The UN climate summit, COP29, has opened in Azerbaijan, with representatives from nearly 200 nations discussing climate change solutions. Dubbed the "finance Conference of the Parties," the gathering will focus on increasing funding for developing nations to adapt to global warming. Although roughly $1.5T has been spent on climate finance since 2022, less than 3% has reached the world’s least developed countries.
Discussions include establishing a new annual climate finance target to replace an expiring $100B pledge to support poorer nations in transitioning to clean energy. A UN report suggests an annual funding requirement between $455B and $584B from 98 countries is needed. COP29 also aims to update national emission reduction targets and strategies for transitioning away from fossil fuels, with 2024 expected to be the hottest year on record.
Notably, leaders from China, the US, and India—the top three carbon emitters—are absent. G20 nations produce roughly 77% of greenhouse gases, and experts say global investment must increase fivefold to limit warming within the Paris Agreement goals.
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