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The Green Climate Fund has approved over $100 million to support Somalia"s farmers facing droughts, floods, and conflict, marking a significant step in addressing climate finance in conflict-affected regions. This funding highlights the urgent need for increased investment in fragile countries, where the risks of inaction are profound. Despite the challenges, including a historical reluctance from private investors, efforts are underway to enhance financial management and attract more funding to these vulnerable areas.
At COP29, the Adaptation Fund has faced a "puzzling" lack of new financial pledges, securing only $61 million against a $300 million goal, despite urgent calls for increased funding to combat climate change impacts. The reluctance from donor governments may stem from awaiting outcomes on a new climate finance goal, leaving vulnerable countries in dire need of support. With rising adaptation needs, the fund risks running out of money if contributions do not increase.
The urgency for climate adaptation has escalated, with COP29 in Baku highlighting a significant gap in adaptation finance needs, estimated at $215 billion-$387 billion annually, against actual funding of only $28 billion in 2022. The Adaptation Fund has invested over $1.2 billion in projects benefiting 46 million vulnerable people, emphasizing the immediate necessity for increased financial support to combat climate impacts. As extreme weather events become more frequent, the call for robust adaptation strategies and funding is more critical than ever.
Azerbaijan, as COP29 President-Designate, is hosting critical climate negotiations in Baku, emphasizing the urgent need for decisive action against climate change. With extreme weather causing significant economic losses, the focus is on enhancing climate finance, particularly for developing nations, and ensuring political engagement at the highest levels to achieve ambitious climate goals. The COP29 Presidency aims to turn pledges into concrete actions, fostering collaboration among nations to address the climate crisis effectively.
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climate finance efforts expand in conflict zones to support vulnerable communities
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14:26 19.11.2024
climate summit struggles to secure vital funding for adaptation efforts
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10:50 16.11.2024
urgent need for increased adaptation finance in climate crisis response
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09:57 08.11.2024
climate leaders gather in baku to prepare for pivotal cop29 summit
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09:38 10.10.2024
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