As COP29 commences in Baku, Rwanda is taking center stage with a bold proposal to redefine global climate finance. The country's Ministry of Environment announced on Monday its push for a new financial goal that not only emphasizes mitigation and adaptation but also includes crucial support for loss and damage.
\"This call is critical for ensuring that countries most affected by climate impacts receive consistent support to recover and build stronger communities,\" the ministry stated. Highlighting the urgent need for sustained funding, Rwanda aims to assist communities grappling with the devastating effects of climate disasters.
The advocacy extends beyond immediate relief. Rwanda is advocating for investments in long-term solutions that empower vulnerable nations to adapt and build resilience against a changing climate. \"Rwanda's delegation will also champion the value of transparency in climate commitments, advocating for clear and accurate information on the support exchanged between nations to build trust and accountability,\" the ministry added.
With delegates from approximately 200 countries gathered, COP29 serves as a pivotal platform to accelerate global efforts against the climate crisis. Rwandan President Paul Kagame has recently called for increased funding from wealthy nations to address climate change, emphasizing that financial terms should be favorable and not burden developing countries with additional debt.
This year's conference seeks to establish a new climate change funding target, aiming to replace the existing goal of mobilizing $100 billion annually by developed countries in support of developing nations. Rwanda's proactive stance underscores the urgent need for a more comprehensive and equitable approach to global climate finance.
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Rwanda urges new climate finance global goal as COP29 begins
cgtn.com
