The Azerbaijani presidency of COP29 proposes to set the contribution of developed countries to climate finance for developing countries at 250 billion dollars (around 240 billion euros) per year by 2035, according to a new draft agreement published Friday November 22. This is the first time that a figure has been formally proposed in Baku after two weeks of negotiations. But there are only hours left before the official end of the annual UN climate change conference on Friday evening, which could go into overtime.
Until now, developed countries were committed to providing $100 billion per year over the period 2020-2025. The new text released Friday separately sets an ambitious goal of raising a total of $1.3 trillion per year by 2035 for developing countries; this total includes the share of developed countries and other sources of financing (private funds or new taxes, for example).
Climate finance money is used by poor countries to invest in low-carbon energy and adapt their economies to a more destructive climate, for example by investing in irrigation or adapting cities to more frequent flooding.
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Different figures than the $250 billion per year had been requested by developing countries: “at least $500 billion per year” from a group comprising 134 countries including China.
The European Union, the world's largest contributor to climate finance, has not publicly revealed the amount it is prepared to commit to. In return, it requires progress in other areas, in particular in continuing action to reduce greenhouse gas emissions, which meets resistance from the Arab group which opposes any targeting of fossil fuels. .
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