As COP29 dragged into overtime the expected climate finance target of at least $1.3 trillions of dollars shrunk to an offer of $250 billion per year from 2035. After much bickering the rich countries decided to raise its offer from $250 billion to $300 billion. This does not indicate that there is a consensus about the urgency for developed nations to pay up for squandering the carbon budget and bringing the world to the brink of climate change catastrophe.
Additionally, by pushing the date for providing needed funds a decade down the road, it does appear that there is no consideration about what the scale of the climate disasters may be by 2035 and what would be the value of $250 or $300 billion then. Developing, vulnerable and poor nations have rightly insisted that whatever funds are made available must not come as loans or instruments that would increase their already huge debt burdens.
Another…
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