COP29 draft deal proposes wealthy nations give $250 billion in climate finance | UN News
A new draft finance deal delivered to harried negotiators in Baku on Friday – the final scheduled day for the UN climate talks that have been under way for the past two weeks – proposes rich countries commit $250 billion a year to help vulnerable nations cope with our warming planet and to accelerate the global switch to renewable energy.
This target, or new collective quantified goal (NCQG), is seen as one of the summit's main deliverables. It will replace the existing $100 billion goal that is due to expire in 2025.
Climate experts have pegged the new annual funding goal at between $1 trillion and $1.3 trillion, which would assist vulnerable nations to deal with loss and damage from climate change and to adapt to that change, including building out their own clean-energy systems.
Last week, in a move to support a new funding target, the World Bank Group and other multilateral development banks announced a significant boost in climate finance for low- and middle- income countries. This would reach $120 billion a year by 2030 with another $65 billion mobilised from the private sector, and a natural projection that would increase these values for 2035.
A significant breakthrough on the opening day at COP29 was the adoption of Article 6 of the Paris Agreement, paving the way for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.
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