Cop29 summit: Decision awaited on funding package for poorer nations
Negotiators will soon decide whether to accept a proposed 300 billion dollar package for poorer nations to curb and adapt to climate change — a plan hammered out early on Sunday by the head of fractured United Nations climate talks. The deal to be presented to nations of “at least 300 billion dollars by 2035” is a compromise between the 1.3 trillion a year developing countries seek to adapt to climate change and wean off fossil fuels and the current 100 billion amount. Evans Njewa, the chairman of the Least Developed Countries negotiating bloc of nearly 50 countries, would not comment specifically on the latest figure but said “it’s a good value and we hope we can do better”. The latest figure appears to be something that Fiji can live with, its delegation chief Biman Prasad told The Associated Press. “Everybody is committed to having an agreement,” Mr Prasad said. “They are not necessarily happy about everything, but the bottom line is everybody wants a good agreement.” “While wealthy, polluting countries should have committed to a higher amount, this is a floor not a ceiling. The pressure to increase funding will only grow over time,” said Manish Bapta, president of the Natural Resources Defence Council. “This is not only the right thing to do morally — it is critical for humanity’s survival and prosperity.” But not everyone was happy. “The global North has abandoned the global South,” Avantika Goswami of New Delhi-based Centre for Science and Environment said. “This was the last remaining window for the North to step up, pay its fair share, and restore some semblance of trust in the multilateral process. They have failed,” Ms Goswami said. Mohamed Adow, of the think tank Power Shift Africa, said the summit “has been a disaster for the developing world”. “It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously,” he said. Panama’s Juan Carlos Monterrey called it “unacceptable” in a post on X, saying “the text is detrimental to our future and the qualified goal is still very low.” Earlier on Saturday, negotiators went from one big room where everyone tried to hash out a deal together into several separate huddles of upset nations.
