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"Finance COP" climate summit to be shadowed by election, geopolitics

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By illuminem briefings

· 2 min read


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

🗞️ Driving the news: The upcoming COP29 climate summit in Azerbaijan, dubbed the "Finance COP," will focus on scaling up climate finance to support global climate goals
However, geopolitical tensions and the uncertain U.S. election may hinder funding commitments from key countries

🔭 The context: Since industrialized countries failed to meet their $100 billion annual climate finance goal until 2022, there is distrust among developing nations, who now seek a much larger commitment—potentially $200 to $300 billion annually
With the Paris Agreement targets at risk, securing robust climate finance is urgent

🌍 Why it matters for the planet: A lack of sufficient funding could limit efforts to curb emissions and support vulnerable nations, locking the world into a trajectory beyond safe climate limits, which could exacerbate disasters like deadly floods and rising sea levels

⏭️ What's next: If Vice President Harris wins the U.S. election, a strong U.S. climate stance may boost finance discussions in Baku, while pressure is building on China to also contribute
COP29 is seen as a foundation for future climate meetings, including next year’s COP30 in Brazil

💬 One quote: “Without finance, you can't really have a lot of ambition,” - World Resources Institute CEO Ani Dasgupta, stressing the role of finance in driving climate commitments

📈 One stat: To prevent further warming, funding will need to reach trillions of dollars, far beyond the likely commitments at COP29

Click for more news covering the latest on sustainable finance

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