Development bank financing pledge gives COP29 summit early boost

Simon Jessop - Reuters - 13/11
COP29 negotiators welcomed as an early boost to the two-week summit a pledge by major development banks to lift funding to poor and middle-income countries struggling with global warming.
BAKU, Nov 13 (Reuters) - COP29 negotiators welcomed as an early boost to the two-week summit a pledge by major development banks to lift funding to poor and middle-income countries struggling with global warming.
A group of lenders, including the World Bank, announced a joint goal on Tuesday of increasing this finance to $120 billion by 2030, a roughly 60% increase on the amount in 2023.
"I think it's a very good sign," Irish Climate Minister Eamon Ryan told Reuters on Wednesday.
"It's very helpful. But that on its own won't be enough", Ryan said, adding countries and companies must also contribute.
The chief aim of the conference in Azerbaijan is to secure a wide-ranging international climate financing agreement that ensures up to trillions of dollars for climate projects.
Developing countries are hoping for big commitments from rich, industrialized countries that are the biggest historical contributors to global warming, and some of which are also huge producers of fossil fuels.
"Developed countries have not only neglected their historical duty to reduce emissions, they are doubling down on fossil-fuel-driven growth...
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