As COP29 approaches, countries remain divided on how to spend the money

Negotiating documents released by the United Nations climate agency on August 29 show divisions in the positions of countries, ahead of the 29th United Nations Climate Change Conference (COP29) to take place in Azerbaijan in November, Reuters reported on August 30.

The document outlines seven proposals for a financial agreement at COP29. The new target is to replace the commitment for developed countries to provide $100 billion a year to support developing countries in responding to climate change.

Climate ministers from around the world met in Denmark in March.

Developing and climate-vulnerable countries want more than $100 billion in funding. Donor countries such as Canada and European Union (EU) members say increasing national budgets for public funding is unrealistic.

One of the seven proposals put forward includes setting a target for developed countries to finance $441 billion per year from 2025 to 2029, combined with a target of mobilizing $1.1 billion per year if funding from all sources, including private finance, is considered. This is a stance supported by Arab countries.

Another proposal that reflects the EU’s position is to set a climate finance target of $1 trillion a year, including both domestic investment from countries and private capital. In addition, the $1 trillion would include contributions from countries “with high greenhouse gas emissions and strong economic potential.”

The EU has asked China, the world's second-largest economy, to contribute to its newly-introduced climate finance target. Beijing is classified as a developing country by the United Nations and has rejected the idea of it having to pay.

Negotiators predict that the issue of which countries fund climate targets will be one of the biggest hurdles standing in the way of agreeing a financial deal at COP29.

Another proposal backed by Canada would change the list of countries that would pay based on per capita emissions and per capita income. Under that method, the United Arab Emirates (UAE), Qatar and several other countries would be added to the list.

Source: https://thanhnien.vn/cop29-den-gan-cac-nuoc-van-chia-re-ve-cach-chi-tien-185240830210608763.htm