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What The World Can And Can't Expect From COP29
Nov 21, 2024
Rachel Kletas, a climate policy expert, discusses urgent financial needs for developing countries at COP29. Zahra Hirji, a Bloomberg climate reporter, highlights the influence of the fossil fuel industry during negotiations. Ali Zaidi, the White House National Climate Advisor, addresses the implications of key world leaders' absences, including Biden, on climate commitments. Together, they emphasize the pressing urgency for enhanced emission reduction strategies and the critical role of international collaboration in achieving climate goals.
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Quick takeaways
- COP29 aims to establish a new climate finance agreement to replace the outdated $100 billion funding target with much higher annual estimates.
- The absence of influential leaders at COP29 highlights challenges in political will and the need for cooperative climate action among nations.
Deep dives
Goals of COP29 and Climate Finance
The main objective of COP29 is to establish a new climate finance agreement, focusing on the need for developed nations to support developing countries in transitioning from fossil fuels. This initiative, referred to as the New Collective Quantified Goal (N-C), aims to replace an outdated $100 billion annual funding target established in 2009, which has only recently been met. Experts believe that the required funding should significantly exceed this amount, with estimates ranging from $200 billion to over a trillion dollars needed annually. As discussions unfold, the gap between expected aid and actual commitment remains a crucial issue for the conference.
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