COP29, termed the “climate finance COP,” has one major objective: establishing a concrete financial commitment from developed countries to support climate action in developing nations. As the United Nations climate talks begin in Baku, the primary debate centers on who will provide funding and, more crucially, how much is needed.
Developing nations face mounting expenses due to climate-driven issues like extreme heat, floods, droughts, and storms, costs they cannot bear alone. Experts and numerous reports estimate that addressing these issues will require trillions of dollars. The financing in question covers three key areas: aiding the transition from fossil fuels to clean energy, supporting adaptation to climate impacts, and compensating vulnerable nations for climate-related damages.
However, discussions are likely to be tense following the re-election of former U.S. President Donald Trump, a vocal climate change skeptic whose campaign pledged a second withdrawal from the Paris Agreement.
While the current U.S. delegation is under the Biden administration, Trump’s re-election casts uncertainty over future U.S. climate commitments, putting funding pledges in question and complicating an already challenging negotiation.
Published – November 11, 2024 12:21 pm IST
