A previous figure of US$100 billion ($133.35 billion) annually by 2020 was agreed at COP15 in 2009, but wealthier countries did not raise the money until 2022. This was likely due to higher spending during the Covid-19 pandemic.
COP29, the United Nations’ (UN) climate conference that is slated to end on Nov 22, is not expected to yield “significant” financial commitments due to ongoing geopolitical tensions, which will set back climate diplomacy, says BMI, a unit of Fitch Solutions.
The two-week summit in Baku, Azerbaijan, was touted as a “Finance COP” for its goal to seek consensus on a new collective quantified goal (NCQG) for climate finance to support developing countries.
