With hours left in UN climate talks in Baku, negotiations are faltering over climate finance, as developing nations demand trillions while wealthy countries offer only hundreds of billions. The presidency's inexperience has led to a divisive text, risking a collapse reminiscent of past failed summits. As global tensions rise, the urgency for a viable agreement grows, with many fearing that a weak deal could exacerbate existing inequalities.
The urgency for climate adaptation has escalated, with COP29 in Baku highlighting a significant gap in adaptation finance needs, estimated at $215 billion-$387 billion annually, against actual funding of only $28 billion in 2022. The Adaptation Fund has invested over $1.2 billion in projects benefiting 46 million vulnerable people, emphasizing the immediate necessity for increased financial support to combat climate impacts. As extreme weather events become more frequent, the call for robust adaptation strategies and funding is more critical than ever.
G20 nations have diluted a crucial climate finance report from leading economists, despite UN calls for urgent action. The report highlights myths hindering climate progress and urges G20 governments to adopt green strategies, yet faced significant revisions after government pushback. With emissions at a record high, the UN warns that immediate and substantial cuts are essential to meet global climate goals.
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