As the clock ticks towards the closing of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), negotiators from around the world are intensifying efforts to reach an agreement on new climate funding. The urgency is palpable as developed and developing nations seek common ground on financial contributions to address the escalating challenges of climate change post-2025.
A cornerstone of COP29 is establishing a new target for financial support that developed nations should provide to support developing countries. Despite marathon discussions, the latest draft released on Thursday morning revealed a lack of consensus on a specific funding figure, highlighting divergent perspectives among the participating countries.
Adonia Ayebare, chair of the Group of 77 (G77) and China, a coalition representing developing nations, emphasized the critical need for a definitive funding commitment. “We need a figure as a headline to really determine whether we’re making progress,” Ayebare stated during a plenary session on Thursday. His remarks underscore the pressing demand from developing countries for clear and substantial commitments to aid their climate initiatives.
The absence of a concrete funding target has raised concerns about the effectiveness of global efforts to combat climate change. Developing nations, often the most affected by climate-related disasters, are advocating for a funding mechanism that recognizes their vulnerabilities and supports sustainable development.
Meanwhile, developed countries are grappling with economic pressures at home, making negotiations more complex. The challenge lies in balancing fiscal responsibilities with the moral imperative to support global climate action.
As the conference approaches its conclusion, delegates are hopeful that a collaborative spirit will prevail. The world watches as nations strive to bridge their differences, aiming to forge a path forward that ensures equitable and effective climate financing for years to come.
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Nations strive for climate funding consensus as COP29 deadline nears
cgtn.com
