The 29th UN Climate Conference (COP29) is set to take place from November 11 to November 22 in Baku, Azerbaijan, as global leaders look to scale up funding mechanisms to support vulnerable nations through climate financing.
Climate finance is the funding provided to help countries tackle climate change, whether by reducing emissions or adapting to its impacts. This financing comes from public, private, and international sources.
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The UN Framework Convention on Climate Change (UNFCCC) urges developed countries to provide financial support to developing nations, which are often the hardest hit by climate change but lack the resources to respond effectively.
Developing countries also have smaller domestic financial systems relative to their GDPs and face higher costs of capital.
Watch the full video to know more.
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