Negotiations over financing at Azerbaijan’s climate conference will continue until Saturday after developing countries rejected a first proposal for financial commitment from rich countries.
The United Nations conference on climate change, called COP29, has been taking place for almost two weeks in Baku, the capital of Azerbaijan, and was due to end this Friday with an agreement on the financing of climate action in developing countries by of developed countries.
The bloc of rich countries, mainly the European Union and the United States, proposed on the last official day of COP29 increase climate finance commitments for the poorest countries from the current $100 billion a year to $250 billion by 2035..
This The value was considered “unacceptable” by African countries.taking into account the catastrophes they suffer and their enormous energy needs. The small island states denounced the “lack of respect” towards their “vulnerable populations.”
Developing countries are asking for between $500 billion and $1.3 billion a year to help them transition away from fossil fuels and adapt to climate change. associated with global warming.
It is not known whether Western countries will agree to increase the proposed amount this Friday.
Any agreement at COP29 must be adopted by consensus of all countries. Time is running out and many delegations have to leave Azerbaijan before Sunday.
According to a text published by the COP29 presidency, the new commitment of rich countries could be financed “through a wide variety of sources, public and private, bilateral and multilateral, including alternative sources.”
As the Baku stadium, where COP29 is being held, began to empty, the Presidency resumed its marathon consultations this afternoon with the aim of reaching a final compromise, with the hope that it will be adopted in the closing plenary session, which will not have place before 10 a.m. on Saturday (6:00 a.m. in mainland Portugal), according to the organizers.
Source: Observadora
