Agency :
There is widespread criticism over a draft finance proposal released by the COP29 presidency on the final day of the UN climate summit in Baku, calling for developed nations to contribute $250 billion annually by 2035 to help poorer countries mitigate the adverse effects of climate change.
According to the developing nations, the $250 billion offered by the developed world, though marks an increase from the $100 billion per year initially agreed upon in 2009 to support developing countries’ decarbonization and adaptation plans, is far less in real terms once inflation is factored in.
“This is not even a joke. This is an insult,” said Fadhel Kaboub, Senior Advisor for Climate Finance and Just Transitions at the influential think tank Power Shift Africa, in an interview with Al Arabiya English, reports Al Arabiya.
“If you adjust the $250 billion to inflation, we’re looking at the Global North offering 30% less than what they offered 15 years ago,” he said, adding: “This shows how unserious the historic polluters are about climate action.”
This marks the first time that a specific figure has been formally proposed at the climate talks, highlighting a divide between wealthy governments resisting expensive climate commitments and developing nations demanding greater support.
The Baku draft also outlines a broader target to mobilize $1.3 trillion in climate finance annually by 2035, drawing contributions from both public and private sources.
Responding to demands that her country and other affluent nations commit beyond the $250 billion outlined in the draft proposal, Annalena Baerbock, the German Foreign Minister, said: “We will not issue blank cheques.”
