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Wealthy nations at COP29 have raised their climate finance offer to $300 billion annually by 2035 to assist developing countries, following criticism of a previous $250 billion proposal. The negotiations, which have extended beyond the summit's scheduled end, highlight the ongoing divide between affluent countries and those facing severe climate impacts. Developing nations, including Brazil, are advocating for even higher funding levels to effectively combat climate change.
Developed countries are reportedly willing to increase their climate finance offer to $300 billion annually by 2035, up from a previous $250 billion, though this remains below the $390 billion proposed by Brazil. Meanwhile, a decision on the location for COP31 in 2026 is stalled between Australia and Turkiye, with both nations vying to host the summit.
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.
Marina Silva
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wealthy nations propose 300 billion climate fund to aid developing countries
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12:31 23.11.2024
climate finance offer rises to 300 billion amid COP29 negotiations
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12:57 13.11.2024
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