At UN climate talks, developing countries blast lack of detail on funding for energy transition

NEWS WIRES

21 November 2024 at 8:00 am·1-min read

Activists participate in a demonstration for climate finance at the COP29 UN Climate Summit, Thursday, Nov. 21, 2024, in Baku, Azerbaijan.

The draft text for the UN climate conference in Baku, Azerbaijan, left out how much wealthy nations will pay poorer countries to help them to reduce greenhouse gasses and cope with climate change. The developing world says it needs the $1.3 trillion in climate finance, far more than negotiators say richer nations have been prepared to give.

Countries of the world took turns rejecting a new but vague draft text released early Thursday which attempts to form the spine of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change.

The draft left out a crucial sticking point: how much wealthy nations will pay poor countries. A key option for the lowest amount donors are willing to pay was just a placeholder “X.” Part of that is because rich nations have yet to make an offer in negotiations.

So the host Azerbaijan presidency with its dawn-released package of proposals did manage to unite a fractured world on climate change, but it was only in their unease and outright distaste for the plan. Negotiators at the talks — known as COP29 — in Baku, are trying to close the gap between the $1.3 trillion the developing world says is needed in climate finance and the few hundred billion that negotiators say richer nations have been prepared to give.

(AP)

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