03.
The first “finance COP”

The first “finance COP”

Turning the clock back on climate change requires a global effort, and big change means big investment. For that reason, the disparity between those with resources and those without will be the key talking point this year.

COP29 has been dubbed the first “finance COP” and will see major discussion around the New Collective Quantified Goal (NCQG). Building on the back of pledges made in 2015 and 2020, the NCQG will provide funding to less developed nations over the coming years.

We need to provide the availability, accessibility, affordability of finance. Developed world donors, they need to hear very carefully the position of the developing countries also.”

Mukhtar Babayev, Minister of Ecology for Azerbaijan and COP29 Chair

The aim of the NCQG is to raise trillions to help developing nations reduce emissions. Currently details around the exact sums and the sources of financing are unclear, and this will likely be a point of much discussion and debate. In fact, this is one of the areas where people seem reticent to commit until the results of the US elections are clear.

It’s expected that various sources of funding will be mooted. Multi-lateral development banks, like The World Bank, are being asked to triple their lending each year by 2030. The private sector will also be expected to contribute significantly, and new taxes are likely to be imposed on the planet’s wealthiest.