9/17/2024 1:47:50 AM

COP29 leaders unveil climate funding and energy storage goals

Less than two months ahead of the COP29 United Nations Climate Summit, the Azerbaijani leadership laid out its plans on Tuesday for what it hoped to achieve, as countries continue to wrestle with how to raise ambitions for a new financing target.

The main task for the November summit is for countries to agree on a new annual target for funding that wealthy countries will pay to help poorer nations cope with climate change. Many developing countries say they cannot upgrade their targets to cut emissions faster without first receiving more financial support to invest in doing this.

With countries remaining far from agreement on the financing goal, the COP29 presidency this week outlined more than a dozen side initiatives that could raise ambitions, but do not require party negotiation and building consensus which can hamper progress. These take the form of new funds, pledges, and declarations that national governments can adopt.

Notably, this includes a fund with voluntary contributions from fossil fuel producing countries and companies for the public and private sectors working on climate issues, as well as grants that can be doled out to assist with climate-fuelled natural disasters in developing countries.

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