COP29 climate talks urged to find $1 trillion a year for poorer countries

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Posted on 11/14/2024 8:34:00 AM PST by Oldeconomybuyer

BAKU, Nov 14 (Reuters) - Developing countries need at least $1 trillion per year by the end of the decade to cope with climate change, economists told U.N. talks in Baku, where early efforts to reach a finance deal risk being overshadowed by diplomatic disputes.

Money is a focus at COP29 whose success is likely to be judged by whether it can agree a new target for how much richer countries, development lenders and the private sector must provide each year to help developing countries finance the transition to greener energy and protect against extreme weather.

A previous finance goal of $100 billion per year, which expires in 2025, was met two years late in 2022, the OECD said in May. Much of it was in the form of loans rather than grants, something recipient nations say must change.

Setting the tone at the start of Thursday, a report from the Independent High-Level Expert Group on Climate Finance said the target annual figure would need to rise to at least $1.3 trillion a year by 2035 if countries fail to act now.

"Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability," the report said.

(Excerpt) Read more at reuters.com ...

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