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The COP29 Presidency has released a draft document outlining two contrasting visions for a post-2025 climate finance goal for developing countries, leaving key issues unresolved. Option one proposes an annual goal from 2025 to 2035, primarily funded by developed nations, while option two suggests a broader, more flexible approach with a target by 2035, allowing for diverse funding sources. Concerns have been raised about the lack of sub-goals for emissions reduction and the potential inclusion of fossil fuel investments as climate finance, which could undermine the Paris Agreement's objectives.
G20 leaders in Rio issued a brief statement supporting the COP29 finance goal but provided no concrete guidance, disappointing climate advocates. While some analysts saw potential in the leaders" backing for taxing the ultra-rich to fund climate action, the lack of commitment to shift from fossil fuels was noted as a setback. COP29 President Mukhtar Babayev urged for clearer mandates to unlock finance negotiations, emphasizing the urgency of decisive progress to avoid catastrophic climate outcomes.
A €350 million program aimed at assisting vulnerable nations with climate disaster costs has only disbursed €5.2 million in two years. Launched at the 2022 UN climate talks, the Global Shield has faced delays, with only Ghana receiving funding for drought insurance, raising concerns about developed nations" commitment to climate finance.
Harjeet Singh
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
draft finance text reveals stark divisions between developed and developing countries
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climate fund struggles to deliver aid to vulnerable nations after two years
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13:55 18.11.2024
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