The annual United Nations (U.N.) Climate Change Conference (COP29) in Baku, Azerbaijan concluded on Sunday morning with rich countries pledging to supply $300 billion per year in climate project financing. The monies would come from a wide variety of sources including public funds, development-bank loans and private finance mobilized by government spending to poor nations by 2035.
This New Collective Quantified Goal on Climate Finance (gotta love U.N.-speak) is up from the $100 billion promised by the developed countries at COP15 in 2009 and further codified in the 2015 Paris Climate Change Agreement. However, this amount is far from the $1.3 trillion in government-to-government grants that were being demanded by developing nations. They argued that that sum was necessary to help them adopt low-carbon energy generation technologies and to cope with damages resulting from extreme weather and sea level rise associated with man-made climate change.
