This week’s summit will focus on paying for the costs of global heating – and much more money is needed
The Cop29 venue in Baku: the aim of this year’s meeting is to set a new annual climate financing target.The Cop29 venue in Baku: the aim of this year’s meeting is to set a new annual climate financing target.
It is likely that the talks will include calls to expand the list of countries contributing to climate financing. But even then the sums involved are too large for government spending budgets alone, according to delegates from many wealthy nations. This approach is not without its critics. Climate and humanitarian NGOs have warned that loans, even on favourable term, place the financial burden of the climate crisis on already indebted developing nations, which bear the lowest responsibility for the climate crisis but face the greatest risks. These groups have called for polluting companies to pay their fair share.
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