Wealthier nations offered to more than double to $250bn a year the cash they give developing countries annually to fight climate change.
Previous efforts to deliver funding of $100bn to developing countries ran late and often came in the form of loans.
Developing countries said they needed $1.3tn by 2035 to cope with the growing impacts of a warmer world, and to take bigger steps in cutting their carbon.
Getting the extra cash to developing nations will be a challenge for richer countries, many of which are dealing with cost-of-living crises, and a hard sell to their taxpayers.
“$250 billion will require even more ambition and extraordinary reach.” But developing countries were quick to shoot the idea down.
Richer and poorer nations were at odds over funding to support the most vulnerable in a warming world, and it appeared that UN climate talks would continue into the weekend.
Rich countries pledged to more than double the annual funding they provide to developing nations to combat climate change, to a total of $250 billion.
Poorer countries, however, fiercely rejected this as being too low. The group of small island nations expressed their “deep disappointment” with an offer that demonstrated “contempt for our vulnerable people.”.
There was no indication of when an agreement might be reached, and the meeting continued past the official closing time on Friday, raising questions about efforts to limit emissions of planet warming gases.
The meeting’s crucial topics—addressing climate finance and enhancing carbon reduction initiatives—were finally addressed by the delegates in Baku after two weeks of discussion.
Money has long been a contentious issue in international climate talks.
Prior attempts to send $100 billion in funding to developing nations frequently resulted in loans and were delayed.
Negotiators have worked to increase the funding’s sources and scale here in Baku.
Developing nations stated that they would require $1.33 trillion by 2035 in order to address the increasing effects of global warming and to make more significant progress in reducing their carbon emissions.
For the majority of the time allotted here in Baku, the wealthier countries refused to specify how much assistance they would provide.
The Azerbaijani presidency, with only hours remaining, produced a document with two figures: a total goal of $1.33 trillion by 2035 from all sources, with $250 billion coming from wealthier nations, who will be the primary source of funding.
Both private and public sources would contribute $250 billion by 2035.
Big emerging economies like China would be “invited” to contribute more, but they would not be required to.
This implies that any voluntary contributions made by China will be included in the total amount.
Richer nations, many of which are facing crises related to the cost of living, will find it difficult to convince their taxpayers to give the additional money to developing countries.
According to a statement from a US official, “it has been a significant lift over the past decade to meet the prior, smaller goal.”.
“To raise $250 billion, even greater ambition and extraordinary reach will be needed. “.”.
However, the idea was quickly shot down by developing nations.
Tina Stege, the Marshall Islands’ climate envoy, called the texts deplorable.
“We bring our stories of climate impacts to these meetings year after year and wealthy nations only show sympathy and no real action,” she said in a statement. “That is incomprehensible.”.
“Telling stories is not our purpose here. Our goal is to rescue our communities. “”.
