On the third day of COP29, there was a significant shift towards achieving a New Collective Quantified Goal (NCQG). World leaders and ministers came together for a high-level dialogue to explore ways to provide the necessary financial support to combat the climate crisis, while setting ambitious financial targets.
A key focus of the discussions was addressing the needs of developing countries, which are bearing the brunt of climate change’s impacts. The conversations underscored the importance of allocating sufficient funds to these nations so they can reduce emissions and adapt to climate challenges, as they face increasing difficulties.
According to the Independent High-Level Expert Group, developing nations will need approximately $2.4 trillion annually by 2030 to meet their climate goals, with $1 trillion expected to come from international sources.
In response, multilateral development banks made substantial commitments, pledging to increase their climate finance contributions to $120 billion annually by 2030, including $42 billion designated for adaptation projects. They also emphasized the need for blended finance, which combines both public and private sector investments.
Additionally, youth played a vital role in the discussions, with a special Youth Pavilion showcasing their initiatives and ideas for climate action.
Young people made it clear that their voices must be heard, as the decisions made today will shape their future.
