Baku
Ongoing UN climate talks in Baku, Azerbaijan, have entered overtime as negotiators remain deadlocked over the issue of climate finance. Civil society organizations, representing millions globally, have voiced strong opposition to the current draft text on climate finance, urging developed countries to increase their commitments to assist vulnerable nations.
A letter, signed by 335 organizations, was delivered to the G77 group of developing countries, expressing full support for rejecting the current draft on climate finance. The letter argues that no deal is better than a bad deal, calling the current text a “very bad deal” due to the resistance of developed nations. Activists like Harjeet Singh from the Fossil Fuel Non-Proliferation Treaty Initiative pointed out the ongoing inequities in the negotiation process, stressing that the latest draft fails to meet the urgent needs of developing countries.
The main point of contention is the proposed new climate finance goal, which aims to replace the current $100 billion target set to expire in 2025. The latest draft suggests that rich nations commit $250 billion annually to help vulnerable nations deal with climate impacts. However, groups like the Least Developed Countries (LDCs) and the Africa Group of Nations have called this amount insufficient.
The talks are seen as critical for defining a new global climate finance target, with experts estimating that vulnerable nations will need between $1 trillion and $1.3 trillion annually to tackle climate change and transition to clean energy systems.
