News

Nearly a tenth of global climate finance could be under threat as US president Donald Trump’s aid cuts risk wiping out huge swathes of spending overseas.

In less than a month, six of the largest banks in the U.S., including JPMorgan, have announced their withdrawal from the United Nations Net-Zero Banking Alliance (NZBA).

At COP29 in Baku, developed-country parties agreed to help raise “at least” $300bn a year by 2035 for climate action in developing countries. Yet it faced a strong backlash from many developing countries, with some branding it a “joke” and “betrayal”.

After intense debates, an agreement to increase climate financing was reached, though many countries remain dissatisfied with the outcome. In addition to the financing agreement, what other key developments took place at this year's summit?

As the New Collective Quantified Goal on climate finance approaches at COP29, China’s stance is drawing significant attention.

COP29 released a draft climate finance proposal on Nov. 21, but key details regarding the scale, sources, and mechanisms of the funding remain unclear. This leaves member countries with the challenge of reaching a consensus in the coming days.

India and a group of countries including the U.S. and Germany will not agree on a so-called Just Energy Transition Partnership (JETP), a key international deal that was meant to promote the South Asian nation’s climate-friendly transition.

First week of Baku talks marked by low turnout of leaders, Argentina’s withdrawal, and a gulf between blocs’ demands on a new finance goal.

Developed nations have committed to providing billions of dollars of “climate finance” to developing countries. At the COP29 climate summit, nations must decide on a new global goal to replace the existing target of $100bn each year.

The bonds, focused on green projects, can help programmes in developing countries secure lower-cost financing, but competition and sustaining interest remain challenges.