Expert: 'I expect progress on new climate finance targets from COP29'

The COP29 climate conference should set new goals for the energy transition and increase the focus on accelerating the green transition in developing countries, David Carlin, recognized authority in the field of sustainable finance, founder of D.A. Carlin and Company, told Report.

"I am expecting to see the world make progress on the new collective quantified goal (NCQG) to replace the inadequate and underfunded $100 billion for climate that had been pledged over a decade ago. I would like to see clearer language in the final text about plans regarding the transition away from fossil fuels. I would like to see additional clarification around carbon markets in order to assure they are credible and robust. We would like to collaborate on sustainability with Azerbaijan. We have worked with local and national governments around the world on sustainability and climate strategies," he noted.

"The most impactful technologies are some of the simplest: solar power and wind power. These renewables will power not just the energy transition, but a shift to electrification where more activities from transportation to heating are powered by clean electricity. Battery storage is going to be another key area of progress needed to address issues of intermittency in power grids.

Climate change is a global challenge and a global challenge demands global collaboration. Each part of the world has unique circumstances to consider, which is the focus of the Paris Agreement's 'common but differentiated responsibilities.' I would like to see more focused action on specific climate policies including the harmonization of international standards on emissions reporting as well as a focus on accelerating the transition in developing economies," he added.