'Unacceptable': Campaigners Decry Climate Finance Failures as COP29 Enters Final Hours

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Carbon Credits Nyheter

Developing Countries,Finance,Paris Agreement

Eloise Goldsmith is a staff writer for Common Dreams.

As the clock winds down at the UN climate summit taking place in Baku, Azerbaijan, green groups are sounding the alarm Thursday following the release of a draft climate finance deal that they say falls short of what's needed to support climate-vulnerable countries and adequately address the planetary crisis.'The clock is ticking. COP29 is now down to the wire,' said UN Secretary-General António Guterres on Thursday, just a day before the two-week conference is set to conclude.

Economists told the summit attendees last week that developing countries need at least $1 trillion annually by 2030 to deal with climate change.A specific and shared concern from campaigners was the draft text's inclusion of carbon market schemes as a way 'to scale up' climate finance.

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