Last year’s United Nations Climate Change Conference (COP29) in Baku ended with developed countries agreeing to mobilize $300 billion annually for climate finance in developing countries. But while this figure is three times higher than the previous $100 billion target, it falls far short of what’s needed to close the climate funding gap.The challenge today is more complex than when the Paris climate agreement was signed in 2015. Back then, the $100 billion figure was largely arbitrary, not based on a full analysis of actual investment needs. By contrast, COP29 had to estimate real costs and determine how much external financing would be required.
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