How to pay for the poor world to go green

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

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