"Countries are wrangling over who gets money, who will pay and whether debt relief will be part of the package."
"BAKU, Azerbaijan — With little to show after eight days of talks, COP29 negotiators are under pressure to deliver a solid finance deal to help the countries most affected by climate change and least responsible for it before the annual climate conference is scheduled to end on Friday.
Previous agreements reached under the United Nations Framework Convention on Climate Change obligate developed countries to increase funding to developing countries to help speed a transition to renewable energy and adapt to deadly and expensive impacts from heat waves, floods, drought and wildfires. Whether the larger funding package will be linked with money for a separate loss and damage fund is still at issue in the ongoing negotiations.
Current climate funding amounts to about $120 billion per year, far short of the need. Now, developing countries say it’s time to ramp up that spending to $1.3 trillion per year by 2030. But so far at COP29, rich countries that have caused most of the climate damage are relying on “accounting tricks” rather than talking about real increases, said Michai Robertson, who is monitoring the climate finance discussions for the Alliance of Small Island States."
Bob Berwyn reports for Inside Climate News November 20, 2024.
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