“The richest should show generosity and provide $250 billion annually for climate-related damages At COP29 in Baku, it was proposed to increase annual climate payments from developed countries to $250 billion by 2035. Developing countries require much more – $1.3 trillion annually.”, — write on: unn.ua
Writes UNN with reference to AFP.
The recent COP29 in Baku could be an important milestone in the global fight against climate change. The new proposal, emerging from the draft protocol, calls for the richest and most developed countries to increase their financial contribution to a staggering $250 billion a year by 2035.
The proposal, published on Friday, was presented by the Azerbaijani chairman of the conference. At the moment, industrialized countries have committed to pay 100 billion dollars annually.
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Although the new amount more than doubles the current commitment for the period 2020-2025, it falls short of the demands put forward by developing countries during the negotiations.
The proposal was presented after consultations that lasted “until the morning” on Friday, according to the Azerbaijani presidency, which the day before released another draft agreement that was widely rejected by delegations and non-governmental organizations.
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Developing countries require annual payments of $1.3 trillion between 2025 and 2035, but at least €500 billion in payments from industrialized countries by 2030.
“The so-called amount of $250 billion remains lower than the figure of $300 billion previously sounded at the COP,” said Mark Weisgerber of the E3G think tank.
All we are asking for is just 1% of the world’s GDP. Is it too much to ask to save lives?
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