Delegates from nearly 200 countries, including Rwanda, are in in Azerbaijan for the annual United Nations climate summit as negotiators seek increase in $100 billion-a-year target for developing nations. Following a year of weather disasters that have emboldened developing countries in their demands for more funds, it is reported, starting Monday, November 11, delegates will be at the two-week COP29 forum in the capital city of Baku. ALSO READ: What Rwanda expects from COP29 in Azerbaijan In his opening speech, the UN Climate Change Executive Secretary, Simon Stiell, said: “We must agree a new global climate finance goal. If at least two thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price. “If nations can’t build resilience into supply chains, the entire global economy will be brought to its knees. No country is immune. So, let's dispense with the idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and wealthiest. But it’s not enough to just agree on a goal. We must work harder to reform the global financial system. Giving countries the fiscal space they so desperately need. Stiell said clean energy and infrastructure investment will reach two trillion dollars in 2024, almost twice that of fossil fuels. ALSO READ: Why Rwanda needs global “Loss and Damage Fund” The shift to clean-energy and climate-resilience will not be stopped, he noted, adding that “our job” is to accelerate this and make sure its huge benefits are shared by all countries and all people. “We must agree adaptation targets. You can't manage what you don't measure. And we need to know if we're on a pathway to increasing resilience. And, we must continue to improve the new mechanisms for financial and technical support on loss and damage. Next year, all countries will deliver their third generation of national climate plans – NDCs.To support countries in creating and communicating them, the UNFCCC will launch a Climate Plan Campaign. It is reported that only a handful of leaders from the Group of 20, whose countries account for nearly 80 percent of global emissions, are attending.
