COP29 draft calls for $250B in climate finance from rich nations

A new draft deal at UN climate talks proposes rich nations contribute $250 billion annually to aid poorer countries in fighting global warming, News.az reports citing Daily Sabah.

African countries and climate activists quickly denounced the figure as "unacceptable" and inadequate to meet the realities of a rapidly warming world, but wealthy nations including the United States have insisted that massive packages are not politically realistic.

With the gathering scheduled to end later Friday, delegates from nearly 200 nations had eagerly awaited COP29 hosts Azerbaijan's new proposal after two weeks of fraught bargaining.

The text sets an ambitious overall target to raise at least $1.3 trillion per year by 2035 from not only the public money but also the private sector.

It is the first time concrete numbers were formally proposed at talks dominated by divisions over how to increase assistance for developing nations to cut emissions and adapt to climate change.

Developing countries were seeking a significant boost in the existing pledge that commits rich nations to $100 billion a year in climate finance.

"The proposed target to mobilize $250 billion per year by 2035 is totally unacceptable and inadequate to delivering the Paris Agreement," said Ali Mohamed, chair of the African Group of Negotiators.

He said it would "lead to unacceptable loss of life in Africa and around the world, and imperils the future of our world."

"The $250 billion target is not enough – not big enough, not fast enough, not good enough," said Friederike Roder from activist group Global Citizen.

"Inadequate, divorced from the reality of climate impacts and outrageously below the needs of developing countries," said Jasper Inventor from Greenpeace.

But the U.S., which President-elect Donald Trump is expected to pull out of climate diplomacy, signaled it was not looking to negotiate a higher figure.

"It has been a significant lift over the past decade to meet the prior, smaller goal. $250 billion will require even more ambition and extraordinary reach," said a senior U.S. official, whose team in Baku comes from outgoing President Joe Biden's administration.

COP29 host Azerbaijan said the $250 billion reflected the submissions made by rich nations during the negotiations.

Azerbaijan said it would keep working on "final adjustments" on outstanding issues.

An influential negotiation bloc of 134 developing nations including China had pushed for at least $500 billion from developed countries.

But major contributors such as the European Union have said that private-sector money inevitably must play a part.

The EU also wanted newly wealthy emerging economies like China, the world's largest emitter, to contribute to the overall goal.

"No deal is better than a bad deal" for developing countries, Mohamed Adow, speaking for the Climate Action Network, said at a press conference before the text's release.

News.Az