Trillions of dollars are needed annually until 2030 to shift the global economy away from fossil fuels, with developing countries requiring at least $2.4tn each year, excluding China. Redirecting existing investment towards low-carbon solutions could significantly address this challenge.
Rich countries and China are advancing renewable energy and low-carbon technology, while developing nations struggle to secure the necessary investment. Cop29 aims to establish a new collective target for climate finance, replacing the previous $100bn annual goal for rich countries to support developing nations.
#climate-finance #transition-to-low-carbon-economy #global-energy-shift #developing-countries #cop29
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