Today’s newsletter looks at who is really going to put the money forward for the possibly trillions of dollars of annual climate finance pledged at this summit. You can also read this story — and all of our COP29 coverage — for free at Bloomberg.com.

Over the next two weeks, nearly 200 countries participating in United Nations climate talks in Azerbaijan will negotiate a new, possibly multi-trillion-dollar annual finance goal to help the world’s poorest economies decarbonize and adapt to rising temperatures. But even though nations are doing the talking, much of the money isn’t going to be coming from governments.

COP29’s Private Bank Accounts

Countries are pledging money they don’t control

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