The draft also set a broader goal to raise $1.3 trillion in climate finance annually by 2035
The COP29 climate summit presidency released a draft finance deal on Friday that would have developed nations take the lead in providing $250 billion per year by 2035 to help poorer nations – a proposal that drew criticism from all sides.
“I’m so mad. It’s ridiculous. Just ridiculous,” said Juan Carlos Monterrey Gomez, the Special Representative for Climate Change for Panama, who called the proposed amount too low. “It feels that the developed world wants the planet to burn.” “No one is comfortable with the number, because it’s high and next to nothing on increasing contributor base,” the negotiator said., which would include funding from all public and private sources.
But filling the gap between government pledges and private ones could be tricky, negotiators have warned.
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