Global Climate Finance Deal Stalls at COP29 Summit
COP29Global Climate Finance NegotiationsDeal FaceStalls Challengesat COP29 Summit
The Facts
A draft agreement proposed $250 billion annually by 2035 from wealthy nations to developing countries, falling significantly short of the $1 trillion requested by developing nations.
Major world leaders, including Presidents Biden and Xi Jinping, were notably absent from the conference, while representatives from Taliban-ruled Afghanistan attended for the first time.
The Spin
Developing nations argue that $1.3 trillion annually is necessary to address climate adaptation, damage recovery, and clean energy transition. The current proposal severely undermines the ability of vulnerable countries to combat climate change impacts they didn't cause, while wealthy nations avoid their legal obligations.
