Staff Reporter :
The impact of climate change, driven by global warming, continues to devastate Least Developed Countries (LDCs) and developing nations like Bangladesh, which are among the hardest hit.
While the major carbon-emitting nations bear primary responsibility for the climate crisis, their financial contributions to support the most affected countries have failed to match the scale of the problem, increasing frustration among LDCs and other developing nations.
At COP29, currently underway in Baku, Azerbaijan, LDCs and BD seeks EU support for $200b fund developing countries are calling for a significant increase in climate finance, demanding $250 billion annually to help them tackle the mounting challenges of climate change.
A new draft proposal presented at the UN climate talks on Friday urges wealthy nations to commit to this funding level to assist poorer countries in combating global warming.
However, the proposal has faced strong opposition. African countries and climate activists quickly dismissed the $250 billion figure as “unacceptable” and insufficient to address the growing climate crisis.
Wealthy nations, including the United States, have expressed reservations, arguing that such a large financial commitment is politically unfeasible.
“The proposed target of $250 billion per year by 2035 is totally unacceptable and inadequate to deliver the Paris Agreement,” said Ali Mohamed, chairman of the African Group of Negotiators.
“The $250 billion target is not enough – not big enough, not fast enough, not good enough,” said Friederike Roder from activist group Global Citizen.
The US, with President-elect Donald Trump expected to withdraw from climate diplomacy, has signalled that it is not open to negotiating a higher figure.
“It has been a significant effort over the past decade to meet the prior, smaller goal. $250 billion will require even more ambition and extraordinary reach,” said a senior US official from President Joe Biden’s outgoing administration.
COP29 host Azerbaijan stated that the $250 billion target reflects the submissions made by rich nations during the negotiations, adding that it will continue working on “final adjustments” regarding outstanding issues.
Meanwhile, Bangladesh, as one of the worst victims of climate change, has sought support from the European Union (EU) to endorse a proposal for allocating $200 billion to LDCs and the most climate-vulnerable countries to help them effectively respond to the climate crisis.
Bangladesh made this call during a bilateral meeting on Friday between the ministers of LDCs and the EU regarding the final outcomes of COP29.
In the meeting, the Bangladesh delegation highlighted that “many issues remain unresolved,” urging both groups to work together to secure a meaningful and inclusive agreement at COP29. EU ministers acknowledged the concerns raised by LDCs and reaffirmed their commitment to addressing climate vulnerabilities and fostering sustainable development.
