Major rich countries at the UN climate talks in Azerbaijan have agreed to increase their global financial offer to help developing nations tackle the climate crisis to $300 billion per year. This decision came after the developing world reacted with anger to a draft $250 billion climate finance target on Friday, dismissing it as inadequate. Negotiations have extended past the original deadline as ministers work to salvage a deal.
The current draft text includes a provision for developing countries to receive at least $1.3 trillion per year by 2035, with poor nations advocating for more direct grants from rich nations. Rich countries have been hesitant to commit to higher figures, with concerns about meeting future obligations, especially with potential changes in leadership next year. Critics argue that the new figure of $300 billion is still insufficient to help developing countries transition to a low-carbon economy and adapt to extreme weather events.
Climate campaigner Greta Thunberg has criticized the current draft as a failure and urged global collective action to address the climate crisis. As negotiations continue into overtime, the fate of the climate finance offer remains uncertain. Stay tuned for the latest updates.
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