Campaigners lament shortfall in help to poorer countries to switch to low-carbon economies, and decry influence of Saudi Arabia, Azerbaijan and looming Donald Trump presidency
But only $300 billion of that will come in the form they are most in need of – grants and low-interest loans from the developed world. The rest will have to come from private investors and a range of potential new sources of money, such as possible levies on fossil fuels and frequent flyers, which have yet to be agreed.
Two groups of particularly vulnerable nations, the Alliance of Small Island States and the Least Developed Countries, walked out of one meeting in protest late on Saturday afternoon, but later returned.won re-election as US president. Trump intends to withdraw the US from the Paris agreement when he takes office in January and is likely to be hostile to providing any climate finance to the developing world.
Many developing world countries, including India, Bolivia, Cuba and Nigeria, reacted furiously to the deal. The host country was strongly criticised for its running of the Cop. Oil and gas make up 90 per cent of Azerbaijan’s exports and fossil fuel interests were highly visible at the talks.also played a highly obstructive role, according to many insiders. In one extraordinary development, a Saudi official attempted to alter one key text without full consultation.
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