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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
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