Beyond promises: Why COP29 must secure a $1trn climate finance goal for global action

The impacts of climate change are undeniable, as shown by the devastation caused by floods in Spain, deadly hurricanes in the United States, flooding in Nepal and other extreme weather events worldwide.

With air and sea temperatures rising and climate records continuously shattered, global efforts to address climate change must expand faster than ever before. Put simply, we need seismic shifts, not incremental change.

While copious solutions exist to mitigate, adapt and address loss and damage, the missing piece is finance. Only funding can unlock the urgently needed global climate action.

The upcoming 2024 UN Climate Conference (COP29) is tasked with forging an agreement to establish a new collective quantified goal (NCQG) to provide needed climate finance.

This awkwardly named climate finance goal will likely set the ambition and parameters for climate action for at least the next decade. The stakes could not be higher.