Climate finance is the top priority at COP29, featuring the New Collective Quantified Goal to set a higher annual climate financing target, beyond the expiring $100 billion pledge.
Wealthy nations have struggled to meet the previous climate financing goal, resulting in distrust from climate-vulnerable countries as they negotiate complex solutions for funding future climate efforts.
Reforming the global multilateral lending system is essential for raising climate financial sums needed, with a focus on encouraging private investment while discussing contributions from developing nations.
The recent political landscape, marked by Trump’s re-election, adds uncertainty to COP29 negotiations, particularly regarding the United States’ financial commitment to global climate agreements.
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