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COP29 draft suggests wealthy countries provide USD250 bn a year in climate funding
(MENAFN) A new draft agreement at UN climate discussions on Friday suggests wealthy countries provide USD250 billion each year to support weaker countries combat global warming in a bid to break the deadlocked discussions.
With the meeting scheduled to finish Friday, delegates from roughly 200 countries had eagerly awaited COP29 welcomes Azerbaijan's new suggestion following couple of weeks of fraught bargaining.
The draft sets an ambitious total goal to raise an overall of USD1.3 trillion each year by 2035, with the financing from wealthy governments at the core of funding that would be combined with private-field investments.
The current pledge dedicated rich countries most responsible historically for global warming to give USD100 billion each year in climate funding.
An influential discussion bloc of 134 advancing countries, such as China, has required minimum five times that number from strong nations.
Main contributors, including the European Union had stated such requirements were politically illogical and that private-field money should play a huge part.
The EU has fought pressure to put its own number on the table and wishes newly rich emerging economies such as China, the biggest emitter in the world, to participate to the total target.
"Inadequate, divorced from the reality of climate impacts and outrageously below the needs of developing countries, we've at least got a number now," Jasper Inventor, chief of Greenpeace's COP29 delegation, stated in one of the initial reactions from activists.
With the meeting scheduled to finish Friday, delegates from roughly 200 countries had eagerly awaited COP29 welcomes Azerbaijan's new suggestion following couple of weeks of fraught bargaining.
The draft sets an ambitious total goal to raise an overall of USD1.3 trillion each year by 2035, with the financing from wealthy governments at the core of funding that would be combined with private-field investments.
The current pledge dedicated rich countries most responsible historically for global warming to give USD100 billion each year in climate funding.
An influential discussion bloc of 134 advancing countries, such as China, has required minimum five times that number from strong nations.
Main contributors, including the European Union had stated such requirements were politically illogical and that private-field money should play a huge part.
The EU has fought pressure to put its own number on the table and wishes newly rich emerging economies such as China, the biggest emitter in the world, to participate to the total target.
"Inadequate, divorced from the reality of climate impacts and outrageously below the needs of developing countries, we've at least got a number now," Jasper Inventor, chief of Greenpeace's COP29 delegation, stated in one of the initial reactions from activists.
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