At UN climate talks, developing countries blast lack of detail on funding for energy transition

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Posted on 11/21/2024 7:37:02 PM PST by Oldeconomybuyer

Countries of the world took turns rejecting a new but vague draft text released early Thursday which attempts to form the spine of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change.

The draft left out a crucial sticking point: how much wealthy nations will pay poor countries. A key option for the lowest amount donors are willing to pay was just a placeholder “X.” Part of that is because rich nations have yet to make an offer in negotiations.

Negotiators at the talks — known as COP29 — in Baku, are trying to close the gap between the $1.3 trillion the developing world says is needed in climate finance and the few hundred billion that negotiators say richer nations have been prepared to give.

Independent experts say that at least $1 trillion is needed in finance to help transition away from planet-warming fossil fuels and toward clean energy like solar and wind, better adapt to the effects of climate change and pay for losses and damages caused by extreme weather.

(Excerpt) Read more at france24.com ...

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To: Oldeconomybuyer

2 posted on 11/21/2024 7:40:46 PM PST by butlerweave

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