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The 29th Conference of Parties, or COP29 , is already underway in Baku, Azerbaijan, where world leaders are meeting and negotiating to agree on many things, chief of which is the new finance goal that will help developing countries cope with the climate crisis.Called the New Collective Quantifiable Goal , the amount, which is based on a needs-assessment report of developing and the most vulnerable countries including the Philippines, is reportedly running up into trillions.
“As a region we are very ambitious and we have political will to advance it but when we look at who’s developing and who is advancing, it’s domestic players,” De Torres said., emphasizing the absence of foreign firms“Any success here should translate into the flowing of renewable energy and related infrastructures,” she said.While Tebtebba Foundation’s Helen Magata supports “increased targets” for climate finance, she also voiced out the importance of looking at the quality of finance, as well.
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