Reacción a "COP29 agrees rich countries to provide $300 billion to poorer countries for climate finance"

While $300 billion per year is clearly insufficient to help developing countries decarbonise their economies quickly, the type of financing is equally critical (details are yet to be determined). In particular, resources should be targeted at removing the high risk that construction projects in less developed countries carry and as a strategy to encourage greater private sector investment. And clearly we cannot afford to wait a decade for this funding to become fully available, as promised.

I welcome the decision to move forward with a global carbon market. However, an international carbon market can either support or hinder rapid decarbonisation depending entirely on the rules that will govern its operations, rules that must ensure additionality and permanence of carbon offsets . While the additional flexibility of an international carbon market is valuable, it is crucial to ensure that it does not divert attention from the primary goal for each country of rapidly reducing its own carbon emissions.