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Wealthy Nations

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environment1 year ago

COP29: Rich Nations Propose $300bn Deal Amid Climate Talks Tension

At the COP29 summit, wealthy countries, including the EU and the U.S., have proposed increasing climate finance to $300 billion annually by 2035 to aid developing nations, following criticism of a previous $250 billion offer. The proposal aims to replace the $100 billion annual commitment set to expire in 2025. However, developing countries, like Brazil, are pushing for $390 billion by 2035, and negotiations continue over the specifics of the funding, including contributions and grant versus loan allocations. The recent election of Donald Trump as U.S. president has added uncertainty to the talks.

via CNBC|
#climate-change#climate-finance#cop29
climate-change1 year ago

COP29: Rich Nations Propose $300B Climate Finance Amidst Tensions

At the COP29 summit in Baku, a draft deal proposes that wealthy nations contribute $250 billion annually by 2035 to help poorer countries cope with climate change impacts. The draft, which follows extensive negotiations, aims to address the financial responsibilities of rich countries for historical greenhouse gas emissions. While some developing nations and activists find the offer insufficient, wealthier countries are cautious about voter backlash. The plan also suggests that China, despite its developing country status, could voluntarily contribute to the target.

via The Washington Post|
#climate-change#climate-finance#cop29
energy-and-climate1 year ago

COP29 Faces Financial and Fossil Fuel Challenges Amid Saudi Resistance

At COP29, nearly 200 countries are struggling to agree on a financial target for global climate aid, with proposals ranging from $100 billion to $2 trillion annually. The negotiations are marked by tensions between wealthy and developing nations, with the former hesitant to commit large sums and the latter demanding substantial support to transition to cleaner energy. The talks are further complicated by geopolitical issues, including the U.S. presidential election and strained public budgets. A consensus on a new funding target is crucial for setting ambitious climate goals ahead of COP30.

via POLITICO Europe|
#climate-finance#cop29#developing-countries
climate-change2 years ago

China's Climate Donations Steal the Show at COP28

Wealthy nations, including the United Arab Emirates and Germany, made significant financial pledges at the UN climate summit, putting pressure on countries like China to contribute to climate finance. The UAE's $100 million pledge was particularly notable as it challenged the traditional divide between developed and developing nations in climate talks. The United States pledged $17.5 million, while Japan pledged $10 million. The pledges will go towards a "loss and damage" fund to compensate for the impacts of climate change. However, some critics argue that the initial funding pledges are inadequate compared to the financing needs.

via POLITICO Europe|
#climate-change#climate-finance#cop-climate-talks