Nations at COP29 in Baku are grappling with a significant climate finance gap following a first week marked by distractions rather than substantial deals. The 2024 United Nations Climate Change Conference highlighted the pressing question of funding: How much should wealthy countries contribute to help developing nations transition away from fossil fuels, manage rising sea levels and temperatures, and address damages from climate-induced extreme weather events?
As COP29 moves into its second week, government ministers are set to engage in intense political negotiations to bridge an approximate trillion-dollar annual funding disparity. The lack of consensus in the initial week underscores the challenges ahead for meaningful climate action.
\"All the developing countries look very united behind $1.3 trillion. That's not a ceiling. That's what they want. That's what they think they need,\" said Debbie Hillier, policy lead at Mercy Corps. \"The U.S. and Canada are constantly talking about a floor of $100 billion… So you've got $100 billion at one end and $1.3 trillion\" on the other end.
Reference(s):
cgtn.com
