At COP29 in Baku experts warn that developing nations climate-funding needs are sky-high: about $1.3 trillion per year must flow by mid-2030s. The previous goal of $100 billion (which was reached couple years ago) now looks tiny compared to real needs
The money-talk dominates summit agenda with negotiators trying to set-up new targets. Early drafts show lots of different ideas but no clear path forward – its like trying to solve complex math problem where nobody agrees on basic numbers. Ten big development banks promised to up their game: planning to give $120 billion yearly (and get extra $65 billion from business folks) in about 6 years
Diplomatic mess hit the summit hard. President Ilham Aliyev started it all with sharp words about US and EU being not-so-green themselves. Then France-Azerbaijan thing got heated:
Communities voices are often brutally suppressed by the regimes in their metropolis
This made French minister cancel her trip‚ and Wopke Hoekstra from EU had to step-in saying COP should be drama-free zone. Meanwhile Javier Mileiʼs Argentina just left the building – their team quit talks (which is weird but kinda fits with his its-all-fake view on climate-change)
Some fresh ideas popped up: like taxing air travel fossil-fuels and ships to get more cash. Local news too: Azerbaijanʼs 22 banks said theyll give $1.2 billion for green stuff – which is nice but just drop in ocean compared to whatʼs needed