Cop29 could change the financial climate for the world’s wealthy polluters

 

  "About 50,000 government officials, policymakers, investors and campaigners will gather in Azerbaijan this week in the hope of answering a trillion-dollar question: how much money should go each year to helping developing countries cope with climate-related costs?

The aim of the UN’s Cop29 climate talks in Baku, which is being called the “climate finance Cop”, is to establish a new annual climate financing target to replace the current $100bn pledge, set in 2009, which expires at the end of this year.

To this end, a new Climate Finance Action Fund (CFAF) will be under consideration. It aims to draw on voluntary contributions from fossil-fuel-producing countries and companies to support developing nations’ climate projects.

For polluters who would rather not pay, campaigners are calling for climate taxes. Billionaires and fossil fuel giants are in the crosshairs of environmental NGO 350.org, which plans to hold them accountable for their outsize impact on the planet in a new campaign. The group argues that funds generated through taxing the ultra-rich could be used both for domestic policies and programmes to lower carbon emissions, and for international climate finance to ensure “those most responsible for the climate crisis contribute to its solution”.

more in the report ny JILLIAN AMBROSE

Cop29 could change the financial climate for the world’s wealthy polluters | Cop29 | The Guardian