Money is at the center of the COP29 negotiations in Azerbaijan. The new climate financing mechanism discussed there could redraw the map of international commitments. Explanations in numbers
Published on November 19, 2024 at 6:39 p.m. / Modified on November 19, 2024 at 6:46 p.m.
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At COP29, almost all aspects of the “new quantified collective objective” are under debate: target amount, contributors, types of financing.
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A target of 1,100 billion from 2025 would represent 1.4% of the GDP of developed countries.
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Currently, only 23 countries are funding this effort. Switzerland and other developed countries want to include emerging economies among contributors.
Climate conferences follow one another and, with them, the observation of an increasingly critical situation. In 2024, CO2 emissions will once again reach a record level, moving us further away from the goal of limiting warming to 1.5°C compared to the pre-industrial era, which is included in the Paris Agreement. Current policies are steering the planet toward a temperature rise of 2.7°C by the end of the century, according to the latest estimates from Climate Action Tracker.
Finance, the nerve of the climate war
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