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 $300bn a year. This decision was made after a lengthy closed-door meeting with a small group of ministers and delegation heads, including China, the EU, Saudi Arabia, Brazil, the UK, US, and Australia. The initial draft of $250bn was dismissed by the developing world as insufficient and prompted a diplomatic effort to increase the offer from developed nations.
The proposed $300bn offer, while higher, is still considered inadequate by many developing countries who argue that it falls well short of what is necessary to address the climate crisis. The lack of specific details on where the money will come from is a concern, with calls for more grants rather than loans to prevent further debt accumulation.
Critics argue that developed countries have a historical responsibility to provide climate finance to developing nations to address the impacts of the crisis. The issue of inflation also plays a significant role, as the proposed target may not increase over time to keep pace with economic realities.
As negotiations continue, it remains to be seen if the $300bn offer will be accepted or if further adjustments will be made. The urgency of the climate crisis and the need for a fair and adequate financial commitment from rich countries to support vulnerable nations are key factors in the ongoing discussions at the Cop29 summit in Baku.
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