Overview

• COP28 President Sultan Al Jaber emphasizes the need for 'trillions' of dollars in finance to support the global transition to green energy and combat climate change.
• The lack of detailed funding plans from last year's COP28 summit puts pressure on the upcoming COP29 meeting in Azerbaijan to establish new financial targets.
• Emerging economies, excluding China, require approximately $2.4 trillion annually by the end of the decade for energy transitions and climate impact adaptation.
• Political momentum for climate action risks dissipating without clear, actionable steps and increased financial commitments.
• The International Energy Agency introduces a new mechanism to track the gap between countries' climate goals and actual actions.