UN bidding starts in the $trillions for COP 29 climate finance

Crazy world of climate finance [image credit: renewableenergyfocus.com]

A UN official claims there’s a ‘need to collectively raise and direct $2.4 trillion annually for climate mitigation’. Billions are too small to mention any more, when trying to ‘avoid devastating impacts of climate change’ (says this article). Since climate models aren’t even much good at replicating reality, and various dire predictions to date have failed, what basis is there for this proposed level of spending?
– – –
The UN’s next climate summit will be an “enabling COP,” focused on drastically scaling up climate finance and making bold emissions reduction commitments, says Axios.

Why it matters: Top UN climate official Simon Stiell delivered a speech this morning in Baku, Azerbaijan, envisioning what will happen if the world meets the climate challenge and avoids devastating impacts of climate change.

Zoom in: The speech, delivered at ADA University, counters perceptions in some parts of the climate community that Baku will involve lower stakes and more technical work than COP28 did in Dubai.

Oil-rich Azerbaijan tipped to host COP29 climate talks

The Baku–Tbilisi–Ceyhan pipeline (green) is one of several pipelines running from Baku.

Azerbaijan is one of the birthplaces of the oil industry (Wikipedia). It was part of the Soviet Union from 1922-1991. EU countries were unsurprisingly blocked as hosts by Russia. Maybe there aren’t too many ‘renewables-rich’ countries (if such a category even exists) elsewhere, seeking to be the host next time.
– – –
DUBAI, Dec 8 (Reuters) – Azerbaijan is tipped to host next year’s U.N. climate summit, after striking a late deal with longtime adversary Armenia over its bid.

While some diplomats said other countries including Russia – which has blocked other host candidates – were expected to back Baku’s bid, there was no official confirmation from Moscow on Friday.

The issue is still being negotiated at the COP28 climate summit in Dubai.