Will COP29 deliver the trillions needed to tackle the man-made climate crisis? November 15, 2024
[City], [Country] – As world leaders prepare to gather in Egypt for the 29th UN Climate Change Conference (COP29), the question on everyone’s mind is whether the summit will deliver the trillions of dollars needed to tackle the man-made climate crisis.
The Intergovernmental Panel on Climate Change (IPCC) has warned that global greenhouse gas emissions must be cut by 45% by 2030 to limit global warming to 1.5 degrees Celsius above pre-industrial levels. Reaching this goal will require a massive investment in clean energy, energy efficiency measures, and other climate mitigation and adaptation strategies.
Developed countries have pledged to provide $100 billion per year in climate finance to developing countries by 2020, but this target has yet to be met. In 2021, developed countries provided $83.3 billion in climate finance, up from $80.6 billion in 2020 and $79.6 billion in 2019. However, this is still well short of the $100 billion target.
Speaking ahead of COP29, UN Secretary-General António Guterres said that “the climate crisis is the defining issue of our time. We need to act now to reduce emissions and build a more resilient future for all. This means investing in clean energy, energy efficiency, and other climate solutions.”
Some experts are skeptical that COP29 will deliver the trillions of dollars needed to tackle the climate crisis. They argue that developed countries have been slow to meet their existing climate finance commitments and that there is a lack of political will to raise the additional funds needed.
Others are more optimistic. They point to the growing recognition of the urgency of the climate crisis and the increasing pressure on governments and businesses to act. They also believe that the private sector can play a major role in financing climate action.
The success of COP29 will depend on the ability of world leaders to overcome their differences and reach an agreement on how to finance the transition to a low-carbon future. If they can do this, it will send a powerful signal to the world that they are serious about tackling the climate crisis.
Will COP29 deliver the trillions needed to tackle the man-made climate crisis?
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