Uncertainty hangs over COP29 as tense climate finance negotiations down to the wire

Canada's environment and climate change minister was critical of Azerbaijani leadership at the United Nations climate summit as tense negotiations on a new finance deal came down to the wire.

The latest draft negotiating text released Friday pledged $250 billion by 2035, more than double the previous goal set 15 years ago, but less than a quarter of what developing countries requested. Several independent experts have suggested developing countries may need upwards of $1 trillion to help them transition away from fossil fuels, adapt to expected climate effects and pay for damages already caused by extreme weather.

Guilbeault was critical of Azerbaijan for tabling negotiating texts earlier in the week that failed to acknowledge previous international agreements to reduce fossil-fuel dependency and scale up energy efficiency.The previous climate finance goal, agreed to in 2009, saw countries pledge $100 billion annually by 2020. That goal was met two years late, and countries agreed to come up with a new target by 2025, setting up COP29 as a forum to hammer out the details.

"A number was put forward in Copenhagen in 2009 without a lot of thinking about the overall architecture of what a good financial package would look like," he said.Julie Segal, with Environmental Defence, said the new $250 billion proposal is"stingy" and would be"basically the status quo, if not less," once it is adjusted for inflation.

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