COP29 Draft Deal Proposes $250 Billion Annual Climate Finance from Wealthy Nations
November 22, 2024
At the ongoing COP29 climate summit in Dubai, a draft deal has been proposed that would require wealthy nations to provide $250 billion annually in climate finance to developing countries. This proposal aims to address the growing global climate crisis and support developing nations in transitioning to sustainable and low-carbon paths.
The proposed deal is the result of intense negotiations between representatives from over 200 countries. It outlines a comprehensive plan to tackle the challenges posed by climate change, including greenhouse gas mitigation, adaptation measures, and financial assistance to vulnerable communities.
According to the draft, wealthy countries that are historically responsible for the majority of carbon emissions would be required to contribute the $250 billion in climate finance starting in 2025. This funding would be used to support projects that reduce emissions, improve energy efficiency, and strengthen the climate resilience of developing nations.
The proposal has been met with mixed reactions. Developed countries have expressed a willingness to contribute to climate finance, but some have raised concerns about the specific amount proposed in the draft deal. On the other hand, developing countries have welcomed the proposal as a significant step towards addressing their urgent climate needs.
The negotiations at COP29 are expected to continue for several more days, and the final agreement is likely to be subject to further revisions. However, the inclusion of a concrete figure for climate finance in the draft deal is a positive sign that wealthy nations are recognizing their responsibility to support developing countries in the fight against climate change.
Key Points:
- COP29 draft deal proposes $250 billion in annual climate finance from wealthy nations.
- Funding would support climate mitigation, adaptation, and vulnerable communities in developing countries.
- Developed countries historically responsible for most emissions would contribute the funds.
- Proposal aimed at addressing global climate crisis and supporting transition to sustainability.
- Negotiations at COP29 expected to continue, and final agreement subject to revisions.
COP29 draft deal proposes wealthy nations give $250 billion in climate finance
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
Top Stories a new article on 2024-11-22 12:00 titled “COP29 draft deal proposes wealthy nations give $250 billion in climate finance”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
18