Rich Nations' Climate Finance Proposal Falls Short

In a move during the UN climate conference, wealthy countries propose increasing climate finance for developing nations to USD 250 billion annually by 2035. This offer comes amidst criticism for being inadequate compared to the demands of climate policy experts who foresee a strong backlash from developing countries.

In the waning hours of the UN climate conference, affluent nations put forth a proposal to boost climate finance for developing countries from USD 100 billion to USD 250 billion per year by 2035. However, this offer remains vastly insufficient against the trillions required to combat the worsening climate crisis, according to critics.

A new draft unveiling concrete numbers emerged, marking a significant development after weeks of negotiations. Yet, the proposal fell short of the USD 1.3 trillion annually sought by developing nations. This sum is intended to be mobilized through a combination of public, private, bilateral, and multilateral sources, rather than relying solely on the public coffers of developed countries.

The draft is part of ongoing negotiations to fulfill obligations under the 2015 Paris Agreement, aiming to restrict global temperature rise. Climate experts and observers have slammed the proposition as detrimental to developing countries. Meanwhile, nations like India assert the need for adequate financial support for mitigating climate change impacts in the developing world.

(With inputs from agencies.)