Climate finance target raised to $300 billion

The European Union (EU), the United States and other rich countries agreed on November 23 to increase the global financial target from $250 billion to $300 billion per year by 2035.

COP29 is taking place in the Azerbaijan city of Baku. (Source: COP 29)

This is the latest development at the 29th Summit of the Parties to the United Nations Framework Convention on Climate Change (COP29) taking place in Azerbaijan, after developing countries rejected an initial offer of $250 billion from rich countries to help them cope with global warming.

The EU agreed in closed-door discussions on the morning of November 23 that it could accept a higher figure, Reuters reported, citing sources. The US, Australia and Britain also agreed to increase their contributions, two sources said.

COP29 President Azerbaijan said negotiations lasted "throughout the night" on November 22 in the Caspian Sea city of Baku in an effort to produce a final text.

Azerbaijan called on countries to continue their efforts, but at the same time admitted that the $250 billion figure was not "fair or ambitious" enough.

“A funding level of $250 billion would result in unacceptable loss of life in Africa and around the world , and jeopardize the future of our world,” said Ali Mohamed, chairman of the African Negotiating Group.

A group of 134 developing countries, including China, has called for at least $500 billion a year to be spent on building climate resilience and reducing greenhouse gas emissions.

Germany said governments could not meet the full cost alone and debt restructuring and other financial instruments would need to be considered.

The draft COP29 document sets an ambitious overall target of mobilizing at least $1.3 trillion a year by 2035, not only from developed countries but also from the private sector. According to economists commissioned by the United Nations to assess the need, developing countries, excluding China, will need $1 trillion a year in external assistance by 2030.

In addition to the EU, contributing countries will include Australia, the US, the UK, Japan, Norway, Canada, New Zealand and Switzerland.

The annual UN-led climate talks come as 2024 is set to be the hottest year on record, amid natural disasters raging around the world.

Since COP29 began on November 11, severe storms have devastated the Philippines and Honduras, while Ecuador has declared a national emergency due to drought and wildfires, and Spain is reeling from historic flooding.

Delegates attending COP29 in the Azerbaijani city of Baku are awaiting a new draft of a global climate finance deal to be released by the host country in the coming hours.

Source: https://baoquocte.vn/cop29-muc-tieu-tai-chinh-khi-hau-duoc-nang-len-300-ty-usd-294876.html