Climate summit to increase funding for developing countries

The Copenhagen Climate Ministerial meeting demands wealthy nations to provide more financial support than before to countries severely affected by climate change. Around 40 countries will start preliminary discussions setting the stage for COP29 in Azerbaijan. The current climate financing goal of $100 billion is set to expire in 2025; thus, negotiations on the next goal involve larger sums, moving from billions to trillions. The United States, historically reluctant to increase its climate funding, questioned the new alliance’s negotiation proposal linking ambitious climate goals to developed countries’ financial contributions to developing nations. UN Climate Chief Simon Stiell calls for all countries to contribute, emphasizing using public funds as security to generate more private capital through ‘blended finance’. Denmark presented a new finance model with the US last year, setting the stage for more extensive mobilization using private investments.