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What the finance-focused COP29 delivered for South-east Asia

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The implementation of developing countries’ climate targets hinges on the availability of finance and technology.

Minister for Sustainability and the Environment Grace Fu, pictured during the Green Pulse podcast recording session at ST podcast studio.The Straits Times assistant news editor Audrey Tan and Minister for Sustainability and the Environment Grace Fu in the ST podcast studio.Synopsis: Every first and third Tuesday of the month, The Straits Times analyses the beat of the changing environment, from biodiversity conservation to climate change.

A new goal for annual climate finance flows was set at US $300 billion by 2035, a three-fold increase from the previous $100 billion target. Developed countries should take the lead in delivering this amount to developing countries to help them take climate action. An agreement on carbon markets was also reached at the summit, allowing countries to cooperate through the international trade in carbon credits to meet their climate goals.

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COP29: Global Negotiators to Set New Climate Finance Goals in BakuThe 2023 UN climate conference (COP29) will take place in Baku, Azerbaijan, from November 11th to 22nd. Negotiators from nearly 200 countries will focus on implementing the Paris Agreement to curb global warming, strengthen climate resilience, and provide support to developing nations. A key objective is to establish a new climate finance goal to address the escalating financial needs of vulnerable and developing countries in their fight against climate change.
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