Wealthy nations offer $250 billion on climate action, developing nations say it's not enough

Wealthy nations on Friday pledged $250 billion by 2035 to help poorer nations hit hardest by extreme weather events adapt to the challenges of 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.

A new draft of a deal on cash to curb and adapt to climate change released Friday afternoon at the United Nations climate summit pledged $250 billion by 2035 from wealthy countries to poorer ones. The amount pleases the countries who will be paying, but not those on the receiving end.

The amount is more than double the previous goal of $100 billion a year set 15 years ago, but it's less than a quarter of the number requested by developing nations struck hardest by extreme weather. But rich nations say the number is about the limit of what they can do, say it's realistic and a stretch for democracies back home to stomach.

It struck a sour note for developing countries, which see conferences like this one as their biggest hope to pressure rich nations because they can't attend meetings of the world's biggest economies.

"Our expectations were low, but this is a slap in the face,” said Mohamed Adow, from Power Shift Africa. “No developing country will fall for this. They have angered and offended the developing world.”

“We’re in for a long night and maybe two nights before we actually reach agreement on this,” Hare said.

(AP)

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