A report published at the United Nations climate summit in Baku, Azerbaijan, urges countries to invest over $6 trillion annually by 2030 to address climate change, warning that failing to do so will lead to higher costs in the future. The Independent High-Level Expert Group on Climate Finance (IHLEG) emphasized the need for increased investments in climate action across all economies to meet climate targets. The report highlights the $6.5 trillion figure required in advanced economies, China, and developing countries to ensure climate stability.
Climate finance is a key focus of the summit, with discussions centered on establishing new funding targets for developed nations, development lenders, and the private sector to support climate action in developing countries. There is pressure to reach an agreement by the end of the summit on November 22, with delegates facing challenges in securing the necessary funds amid uncertainties surrounding the United States’ future role in climate talks.
While some negotiators expressed concerns about the complexity of the finance text, others emphasized the importance of finding solutions and taking ownership of bridging gaps between differing views on funding responsibilities. Despite doubts raised by Trump’s re-election, US climate envoy John Podesta encouraged governments to trust in America’s clean energy economy and reiterated the country’s commitment to its climate goals. The success of the summit will likely depend on the willingness of all parties to collaborate and find common ground on climate finance to meet the pressing challenges of climate change.
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Photo credit www.aljazeera.com
