COP29: Billions of climate finance at stake – Times of India

The upcoming UN COP29 conference in Baku will focus on climate finance, aiming to increase funding from rich countries to help poorer nations combat climate change. The definition of climate finance is money spent on low greenhouse gas emissions and climate-resilient development. Currently, most climate finance is managed by development banks or funds. Rich countries, obligated under a 1992 UN accord, have been slow to meet their financial commitments, causing trust issues with developing nations. India has proposed $1 trillion annually, but there is disagreement on the amount and who should contribute. Campaigners are pushing for transparency in funding sources and more grants instead of loans. France, Kenya, and Barbados support new global taxes to fund climate initiatives.