The COP29 climate summit is midway through now and negotiators are trying to hammer out a deal that might be worth hundreds of billions of dollars.
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00:00With the first week over and ministers arriving on Monday, COP 29 in Baku enters its final
00:08phase.
00:09Dubbed the finance COP, it aims to agree on a new climate financing regime as the current
00:15one expires next year.
00:17Now, the new collective quantified goal aims for trillions, according to the UN's trade
00:24and development organization.
00:28We made the study and we run a model to try to establish a bracket for the new goal and
00:35we came out with this document that says that the goal should start from 1.1 trillion for
00:44next year.
00:45And it is more or less in the range of what has been discussed by other studies or proposed
00:53by other studies too.
00:55Climate experts say this will be a challenge to achieve.
00:58No, I think that these are difficult discussions.
01:03Let's not try to overshadow the difficulties that we are confronting.
01:10And obviously it's not only about the quantum, it's also about the responsibilities within
01:16the quantum, what will come from where and for what.
01:23Countries are negotiating the new agreement, but the private sector will play a key role
01:28in its implementation.
01:30Multilateral development banks like the European Bank for Reconstruction and Development play
01:35a key role between countries and companies.
01:39Its president Odile Renaud-Bassot told Euronews that alongside the financial goal, ambitious
01:46policies from countries at COP 29 are crucial.
01:51Having a goal is not the only solution per se.
01:56So it's mean, but what is also very important is the commitments taken by all countries
02:01around the world about national determined contribution, how they will, what kind of
02:06objectives they set for themselves in terms of level of renewable, getting out of coal,
02:11getting out of gas and so forth.
02:13So the national objective each country sets for himself is very important also.
02:19Because having money, if you don't have projects, will not deliver anything.
02:23The Secretary General of the International Chamber of Commerce emphasized the need for
02:27ambitious targets.
02:30We expect governments to lead on this.
02:33We expect governments to actually be seized with the same level of engagement and intensity
02:38as when the global financial crisis hit, and we expect action.
02:42At the end of this week, ministers face a critical moment.
02:46Will they agree on the new financing goal and announce ambitious policies and projects
02:52for their countries?