COP29 final draft proposes 'at least' $300 billion for developing countries

NEWS WIRES
·1-min read
A demonstrator displays hands that reads "pay up" during a protest for climate finance at the COP29 UN Climate Summit, November 23, 2024, in Baku, Azerbaijan.

A final draft deal released Sunday at the UN COP29 summit proposes that developed nations commit at least $300 billion per year by 2035 to help poorer countries confront climate change. A number of developing countries have already responded that they need far more to help them shift away from fossil fuels and adapt to a warming planet.

Negotiators will soon decide whether to accept a proposed $300 billion funding package for poor nations to curb and adapt to climate change — a plan hammered out early Sunday by the head of fractured United Nations climate talks.

The deal to be presented to nations of “at least $300 billion by 2035” is a compromise between the $1.3 trillion a year developing countries seek to adapt to climate change and wean off fossil fuels and the current $100 billion amount.

Evans Njewa, the chair of the Least Developed Countries negotiating bloc of nearly 50 countries, wouldn’t comment specifically on the latest figure, but said “it’s a good value and we hope we can do better.”

The latest figure appears to be something that Fiji can live with, its delegation chief Biman Prasad told The Associated Press.

“Everybody is committed to having an agreement,” Prasad said. “They are not necessarily happy about everything, but the bottom line is everybody wants a good agreement."

(AP)


Read more on FRANCE 24 English

Read also:
Wealthy nations offer $250 billion on climate action, developing nations say it's not enough
At UN climate talks, developing countries blast lack of detail on funding for energy transition

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