Focus will be on climate finance and improving on current goal of providing $100bn a year to poor countries
, and specifically the new collective quantified goal for climate finance, required under the 2015 Paris agreement. Rich countries are bound under the agreement to provide climate finance to help developing nations cut their greenhouse gas emissions and cope with the impacts of the climate crisis. The current finance goal, of providing $100bn a year to poor countries, is widely acknowledged to be inadequate, and most rich countries agree the figure needs to be several times higher..
Many countries are resistant to expanding the contributor base, but the EU’s position is that it will not accept a climate finance goal higher than the current $100bn unless. There could be a compromise by which some developing countries contribute on a voluntary basis or are allowed to be both contributors and recipients of climate aid.
The fund still needs to be filled with cash from donors, and it is still unclear when it will start to disburse money, so countries will be hoping for progress towards “operationalising” it at Cop29.Rapid and deep cuts in greenhouse gas emissions will be crucial if the world is to stave off the worst ravages of climate breakdown and have any chance of staying within the vital threshold of.
Article 6 was supposed to have been solved in the immediate aftermath of the Paris summit in 2015, but by 2019 it waswas finalised. It was discussed again at Cop26, where it was again supposed to be finalised, only to re-emerge at Cop27 and Cop28. Some delegates are saying it will finally be sorted out this year; others heave a weary sigh.
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