An eleventh hour proposal from a UN climate summit to channel $250bn to developing nations has fallen far short of the $1.3trn they need to cope with climate change.
The draft deal from the COP29 climate summit will enrage vulnerable nations like Kenya, Uganda and Malawi, which are disproportionately affected by the impacts of climate change they did little to cause. Developing countries have hinted they are unwilling to accept anything less than $500bn. But tight public finances in wealthier countries as well as a swing to the right in some places makes that a hard sell back home. The existing funding target of $100bn expires at the end of 2025.
'COP summits are a delicate and precious thing, they require skill and determination in order to progress global climate action and land a successful deal. 'We only have a matter of hours remaining to save this COP from being remembered as a failure for the climate and embarrassment for the rich world.' He said out loud what many diplomats have said privately, baffled that the presidency left it so light to bridge divides.
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