Rich countries negotiating support for developing countries at COP29 on Saturday raised hope for a funding deal when they said they were prepared to pay $300 billion a year in climate aid. This comes after a previous proposal of $200 billion a year was rejected by the poorest countries, which dismissed the amount as insufficient.
Wealthy countries raised their offer of climate finance to $300 billion a year at COP29 on Saturday, raising hopes of a deal with developing nations that had dismissed an earlier proposal as insufficient to address the impacts of global warming.
The U.N. climate summit had been due to finish on Friday but ran into an extra day as negotiators from nearly 200 countries – who must adopt the deal by consensus – tried to reach agreement on the contentious funding plan for the next decade.
The two-week conference cut to the heart of the global debate over the financial responsibility of rich industrialized countries, whose historical use of fossil fuels caused the bulk of greenhouse gas emissions, to compensate for the damage wrought by climate change.
It was unclear if they would ultimately accept the proposed figure of $300 billion a year by 2035.
Fiji’s Deputy Prime Minister Biman Prasad said he was optimistic. “When it comes to money it’s always controversial but we are expecting a deal tonight,” he told Reuters.
(Reuters)
Read more on FRANCE 24 English
Read also:
Wealthy nations offer $250 billion on climate action, developing nations say it’s not enough
At UN climate talks, developing countries blast lack of detail on funding for energy transition
