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Trump, COP29 and the future of climate finance
Nov 12, 2024
Gautam Jain, a senior research scholar at Columbia University's Center on Global Energy Policy, dives into the challenges and intricacies of climate finance at COP29. He discusses how a potential Trump administration might impact U.S. climate policy and what that could mean for global commitments. Jain also addresses ExxonMobil CEO Darren Woods' call for stable climate policies. The talks highlight the growing divide between developed and developing nations in climate negotiations, and the uncertain future of renewable energy investments.
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Quick takeaways
- The significant investment gap in climate financing highlights the urgent need for developed nations to support developing countries' climate initiatives.
- The potential shift in U.S. climate policy under Trump raises concerns about global climate leadership, with countries like China possibly stepping up.
Deep dives
Global Climate Finance Needs and Gaps
Emerging markets and developing economies face a staggering annual need for over $2 trillion for climate-related initiatives, including mitigation, adaptation, and compensation for loss and damage. However, current contributions from wealthier countries have only reached around $300 billion, indicating a significant investment gap. This disparity underscores the responsibility of developed nations, historically the largest polluters, to support developing countries in their efforts to combat climate change and transition to greener economies. The challenges of meeting financial goals for climate action highlight the importance of new collective agreements at international climate conferences.
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Discover
highlights
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