Negotiators at COP29 are struggling to agree on a climate finance target, with proposals ranging from $100 billion to $2 trillion annually. Wealthy nations are hesitant to commit to significant increases, while developing countries demand more transparency and grants rather than loans. The outcome of these discussions is critical for future climate action, especially as the U.S. faces potential shifts in leadership that could impact funding commitments.
At COP29, the Adaptation Fund has faced a "puzzling" lack of new financial pledges, securing only $61 million against a $300 million goal, despite urgent calls for increased funding to combat climate change impacts. The reluctance from donor governments may stem from awaiting outcomes on a new climate finance goal, leaving vulnerable countries in dire need of support. With rising adaptation needs, the fund risks running out of money if contributions do not increase.
Pressure mounts for reform in COP processes as climate experts call for countries expanding fossil fuels to be excluded from COP presidencies. Despite urgent calls for adaptation funding, the Adaptation Fund secured only $61 million against a $300 million goal, highlighting a stark funding gap. Azerbaijan's COP29 presidency faces criticism for its fossil fuel stance and the presence of numerous lobbyists, raising concerns about conflicts of interest in climate negotiations.
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