COP29: Push for agreement on a new climate finance deal ‘right from the start’
November 11, 2024
The United Arab Emirates (UAE) is urging developed countries to come to the COP29 climate summit in Dubai next year with concrete proposals for a new climate finance deal.
Speaking at the COP28 summit in Egypt, UAE climate envoy Sultan al-Jaber said that the new deal should be “ambitious, comprehensive, and transformative”.
“We need to see a step change in climate finance, and we need to see it right from the start,” he said.
The UAE has been a vocal advocate for increased climate finance, and has pledged to contribute $2.5 billion to the Green Climate Fund (GCF).
The GCF is the world’s largest dedicated climate fund, and provides financial support to developing countries for climate change mitigation and adaptation projects.
However, the GCF has been criticized for being too slow and bureaucratic, and for not providing enough funding to the most vulnerable countries.
Al-Jaber said that the new climate finance deal should address these concerns, and should be “fit for purpose” in the face of the climate crisis.
“We cannot afford to wait any longer,” he said. “The time for action is now.”
The COP29 summit will be held in Dubai from November 30 to December 12, 2024.
Additional information:
- The Paris Agreement, which was adopted at COP21 in 2015, set a goal of limiting global warming to well below 2 degrees Celsius, and to pursue efforts to limit it to 1.5 degrees Celsius.
- Climate finance is essential for developing countries to implement their climate action plans and to adapt to the impacts of climate change.
- The GCF was established in 2010 as a mechanism to channel climate finance from developed countries to developing countries.
- The GCF has approved over $11 billion in funding for climate projects in developing countries.
- However, the GCF has been criticized for being too slow and bureaucratic, and for not providing enough funding to the most vulnerable countries.
COP29: Push for agreement on a new climate finance deal ‘right from the start’
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