CashNews.co
Setting finance goals for tackling climate change is a major issue at a summit-level meeting of the United Nations climate change conference in Azerbaijan.
The COP29 meeting kicked off in the capital Baku on Monday. The two-day summit-level meeting began on Tuesday.
This year’s COP conference plans to set new goals of financial assistance for developing countries.
Leaders of island nations called on others to agree on an increase in finance goals for them. Their countries are vulnerable to climate change due to coastal erosion and other problems.
The Maldives’ President Mohamed Muizzu said, “It is the lack of finance that inhibits our ambitions.” He added that the need is in trillions, not billions.
The president of the Marshall Islands, Hilda Heine, said, “Those that have benefited from extractions have an obligation to provide the climate finance.” She added, “We need a new collective quantified goal” to respond to “the ever increasing loss and damage.”
European Council President Charles Michel said the European Union has already disbursed a large amount of money. He said, “We encourage all our colleagues to follow this example, including our colleagues from the G7 and emerging economies.” He stressed the necessity of expanding the base of contributors, apparently with China and India in mind.
The meeting is hoping to agree on new finance goals amid growing concerns that the US, a major donor, may suspend its contributions. That’s because President-elect Donald Trump is not supportive about taking measures against global warming.