COP29 in crisis: All countries reject climate finance draft

COP29 draft climate finance package rejected by all signatories, developing nations demand $1.3 trillion annually for climate challenges.

A draft text released early Thursday (November 21, 2024) on a new climate finance package for the developing world was rejected by every single country signatory to the U.N. Climate Convention.

The COP29 presidency, however, said the draft was far from final and invited countries to submit bridging proposals.

The next version, due Thursday night, will be leaner and packed with numbers aimed at finding the sweet spot for consensus, it said in a statement.

Also Read: ‘Unwieldy’ first draft at Baku sets 2030 goal of $5 trillion for climate action

The text shows that developed countries are still dodging a key question: how much climate finance are they ready to provide developing countries every year starting in 2025?

The developing world has repeatedly said it needs at least $1.3 trillion annually — 13 times the $100 billion pledged in 2009 — to meet the growing challenges.

Although developed countries have yet to officially propose a figure, their negotiators indicated that European Union nations were discussing a global climate finance target of $200 billion to $300 billion per year.