The fight over finance brewing at COP29: Moving Money

Zero: The Climate Race

Bloomberg

Technology, Business, Science

4.7 • 219 Ratings

🗓️ 10 October 2024

⏱️ 29 minutes

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Summary

Next month, when delegates from around the world meet in Baku, Azerbaijan at COP29, the biggest questions on the table will have to do with money. Can rich nations find a way to meet developing countries’ demand for up to $1 trillion each year in climate finance? Avinash Persaud, special adviser on climate change for the Inter-American Development Bank, has spent his career looking for ways to make global markets work to unlock climate financing. He says the biggest challenges arise from a simple reality: “The people who benefit and the people who pay are different.” Persaud tells Akshat Rathi why he believes climate change is an “uninsurable” event, and discusses the kinds of financial instruments and commitments that can help poorer countries contribute to the energy transition and adapt to a warmer world.

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Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks this week to Kira Bindrim, Siobhan Wagner and Monique Mulima. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

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Transcript

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0:00.0	Welcome to Zero. I am Akshadrati. This week, moving money to the right places.
0:06.0	Here at Bloomberg Green, we are starting to gear up for next month's cop meeting in Baku, in
0:23.2	Azerbaijan. As regular listeners of the show know, I love cops, the sheer energy and ideas
0:29.4	and the rainbow of delegates that show up every year. This year's meeting will be smaller than recent
0:34.9	cops and will come days after the US election.
0:38.3	It will also happen in a region that is between two active conflicts.
0:43.4	And yet, world leaders cannot avoid talking about how to tackle climate change.
0:48.3	The big question that's going to be on the table at COP29 has to do with finance.
0:53.9	Specifically, it's to do with money that is moved
0:57.1	from rich countries to poor countries to help with dealing with climate change. The initial
1:02.9	promised sum was a hundred billion dollars each year by 2020. That didn't happen. But by 2022,
1:10.3	rich countries claimed it was happening.
1:12.6	At COP 29, they now need to agree on a newer, bigger figure.
1:18.6	Because the more emissions need to be cut, and the more there needs to be adaptation to a hotter planet,
1:24.6	the more expensive it gets for poor countries.
1:28.8	Who did not contribute as many emissions to heating the planet in the first place?
1:33.3	It is something we'll talk about a lot over the coming weeks.
1:37.3	Like, when I crossed paths with COP 29 president at the Climate Week in New York,
1:42.6	I already had a list of questions for Mukhtar Babayev.
1:45.0	Your name is Akshat, right?
1:47.0	Akshat Lati.
1:48.0	One of the big things I wanted to ask him was about the loss and damage fund,
	...

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