COP29: Mobilizing Trillions for Climate Finance

The UN climate conference emphasizes the need to mobilize USD 1 trillion annually by 2030 to aid developing countries in adapting to climate change. The report by the Independent High-Level Expert Group underscores the urgent need for increased investments from public and private sectors to meet the Paris Agreement targets.

At the UN climate conference in Azerbaijan, negotiators have been urged to focus on securing USD 1 trillion annually by 2030 to assist developing countries in coping with climate change, as outlined in a report by the Independent High-Level Expert Group on Climate Finance.

The report stresses the necessary involvement of both public and private sectors in mobilizing these funds. As delegates discuss a new climate finance package at COP29 for post-2025 support to developing nations, the report warns against postponed efforts and highlights the need for significant investments by 2030 to maintain a path to climate stability.

The group, led by climate finance experts Amar Bhattacharya, Vera Songwe, and Nicholas Stern, suggests comprehensive strategies to increase external financing by 2030 to meet Paris Agreement targets, urging bilateral and multilateral entities to enhance their financial commitments significantly.

(With inputs from agencies.)