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Because climate change is driven by cumulative global emissions, the lack of funds will make it harder for everyone to achieve the goals of the Paris agreement, while ultimately failing to protect investors from exposure to climate risks.

At the upcoming UN Climate Conference, COP29, set to take place in Baku, Azerbaijan in November and dubbed the "finance COP," state negotiators will focus on sourcing the trillions of dollars needed per annum to meet global climate goals from both public and private investors.

With private investors increasingly seeking to align their portfolios with the goal of the Paris agreement to keep global average temperatures to 1.5 °C above the pre-industrial average, an array of standards and frameworks has been created to evaluate the emissions and climate-risk profiles of sovereign debt portfolios.

But these metrics can have unintended negative consequences for countries seeking investment, the researchers say.

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