A new chapter in climate financing is unfolding, where all levers will be engaged to ensure the flow of funding to developing countries on the necessary scale. Germany remains true to its commitments and will fulfill its part, declared Jennifer Morgan, State Secretary and Special Envoy for International Climate Action of Germany, speaking on behalf of Foreign Minister Annalena Baerbock at the high-level session of COP29, according to Report.
"But everyone must take responsibility transparently, especially in accordance with their economic power here and now. We cannot solve today's needs with recipes from the 1990s," Morgan emphasized. "We need the private sector. We need simpler procedures for climate financing. We need to accelerate the just, equitable, and orderly transition away from fossil fuels. Tripling renewable energy and doubling energy efficiency improvements by 2030 is crucial."
In 2024, Germany closed 16 coal-fired power plants, and renewables now account for nearly 60% of its electricity consumption.
Morgan highlighted that the solutions to the climate crisis present the greatest economic opportunity for this generation. Global investments in green energy today are twice as high as investments in fossil energy, and no investor wants to see their investments stranded.
"Let's seize these opportunities," Morgan urged. "We want to fulfill our promise to make Europe fully climate-neutral by 2050. Not just for ourselves, but for all of us." She added that this could allow us to become the first generation to make the world both green and prosperous simultaneously.