background image

Cop29 at a crossroads in Azerbaijan with focus on climate finance

author image

By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: COP29 will be held in Baku, Azerbaijan, in November, focusing on climate finance
• Azerbaijan’s stated aim is to bridge gaps between the global north and south, and between oil producers and consumers
• Climate finance is crucial to achieving global emission reduction goals

🔭 The context: Azerbaijan's economy heavily relies on oil and gas, which constitute 90% of its exports
• Despite this, the country is investing in renewable energy, planning an interconnector to eastern Europe
• COP29 aims to establish a new collective quantified goal for climate finance

🌍 Why it matters for the planet: Adequate climate finance is vital for developing countries to transition to green energy and mitigate climate impacts
• Without it, countries like Zambia and the Maldives face severe challenges
• Ensuring accessible, affordable finance is critical to global climate goals

⏭️ What's next: COP29 will seek to secure commitments for significant financial investments in green transitions
• The conference may pave the way for a global financial settlement to support climate action in developing nations
• The role of institutions like the World Bank will be crucial

💬 One quote: "We need to provide the availability, accessibility, affordability of finance" (Mukhtar Babayev, Azerbaijan’s Ecology Minister)

📈 One stat: $2.4 trillion per year is needed by 2030 for developing countries (excluding China) to achieve necessary climate goals

Click for more news covering the latest on climate change


Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)