How to pay for the poor world to go green
Rich countries need not reinvent the wheel
The trickiest issue facing the climate negotiations at COP29, which began in Baku on November 11th, goes by the opaque name of the “new collective quantified goal” (NCQG), mainly because that is more dignified than “bigger pile of money”. The NCQG is meant to replace the longstanding goal of an annual $100bn a year in climate finance from richer countries to poorer ones. It is supposed to be in place by next year, when all countries are expected to say what they are going to do to cut emissions in the next ten years.
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This article appeared in the Finance & economics section of the print edition under the headline “Reality cheque”
From the November 16th 2024 edition
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