Climate talks urged to find $1T a year for poorer countries

The Manila Times

Climate talks urged to find $1T a year for poorer countries  Speaking at COP29, experts say on Nov. 14, 2024 that developing countries outside China need at least $1 trillion per year by the end of the decade to move to greener energy and protect against extreme weather. Money is a central focus of the COP29 climate talks being held in Azerbaijan and the success of the summit is likely to be judged on whether nations can agree a new target for how much richer nations, development lenders and the private sector must provide each year to developing countries to finance climate action.  COP29 HOST BROADCASTER / REUTERS VIDEO  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe  Visit our website at https://www.manilatimes.net    Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion    Subscribe to our Digital Edition - https://tmt.ph/digital    Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer  Tune In: https://tmt.ph/tunein   #TheManilaTimes  #worldnews  #climatechange  #cop29

Transcript

00:00The question we'll be asking here, it was a very clear and strong question and the right

00:05question.

00:06What does it take to deliver on Paris in terms of investment and how do we finance that investment?

00:13That's how we understand the question of climate finance.

00:16It's finance for a purpose, it's finance for that investment.

00:20So what kind of numbers for the investment?

00:25That number for emerging markets and developing economies outside China is 2.4 trillion a

00:30year in 2030.

00:32Of course the whole path matters, but in order not to get sort of lost in too many numbers

00:37we focus on 2030 and we point and highlight the number 2.4 trillion as the overall investment

00:46needs.

00:47So we've got to finance 2.4 trillion.

00:50Now most investment in most countries is financed domestically, partly public sector, partly

00:59private sector.

01:00People, countries save and they invest.

01:05In those countries that we're discussing, emerging markets, developing economies outside

01:08China, you'd find that domestic savings would finance perhaps 70% of investment.

01:14We've assumed a little bit less than that actually in our calculations.

01:18So of that 2.4 trillion, we're assuming that 1.4 comes from domestic resource mobilisation.

01:272.4 overall investment, 1.4 domestic resource mobilisation.

01:33That means 1 trillion externally.

01:36So let's now focus on that 1 trillion externally.

01:40If we want you to take away one number for external finance, take away the 1 trillion.

01:45But please, please don't take away just one number.

01:50We have to think about how that 1 trillion is disaggregated.

01:54But in all this talk of numbers, among the many acronyms, let's not lose sight of what's

02:03really at stake.

02:06Cleaner air across the world's megacities, commuters no longer choking as they make their

02:13way to work and their return back home.

02:18Households who can sleep soundly knowing a flood or storm will not wash away everything

02:25they hold dear.

02:28Stopping the devastation and damage, improving lives and livelihoods and building a better

02:35world for everyone.

02:38I thank you.

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