This post was originally published on The Economic Times
BAKU: COP29 deals on finance and carbon markets could lead to billions more dollars flowing around the business world if countries next year can deliver climate plans with clear policies for markets and investment.
Those plans, which are due to the climate body of the United Nations before the next U.N. climate summit in Brazil, need to describe steps for making projects realistic – and less risky. Yet questions remain on the pace of transition after some countries sought to slow down the world’s shift from fossil fuels, giving boards already wrestling with the implications of Donald Trump returning to the U.S. presidency even more tough questions to ponder.
Two weeks of acrimonious negotiations in Azerbaijan‘s capital Baku resulted in a deal for $300 billion in annual climate finance by 2035. Many developing countries said the pledge would not be enough to help them deliver robust national climate plans. While private sector investment was teased throughout the summit – including in a multilateral development bank pledge to mobilise $65 billion
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