November 21, 2024 11:35 amThe draft, presented barely 24 hours before the expected strike of the COP president’s gavel, has left delegates puzzled by its failure to specify the annual amount developed countries are willing to commit to support developing nations.Reacting to the development, Ali Mohamed, chair of the African group of negotiators, said the draft lacks specific numerical figures for the proposed mobilisation goal.
He added that while world leaders speak of doubling adaptation funding, the target remains unmet and would merely close five percent of the global adaptation gap.“Africa needs $52.7 billion annually by 2030 for adaptation, yet we receive less than 25 percent of it. Worse, 65 percent comes as loans – forcing our nations to take on debt for a crisis we didn’t create. This is not just morally wrong, it’s economically short-sighted,” he said.
“To the international community: Triple, don’t double, adaptation funding by 2025. Shift from loans to grants. Act now because every day of delay makes our challenge more expensive and more difficult. “The elephant in the room is the lack of specific numbers in the text. This is the ‘finance COP’. We came here to talk about money. You measure money with numbers. We need a cheque but all we have right now is a blank piece of paper,”“The text includes some important signals on grant based financing, and the need to avoid debt inducing instruments.
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