COP29 Calls for Transparency: A Trillion-Dollar Climate Commitment

At the COP29 climate summit, experts called for a USD 1 trillion yearly funding for climate finance directed to developing countries. They emphasized transparency and accountability, highlighting the limitations of self-reported data. Challenges of speculative solutions and the need for grant-based loss and damage finance were also discussed.

At the COP29 climate summit, key figures in climate action made a compelling demand for increased accountability and transparency in climate finance. They urged developed countries to commit USD 1 trillion annually to support climate initiatives in developing nations.

Avinash Persaud from the Inter-American Development Bank stressed the urgent financial needs for climate adaptation, mitigation, and addressing loss and damage. He advocated for a new quantified goal aligned with the actual financial requirements for climate efforts.

Meanwhile, Dr. Aarti Gupta of Wageningen University criticized the current UNFCCC framework for its lack of accountability mechanisms and the unreliable nature of self-reported climate finance data. She voiced concerns about speculative geoengineering solutions, which could distract from effective climate actions.

(With inputs from agencies.)