Web Stories Friday, November 22

Rich countries have been under pressure to say how much they are willing to provide developing countries to wean off fossil fuels and build resilience against disaster.

Some developing countries have pushed for a final commitment of US$1.3 trillion, mostly in grants from government coffers, and not loans they say add to debt.

The European Union and the United States, two of the biggest climate finance providers, had said they would not reveal a figure until the scope of any deal was much clearer.

“The fact there is no number specified for the climate finance goal is an insult to the millions of people on the frontlines bearing the brunt of climate change impacts,” said Greenpeace’s Jasper Inventor.

Mohamed Adow, a Kenyan climate activist, also lamented the lack of clarity around a figure.

“We came here to talk about money. The way you measure money is with numbers. We need a cheque but all we have right now is a blank piece of paper,” said the founding director of think tank Power Shift Africa.

Developing countries, excluding China, will need US$1 trillion a year in foreign assistance by 2030.

This number rises to US$1.3 trillion annually by 2035, according to an expert economic assessment commissioned by the United Nations.

But many of the nations obligated to help cover this cost face political and fiscal pressures, and insist they cannot rely on their balance sheets alone.

Share.

Leave A Reply

© 2024 The News Singapore. All Rights Reserved.