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How to pay for the poor world to go green

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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 The Economist or enjoy below:

🗞️ Driving the news: At COP29 in Baku, negotiators are debating the "new collective quantified goal" (NCQG), the proposed replacement for the $100 billion from wealthy nations to poorer ones
The NCQG aims to provide increased financial support for developing countries to combat and adapt to climate change
The timeline is tight, as nations are expected to finalize their commitments by next year

🔭 The context: The initial $100 billion climate finance target, established in 2009, has consistently fallen short, eroding trust between rich and poor nations
Developing countries require far greater financial support to transition to green energy and protect themselves from climate impacts
Discussions around the NCQG are crucial to ensuring equitable participation in global emissions reductions

🌍 Why it matters for the planet: Without adequate funding, poorer nations may struggle to implement renewable energy projects and climate resilience initiatives, perpetuating global inequalities
Successful implementation of the NCQG could accelerate the global transition to a greener future while fostering cooperation between nations

⏭️ What's next: Negotiators must resolve contentious issues, such as the total funding amount and allocation mechanisms, before the next round of commitments in 2025
Wealthy countries face pressure to deliver on past promises while scaling up contributions to meet growing needs

💬 One quote: “The NCQG is a chance to rebuild trust and demonstrate real commitment to global climate justice,” - a senior negotiator from a developing nation

📈 One stat: Rich nations have delivered just $83.3 billion of the promised $100 billion annually, as of the most recent assessments

Click for more news covering the latest on sustainable finance 

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