One of the main outcomes of COP29 is expected to be a new goal for global climate finance but there are substantive differences regarding the amount of funding, the time frames, what should be included, the mechanisms, the types of finance, and what even counts as climate finance.

Listen to this article 9 min Listen to this article 9 min From 11-22 November 2024, thousands of people will descend upon Baku, Azerbaijan, for the 29th annual conference of the United Nations Framework Convention on Climate Change (UNFCCC) - COP29. Politicians, activists, government officials, researchers, business elites and representatives of international organisations, among others, will all be present to discuss and observe the most significant next steps in the global efforts to address climate change.

The focus of last year's COP in Dubai was the first global stocktake. This is a process that will occur every five years, to review global progress towards achieving the goals of the Paris Agreement. Unfortunately, its conclusions left little reason to be optimistic.

We are nowhere close to reaching the necessary levels of emissions reductions, adaptation measures, nor financing to achieve them. At this year's COP, the main topic on the agenda will be climate finance.

To address the impacts of climate change (adaptation), reduce the greenhouse gas emissions causing it (mitigation), and pay for the damage it is already causing (loss and damage), the world needs a lot of money. One of the main outcomes of this COP is expected...