Draft COP29 agreement proposes $250 billion in climate finance for rich countries

The new draft outcome text, which is sure to push this round of negotiations into the weekend, calls for the overall climate finance goal to reach “at least $1.3 trillion by 2035” but leaves out specific details – grants, loans or private sector funds. ? – how these funds will be collected

The delegations in Baku are expected to continue negotiations on several key issues:

• Details on the role of developed countries in providing this new funding.
• Global Goal for a Just Transition.
• A clear path forward for both adaptation and mitigation.

“Slap in the face”

Civil society climate and environmental advocates have responded quickly to this latest project.

“I can say this is disappointing to say the least,” said Namrata Choudhary of 350.org, an international environmental organization focused on the climate crisis.

“It’s a slap in the face. This is an insult. It is shocking that we are in this state now. Rich countries are essentially playing with the lives of people in developing countries and small islands,” she said.

Lydie Nachpil of the Asian People’s Movement for Debt and Development also expressed her disappointment. She also noted that “climate finance should not be in the form of loans, as this increases the debt burden.”

“One of the issues that is preventing the Global South from taking urgent action on climate change, as well as providing our people with the basic services we need, is the debt burden,” she said. UN News.

Jacobo Ocharan from Climate Action Network International said: “We call on all developing countries to have courage in the negotiations and keep pushing because this deal is terrible. We continue to insist that no deal is better than a bad deal.”

What’s at stake

COP29, formally the 29th^th The Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) has been nicknamed the “COP on climate finance” as parties are expected to set a new global climate finance target.

This goal, or the New Collective Quantitative Goal (NCQG), is seen as one of the main outcomes of the summit. It would replace the existing $100 billion target, which expires in 2025.

Climate experts estimate the new annual funding goal to be between $1 billion and $1.3 billion to help vulnerable countries cope with the loss and damage of climate change and adapt to those changes, including building their own clean energy systems.

Last week, in an effort to support the new financing target, multilateral development banks announced a significant increase in climate finance for low- and middle-income countries. By 2030, this figure will reach $120 billion per year, with another $65 billion mobilized from the private sector, and these values ​​are naturally predicted to increase by 2035.

What follows…