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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.
Negotiators at COP29 are pushing for a streamlined climate finance text, aiming to clarify options for a new financial goal amidst concerns over delays. Meanwhile, Brazil unveiled its updated climate plan, targeting a 59-67% emissions reduction by 2035, despite plans to increase fossil fuel production by 36%. Critics argue that Brazil's approach undermines its climate commitments.
Joe Thwaites
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draft finance text reveals stark divisions between developed and developing countries
06:41 21.11.2024
negotiators push for streamlined climate finance text as brazil unveils new plan
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