By: Alex Adi
Private financing to the developing world to aid Green transition, is being strongly advocated for at the top Climate Summit, COP29, in Baku, Azerbaijan.
At the opening ceremony Executive Secretary of UN climate change Mr. Simon Stiell warned that no country is immune from climate change disaster.
He says a continued approach is key, to improving the new mechanisms for financial and technical support on loss and damage.
There are scores of heads of state and high-ranking officials from more than 100 countries at the 10-day climate summit.
Some climate analysts at the meeting say the agenda includes trying to arrive at a new global framework for providing funds that developing nations badly need to cut their greenhouse emissions and adapt to the impacts of worsening extreme weather.
Developing countries want climate financing to ramp up from about 1bn dollars a year to at least 1 trillion dollars every year by target year 2035 and these experts believe can be achieved with full support from the private sector.
The President of the UN climate Summit Mr. Mukhtar Babyaev said, businesses in the private sector must build up cash for the developing world to invest in a low carbon economy or face the consequences of climate breakdown.
UN climate change chief Mr. Simon Stiell said two thirds of the world cannot afford to cut emissions quickly enough to keep the 1.5c threshold alive and without funding to cut their carbon, “everyone suffers”
Other issues high on the agenda for COP29 are the continued operationalization of the Fund for Responding to Loss and Damage, making progress on transparency tools, and stepping up support for National Adaptation Plans.
At COP29, UNDP is pushing the international community to unite and invest to achieve the Paris Agreement goals, for all countries to intensify and put forward ambitious new Nationally Determined Contributions, NDC’s by 2025 and for greater inclusivity in designing and delivering NDCs.
UNDP is also advocating for a shift in public and private finance and reform of the global finance architecture to keep 1.5°C within reach.
