Azerbaijan’s President Ilham Aliyev indicated that rich fossil fuel nations will resist shifting away from fossil fuels, impacting climate negotiations at COP29.
Despite pledges from developed countries to mobilize $100 billion annually by 2020 for climate support, much of this funding remains high-interest loans.
Niklas Hohne suggests that during the conference in Azerbaijan, a financial support figure between $200 billion and $700 billion may be negotiated.
The UN climate conference serves as a platform for negotiating how to best fund the climate resilience of developing countries affected most by climate change.
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