UN Climate Change Deal Draft

A new draft of a UN climate change deal sets out in detail how the financing of poor nations can be improved. The main task of the participants in the negotiations at the UN COP29 summit is to arrive at a new agreement that will increase funding for climate change projects in developing countries. Yet, for the past year and a half, almost 200 nations have been unable to reach any agreement. Most of the developing countries demand that rich countries contribute on a yearly basis at least $1.3 trillion, which is over ten times more than the $100 billion contributed every year by a few developed nations. Some potential contributors are not willing to commit such large volumes of taxpayers’ money because of the economic and political situation. This plan was previously ineffective in achieving consensus among developing nations

A fresh paper has emerged that provides a typology of three different approaches to the financing of climate change. The first believes that rich, industrialized countries owe this money from their own budgets. The second claims that other countries must also step up to share this responsibility which is one of the demands of developing nations. The third one is a hybrid of the first two. The aforementioned also contains proposals on how to arrive at a consensus on the overall figure and specific aims for least developed or most at-risk countries.

“This quest for accuracy, regrettably, ends at that. Propositions to define climate finance and build strict and proper checks on its use, have been put forward but are quite inadequate,” she informed AFP.
The most recent 34-page draft incorporates every possible option, stated David Waskow, director at the World Resources Institute, a policy research organization.
“Negotiators now need to work to boil it down to some key decisions for the ministers to wrestle with next week,” he added.
While COP29 is scheduled to end on November 22, such climate meetings tend to be extended.
While addressing the Climate Action Summit COP-29 in Baku, Prime Minister Shehbaz Sharif urged the global community to fulfill its financial commitments to address climate change concerns, lamenting over the failure to implement the promises made at the earlier conference