The draft plan appeared to set a funding floor of US$1 trillion a year coming from a range of sources that go beyond those included in an existing US$100 billion target that expires next year. It included two options on how to get to that goal — one that gives countries time to ramp up to the increased sum and the other that seeks that sum annually from 2025 to 2035. Both would open the door for wealthy nations that aren’t currently donors, such as China and Saudi Arabia, to offer support.
The COP29 UN climate summit released a first draft deal Thursday which puts at least US$1 trillion ($1.34 trillion) of financing on the table, yet key details on where that money will come from still need to be ironed out.
Host Azerbaijan presented the 10-page draft finance deal shortly before 8 a.m local time. It sparked heated debate among conference delegates in Baku about the lack of detail on how that level of funding can be achieved, including how much would come from loans that can put pressure on debt-laden poor nations.
