Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Gen V Season 2 trailer
    Videos

    Gen V Season 2 Trailer Cast, Plot, Premiere Details

    July 26, 2025 3 Min Read
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: COP29 Stalls as All Countries Reject Climate Finance Draft
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
COP29 Climate Finance
PhotoNews Pakistan > Top News > COP29 Stalls as All Countries Reject Climate Finance Draft
Top NewsWorld

COP29 Stalls as All Countries Reject Climate Finance Draft

Web Desk
By Web Desk Published November 22, 2024 3 Min Read
Share
COP29. Photo Credits: Zulfugar Graphics / Credit: Shutterstock
SHARE

All countries have rejected a draft on climate finance, plunging COP29 into turmoil. This draft failed to resolve how much-developed nations will commit to developing countries annually starting in 2025.

The draft was released early Thursday and did not satisfy UN climate convention signatories. Nevertheless, the COP29 presidency stated the draft was preliminary and encouraged countries to offer bridging proposals. They anticipate a revised draft by Thursday night, aiming for a leaner text with specific figures to foster consensus.

Developed countries have been evasive about their financial commitments. Developing nations insist they need at least USD 1.3 trillion yearly—13 times more than the USD 100 billion pledged in 2009—to address escalating challenges.

https://twitter.com/UNICEF/status/1859643398812004733

While no official figures have been proposed, European Union negotiators hinted at discussing a target between USD 200 billion and USD 300 billion annually. However, Colombian Environment Minister Susana Muhamad criticized the lack of substantive commitments, accusing developed nations of prioritizing geopolitics over genuine support, sparking applause during her speech at the plenary.

The G77, representing over 130 developing nations, emphasized the importance of setting a clear financial target at the conference. Adonia Ayebare, chair of the G77, criticized attempts to redefine the climate finance package as a broader investment goal drawing from various sources, including the private sector.

Speaking for the Like-Minded Developing Countries group, Diego Pacheco expressed disappointment over the draft’s lack of specified targets for funding mobilization. Similarly, Ali Mohamed, chair of the African Group of Negotiators, lamented the omission of specific financial commitments, stating that establishing a clear target is central to the conference’s goals.

https://twitter.com/UN/status/1859493292016099641

EU climate chief Wopke Hoekstra described the draft as “imbalanced, unworkable, and unacceptable.” Juan Carlos Monterrey Gomez from Panama countered developed nations’ criticisms of the USD 1.3 trillion proposal as “extreme and unreasonable” by comparing it to the USD 7 trillion spent on fossil fuel subsidies, highlighting the discrepancy in financial priorities.

Developing nations are pressing for direct public funding from developed countries, rejecting reliance on the private sector, which they argue prioritizes profit over accountability. Meanwhile, the US and EU advocate for a broader investment goal that includes multiple funding sources and urges wealthier nations like China and Gulf states to contribute, despite their classification as developing countries in 1992.

https://twitter.com/UNOCHA/status/1859530528191328662

This year’s UN climate talks centre around establishing a new climate finance goal (NCQG) to help developing countries mitigate and adapt to climate change. While developed nations only achieved their previous USD 100 billion target in 2022—two years late and mostly through loans- developing countries now demand that most of the funding come directly from developed countries’ budgets.

TAGGED:Featured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

HBL Saving Made Easy
HBL Saving Made Easy

Recent Posts

Karakoram Highway reopens

Karakoram Highway Reopens as Gilgit-Baltistan Battles Flood Aftermath

China AI cooperation organizationSaturday. | BLOOMBERG

China Proposes Global AI Cooperation Organization

Asia Cup 2025 Pakistan Vs India

Asia Cup 2025 Set for UAE From September 9-28

Post Archives

More Popular from Photonews

David Beckham buzz cut fail
Entertainment

David Beckham Buzz Cut Fail: Victoria Mocks Icon’s Hair Disaster Online

2 Min Read
oil prices drop July 2025
Business

Oil Prices Dip Amid US Trade Talks and EU Sanctions on Russian Energy

3 Min Read
Columbia University Pays $200M to Restore Federal Funding
Top NewsWorld

Columbia University Pays $200M to Restore Federal Funding

3 Min Read
Entertainment

Sydney Sweeney Physical Transformation for Christy Martin Biopic Role

Sydney Sweeney has undergone a remarkable physical transformation for her role as legendary boxer Christy Martin…

July 24, 2025
Top NewsWorld

Iran Restores Air Defenses After Israel Conflict

Iran has fully restored its air defence systems after damage sustained during its recent conflict with…

July 20, 2025
Entertainment

Kim Kardashian Stuns in Mugler Bodysuit Photo Shoot: Fans Praise Timeless Beauty

On July 23, 2025, Kim Kardashian captured attention with a stunning Instagram photo shoot featuring her…

July 24, 2025
Sports

Ibrahimovic Calls Out IShowSpeed for Ignoring Messages: “Players Made You Famous”

Football legend Zlatan Ibrahimović recently called out American streamer IShowSpeed for not responding to his Instagram…

July 22, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?