COP29: Representatives Renegotiate new Developing-Nation Compensation

At the United Nations climate negotiations in Baku, Azerbaijan, where negotiators are trying to come up with a new amount for developing countries to deal with weather disasters, adapt to climate change, and switch to renewable energy, money is the main concern.

While developing countries have stated that they will require $1.3 trillion in climate finance, experts estimate that the demand is close to $1 trillion.

However, negotiators are discussing a variety of financial instruments and quantities, including a complicated combination of grants, loans, and private investments.

Eamon Ryan, Ireland’s environment minister, stated that it would be “unforgivable” for affluent nations to withdraw from talks without committing to developing ones, regardless of the type of funding.

“We need to reach a consensus here,” he stated. “We do need to provide the funding, especially for developing nations, and to assure them that they will be included and given priority.”

According to Ali Mohamed, Kenya’s special envoy on climate change, most developing countries concur that $1.3 trillion is required for climate finance. That amount is comparable to what independent U.N. experts suggested last week.

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