Credit: IISD/ENB | Kiara Worth. Retrieved from carbonbrief.org
As nations assemble at COP29 in Baku, Azerbaijan, one issue is expected to dominate the summit: climate finance.
In total, countries need to invest trillions of dollars to build clean-energy systems, prepare for an increasingly hotter world and deal with the aftermath of climate change-fuelled disasters.
The UN climate convention also specifically requires developed nations to provide financial resources – usually referred to as “climate finance” – to help developing countries do this.
Under the Paris Agreement, governments agreed to set a new climate finance target by 2025 that would channel money into these nations and help them tackle climate change.