Global Climate Finance Showdown: Developing Nations Demand Trillions

Developing countries are calling for up to USD 1.3 trillion in climate finance to mitigate emissions and adapt to climate change impacts. Amidst ongoing negotiations, they demand significant public funding from developed nations, who have proposed far lower figures, leading to tensions ahead of COP29 talks.

Developing nations are urgently seeking between USD 900 billion and USD 1.3 trillion in climate finance to tackle emissions and adapt to climate change. This financial demand underscores the strain and urgency faced by these countries as they contend with escalating environmental challenges.

Key negotiating groups, including the Like-Minded Developing Countries and the Alliance of Small Island States, stress the necessity of public funding, arguing that private finance often comes with profit-driven motives. However, the EU and other developed countries are deliberating a substantially lower financial commitment between USD 200 billion and USD 300 billion annually.

This discrepancy in financial expectations has only served to heighten tensions in the run-up to the COP29 climate talks, where developing countries aim to secure a clear commitment in the face of unmet past pledges and shifting economic responsibilities.

(With inputs from agencies.)