Climate Finance

A New Collective Quantified Goal on Climate Finance (NCQG) was finally clinched at COP29 in the early hours of Sunday morning.

COP29 is in its final stretch with developed nations committing $250 billion by 2035 for climate action in the latest draft text, but that is far short of the $1.3 trillion sought, say critics.

As COP29 nears its close in Baku, UN Chief António Guterres called for a decisive, ambitious climate finance deal for developing nations.

The Global Climate and Health Alliance has slammed wealthy nations at COP29 saying they are blocking a climate finance deal. The coalition demands $1 trillion in grants to protect global health.

With climate finance negotiations stuck at COP29 in Baku, all eyes turned to Rio de Janeiro as the G20 summit started on Monday.

The African Development Bank has launched a $56 million funding facility at COP29 to drive climate adaptation and mitigation projects across Africa’s low-income nations.

UN Secretary-General António Guterres has called for early warning systems to provide protection from extreme heat.

Ahead of COP29, African negotiators are pushing for $1.3 trillion annual climate finance, emphasising the establishment of a loss and damage fund.

A new report commissioned by the Brazilian G20 presidency finds that a minimum ‘billionaire tax’ on the world’s wealthiest individuals could generate $250 billion annually.