Environmental activists protest during the COP29 United Nations climate change conference in Baku, Azerbaijan on November 22, 2024. Photo courtesy: Reuters
The COP29 presidency released a new draft of a climate finance agreement on Friday (November 22, 2024), under which developed countries will take the lead in providing $250 billion per year until 2035.
According to the draft, the draft also sets a broad target of raising $1.3 trillion annually by 2035, which will include funds from all public and private sources.
A European negotiator told Reuters the new draft deal was too expensive and did not go far enough to increase the number of countries contributing.
“Nobody is comfortable with the number, because it is very high and there is nothing about growth in the contributor base,” the negotiator said.
World governments represented at the COP29 climate summit in the Caspian Sea city of Baku were tasked with agreeing on a comprehensive financing plan to help poor countries cope with the worsening effects of global warming and reduce their emissions Is.
The talks are scheduled to end later Friday, but could take additional time if a final agreement is not reached.
published – November 22, 2024 06:50 PM IST
