Developed Countries can Finance Climate Change Solutions in 2024

By Shubhendra Anand , 20 March, 2025

In light of research relating to climate change, more climate finance is needed by the time of the for cop29, which happens to be the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change and is to be held in Baku Azerbaijan from November 11-22, 2024.

The COP29 Presidency has outlined a Framework for Action, where COP enhancements are seen in two critical areas. The goal – "enable action," highlights the importance of finance as a more significant enabler in implementing the aspiration of mitigation and deployment measures, as well as loss and damage action and building resilience. Climate change is now regarded as one of humanity's most challenging issues as it incorporates various human activities that many are responsible for causing. Global warming, extreme climatic changes, and erratic climatic conditions pose risks to food production, economies, and even people. Time is running out for action and COP29 comes at the right time when countries need to resound their allegiance to the Paris Agreement.

Countries that have enjoyed significant economic advancements, especially regarding consumerism, have made commendable moves stanched efforts to reduce emissions and invest in more. The European Union, United States and United Kingdom have developed essential policies that allow them to gain net–zero emissions by the year 2050. Also, Japan, Canada, and Australia cut their emissions significantly within their goals.

Nonetheless, the action is still not enough in both time and scope. Greenhouse gas emissions are still on an upward trend, and a factor of 1.5 is getting further out of reach. According to the IPCC report, warming temperatures can be stabilized at 1.5C only if emissions are cut by 45 percent by 2030 and maintained by 2050. In 2009, developed countries announced a commitment to reach USD 100 billion weather year by 2020. However, this was instead money and the following money was given to actual contribution. Climate finance is essential to help these countries prevent the adverse effects of climate change, build up their defenses, and switch to renewable energy.

COP29 is a significant opportunity to recommit the political commitment of the world's leaders to act on climate. Population-rich countries must set a direction and show how actions may be taken, and assistance to the weakest countries could be given. Motivating countries to implement and accomplish further developed climate objectives may actively contribute to the climate change response campaign. Other options include securing funds to promote climate action such as investments in renewable energy sources, energy efficiency, and climate-resilient infrastructure. Enhancing the adaptive capacities of at-risk communities will help implement change on a large scale in 2024. Industrial sectors like automotive, semiconductors, energy firms, and the like will contribute immensely towards climate change.

                                   Financing climate ambition globally