“Developing Countries Slam Proposed $250 Billion Climate Finance Goal by 2035 as ‘Totally Unacceptable'”

The latest draft text for the post-2025 climate finance goal proposes a government-led finance goal of $250 billion per year by 2035. This figure has sparked controversy, with the African Group chair calling it “totally unacceptable.” Developing country groups had been pushing for a higher amount, with $600 billion of it to be public money and the rest from private investments mobilized by government cash.

The draft text also outlines a wider goal of at least $1.3 trillion a year by 2035 from all public and private sources. Leading economists have criticized the $250 billion core figure as being too low and not consistent with the delivery of the Paris Agreement. They suggest higher targets of at least $300 billion per year by 2030 and $390 billion per year by 2035, which they deem feasible.

Developing countries have expressed disappointment with the lack of progress in negotiations and have called on wealthier nations to step up and provide the necessary financial support. Climate justice campaigners have urged governments to walk away from the summit rather than accept a weak outcome, emphasizing the importance of securing a strong deal for $1.3 trillion in international public finance.

The draft text has also faced opposition from Saudi Arabia, leading to the removal of references to climate finance being used to move away from fossil fuels and to protect human rights. This has sparked further debate and criticism from various groups, highlighting the challenges and complexities of reaching a consensus on climate finance goals.

Overall, the negotiations surrounding the climate finance goal continue to be a point of contention and discussion at COP29, with various stakeholders expressing differing views and concerns about the proposed figures and targets. The final outcome remains uncertain as countries work towards finding common ground and addressing the urgent need for financial support to tackle climate change.