Developing countries may have to compromise on their demands for climate cash, according to former UN climate envoy Mary Robinson. The ongoing Cop29 summit has hit a deadlock over financing with rich countries yet to offer a formal proposal. Poor nations were hoping for $1tn annually to shift to a low-CO2 economy and cope with extreme weather impacts, but rich countries are likely to offer only $300bn in public finance. The remaining funds might come from private sector investment, carbon trading, and potential new sources like fossil fuel taxes.
As negotiations stretch into overtime, a new draft of the summit deal has failed to bring about a breakthrough. An atmosphere of frustration continues to linger as wealthy nations are hesitant to commit to specific dollar figures or targets for climate finance. The text of the deal lacked clarity, leading to criticism from both rich and poor nations alike.
Furthermore, the UK government has pledged £239m to help forest-rich countries combat climate change by addressing deforestation. This funding is aimed at supporting high-integrity forest carbon markets, unlocking private investments in sustainable forest enterprises, and assisting countries in protecting their forests.
As the talks continue, uncertainties remain about the willingness of wealthy nations to commit to ambitious financing targets necessary to combat the climate crisis effectively. The outcome of the negotiations over climate finance and emissions reduction will be critical in determining whether an agreement can be reached at the Cop29 summit.
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