COP29 draft proposes $250 billion annually for climate finance, criticized by African nations and activists as insufficient to tackle global warming impacts.
COP29 draft proposes $250 billion annually for poorer nations, sparking criticism from African countries and activists who deem it inadequate to combat global warming’s devastating effects.
African countries and climate activists quickly denounced the figure as “unacceptable” and inadequate to meet the realities of a rapidly warming world, but wealthy nations including the United States have insisted that massive packages are not politically realistic. It is the first time concrete numbers were formally proposed at talks dominated by divisions over how to increase assistance for developing nations to cut emissions and adapt to climate change.Developing countries were seeking a significant boost in the existing pledge that commits rich nations to $100 billion a year in climate finance.
“Inadequate, divorced from the reality of climate impacts and outrageously below the needs of developing countries,” said Jasper Inventor from Greenpeace. But major contributors such as the European Union have said that private-sector money inevitably must play a part. Sindra Sharma from the Pacific Islands Climate Action Network, an activist coalition, expressed “a complete sense of frustration” at the talks.The EU had also called for stronger leadership from Azerbaijan, whose leader, Ilham Aliyev, opened the conference by railing against Western nations and hailing fossil fuels as a “gift of God”.
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