COP29: Public Funding from Wealthy Countries at the “Heart” of the Global Agreement Expected, UN Climate Press

At COP29 in Baku, discussions focus on the importance of public financing from developed nations to achieve global climate objectives, according to Simon Stiell, Executive Secretary of UN Climate.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The new global climate finance framework, a central topic at COP29 in Baku, highlights the need for strong public financial support from developed countries. Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), emphasized the importance of this public funding during his speeches.

Objectives and Debates at COP29

COP29, scheduled from November 11 to 22, aims to establish a “New Quantified Collective Goal” (NQCG) for climate finance. This new goal is intended to replace the 2009 target, which called for wealthy nations to provide $100 billion annually to developing countries, a target that was barely met by 2022. Current discussions are focused on the amount of the new package, what it will include, and potential contributors.

Position of Developed Countries

Developed countries insist on the limitation of their budgetary resources, asserting that public financing will only be a portion of the total needed. They also propose including private financing and expanding the contributor base to nations like China and South Korea, which currently have the financial means to participate.

Requirements for Accessible Financing

Simon Stiell emphasized the necessity for public funding to be primarily in the form of grants or concessional loans, making these funds more accessible to developing countries. He also reminded that the 2015 Paris Agreement required developed countries to mobilize diverse financial resources to support climate action.

Impact on Financial Institutions

Stiell called on the World Bank and the International Monetary Fund (IMF) to send clear signals during their upcoming annual meetings. The goal is to ensure that developing countries have the necessary funds for climate actions and investments, thereby avoiding devastating debts and astronomical capital costs.

Perspectives and Challenges

Negotiations in Baku will be crucial in determining the future trajectory of climate finance. The ability of developed countries to mobilize sufficient public funds and include new contributors will determine the effectiveness of global efforts to combat climate change.

The 2025 edition of the Renewable Electricity System Observatory warns of the widening gap between French energy ambitions and industrial reality, requiring immediate acceleration of investments in solar, wind and associated infrastructure.
Kogi State Electricity Distribution Limited reported a ₦1.3bn ($882,011) loss due to power fraud, threatening its operational viability in Kogi State.
More than 40 developers will gather in Livingstone from 26 to 28 November to turn Southern Africa’s energy commitments into bankable and interconnected projects.
Citepa projections confirm a marked slowdown in France's climate trajectory, with emissions reductions well below targets set in the national low-carbon strategy.
The United States has threatened economic sanctions against International Maritime Organization members who approve a global carbon tax on international shipping emissions.
Global progress on electricity access slowed in 2024, with only 11 million new connections, despite targeted efforts in parts of Africa and Asia.
A parliamentary report questions the 2026 electricity pricing reform, warning of increased market exposure for households and a redistribution mechanism lacking clarity.
The US Senate has confirmed two new commissioners to the Federal Energy Regulatory Commission, creating a Republican majority that could reshape the regulatory approach to national energy infrastructure.
The federal government launches a CAD3mn call for proposals to fund Indigenous participation in energy and infrastructure projects related to critical minerals.
Opportunities are emerging for African countries to move from extraction to industrial manufacturing in energy technology value chains, as the 2025 G20 discussions highlight these issues.
According to the International Energy Agency (IEA), global renewable power capacity could more than double by 2030, driven by the rise of solar photovoltaics despite supply chain pressures and evolving policy frameworks.
Algeria plans to allocate $60 billion to energy projects by 2029, primarily targeting upstream oil and gas, while developing petrochemicals, renewables and unconventional resources.
China set a record for clean technology exports in August, driven by surging sales of electric vehicles and batteries, with more than half of the growth coming from non-OECD markets.
A night-time attack on Belgorod’s power grid left thousands without electricity, according to Russian local authorities, despite partial service restoration the following morning.
The French Academy of Sciences calls for a global ban on solar radiation modification, citing major risks to climate stability and the world economy.
The halt of US federal services disrupts the entire decision-making chain for energy and mining projects, with growing risks of administrative delays and missing critical data.
Facing a potential federal government shutdown, multiple US energy agencies are preparing to suspend services and furlough thousands of employees.
A report reveals the economic impact of renewable energy losses in Chile, indicating that a 1% drop in curtailments could generate $15mn in annual savings.
Faced with growing threats to its infrastructure, Denmark raises its energy alert level in response to a series of unidentified drone flyovers and ongoing geopolitical tensions.
The Prime Minister dismissed rumours of a moratorium on renewables, as the upcoming energy roadmap triggers tensions within the sector.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.