Negotiations are advancing at the Baku Climate Summit, COP29, on its supposed last day. The latest proposal from the presidency contemplates that developed countries pay 250 billion dollars annually from 2035 in climate financing for developing countries, to update the figure of 100 billion currently provided.
Almost 200 countries committed through the Paris Agreement not only to stop global warming – which favors extreme weather events – but also to financially help developing countries, which have barely contributed to climate change but suffer hardest from its consequences. havoc. Starting in 2020, 100 billion dollars must be contributed annually for this objective, but it is necessary to update the objective according to the established rules. This is one of the key points that is being negotiated at COP29: who, how much and how to pay. And the new amount of aid demanded by developing countries is 1.3 trillion dollars annually facing 2030.
This figure, that of one trillion dollars annually, is also included in the Climate Summit agreement proposal. Specifically, the draft calls on “all actors” to work to expand financing through public and private sources to reach 1.3 trillion annually in climate finance.
However, the text says little about who should be the ones to pay and how. Until now, the big contributors have been developed countries: the EU, the US, Japan… But the list is limited and does not include countries that are today large economies such as China, South Korea or the Gulf countries – Saudi Arabia, United Arab Emirates, Qatar or Kuwait. In this sense, the draft agreement only “invites” other developing countries (which are formally large economies like China) to make “additional contributions” to the new climate financing goal.
Countries are currently analyzing the new drafts to offer an assessment.
(news in extension)
#COP29 #presidency #proposes #developed #countries #provide #billion #year #climate #financing
