Between 2014 and 2021, I traveled to cover seven UN climate summits. I considered traveling to Azerbaijan for my eighth, but opted instead to cover my first UN biodiversity summit in Cali, Colombia. I was, however, asked by Mongabay editors to write a pre-story for COP29. I agreed. Because the overriding issue in Baku will be identifying the trillions needed for climate action (transition to renewable energy, low-carbon transportation, forest and wetlands protections, paying vulnerable nations for loss and damage), this story focuses exclusively on the issue of finance.
I was fortunate in Colombia to meet two experts in finance who agreed to be primary sources for my story: Andrew Deutz of World Wildlife Fund and Valerie Hickey of the World Bank. Deutz connected me with another exceptionally good source, economist Barbara Buchner with the Climate Policy Initiative.
The story hinges in large part on this reality: the wealthy nations of the G-20 have year after year failed to come close to meeting their promises of contributing billions of dollars to a range of COP-approved funds for climate action. For example, about $116 billion has been mobilized from wealthy nations, but the need is estimated at $2 trillion. Thus, the question becomes whether independent financial institutions such as the World Bank and International Monetary Fund, plus a host of private investment houses will step in and fill the gap, or at least some of it. Some experts say the money is there if institutions can secure a modest return on investment; critics howl that loans and investments only serve to burden poor countries — entirely blameless in the climate crisis — with more debt. My story explains the issues and opportunities.
