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Cop29 $250bn climate fund.offer dismissed as insulting
The Independent
|November 23, 2024
Hopes of a trillion-dollar climate finance fund appear to be slipping out of reach after a draft text at the COP29 climate summit proposed a deal worth only a fifth of that.
The interim agreement – released late yesterday, hours before the summit’s scheduled end – sets a $250bn (£199bn) annual target for the “new collective quantified goal” (NCQG), the sum developed nations must hand over to support mitigation in developing countries.
The compromise sum was dismissed as an insult to the world’s most vulnerable populations as talks extended into the night at the summit in Baku, Azerbaijan.
“We started Cop29 with alarm that the outcome of the US presidential elections would deter global climate action ... apparently, the halls of Cop29 are already flooded with many Trumps,” said Gerry Arances, executive director of Center for Energy, Ecology, and Development.
This story is from the November 23, 2024 edition of The Independent.
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