Syed Noor E Alam, Staff Reporter, CBN
As COP29 discussions intensify, Friday may witness setting the new target for global climate finance.
Gurpreet Chowdhury, Director of Research and Innovation at the APSWDP, told Climatebdnews, “Final discussions will take place coming soon. However, we believe the conference may be extended by another day. The main goal of COP29 is to set a target for global climate finance. We hope an announcement will be made.”
He further elaborated, “In 2015, the target was for all developed countries to collectively raise $100 billion annually by 2020. This means that from 2020 to 2025, $600 billion should have been raised.
Professor of Korea University and Chairman of Korea Climate & Environment Network Ptof. Dr. Lee, Woo said, “The main goal of COP29 is to set a target for global climate finance.
He said, “At the COP29 conference, we are emphasizing one key point. mitigation must be prioritized to prevent temperature rise from exceeding 1.5°C by 2030 and 2°C by 2050.”
He remarked, “A new global target for the climate finance must be set. Decisions may be made on whether wealthy nations will increase funding for developing countries, particularly for the ‘Loss and Damage Fund.’”
