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Negotiators at COP29 face significant challenges, particularly regarding gender-responsive climate policies, with key players blocking progress on human rights language and financing. The African group has expressed frustration over stalled discussions on a $1.3 trillion climate finance goal, emphasizing the need for fairness in the international financial system. Meanwhile, Brazil advocates for a global billionaire tax at the G20 to support climate action and poverty alleviation.
At COP29 in Baku, discussions focus on scaling climate finance commitments to meet the $2.4 trillion annual investment needed by 2030 for energy transitions and resilience in Africa. The Nairobi Declaration emphasizes the continent's potential for climate-positive growth through renewable energy and green industrialization, aiming to create millions of jobs and enhance global value chains. With urgent action required to combat climate impacts, Africa is positioned to lead the green industrial revolution, contingent on increased climate finance and innovative partnerships.
Rich countries are on track to double climate adaptation funding to developing nations by 2025, increasing from $22 billion in 2021 to around $28 billion in 2022. However, this still falls short of the estimated $215 billion-$387 billion needed annually, with concerns over the predominance of loans over grants exacerbating the debt burden on vulnerable nations. As discussions continue ahead of COP29, developing countries are advocating for a clear target for adaptation funding to address their urgent needs.
Ali Mohamed
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
gender negotiations stall at cop29 as turkiye and australia vie for cop31
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