The amount proposed at COP29 is more than double the current commitment of $100 billion by rich countries, but does not meet the needs of developing countries.
Writes UNN with reference to AFP.
The recent COP29 in Baku could be an important milestone in the global fight against climate change. A new proposal stemming from the draft protocol establishes that the richest and most developed countries should increase their financial contribution, reaching an impressive $250 billion a year by 2035.
The proposal, published on Friday, was presented by the Azerbaijani chairman of the conference. So far, industrialized countries have pledged to pay $100 billion annually.
Although the new amount is more than double the current commitments for the period 2020-2025, it does not meet the requirements put forward by developing countries during the negotiations.
The proposal was presented after consultations that lasted “until the wee hours of the morning” on Friday, according to the Azerbaijani chairmanship, which had released another draft agreement the day before that was widely rejected by delegations and non-governmental organizations.
Developing countries are demanding annual payments of $1.3 trillion from 2025 to 2035, but at least €500 billion in payments from industrialized countries until 2030.
“The so-called $250 billion remains below the $300 billion figure that was previously mentioned at the COP,” said Mark Weisgerber of the E3G think tank.
All we ask for is just 1% of the world's GDP. Is that too much to ask for to save lives?