PenInfo Desk: A coalition of leaders from industrialized nations and climate-vulnerable countries called for more ambitious climate funding on Wednesday (13 November, 2024) at the UN Climate Change Conference, or COP29, in Baku.
“Trillions of dollars are required. We must urgently increase the amount of financing for climate action,” said a statement signed by leaders who are part of a so-called COP29 High Ambition Coalition.
“The climate crisis will become exponentially worse unless we act now,” the statement said.
“Developed countries must continue to take the lead and live up to existing finance commitments.” Innovative sources of financing must be developed, it added.
Germany, France, Spain and Canada, as well as several island nations and African countries, support the appeal.
Germany has pledged €6 billion ($6.4 billion) annually for climate financing starting next year. But previous budget plans revealed a shortfall in the allocation of these funds and climate activists warn Germany risks losing credibility if it fails to meet commitments.
Italy’s climate stance has worried partners since the election of far-right Prime Minister Giorgia Meloni. But she stated in Baku that she does not intend to withdraw from the international fight against the climate crisis.
“We must protect nature,” Meloni said, and put people at the “core” of policy.
However, she also told the gathering in the Azerbaijan capital that “an approach that is too ideological and not pragmatic on this matter risks taking us off the road to success.”
“Technology neutrality is the right approach,” she added, advocating for a “realistic global outlook.” (Source “dpa”)
Peninfo/desk/14.11.24/02.10am