The presidency of the UN climate conference, COP29, proposed this Friday 250 billion dollars annually until 2035 as a climate contribution from developed countries to developing countries.
According to a new project released this Friday in Baku, Azerbaijan, where the COP has been taking place for almost two weeks without there having been any agreementThe richest countries must contribute 250 billion so that developing countries face the consequences of global warming caused by greenhouse gas (GHG) emissions.
This is the first time a value has been formally proposed in Baku, after two weeks of negotiations.
But there are just a few hours left until the official end of the annual United Nations climate change conference, which is being held in the capital of Azerbaijan.
Until now, there was a commitment from developed countries to contribute 100 billion dollars annually during the period 2020-2025.
The new text published this Friday separately establishes an ambitious goal of raising a total of 1.3 trillion dollars a year until 2035 for developing countries.
This total includes the participation of developed countries and other sources of financing (private funds or new taxes, for example).
Poor countries use money from climate finance to invest in low-carbon energy and adapt their economies to a more destructive climate, for example by investing in irrigation or adapting cities to more frequent flooding.
Developing countries requested amounts exceeding $250 billion per year, while the group of countries called 134 and China asked for “at least $500 billion per year.”
The European Union, the world’s largest contributor to climate finance, has not publicly revealed the amount it is willing to commit. On the other hand, it demands progress in other areas, in particular more measures to reduce greenhouse gas emissions, which is met with resistance from the Arab group, which opposes any move towards fossil fuels.
A senior US official at COP29 already said that the 250 billion annually requires an “extraordinary effort” on the part of developed countries.
But for the group of African countries, financing of 250 billion is “totally unacceptable” and inadequate for the implementation of the Paris Agreement.
Environmental groups also considered the value to be “inadequate and distant from the reality of climate impacts”, as it was “far below” the needs of countries in the global south.
Source: Observadora
