COP29 and the state of climate finance

Nature Breaking

This week marks the start of the annual UN climate conference, known as COP29, in Baku, Azerbaijan. COP29 is being dubbed the “finance COP” because one of the main focuses of this year’s conference will be to set a new goal for global climate finance and to lay out a plan for achieving it. The last time countries set a climate finance goal was 2009, at COP15 in Copenhagen, where wealthy nations committed to provide $100 billion annually to help developing nations deal with climate change. 15 years after the $100 billion target was established, we now know a lot more about the effects of climate change and how much it costs to address. Estimates vary on how much funding is now needed, but suffice to say that it’s a lot higher than we thought it was back in 2009. So, where will this funding come from? And what’s a reasonable new goal for countries to work toward in the years ahead? Joining me today to talk through these and other questions is Tim Juliani, WWF’s director of US corporate climate engagement. Tim is a veteran of previous climate COPs and he’ll tell us what he’s keeping an eye on heading into Baku.

Links for more info:

Tim Juliani bio: https://www.worldwildlife.org/experts/tim-juliani

WWF’s COP29 Expectations Paper: https://wwfint.awsassets.panda.org/downloads/cop29_expectations_24oct24.pdf

Tim Juliani’s Substack, “Yet Another Climate Substack”: https://timjuliani.substack.com/

Chapters:

0:00 Program note

1:07 Intro

3:00 COP29 context in global process

4:59 COP15 in Copenhagen story

7:02 Definition of NDCs and stocktake

7:43 COP29 is the “finance COP”

10:17 Climate finance challenges

14:04 Finance goals at COP29

16:55 Role of companies

24:53 Goals for NDCs at COP29

28:07 Closing call to action

29:46 Outro