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MDBs pledge $120 billion for low-income nations at COP29

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At COP29 in Baku, Azerbaijan, leading multilateral development banks (MDBs) announced plans to collectively mobilize $120 billion annually in climate financing for low- and middle-income countries by 2030, with $42 billion dedicated to adaptation.  The private sector is expected to contribute an additional $65 billion each year. High-income countries are set to receive $50 billion annually in climate finance, including $7 billion for adaptation.  The MDBs exceeded their 2025 climate finance projections by a 25%…

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World leaders gather in Baku for pre-COP29 meeting

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Ahead of the 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, global leaders gathered in Baku, Azerbaijan, for the pre-COP meeting from 10–11 October.  The session, titled Enhance Ambition and Enable Action, aimed to progress key negotiations before the main summit in November. The event is focused on limiting global warming to 1.5°C, as per the 2015 Paris Agreement. A key priority at the pre-COP meeting was setting a…