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At COP29 in Baku, tensions escalated as negotiators from vulnerable nations, including the Alliance of Small Island States and Least Developed Countries, stormed out over a draft finance agreement they felt excluded their input. Despite objections from India and Nigeria regarding the rushed adoption of a $300 billion annual climate finance goal by 2035, the deal was finalized in the early hours, highlighting ongoing frustrations over inclusivity in climate negotiations.
India's strong rejection of the climate finance deal at COP29 highlights its commitment to advocating for the Global South, demanding higher support from wealthy nations. The agreed $300 billion annual target by 2035 falls short of the $1 trillion sought by developing countries, reflecting ongoing frustrations over inadequate financial commitments for climate action. India's stance signals a broader call for richer nations to fulfill their responsibilities, as developing countries face increasing pressures to transition to low-carbon pathways without sufficient support.
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.
China is urged to enhance its climate leadership by setting a robust new target to cut emissions, as the U.S. faces uncertainty under President-elect Trump. The UN climate chief emphasized that a strong commitment from China would inspire global investment and cooperation, especially as discussions on climate financing for developing nations intensify at COP29. While China has made significant contributions to climate efforts, it maintains that developed countries bear the primary responsibility for new financial goals.
Governments are making progress on structuring a new global climate finance goal, but significant divides remain over funding sources and the goal's size. Developing nations propose a target of $1-2 trillion annually, while wealthy countries suggest maintaining at least the previous $100 billion goal, emphasizing the need for both public and private finance contributions. The outcome will be finalized at COP29 in Baku, with ongoing debates about who should contribute and the complexity of the proposed financial structures.
Jennifer Morgan
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
vulnerable nations walk out as climate agreement faces backlash at negotiations
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