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Rich nations have agreed to a new climate finance goal of at least $300 billion annually by 2035 for developing countries, replacing the previous $100 billion target. Despite criticism from vulnerable nations for its insufficiency, the deal aims to mobilize a total of $1.3 trillion per year from all sources by 2035. The agreement, reached amid contentious negotiations, emphasizes the need for timely funding to address the escalating climate crisis.
Key negotiators at COP29 have reached a broad agreement on climate finance, potentially unlocking $300 billion annually for poorer nations, a significant increase from previous pledges. While optimism grew after a productive meeting, consensus among nearly 200 nations remains essential for finalizing the deal. A draft of the agreement is expected to be published for further discussion and approval.
Mexico has committed to achieving a net zero economy by 2050, joining a coalition of countries, including the EU and Canada, that are pushing for significant emissions reductions by 2035. This initiative, announced at the UN’s COP29 climate summit, aims to inspire major polluters, particularly China, to enhance their climate ambitions. The pledge serves as a crucial benchmark for assessing the credibility of future emissions-cutting commitments globally.
Von der Leyen is considering a significant reshuffle to enhance her control over the EU budget. Meanwhile, outgoing commissioner Gentiloni advocates for reforms and investments to sustain growth, as the EU pushes for gradual spending cuts to avoid a repeat of austerity measures. Additionally, the commission is looking into transferring Russian assets to secure a €45 billion loan for Ukraine, aiming to shield Euroclear from potential retaliation from Moscow.
At COP29, China aims to strengthen ties with the EU by addressing unresolved financial aid issues for developing countries, especially as the US"s influence wanes under President-elect Trump. While China resists being labeled an official donor under the Paris Agreement, it has pledged significant voluntary contributions, emphasizing its role as a leading greenhouse gas emitter. The EU is open to this approach, seeking to establish a collaborative framework to tackle climate challenges effectively.
At COP29 in Baku, countries are struggling to secure up to $1 trillion in annual climate finance for vulnerable nations, amid rising geopolitical tensions. Argentina's withdrawal from the talks has raised concerns about its credibility in future climate negotiations, while developed nations remain hesitant to commit significant funds. The urgency for a new finance target is underscored by the expiration of the previous $100 billion goal, with calls for increased contributions from multilateral development banks and the private sector.
At COP29, Barbados Prime Minister Mia Mottley proposed innovative funding solutions to combat climate change, including levies on business class flights, stock and bond trades, and a $5-a-ton tax on fossil fuel emissions, potentially raising $350 billion annually. Mottley emphasized the urgency for developing nations to secure climate finance, as extreme weather risks escalate. Alongside leaders like Spain's Pedro Sanchez, who advocated for fossil fuel taxes, they aim to ensure polluters contribute to climate efforts, with discussions set for COP30 in Brazil.
The European Union’s climate commissioner questioned why China, a nation capable of lunar exploration, isn't contributing more to climate action funding. This highlights the contradiction of China being seen as both a developed and developing nation, complicating its obligations to the UN's climate finance initiatives. While developed countries are expected to contribute significantly, developing nations benefit from financial support to address climate impacts.
Wopke Hoekstra
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
developing nations express disappointment over new climate finance goal at cop29
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00:40 24.11.2024
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18:10 23.11.2024
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leaders propose new levies to fund climate action at cop29 summit
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18:39 12.11.2024
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