$300 Billion Bold Proposal: Wealthy Nations Aim to Break COP29 Deadlock and Inspire Global Action
At the COP29 summit in Baku, the European Union, U.S., and other affluent nations have reportedly agreed to increase their funding offer to $300 billion annually by 2035 to support developing countries in combating climate change, according to sources speaking to Reuters. This proposal follows a previous offer of $250 billion, which was criticized by developing nations as inadequate. The summit, which extended beyond its scheduled Friday conclusion, saw nearly 200 countries negotiating a climate funding plan requiring unanimous approval. Some sources indicated acceptance of the revised offer by the U.S., Australia, and Britain, though official confirmations from these countries were either unavailable or declined.
Brazil’s environment minister, Marina Silva, emphasized that a decision meeting the scale of the climate crisis was imperative, advocating for targets of $300 billion by 2030 and $390 billion by 2035. Complex negotiations are ongoing, with discussions on both who will contribute and the proportion of funding provided as grants rather than loans. Wealthy nations are pushing for countries like China and Gulf states to participate financially.
This funding pledge aims to replace the expiring $100 billion annual commitment established by developed countries in 2020, which was only met in 2022. However, uncertainty looms as Donald Trump’s election as U.S. president casts doubt on America’s financial participation, given his stance on climate change.
The draft deal of COP29 suggests a broader target of $1.3 trillion in annual climate finance by 2035, encompassing both public and private contributions. Developing nations have warned a weak financial commitment could hinder their ability to adopt more ambitious emission reduction targets. Sierra Leone expressed discontent with the initial $250 billion proposal, critiquing it as insufficient once inflation was considered, and called for more accessible funding terms.
Original Story https://www.cnbc.com/2024/11/23/wealthy-countries-300-billion-offer-seeks-to-end-cop29-stalemate.html
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