Negotiators are fighting over three big parts of the money issue: How big the numbers are, how much is grants or loans, and who pays. Just as a simple lever can move heavy objects, rich nations are hoping another kind of leverage — the financial sort — can help them come up with the money that poorer nations need to cope with climate change.It involves a complex package of grants, loans and private investment, and it’s becoming the major currency at annual United Nations climate talks known as COP29.But poorer nations worry they’ll get the short end of the lever: not much money and plenty of debt.Meanwhile, half a world away in Brazil, leaders of the 20 most powerful economies issued a statement that among other things gave support to strong financial aid for climate for poor nations and the use of leverage financial mechanisms.
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Associated Press, Fast Company
Tue, 11/19/2024 - 5:00pm
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- COP29: How nations plan to raise money to respond to climate change
Negotiators are fighting over three big parts of the money issue: How big the numbers are, how much is grants or loans, and who pays.
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for nations to come and ask for money to fix... (the) problem that others caused for them,” the Nobel Peace Prize laureate told AFP, in an interview on the sidelines of the UN climate talks in ...
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Developing countries need at least $1 trillion annually by the end of the decade to cope with climate change, economists told the U.N. talks. Many countries have said that money is essential to ...
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