Climate finance refers to the financial resources allocated to support projects and initiatives that aim to mitigate the effects of climate change or adapt to its impacts. This can include funding for renewable energy projects, energy efficiency improvements, sustainable agriculture, and the development of resilient infrastructure. Climate finance can come from various sources, including public funding from governments, private sector investments, and international financial institutions. It also encompasses financial mechanisms such as grants, loans, and climate bonds specifically designed to facilitate investments in climate-related initiatives. The objective of climate finance is to promote sustainable development while addressing the urgent challenges posed by climate change, helping countries to transition towards low-carbon economies and enhance their resilience to environmental changes.
The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change convened on November 11th in Baku, Azerbaijan, amongst an atmosphere charged with anticipation. With…