‘It’s a joke’: $250bn climate finance offer met with scorn at COP29

Vulnerable nations are seeking $1.3 trillion annually to woody with the harm caused by clime alteration and to adapt.

Negotiations astatine the COP29 clime league person extended into overtime aft an connection by affluent countries to supply $250bn a twelvemonth successful clime financing for processing countries was roundly rejected.

The presidency of the planetary talks successful Baku, Azerbaijan, released a draught concern woody connected Friday, which it insisted was a effect of “an extended and inclusive consultation process”.

It said developed countries would supply $250bn annually by 2035 to processing oregon mediocre nations to deal with harm from clime change and to accommodate to that change.

But the figure, which came arsenic a humble upgrade to the $100bn yearly pledge that was agreed 15 years agone and is ending this year, angered galore representatives of processing countries who said their affluent counterparts are refusing to instrumentality work for the clime situation they person caused. Vulnerable nations are seeking $1.3 trillion annually.

The yearly 2 weeks of United Nations clime talks were scheduled to extremity astatine 6pm (14:00 GMT) connected Friday, but the negotiations were continuing into the evening with small motion of an statement successful sight.

Activists enactment successful a objection for clime concern astatine COP29 connected November 21, 2024, successful Baku, Azerbaijan [Sergei Grits/AP Photo]

Juan Carlos Monterrey Gomez, the typical for Panama, described the $250bn connection arsenic “outrageous” and said it is simply a “spit connected the look of susceptible nations similar mine”.

Similar expressions of indignation, disappointment and interest came from envoys of different countries from crossed the globe, including immoderate of the land nations that would apt beryllium archetypal to autumn unfortunate to rising oversea levels and different adverse impacts of clime change.

There was besides nary warrant that the money, which is expected to beryllium raised by some governments and the backstage sector, would travel done grants. That could mean much loans that accrue indebtedness for processing countries.

Nongovernmental organisations and campaigners were besides unhappy with the offer. The Climate Action Network International, a web of 1,900 civilian nine groups successful much than 130 countries, described it arsenic a “joke”.

Some representatives from richer countries signalled they were unwilling to spell higher than $250bn portion others similar Australia described the draught enactment guardant by the Azerbaijani presidency arsenic “a genuine attempt”.

“This is not a landing crushed yet, but astatine slightest we’re not up successful the aerial without a map,” Germany’s clime envoy Jennifer Morgan said.

UN Secretary-General Antonio Guterres, who was backmost successful Azerbaijan aft a travel to Brazil, has been trying to propulsion the negotiators to seal a deal.

COP29 pb negotiator Yalchin Rafiyev, who is Azerbaijan’s lawman overseas minister, said the presidency hopes to propulsion for a higher fig due to the fact that the $250bn fig does not “correspond to our just and ambitious goal”.

The acme is taking spot arsenic utmost climate-related phenomena, including floods and storms, are claiming lives, displacing countless radical and inflicting harm crossed the globe. This twelvemonth is connected way to go the hottest connected record.

The Paris clime statement successful 2015 acceptable a extremity to headdress rising planetary temperatures astatine 1.5 degrees Celsius supra pre-industrial levels, fortify clime resilience and guarantee fiscal investments.

Source

:

Al Jazeera and quality agencies