Financing the Future: COP29's Climate Challenge

COP29 leaders aim to set a new climate finance goal to replace the current $100 billion commitment for developing nations. While trillions are needed to tackle climate change, they aim to mobilize 'hundreds of billions.' Over 100 world leaders will negotiate in Baku, Azerbaijan.

As the COP29 climate summit approaches, leaders grapple with the immense financial demands necessary to combat climate change. While a figure in the trillions might be ideal, consensus leans towards mobilizing 'hundreds of billions.'

The Baku summit will see negotiators striving to establish a new climate finance target, succeeding the existing commitment from wealthy nations to contribute $100 billion annually to assist developing countries. This decision follows recent agreements acknowledging the actual scale of climate finance needs.

Drawing prominent global leadership, the conference aims to address discrepancies and foster cooperation, as warned by officials who highlight the critical need to act swiftly against warming temperatures nearing unprecedented levels.

(With inputs from agencies.)