Any deal is likely to be hard fought given a reluctance among many Western governments
Developing countries need at least $1 trillion per year by the end of the decade to cope with climate change, economists told UN talks in Baku, where early efforts to reach a finance deal risk being overshadowed by diplomatic rows.
Donald Trump’s presidential election win has cast the United States’ future role in climate talks into doubt and tension between developed and developing nations has bubbled to the surface on the main stages and in negotiating rooms. A previous finance goal of $100 billion per year, which expires in 2025, was met two years late in 2022, the OECD said in MayMuch of it was in the form of loans rather than grants, something recipient nations say must change.
Behind the scenes, negotiators are working on draft texts, but so far early-stage documents published by the United Nations climate body reflect the huge range of views around the table. The likely withdrawal of the United States from any future funding deal will raise pressure on delegates to find other ways to secure the needed funds.
On Thursday Zakir Nuriyev, head of the Association of Banks of Azerbaijan, said the country’s 22 banks would commit nearly $1.2 billion to finance projects that help Azerbaijan transition to a low-carbon economy.So far the conference – which many global leaders decided to skip altogether – has been marked more by division than unity.
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