Trillions Needed: High Ambition Coalition Calls for Bold Climate Finance Action

Developed countries within the High Ambition Coalition stress the urgent need for trillions in climate finance. Facing negotiations in Baku, they urge for grant-based, concessional support to combat climate change. The coalition emphasizes transitioning from fossil fuels and meeting existing commitments while addressing disputes over financial contributions.

Members of the High Ambition Coalition, including Germany, Canada, France, and the Netherlands, emphasized on Wednesday the urgent requirement of trillions of dollars to tackle climate change, urging developed nations to spearhead this crucial financial commitment.

As the UN climate talks continue in Baku, negotiations on the New Collective Quantified Goal (NCQG) have highlighted stark differences. The coalition, pushing for an ambitious finance package, demands grant-based, concessional support to address climate adaptation, loss, and damages.

The coalition calls for an expedited transition from fossil fuels, increased renewable energy, and energy efficiency. As discussions remain fraught with tension, especially following a day's delay due to agenda disputes, achieving a satisfactory global finance deal remains a pressing challenge.

(With inputs from agencies.)