Climate summit hits overtime as rich nations propose new multi-billion funding plan
At COP29 in Baku wealthy countries suggest raising climate aid to $300bn yearly by 2035‚ up from earlier $250bn offer. Developing nations still push for higher numbers as talks continue past deadline
At the on-going COP29 summit in Baku major economies changed their stance on climate funding - a move that might break the dead-lock in talks. European Union and United States together with other well-off nations agreed to boost their yearly support to $300bn by mid-2030s
The initial proposal of $250bn didnt satisfy developing countries needs; causing the summit to run longer than planned. The talks which should have ended on Nov/22 continued as nations tried to find common ground on the much-needed financial support
We cannot leave Baku without a decision that lives up to the challenge we are facing
Sierra Leoneʼs Abdulai Jiwoh pointed out that the proposed numbers dont really mean much when you factor-in inflation rates. The new target would replace the old $100bn-per-year goal (which got met two years behind schedule)
The funding plan faces several road-blocks:
- Who exactly should pay into the fund
- How much should be given as grants vs loans
- Whether China and oil-rich countries should contribute
- Impact of possible political changes in donor countries
The draft deal includes a wider goal to get $1.3tn yearly by 2035 from both government and business sources. Poor countries warned that without proper funding they cant make strong climate action plans - something thats crucial for fighting global warming
The list of nations required to give money (made back in 92) includes about two-dozen rich countries but European states want others to join-in too. Some delegates worry that recent political developments might affect how much the worlds biggest economy will chip-in during the next presidential term
