Money talks: Global climate summit reveals trillion-dollar needs for poor nations

Climate-change funding needs huge boost as experts call for $1.3 trillion yearly support to developing countries. Current negotiations at COP29 show growing gap between rich and poor nations demands

November 14 2024 , 11:51 AM  •  803 views

Money talks: Global climate summit reveals trillion-dollar needs for poor nations

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

President Aliyev stated during conference

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