A coalition of leaders from both industrialized nations and those vulnerable to climate change called for more ambitious climate financing at the UN Climate Change Conference (COP29) in Baku.
“Trillions of dollars are needed. We must urgently increase the amount of financing for climate action,” said a statement signed by the leaders who are part of the so-called “High Ambition Coalition” at COP29.
“The climate crisis will worsen exponentially if we do not act now,” the statement added.
“Developed countries must continue to lead and meet existing financial commitments. Innovative funding sources must be developed,” the declaration emphasized.
Germany, France, Spain, and Canada, along with several island nations and African countries, supported the appeal.
Germany has pledged to provide €6 billion ($6.4 billion) annually for climate financing starting next year.
However, previous budget plans revealed a shortfall in gathering these funds, and climate activists have warned that Germany risks losing credibility if it fails to meet its commitments.
Italy’s stance on climate issues has raised concerns among its partners since the election of far-right Prime Minister Giorgia Meloni.
In Baku, Meloni stated that she had no intention of withdrawing from the global fight against the climate crisis.
“A highly ideological and not pragmatic approach to this issue risks taking us off the path to success,” Meloni said in the Azerbaijani capital.
“Technology neutrality is the right approach,” she added, defending a more realistic global viewpoint.
