Global Climate Finance Deal Stalls at COP29 Summit

Published NOV 24 2024

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The Spin

Wealthy nations maintain that $250 billion annually represents a realistic commitment given their current economic constraints and domestic challenges. The amount already doubles previous commitments and reflects the maximum feasible contribution while balancing other national priorities.

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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.

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