High-Stake Tensions at COP29 as Climate Finance Offer Soars

At COP29, wealthy nations proposed $300 billion annually for climate funding in hopes of breaking negotiation deadlock. However, developing nations expressed dissatisfaction, demanding inclusivity and substantial finance to combat climate change impacts. The impasse showcases the persistent divide between rich and poor countries, challenging climate finance commitments.


Devdiscourse News Desk | Updated: 23-11-2024 20:41 IST | Created: 23-11-2024 20:41 IST
High-Stake Tensions at COP29 as Climate Finance Offer Soars

The climate finance negotiations at COP29 reached a critical stage as wealthy countries raised their offer to $300 billion annually. This significant move aimed to resolve the lingering tensions among nearly 200 nations, engaged in intense discussions extending beyond the summit's deadline.

However, frustration brewed among developing nations and small island states, who accused the process of lacking inclusivity. They showed their discontent by temporarily walking out of talks, demanding a fair deal to address escalating costs from extreme weather events spurred by climate change.

Amid calls for higher contributions, especially from industrialized nations, the negotiations revealed deep divisions hindering consensus. Despite the increased offer, skepticism remains about its adequacy in replacing the unmet $100 billion annual goal for climate finance. The stakes for reaching an amicable outcome are immense, with the world's climate future hanging in the balance.

(With inputs from agencies.)

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