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Outrage + Optimism
274. COP29: From Billions to Trillions - G20 Calls for Ambition in Climate Finance
Nov 21, 2024
Sue Reid, a Climate Finance Advisor at Global Optimism, joins the discussion, sharing insights from COP29 in Baku. She emphasizes the urgent need for climate finance to scale from billions to trillions, citing commitments from G20 leaders. The conversation highlights innovative funding mechanisms as crucial solutions to meet climate demands. Reid expresses optimism about investors aligning with civil society for impactful commitments, showcasing how public finance can catalyze private investments to tackle systemic climate challenges.
38:44
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Quick takeaways
- The importance of redefining the COP mandate emphasizes multilateralism to effectively tackle global climate challenges and policies.
- G20's commitment to scaling up climate finance from billions to trillions illustrates the urgent need for innovative financial mechanisms to support initiatives.
Deep dives
Challenges in the COP Process
The current COP process has been criticized as being no longer fit for purpose due to its inability to effectively address climate change. There is a pressing need to redefine the mandate of COP, with an emphasis on multilateral decision-making that accelerates climate policy and action globally. Recently, fossil fuel interests have tried to exploit the forum to push contrary agendas, evidenced by statements from leaders who openly support fossil fuel expansion. Suggestions have emerged, such as implementing an oath of office for COP presidents to ensure they prioritize collective interests over national agendas.
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