Danish COP summit targets climate finance
In March, 40 climate ministers and negotiators will gather in Denmark to begin discussions for COP29, focusing specifically on financing for the green transition in developing countries. Hosted by Dan Jørgensen, Danish Minister for Development Cooperation and Global Climate Policy, the talks aim to resolve how wealthy nations will fund the climate change mitigation and adaptation efforts of poorer nations. The $100 billion assistance plan established in Copenhagen in 2009 is due to be replaced at COP29. Concerns from organizations like Care are that the new agreement should include fresh funds, extend to at least 2030, and not detract from existing aid programs. There is a strong push for incorporating private capital and innovative financing into the emission reduction efforts. Without private sector involvement, Jørgensen argues, a new financing goal would be unfeasible, highlighting the importance of combining public and private funds for this global initiative.