The News
A COP29 draft climate finance deal released on Friday proposed wealthy nations pay poorer countries $250 billion a year, until 2035, to fight climate change, a sum that sparked anger among developing nation delegates who said the pledge fell far short of what was required.
It’s the first concrete number to be discussed in nearly two weeks of the conference in Baku, Azerbaijan, after negotiations over the financing pledge, a key aim of the summit, had stalled.
Under existing agreements, rich nations that historically contributed the most to global warming pledged have financial investment of $100 billion a year to fund the green transition.
Some developing countries including China have been calling for at least five times that amount. But major contributors such as the European Union deemed such demands “politically unrealistic,” saying the financing would require a major boost from the private sector, AFP reported.
The View From Africa
The proposal is “totally unacceptable″ and “inadequate to delivering the Paris Agreement,” Amb Ali Mohamed, Kenya’s special envoy for climate change and the chair of the African group of negotiators, said in a statement, adding the resolution would lead to loss of life in Africa and “imperil the future of the world.”
The View From Panama
“It’s ridiculous, just ridiculous,” Juan Carlos Monterrey Gómez, Panama’s special representative for climate change, told Semafor’s Tim McDonnell.
“Yesterday, with no figure, they were slapping us on the face. Now with the crumbs they are offering, they are spitting in our faces. At this point all options are on the table, including the nuclear option” of walking out of Baku without a deal, he said.
The View From Germany
Jennifer Morgan, Germany’s climate envoy, struck a more optimistic tone.
“This is not at a landing ground yet, but at least we’re not up in the air without a map,” adding, “Lots of work still needs to be done. We’re working with allies from all around the world, especially the most vulnerable, to ensure an ambitious and fair outcome.”