Title: COP29 Draft Deal Proposes $250 Billion in Climate Finance from Wealthy Nations
2024-11-22 12:00
The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) is currently underway in Egypt. One of the key topics under discussion is climate finance, which refers to the money provided by developed countries to developing countries to help them mitigate and adapt to climate change.
On November 22, a draft agreement was released proposing that wealthy nations provide $250 billion per year in climate finance by 2025. This is a significant increase from the current level of climate finance, which is estimated to be around $80 billion per year.
The draft deal also includes a number of other provisions related to climate finance, such as:
- A commitment to providing additional support for adaptation, which is often overlooked in climate finance discussions.
- A call for developed countries to align their financial flows with the goals of the Paris Agreement.
- A proposal to establish a new fund to support climate action in developing countries.
The draft deal is still under negotiation, and it is possible that some of the provisions will be changed before the final agreement is adopted. However, the release of the draft deal is a sign that there is growing momentum behind the idea of increasing climate finance.
Climate finance is essential for developing countries to take action on climate change. It can be used to fund a variety of climate-related activities, such as:
- Investing in renewable energy and energy efficiency
- Building resilience to climate change impacts, such as sea level rise and extreme weather events
- Supporting sustainable agriculture practices
- Promoting forest conservation
The provision of climate finance is a key part of the global effort to address climate change. By providing financial support, wealthy nations can help developing countries to reduce their emissions and adapt to the impacts of climate change.
COP29 draft deal proposes wealthy nations give $250 billion in climate finance
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