COP29 Climate Summit Countdown Starts With Finance at Forefront
- Germany says Global South needs $2 trillion per year
- COP29 host Azerbaijan says development banks falling short
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Political leaders said this year’s COP29 talks will center on a challenge they’ve failed for years to overcome: massively increasing funds to help poorer countries fight global warming.
At the Petersberg Climate Dialogue, Germany’s foreign affairs minister Annalena Baerbock said developing nations would need $2 trillion annually, with half of that coming from foreign sources. The event in Berlin this week is an important point in the climate diplomacy calendar leading up to the annual United Nations climate summit, which will take place in Baku in November.