Climate financing has become a vital component of international efforts to address climate change in the run-up to COP29, especially as the world gets closer to the yearly meeting of parties to the Paris Agreement and the international community.
As the shortcomings of the current system become more apparent, talks on climate finance have become more pressing. This is because there is a growing realization that the goals of the Paris Agreement will remain unfulfilled in the absence of adequate financial resources.
The creation of the Fund for Loss and Damage (FLD) and other recent advancements in climate financing have brought attention to the difficulties and complexities involved in raising the money required to assist climate mitigation and adaptation, particularly in developing nations.
