COP29 negotiators are trying to close the gap between the $1.3-trillion the developing world says is needed in climate finance and the few hundred billion that negotiators say richer nations have been prepared to give
Independent experts say that at least $1-trillion is needed in finance to help transition away from planet-warming fossil fuels and toward clean energy, better adapt to the effects of climate change and pay for losses and damages caused by extreme weather.Countries of the world took turns rejecting a new but vague draft text released early Thursday which attempts to form the spine of any deal reached atThe draft left out a crucial sticking point: how much wealthy nations will pay poor countries.
“It is just utter disrespect to those countries that are bearing the brunt of this crisis,” he said. “Developed countries must stop playing games with our life and put a serious quantified financial proposal on the table.” Mohamed Adow, director of the think tank Power Shift Africa, also expressed disappointment at the lack of a figure. “We need a cheque but all we have right now is a blank piece of paper,” he said.
“We would like to correct the balance. It is completely tilted,” Pakistan delegate Romina Khurshid Alam said. European nations and the United States criticized the package of proposals for not being strong enough in reiterating last year’s call for a transition away from fossil fuels.
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