Nations attending the COP29 summit lined up to spurn a vague draft deal released by host Azerbaijan on Thursday, which failed to address the key issue of how much money rich countries should provide developing nations to transition to clean energy and adapt to global warming.
But developed countries want all sources of finance, including public money and private investment, counted towards the goal. They also want China to chip in. The European Union and the United States, two of the biggest providers of climate finance, have refused to put forward a figure without more precision on the finer points of the pact. Apart from splits over money, many nations said the draft text failed to reflect any urgency on phasing out coal, oil and gas โ the main drivers of global warming.
It will be quite radically different. But I think there is room for further agreement. Published On 21 Nov 21 Nov Recommended Stories list of 3 items list 1 of 3 COP29 negotiators seek climate finance deal as deadline looms list 2 of 3 Top polluting cities revealed as activists fume at COP29 fossil fuel lobby list 3 of 3 COP Developed economies must learn to prioritise lives over profits end of list. Sponsored Content.
