JUST IN: COP29 proposal calls for $250 billion climate finance from wealthy nations

The Presidency of COP29 has proposed a new climate finance plan requiring developed nations to provide $250 billion annually to developing countries by 2035.

The latest proposal is part of a broader goal to mobilise $1.3 trillion from both public and private sectors, particularly wealthy countries, to address lingering climate scourge plaguing the planet.

The highly anticipated new draft text published on Friday calls on all actors to work together to enable the scaling up of financing to developing countries for climate action from all public and private sources to at least $1.3 trillion per year by 2035.

The five-page document emphasises the need for developed nations to take the lead in providing climate finance to developing countries, as it is perceived to be a significant step towards addressing the climate crisis and promoting sustainable development.

“In this context, it is decided to set a goal in extension of the goal referred to in paragraph 53 of decision 1/CP.21, with developed country Parties taking the lead, to USD 250 billion per year by 2035 for developing country Parties for climate action,” the draft said.

The recent development occurred just 24 hours after the release of a 10-page draft on Thursday, which drew significant criticism from negotiators and delegations representing the Global South.

Many of them expressed deep concern that the draft did not clearly outline the specific financial commitments that wealthier nations are expected to make annually to support poorer countries in enhancing their adaptation measures.

Many negotiators from the Global South expressed disappointment and displeasure, stemming from the feeling that the document did not adequately address their critical expectations and demands, thus casting a shadow over the ongoing discussions and hopes for a meaningful agreement.

The perceived discrepancies and shortfall underscore the ongoing struggle to address the principle of common but differentiated responsibilities, taking into account the diverse national circumstances that shape each country’s needs.

On Friday, a European negotiator in an interview with Reuters said the new draft deal was too costly and didn’t do enough to expand the number of countries contributing.

“No one is comfortable with the number, because it’s high and (there is) next to nothing on increasing the contributor base,” the negotiator was quoted as saying.

More details soon…