By AFP - Agence France Presse
COP29 - Azerbaijan
Breadcrumbs: Azerbaijan proposes $250 billion annual climate finance target in draft agreement
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COP29 draft proposes that rich nations pay $250 billion a year in climate finance
Baku, November 22, 2024 (AFP) - A new draft of a global climate agreement released Friday at COP29 in Azerbaijan proposes that developed countries provide 250 billion dollars a year by 2035 to help poorer countries fight global warming.
It is the first time that a concrete figure has been formally proposed at the UN climate talks in Baku, and it comes on the last day of a summit dominated by divisions over money.
The text sets an ambitious overall target to raise a total of $1.3 trillion a year by 2035, with money from wealthy governments at the heart of the funding that would be combined with private sector investments.
The nearly 200 nations present at COP29 struggled to agree on a new target that would increase assistance to developing nations to reduce emissions and adapt to climate change.
The existing pledge committed rich nations, historically most responsible for global warming, to provide $100 billion a year in climate finance.
An influential negotiating bloc of 134 developing nations, including China, demanded at least five times that amount from developed countries.
The main contributors, such as the European Union, said that these demands were politically unrealistic and that private sector money must play an important role.
The EU resisted pressure to put its figure on the table and wants newly rich emerging economies, such as China, the world's largest emitter, to contribute to the overall target. Contribute to the overall target.
Many countries also pushed at COP29 to redouble efforts to reduce emissions of planet-warming gases, something opposed by the Arab Group of nations, which does not want fossil fuels to be singled out.
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