A draft of the text commits to $1.3 trillion of climate finance per year by 2035, but it is shockingly weak on where this money will come from. Very little is pledged by developed countries.
Chiara Martinelli, Director of Climate Action Network Europe, branded the $250 billion target inadequate: “A $250 billion annual target by 2035, spread across all actors, is not even breadcrumbs… Rich countries must return to the negotiation room to step up, pay up, and deliver real climate finance. This text is unacceptable.”
Illari Aragon, Climate Justice Policy Lead with Christian Aid states “The finance number is much too low and the crucial issue of loss and damage has been removed. This current text is morally unacceptable considering it is the rich world that has caused the climate crisis and the global south that is bearing the brunt of it.”
A much better deal is needed. We will assess the final text from COP29 and report on Monday.