Beyond promises: Why COP29 must secure a $1trn climate finance goal for global action

The author asserts that a $1 trillion annual public grant funding target is essential at COP29 to address the climate crisis, arguing that wealthier nations and polluters bear the responsibility for this finance. The text criticizes the reliance on private investment and loans, noting that 69% of current climate finance consists of loans that exacerbate debt in vulnerable nations. To reach the $1 trillion goal, the document suggests innovative funding sources, including billionaire taxes and fossil fuel levies.

• The author argues that COP29 must establish a new collective quantified goal (NCQG) of approximately $1 trillion in annual public grant funding for developing countries, distributed across mitigation, adaptation, and loss and damage.
• Current climate finance is heavily skewed toward loans, with 69% of all funding provided this way, which the author claims worsens debt crises and inequalities in poor, climate-vulnerable countries.
• The document rejects the use of private investment for loss and damage and adaptation in less developed countries, stating that return-seeking finance is unethical and has failed to deliver to date.
• To achieve the $1 trillion target, the author proposes 'innovative sources' of funding, specifically mentioning billionaire taxes that could raise $1.7 trillion annually and fossil fuel levies or windfall taxes that could yield $210 billion annually.

APA

Hillier, D. (2024). Beyond promises: Why COP29 must secure a $1trn climate finance goal for global action. World Economic Forum. https://www.weforum.org/stories/climate-action/why-cop29-must-secure-trillion-dollar-climate-finance-goal/

Chicago

Hillier, Debbie. Beyond promises: Why COP29 must secure a $1trn climate finance goal for global action. World Economic Forum, 2024. https://www.weforum.org/stories/climate-action/why-cop29-must-secure-trillion-dollar-climate-finance-goal/.

Wikipedia

{{cite press release |last1=Hillier |first1=Debbie |title=Beyond promises: Why COP29 must secure a $1trn climate finance goal for global action |publisher=World Economic Forum |date=5 November 2024 |url=https://www.weforum.org/stories/climate-action/why-cop29-must-secure-trillion-dollar-climate-finance-goal/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{hillier2024beyond, author = {Hillier, Debbie}, title = {{Beyond promises: Why COP29 must secure a \$1trn climate finance goal for global action}}, publisher = {World Economic Forum}, year = {2024}, month = nov, url = {https://www.weforum.org/stories/climate-action/why-cop29-must-secure-trillion-dollar-climate-finance-goal/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }