COP29: A New Opportunity for Climate Financing at a Historic Moment

Main Expectations

Date:

COP29 climate financing historic moment

Author: Beatriz Zúñiga

During COP29, a review of global climate action will be conducted, along with the commitment to gradually phase out fossil fuels agreed upon at COP28 last year

The funds needed for adaptation in low- and middle-income countries are estimated to range between $215 billion and $387 billion per year during this decade

This meeting will take place as countries finalize their Nationally Determined Contributions, updated in the third five-year cycle since the 2015 Paris Climate Agreement

The presidency of COP29 announced the creation of a Climate Financing Action Fund, which would be capitalized with at least $1 billion

Additionally, multilateral development banks will present enhanced cooperation and co-financing at the national level

In 2023, climate financing by multilateral development banks reached a record high of $125 billion