BAKU: Developed nations should pay US$300 billion a year by 2035 to help poorer countries deal with climate change, according to a new draft deal from UN climate talks published early on Sunday (Nov 2
BAKU : Developed nations should pay US$300 billion a year by 2035 to help poorer countries deal with climate change, according to a new draft deal fromEuropean Union, the United States and others wealthy countries would support
At one point delegates from poor and small island nations walked out of talks in frustration over what they called a lack of inclusion, and amid concerns fossil fuel producing countries were seeking to water down aspects of the deal. It also laid bare the divisions between wealthy governments constrained by tight domestic budgets and developing nations reeling from the costs of worsening storms, floods and droughts.Commentary: The push for climate taxes is getting real at COP29 in BakuThe new goal is intended to replace developed countries' previous commitment to provide $100 billion per year in climate finance for poorer nations by 2020. That goal was met two years late, in 2022, and expires in 2025.
Countries also agreed Saturday evening on rules for a global market to buy and sell carbon credits that proponents say could mobilise billions of dollars into new projects to help fight global warming.The roster of countries required to contribute - about two dozen industrialised countries, including the US, European nations and Canada - dates back to a list decided during UN climate talks in 1992.
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