Finance
Climate finance billions at stake at COP29
Rich nations will be under pressure at this month’s UN COP29 conference to substantially increase the amount of money they give to poorer countries for climate action.
But there is deep disagreement over how much is needed, who should pay and what should be covered, ensuring that “climate finance” will top the agenda at COP29 in Baku.
– What is climate finance? –
It is the buzzword in this year’s negotiations, which run from November 11 to 22, but there is not one agreed definition of climate finance.
In general terms, it is money spent in a manner “consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”, as per phrasing used in the Paris Agreement.
That includes government or private money for clean energy like solar and wind, technology like electric vehicles, or adaptation measures like dykes to hold back rising seas.
But could a subsidy for a new water-efficient hotel, for example, be counted? It is not something the COP summits have addressed directly.
At the annual UN negotiations, climate finance has come to refer to the difficulties the developing world faces getting the money it needs to prepare for global warming.
– Who pays? –
Under a 1992 UN accord, a handful of rich countries most responsible for global warming were obligated to provide finance.
In 2009, the United States, the European Union, Japan, Britain, Canada, Switzerland, Norway, Iceland, New Zealand and Australia agreed to pay $100 billion per year by 2020.
They only achieved this for the first time in 2022. The delay eroded trust and fuelled accusations that rich countries were shirking their responsibility.
At COP29, nearly 200 nations are expected to agree on a new finance goal beyond 2025.
India has called for $1 trillion a year and some other proposals go higher, but countries on the hook want other major economies to chip in.
They argue times have changed and the big industrialised nations of the early 1990s represent just 30 percent of historic greenhouse gas emissions today.
In particular, there is a push for China — the world’s largest polluter today — and the oil-rich Gulf countries to pay. They do not accept this proposal.
– What’s being negotiated? –
Experts commissioned by the UN estimate that developing countries, excluding China, will need $2.4 trillion per year by 2030.
But the line between climate finance, foreign aid and private capital is often blurred and campaigners are pushing for clearer terms that specify where money comes from, and in what form.
In an October letter to governments, dozens of activist, environment and scientific groups called on rich nations to pay developing countries $1 trillion a year in three clear categories.
Some $300 billion would be government money for reducing planet-heating emissions, $300 billion for adaptation measures and $400 billion for disaster relief known as “loss and damage” funds.
The signatories said all the money should be grants, seeking to redress the provision of loans as climate finance that poorer countries say compounds their debt woes.
Developed countries do not want money for “loss and damage” included under any new climate finance pact reached at COP29.
– Where will they find the money? –
Today, most climate finance aid goes through development banks or funds co-managed with the countries concerned, such as the Green Climate Fund and the Global Environment Facility.
Campaigners are very critical of the $100 billion pledge because two-thirds of the money was given as loans, not grants.
Even revised upwards, it is likely any new pledge from governments will fall well short of what is needed.
But this commitment is viewed as highly symbolic nonetheless, and crucial to unlocking other sources of money, namely private capital.
Financial diplomacy also plays out at the World Bank, the International Monetary Fund and the G20, where this year’s host Brazil wants to craft a global tax on billionaires.
The idea of new global taxes, for example on aviation or maritime transport, is also supported by France, Kenya and Barbados, with the backing of UN chief Antonio Guterres.
Redirecting fossil fuel subsidies towards clean energy or wiping the debt of poor countries in exchange for climate investments are also among the options.
COP29 host Azerbaijan, meanwhile, has asked fossil fuel producers to contribute to a new fund that would channel money to developing countries.
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Most people will make thousands of money decisions over a lifetime — about budgeting,
borrowing, saving and investing — yet few ever take a class on how to make them well.
This fall, Seton Hall University is changing that with a new undergraduate course
built to give students the knowledge and confidence to navigate their financial futures.
Beginning this fall, Financial Literacy (BFIN 2000, CRN 34991) will offer practical
financial skills grounded in the principles of behavioral finance. The three-credit
course meets in person on Mondays and Wednesdays from 11 a.m. to 12:15 p.m. and is
open to all undergraduates, no matter their area of interest or program.
“Financial decisions affect nearly every aspect of our lives, yet many students receive
little formal education on topics such as budgeting, saving, investing or managing
debt,” said Jennifer Itzkowitz, Ph.D., professor of finance in the Stillman School of Business. “The goal is to give students the tools they need to make informed decisions and
build healthy financial habits that will serve them throughout their lives.”
What sets the course apart is its grounding in behavioral finance — the field that
examines how psychology shapes the choices people make with money. Students will explore
why sound financial decisions can be so hard to make and learn strategies to overcome
the common mental traps that get in the way.
Over the semester, students will work through budgeting, saving, credit management,
debt reduction, investing, retirement planning and tax strategies, using real-world
applications and interactive exercises that connect each concept to their own lives.
By the end, they will have built a personalized financial plan and set achievable
financial goals.
“Whether students pursue careers in business, healthcare, education, the arts or public
service, they will face important financial decisions,” Itzkowitz said. “Understanding
how to manage money effectively can have a real impact on long-term well-being and
quality of life.”
