COP29 triples climate finance to $300 billion a year, India says “disappointed”, “cannot accept”
Notable because
Developing countries require USD 1 trillion per year by 2030 in external financial support to undertake climate action to achieve Paris Agreement goals per the Independent High-Level Expert Group on Climate Finance. India faces an estimated financing gap of USD 3.5 trillion in achieving net zero by 2070. The COP29 outcome on climate finance effectively left developing countries to fend for themselves in mobilising the required external capital flows.
What to look out for in the months ahead
Given the limited funds committed by developed countries, these funds have to be efficiently utilised. In this context, it will be worth noting:
What fraction of the USD 300 billion commitment made by developed countries will be drawn from public sources?
To what extent will public climate finance flows from developed countries be used to fund blended finance de-risking instruments?