COP29: Push for agreement on a new climate finance deal ‘right from the start’
11 November 2024
Negotiators are being urged to agree on a new climate finance deal “right from the start” of COP29, the UN climate summit taking place in Dubai next year.
A group of developing countries, led by Pakistan, are calling for a new deal to be agreed on by the end of the first week of the summit, which runs from 6-17 November 2024.
They argue that a new deal is needed to provide developing countries with the financial resources they need to adapt to the impacts of climate change, and to transition to low-carbon economies.
The current climate finance system is “fragmented and inadequate”, they say, and is not providing developing countries with the support they need.
“We need a new climate finance deal that is fit for purpose,” said Pakistan’s climate change minister, Sherry Rehman. “A deal that provides developing countries with the resources they need to build resilience to climate change, and to transition to low-carbon economies.”
Rehman said that developing countries are “tired of waiting” for developed countries to provide them with the financial support they have promised.
“We need action now,” she said. “We cannot afford to wait any longer.”
The call for a new climate finance deal is being supported by a number of civil society groups.
“The current climate finance system is not working,” said Harjeet Singh, global lead on climate change at ActionAid International. “It is not providing developing countries with the resources they need to cope with the impacts of climate change, and to transition to low-carbon economies.”
Singh said that a new climate finance deal is needed to “urgently increase” the amount of funding available to developing countries.
“It is also needed to make the funding more accessible and predictable,” he said.
The push for a new climate finance deal comes as the world faces a growing climate crisis.
The latest report from the Intergovernmental Panel on Climate Change (IPCC) warned that the world is on track to exceed 1.5 degrees Celsius of warming above pre-industrial levels by the end of the century.
This would have devastating consequences for the planet, including more extreme weather events, rising sea levels, and the loss of biodiversity.
A new climate finance deal is essential to help developing countries adapt to the impacts of climate change, and to transition to low-carbon economies.
It is also essential to ensure that the world meets its climate goals and avoids the worst impacts of the climate crisis.
COP29: Push for agreement on a new climate finance deal ‘right from the start’
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