IEA chief stresses the need to speed up talks on climate aid for poor nations ahead of COP29
Ahead of this year’s COP29 summit, the chief of the International Energy Agency emphasized that global climate talks must focus on increasing clean energy investments in emerging economies, which have stagnated over the past decade.
Additionally, talks about raising funds to assist poorer nations in combating global warming are ongoing, with varying perspectives on how the funds should be allocated, as IEA Executive Director Fatih Birol stated in an interview with Bloomberg.
As COP29 commences in November in Baku, Azerbaijan, nations are diligently hashing out the details of a new annual climate finance target, anticipated to reach the hundreds of billions of dollars.
Also read: Azerbaijan to address disagreements on climate finance at COP29
This issue has sparked controversy at UN summits because, according to the Organization for Economic Co-operation and Development, the previous goal, established in 2009 to provide $100 billion annually to poorer nations by 2020, was achieved only once, in 2022.
While global clean energy investments are increasing substantially, the portion allocated to emerging and developing nations has stagnated at 15% of the total since 2015, amounting to approximately $250 billion, Birol stated.
“So this, in my view, is the fault line of our journey to reach our climate target,” he said. “This will be the key topic for our high-level dialogues with our colleagues from Azerbaijan and the rest of the countries.”
The IEA will release a world energy investment report on June 6, detailing the financial allocations to fossil fuels and renewables country-by-country for 2023-2024.
Birol announced that the upcoming high-level climate discussions will take place on June 24 in London under the auspices of the city’s mayor, Sadiq Khan.
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