Experts at COP29 called for prioritizing $1 trillion annually by 2030—and $1.3 trillion by 2035—in climate finance for developing countries, excluding China, to meet crucial climate targets.
"Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability," warned the report by the Independent High-Level Expert Group on Climate Finance.
"The less the world achieves now, the more we will need to invest later. Delayed action means we will need to mobilise even larger sums in shorter timeframes to catch up on critical targets," the report added.
This year's COP29, which runs until Nov. 22 in Baku, Azerbaijan, is a platform to discuss a new climate financing target, the New Collective Quantified Goal (NCQG).
The report comes as COP29 delegates negotiate a "new collective quantified goal" (NCQG) for climate finance, a commitment made at COP21 in Paris in 2015.
The group, co-chaired by Amar Bhattacharya, Vera Songwe, and Nicholas Stern, has been supporting the deliberations on the climate finance agenda under successive COP Presidencies since COP26.
The team's third report aims to mobilize public and private finance to deliver the Paris Agreement, Glasgow Climate Pact, Sharm el-Sheikh agenda, and COP28 Global Climate Finance Framework.
Countries agreed that the new goal should be set before 2025 from "a floor of USD 100 billion per year".
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr
