Energy transition is accelerating, but fossil fuel emissions to overshoot targets by 50%

While the new climate finance goal of $300-billion a year from developed nations to support developing nations’ energy transition by 2035, and the aim to mobilise an additional $1.3-trillion a year from other finance sources, both agreed to at the twenty-ninth Conference of the Parties (COP29), are positive, they are far below the estimated $3-trillion a year needed to achieve climate goals, said industry analysis and forecasting company BMI. In reviewing the implications of the agreements and delays at COP29, the company pointed out that the $ 300-billion-a-year pledge, when inflation was taken into account, represented only about a doubling of support for climate actions in developing nations.