The European Union, the United States and other rich countries will have already reached an agreement at the COP29 climate summit for climate financing of around 300 billion euros until 2035, the report said this Saturday. Reutersciting five sources with knowledge of the negotiations that lasted until this Saturday.
The summit, to be held in Baku, Azerbaijan, was scheduled to end on Friday, but negotiations between around 200 countries dragged on to reach a consensus on financing a global climate plan for the next decade.
The previous proposal, designed by the Azerbaijani presidency of COP29, it was worth 250 billion dollars (240 billion euros) per year until 2035, having been considered by developing countries as “an insult” for being so low.
To the Reuters agency, five sources with knowledge of the negotiations indicate that the European Union is in agreement with the new agreement reached, of 300 billion dollars (around 288 billion euros) per year until 2035, while two others indicate that the USA , Australia and the United Kingdom also gave the green light, although spokespeople on both sides declined to comment on the negotiations.
The new agreement replaces the previous agreement with developing countries, which promised financing of 100 billion dollars to the poorest countries until 2020, which was extended in 2022 until next year.
Source: rr.sapo.pt
