After a tense week, organizers of the U.N. climate summit have issued a draft agreement on the dollar figure that rich countries will deliver to poorer ones to help stop climate change — and developing nations are furious. The U.S., European Union and other wealthy countries agreed to provide $250 billion a year in climate finance to developing nations by 2035, write Zack Colman, Karl Mathiesen, Zia Weise and Sara Schonhardt. The amount falls far short of the trillion-plus figure that poorer countries had sought during the COP29 negotiations this week in Baku, Azerbaijan. The deal also includes many uncertainties about which nations will provide how much money. The election of Donald Trump, who has vowed steep cuts in government funding, is casting more doubt on the plan. “It’s ridiculous. With this number, they are spitting in our faces,” said Panama’s climate envoy, Juan Carlos Monterrey Gómez.
“We don’t take that seriously,” said Kenyan climate envoy Ali Mohamed, referring to the $250 billion figure. While the number falls far short of what poorer countries wanted, it could still be a stretch for wealthy nations, said one negotiator. “Higher than thought,” said the European negotiator, who was granted anonymity to discuss sensitive diplomatic matters. “Some in the group will have to go back to [their] capitals.”
Another European negotiator said that for his country, $250 billion was “a good ballpark figure.” The latest report from a U.N.-backed expert group says the $100 billion target for public finance-related flows needs to triple by 2030, and overall money, including private capital, needs to reach $1 trillion to help developing countries (minus China) meet their growing energy needs with cleaner sources of power. Otherwise, the planet is in danger of warming 1.5 degrees Celsius or more above pre-industrial levels — the stricter limit outlined in the Paris climate agreement.
The draft agreement is unclear on whether wealthy governments would provide the $250 billion out of their own pockets, leaving room for additional private investments to follow the public money. Or if the $250 billion target would include the private investments, too. “It’s not gonna go well,” said a senior Latin American negotiator who was granted anonymity to discuss the negotiations. “The 250 is too low and also ridiculous that it says from both private and public for that one.”
It’s the middle of the night in Baku. While talks were slated to end today, negotiators are still working toward a final deal. Stay tuned for updates from the E&E News and POLITICO reporting team.
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