The new course reflects the Stillman School of Business’s mission to turn theory into
practice and Seton Hall’s broader commitment to preparing students for success in
every part of their lives.
Students interested in enrolling can register through PirateNet or contact their academic
advisor. For more information about the course, contact Jennifer Itzkowitz at [email protected].
Categories:
Business, Education
Key Equipment Finance, a division of KeyBank, appointed Meghan Foley senior equipment finance officer on its bank channel team in Chicago.
In this role, Foley will support growth initiatives, strengthen client relationships and expand the delivery of equipment finance solutions across Chicago and the surrounding markets.
Foley brings more than 25 years of experience in equipment finance and commercial banking. She has a proven track record of originating, structuring and closing complex transactions across industries such as manufacturing, healthcare, food processing, distribution and business services.
Most recently, Foley served as director of equipment finance at BMO Commercial Bank, where she partnered with commercial banking teams and financial sponsors to deliver customized financing solutions. She previously spent nearly a decade with Key Equipment Finance, where she earned recognition as a top performer, including Pinnacle Club and Golden Key awards.
“Meghan brings a unique combination of deep industry expertise, long-standing client relationships, and a strong understanding of our platform,” Kathy Havlik, senior vice president, regional sales director, Central and East at Key Equipment Finance, said. “Her return to Key strengthens our ability to deliver tailored equipment finance solutions and accelerate growth across the Chicago market.”
Foley holds a bachelor of business administration in accounting from the University of Notre Dame.
Finance
Study shows that Florida and Georgia rank among top states where people search for financial help
Are you financially stressed? A new study by Coinfully.com, which analyzed Google searches tied to money worries, found Florida and Georgia rank among the top states where people are searching for help.
The study tracked more than 150 financial-stress-related terms people look up online—phrases like “debt help,” “cheap car insurance,” “rent help,” “cash advance,” and “how to get out of debt.” The states with the highest search activity included Louisiana, Texas, Florida, Georgia, and Alabama.
Florida ranked third, averaging 424,507 searches per month, which comes out to about 1,877 searches per 100,000 residents. Georgia ranked fourth with 201,088 average monthly searches, or about 1,823 searches per 100,000 residents.
To see how those findings resonate locally, we spoke with people in our area. One parent told us they have searched for financial help “because I have been very broke.”
A college student said keeping up with rent is a constant struggle with only a part-time, minimum-wage job. Another person said they’ve changed spending habits—like choosing the lowest-priced items whenever possible—just to stay ahead.
For people feeling that financial pressure, local organizations may be able to help. Catholic Charities says it assists with essentials like food, rent support, and even help for people behind on their JEA bill.
The group said requests have increased significantly, including from people who have never needed assistance before. And while housing costs were a major driver a year or two ago, they say the need has broadened—more people are struggling with groceries, gas, and other everyday expenses.
Hear more of what Regional Director Eileen Seuter says Catholic Charities can provide for people needing emergency help.
Top Local Resources in Jacksonville
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Downtown Emergency Services (DESC): Located downtown in the First Presbyterian Church basement, this organization offers direct emergency financial assistance, case management, and a food pantry.
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City of Jacksonville Emergency Financial Assistance: The city’s Parks, Recreation and Community Services department offers the Emergency Financial Assistance Program. You can call their social services line for help with rent, utilities, and other urgent needs.
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JEA Hardship Programs: If you are behind on your electric or water bill, JEA can connect you with local Community Resources to assist with utilities, food, and housing.
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Catholic Charities Bureau: Offers free assistance to people in need, regardless of faith, including help with unpaid rent and utility bills. You can reach out via Catholic Charities Instagram page.
County & State-Wide Programs
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211 United Way: Calling 2-1-1 or visiting the United Way 211 site connects you to a local specialist who has real-time data on bill-paying resources in Duval County.
Mental Health Support
Financial stress takes a heavy toll on mental well-being. NAMI Jacksonville provides free support groups, education, and outreach programs to help individuals and families. You can reach out to them via their local helpline at (904) 323-4723 or by dialing 9-8-8 for immediate crisis care.
For a broader, searchable directory of other localized charities and government programs, you can filter by zip code on FindHelp.org.
If you are located in or moving your focus to Southeast Georgia, extensive regional networks offer free financial counseling, emergency bill assistance, and crisis relief.
Region-Wide Crisis Resolution
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Georgia 211 Helpline: Dial 211 from any phone to reach the United Ways of Georgia 211 Service. Specialists connect callers in the Coastal Empire and Southern regions to local food, housing, and utility funds.
Local Community Action Agencies
These organizations handle the Low-Income Home Energy Assistance Program (LIHEAP), emergency rental assistance, and financial literacy programs. Reach the agency managing your specific county:
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Coastal Georgia Area Community Action Authority: Serves Glynn, Camden, McIntosh, and surrounding coastal counties. Contact the main office in Brunswick at (912) 264-3281 or explore services through the Coastal Georgia Area CAA Portal.
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Action Pact: Serves inland Southeast Georgia counties (including Ware, Pierce, and Brantley). Reach the Waycross headquarters at (912) 285-6083 or look up local clinic sites on Action Pact Online.
State and Utility Support Programs
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