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New finance target in COP29 outcome could help developing countries set stronger targets: Grace Fu

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The outcome of COP29 included an agreement from developed countries to channel more money to developing nations.

Minister for Sustainability and the Environment Grace Fu, pictured during the Green Pulse podcast recording session at SPH on Nov 26, 2024.agreed upon at the UN climate conference COP29 will provide developing countries with capital to implement their green plans, and could help them set more ambitious emissions-cutting goals when new targets are due in 2025.

“COP29 was a critical COP because for many years, developing countries have been asking, ‘where is the money? I have all these targets that you want us to achieve, but how do I get the means of implementation, how do I get the technology?’”, Ms Fu said, when asked about the significance of the summit’s outcomes for the region.

Negotiators at the COP29 summit also agreed on a call to raise US$1.3 trillion each year from a wider range of sources, including private investment, by 2035. “We need some grants. We definitely need MDBs to be on board – MDBs that will disburse money in South-east Asia and in Asia. We definitely need investors, bankers, as well as philanthropies to be part of this ecosystem.”

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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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