Here’s Why I’m Optimistic About Climate Financing
Live Mint-- So we’re at the end of another record-breaking year for heat. It became “effectively certain” at the start of December that 2024 is going to be the warmest year on record and more than 1.5C above the pre-industrial baseline, according to the Copernicus Climate Change Service, part of the European Union’s Earth observation program. Yet at the same time, fossil fuel consumption globally reached a record high in 2024, and the trillions going toward fossil fuel subsidies far outweighs the money being spent on climate change. If there’s a concept that defined 2024 — particularly in COP29 negotiations, where countries hashed out a new finance goal to support developing countries — it’s the “funding gap.” We see financing shortfalls everywhere, from climate mitigation and adaptation..to biodiversity efforts. Analysts at Carbon Market Watch argue that the deal doesn’t go far enough to create a trustworthy, transparent and effective trading system, while climate scientists warned that it could facilitate countries continuing to rely on their natural resources to do the hard work of decarbonizing for them.
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