This emergency will cost trillions of dollars, and is beyond the reach of developing nations. Private investors have to step up, says Cop29 president Mukhtar Babayev
At Cop29, we must treat the climate crisis with the same urgency as Covid – history shows it can be doneThis emergency will cost trillions of dollars, and is beyond the reach of developing nations. Private investors have to step up, the UN climate summit in Baku that begins today, agreeing a new climate finance goal is the top priority of Azerbaijan’s Cop presidency., set in 2009, was intended to be fulfilled by 2020.
argue for single-digit trillions, some say double-digit trillions, and others argue for hundreds of billions. To what extent this will be covered by public money is a central question. Of course, the global outlook remains uncertain and many nations are facing fiscal strain. However, delaying action today only guarantees a greater bill tomorrow.
Not only is such funding necessary, it is possible. This has been done before: when struck with another crisis, Covid-19, advanced economiesThe challenge of the day was met. We must treat climate change with the same urgency. So the proof of concept isn’t there yet. But with competing priorities, there simply isn’t enough money in the world to fund developing countries’ transition to clean energy solely through grants or concessional financing – let alone cover adaptation and loss and damage. At the risk of stating the obvious, without the private sector, there is no climate solution.of green projects. In developing economies, the figure stands at just 14%.
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