Climate talks avoid collapse with last-hour US$300 billion deal seen as dissatisfactory by developing states

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COP29 talks – running into overtime – concluded over the weekend with a signed deal to triple the amount of money to help poorer nations climate-proof their economies, but the promised funding falls short of the trillions of dollars needed.

A draft proposal released last Friday found wealthy nations only agreeing to paying US$250 billion a year until 2035 – a figure that even COP29 host Azerbaijan described as “not fair or ambitious”.

Climate-vulnerable developing nations, however, have criticised the pledged amount designated for grants and low-interest loans as woefully insufficient to meet the scale of the climate crisis and urgent need to transition to clean energy and adapt to extreme weather events.

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Author / Journalist: Hannah Alcoseba Fernandez

Category: EconomyBusiness

Markets: SingaporeAzerbaijanBoliviaIndiaIndonesiaMalawiNigerNigeriaUnited Kingdom

Topics: COP29 Climate finance Climate justice Paris Agreement Extreme weather UN Decarbonisation Carbon credits UNFCCC Sea-level rise Sustainable finance NGOs

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-25 @ 03:44:00 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 1049 words

Reading Time: 6 minutes read

Sentences: 41 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Eco-Business

News ID: 23815339

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