2024 is "virtually certain" to be the hottest on record. In recent months, the world has seen back-to-back hurricanes, catastrophic flooding, devastating typhoons and severe drought.

It is against this backdrop that global leaders gather at the COP29 UN climate summit in Baku, Azerbaijan, where a draft text of the new climate finance target was published. The finance agreement - also known as the New Collective Quantified Goal - would apply when the current US$100bn per annum target ends in 2025, and will be crucial for scaling up finance for climate action around the world.

With more than a week of talks ahead, the final outcome is still uncertain. However, the text contains many options still under consideration, as world leaders and negotiators work out a new financial target to support developing countries in their climate actions post-2025.

On this episode of Climate Connections, Sophie Sirtaine, CEO of CGAP - an international partnership housed in the World Bank Group, dedicated to promoting inclusive financial ecosystems - weighs in on what’s at stake.

Feature produced and edited by: Yeo Kai Ting (ykaiting@sph.com.sg)
Voiced by: Audrey Siek
Photo credits: Unsplash/Atul Pandey
Music credits: pixabay & its talented community of contributors

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