Poor nations may need to lower climate funding demands at Cop29, says former UN envoy
At the Cop29 climate summit, poor nations may need to lower their financial demands for climate action. Mary Robinson, a former UN climate envoy, noted that rich countries face budget constraints due to inflation, COVID-19, and the Ukraine war. Currently, rich nations are expected to offer only about $300 billion annually, far less than the $1 trillion needed for developing countries to address climate change. Many poorer nations seek a larger share of this funding from public sources rather than private investments. Negotiations are ongoing, but draft texts released by Azerbaijan have been criticized for lacking crucial financial commitments. The talks may extend into the weekend as developing countries push for more substantial support before potential changes in U.S. leadership.