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From Common Dreams
Summary
The latest draft climate finance deal at COP29 has been criticized for offering only $250 billion annually to developing countries, far below the $1.3 trillion needed. Activists accuse wealthier nations of failing to meet their obligations, potentially exacerbating the climate crisis and increasing debt burdens for vulnerable countries. Calls for stronger commitments and accountability from developed nations are growing as negotiations continue.
Highlights – 🌍
- Underwhelming Financial Commitment: Developed nations propose just $250 billion for climate finance, well below the demanded $1.3 trillion.
- Criticism of Leadership: Activists label the proposal a “shameful failure of leadership,” calling for more substantial public finance.
- Debt Concerns: The financial deal could worsen the debt situations for countries least responsible for climate change.
- Historical Failures: Wealthy countries previously failed to meet a 2009 pledge to provide $100 billion annually to poorer nations.
- Calls for Action: Campaigners demand real leadership and accountability from developed nations.
- Climate Emergency: The world is on track for dangerous temperature rises unless significant action is taken.
With the United Nations’ annual climate summit scheduled to end Friday in Baku, Azerbaijan, green groups denounced the latest draft finance deal, which would direct the Global North to provide just $250 billion per year to help developing countries with emission cuts and adaptation—far below the $1.3 trillion campaigners demanded.
Although the figure represented progress from Thursday, when there was a placeholder “X” for the new collective quantified goal (NCQG) on climate finance, Oil Change International global public finance manager Laurie van der Burg still stressed that “this text is an absolute embarrassment. It’s the equivalent of governments handing the keys to the firetruck to the arsonists.”
There is a broader goal to raise $1.3 trillion in annual climate finance, but that would include funding from private sources.
“The vague $1.3 trillion investment target is not to be relied on and the $250 billion goal is not debt-free. Previous suggestions to end fossil fuel handouts and make polluters pay have all been axed,” Van der Burg noted. “This amounts to a cop-out for polluters and allows rich countries to dodge their responsibilities by relying on the private sector and even developing countries to cover the bill, creating a debt trap for countries most vulnerable to the climate crisis.”
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Read the full post at Common Dreams.
