we need is at least $5tn a year, but what we have asked for is just $1.3tn. That is 1% of global GDP. That should not be too much when you’re talking about saving the planet we all live on.” $250B a year is about 5% of the alleged $5T (possibly as high as $8T) per year claimed to be needed to move the needle on climate change. 5% of the target was apparently pretty insulting. It reminds me a bit of the insane Loss & Damage conversations last year, where I believe considerably less than $1B was pledged for paying Loss & Damage amounts to developing nations. For such a priority, one would think more commitment would be evident. Just imagine, though: asking for 1% of global GDP and thinking 'this is not a big deal to ask for.' Incredible. We continue to head towards a massive realignment of reality around energy and climate pragmatism.

#BetrayalInBaku? The #COP29 held in Baku, Azerbaijan, in November 2024, encountered substantial backlash and has been largely viewed as an underwhelming milestone in the battle against climate change. One major point of contention was the reluctance of developed nations to make sufficient financial commitments to assist vulnerable countries in both adapting to and alleviating the impacts of climate change. Although a new climate finance goal of $300 billion per year by 2035 was established, many stakeholders deemed this target inadequate when compared to the trillions considered necessary, especially for countries in the Global South that are experiencing the most severe consequences of climate change. The summit faced challenges in commitments to eliminate fossil fuels and achieve the target of limiting global warming to 1.5°C. Wealthy nations were criticized for favoring private financing over public aid, resulting in increased debt for developing countries. Observers pointed out a prevailing lack of trust and ambition, with developed nations not meeting their responsibilities outlined in the Paris Agreement. On a brighter note, the conference underscored the pressing need for the upcoming COP30 in Brazil, where stakeholders are optimistic about revitalizing leadership, rebuilding trust, and pursuing more ambitious measures to tackle the climate crisis. It remains uncertain whether future climate summits will achieve the essential breakthroughs needed to confront the global climate emergency. https://lnkd.in/d-Js66b4 https://lnkd.in/duabE9ez #Communications #climatechange #health

Countries meeting in Baku, Azerbaijan, for the Cop29 climate summit are under pressure to help poorer nations cut greenhouse gas emissions, shift to a low-carbon economy, and adapt to the impacts of extreme weather.

As COP29 approaches, it's crucial for all nations to reach a consensus on a robust climate finance target that addresses the needs of developing countries. Aiming for an ambitious yet attainable figure, such as exceeding $1 trillion annually, can foster trust and cooperation. Ensuring fair contributions from all major economies, including emerging ones, is vital to combat climate change effectively. Prioritizing grants over loans can prevent exacerbating the debt burdens of vulnerable nations. #ClimateFinance #COP29 #GlobalCooperation #Sustainability #ClimateJustice https://lnkd.in/eXgyU5H6

Climate finance - UN climate talks underway for COP 29  The costs of climate change are a contentious issue, especially as unpredictable weather events continue. Thousands are gathered in Bonn to prepare for COP29 Azerbaijan in Baku. Key questions include who should pay, how much should come from governments versus private businesses, and how to ensure transparency. Experts believe more funding is needed. The challenge is to attract private investments into climate action, and transparency in funding allocation is also a concern. The United Nations is expected to complete a new transparency framework at the COP summit this year. The decisions around contentious issues will be made at COP29 in Baku. #Azerbaijan #icws #cop29 #climatefinance #climateaction #funding https://lnkd.in/exgNwDdt