Climate finance at COP29 may settle in the ‘hundreds of billions,’ say key negotiators

As the COP29 climate summit approaches in Azerbaijan, leaders recognize that trillions of dollars are needed to tackle climate change, yet negotiators suggest that a more realistic financing target lies in the “hundreds of billions.”??

Negotiators will convene in Baku next month to set a new financing goal, replacing the current commitment of wealthy nations to provide $100 billion annually in climate finance to developing countries.??

Also read: COP29 host launches comprehensive training program to boost government sustainability competencies?

At a critical meeting last week, parties to the United Nations Framework Convention on Climate Change acknowledged for the first time that the scale of financial need is in the trillions, according to COP29 chief negotiator Yalchin Rafiyev.??

He noted that while the public sector could contribute “hundreds of billions,” significantly more is required to meet the total need.?

With climate change fueling worsening disasters—ranging from hurricanes to extreme heat—developing nations are demanding increased financial support to adapt and invest in renewable energy.?

Global temperatures have risen approximately 1.3 degrees Celsius above pre-industrial levels, and 2024 is on track to be the warmest year on record. Scientists warn that limiting global warming to 1.5 degrees Celsius is rapidly slipping out of reach without greater action.?

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