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COP29 draft deal proposes wealthy nations give $250 billion in climate finance | UN News
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block-views block-views-block-story-photo-block-image" id="block-views-block-story-photo-block-image"> <div class="block-content block__content"> <div><div class="view view-story-photo view-id-story_photo view-display-id-block_image js-view-dom-id-40848bd6f42ba3d7e8e1301d3b5b999f192e06becdaea71837e2fb93f1cf21cd"> <div class="view-content"> <div class="views-row"> <div class="node node--type-news-story node--view-mode-top-image-full-width clearfix"> <div class="story-media"> <div class="media-image"> <div class="ratio ratio-21x9 field field--name-field-news-story-photo field--type-entity-reference field--label-hidden field__item"><picture> <source media="(max-width: 413px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-protests1_UNFCCC.jpg/image350x235cropped.jpg" /> <source media="(max-width: 767px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-protests1_UNFCCC.jpg/image560x340cropped.jpg" /> <source media="(max-width: 991px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-protests1_UNFCCC.jpg/image770x420cropped.jpg" /> <source media="(max-width: 1199px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-protests1_UNFCCC.jpg/image1170x530cropped.jpg" /> <source media="(min-width: 1200px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-protests1_UNFCCC.jpg/image1170x530cropped.jpg" /> <img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-protests1_UNFCCC.jpg/image1440x560cropped.jpg" width="1440" height="560" alt="Civil society groups at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives that are in line with the Paris Agreement." title="Civil society groups at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives that are in line with the Paris Agreement." loading="lazy" /> </picture> </div> </div> <div class="story-title"> <h1><span class="field field--name-title field--type-string field--label-hidden">COP29 draft deal proposes wealthy nations give $250 billion in climate finance</span> </h1> </div> </div> <div class="story-caption full-width"> <div class="context-caption_credit type-entermedia_image media media--type-entermedia-image media--view-mode-caption-credit"> <div class="field field--name-field-authors field--type-entity-reference field--label-hidden field__items"> <div class="field__item">UNFCCC/Kiara Worth</div> </div> <div class="field field--name-field-title field--type-string field--label-hidden field__item">Civil society groups at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives that are in line with the Paris Agreement.</div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </section> <div id="main-wrapper" class="layout-main-wrapper clearfix"> <div id="main-container" class="container layout-main-container"> <div class="row row-offcanvas row-offcanvas-left clearfix"> <div class="minimal-share-wrapper col-lg-3"> <p class="minimal-share"><a href="https://www.facebook.com/sharer.php?u=https://news.un.org/en/story/2024/11/1157346" title="Share this via Facebook" class="facebook" data-ms="facebook">Facebook</a> <a href="https://twitter.com/intent/tweet?text=COP29 draft deal proposes wealthy nations give $250 billion in climate 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block-views-block-content-fields-block-lead" id="block-views-block-content-fields-block-lead"> <div class="block-content block__content"> <div><div class="view view-content-fields view-id-content_fields view-display-id-block_lead js-view-dom-id-e3e090fa5cada6e2095dda510109b879c356f6abd1c19bd1d7d86ae48501e4a4"> <div class="view-content"> <div class="views-row"> <span class="views-field views-field-field-news-date"><span class="field-content"><time datetime="2024-11-22T12:00:00Z" class="datetime">22 November 2024</time> </span></span> <span class="views-field views-field-field-news-topics"><span class="field-content"><a href="/en/news/topic/climate-change" hreflang="en">Climate and Environment</a></span></span> <div class="views-field views-field-field-news-story-lead"><div class="field-content"><p>A new draft finance deal delivered to harried negotiators in Baku on Friday – the final scheduled day for the UN climate talks that have been under way for the past two weeks – proposes rich countries commit $250 billion a year to help vulnerable nations cope with our warming planet and to accelerate the global switch to renewable energy.</p> </div></div></div> </div> </div> </div> </div> </div> <div id="block-un-base-theme-content" class="block block-system block-system-main-block block-un-base-theme-content"> <div class="block-content block__content"> <article class="node node--type-news-story node--view-mode-full clearfix"> <header> </header> <div class="node__content clearfix"> </div> </article> </div> </div> <div class="views-element-container block block-views block-views-block-content-fields-block-body" id="block-views-block-content-fields-block-body"> <div class="block-content block__content"> <div><div class="view view-content-fields view-id-content_fields view-display-id-block_body js-view-dom-id-c63a1cccb93e4ce90e190fa8c2af8bfb2ba71408a00963135f487260b7d4c1f5"> <div class="view-content"> <div class="views-row"> <div class="views-field views-field-field-news-story"><div class="field-content"> <div class="paragraph paragraph--type--one-column-text paragraph--view-mode--default"> <div class="_none"><div class="w-100"> <div class="layout row layout-builder__layout"> <div class="col-12"> <div class="_none block block-layout-builder block-field-block-paragraph-one-column-text-field-text-column"> <div class="block-content block__content"> <div class="clearfix text-formatted field field--name-field-text-column field--type-text-long field--label-hidden field__item"><p>The new draft outcome text, which will surely push this round of talks into the weekend, called for the overall climate financing goal to reach “at least $1.3 trillion by 2035”, but left out specifics – grants, loans, or from the private sector – on how these funds will be raised.</p><p>Delegations in Baku are expected to keep negotiating on several key issues:</p><ul><li>Specifics about the role of developed countries in providing this new finance.</li><li>A global goal on a just transition.</li><li>Clear way forward on both adaptation and mitigation.</li></ul><p>The conference plenary is expected to reconvene on Saturday to work towards a final agreement.</p><p><strong>‘A slap in the face’</strong></p><p>Civil society climate and environment advocates were quick to react to this latest draft.</p><p>Some expressed their anger and disappointment at the draft by taping pieces of paper on their faces or foreheads with <em>“Pay up!”</em> written on them.</p><p>Kelly Stone from ActionAid International Foundation explained to <em>UN News</em>, “I am wearing this because we are calling on Global North countries to pay up for climate finance and the debt they owe to the Global South.”</p><p>Namrata Chowdhary from the 350.org, an international environmental organization, stated: “I can say it is disappointing [at] the very least.”</p><p>“It is a slap. It is an insult. It is shocking that we are at this state now. The rich countries are basically gambling with the lives of people in the developing nations and small islands,” she said.</p><p>Lidy Nacpil from Asian Peoples’ Movement on Debt and Development also expressed her disappointment. She also pointed out that “climate finance should not come in the form of loans because this will add to the debt burden”.</p><p>“One of the issues that is preventing the Global South from undertaking urgent climate actions and also from providing our people with the essential services we need is the debt burden,” she told <em>UN News</em>.</p><p>Jacobo Ocharan of Climate Action Network International said: “We urge all developing countries to have the courage in the negotiations to keep pushing, because this deal is terrible. We keep pushing on the idea that no deal is better than a bad deal.”</p><div class="context-un_news_full_width_credit_caption type-entermedia_image media media--type-entermedia-image media--view-mode-un-news-full-width-credit-caption"> <div class="field field--name-thumbnail field--type-image field--label-hidden field__item"><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-Negotiations1_UNFCCC.jpg/image1170x530cropped.jpg" alt="Negotiating teams at COP29 in Baku, Azerbaijan, pictured here during a break in the talks, are working to reach agreement on a new climate financing deal." title="Negotiating teams at COP29 in Baku, Azerbaijan, pictured here during a break in the talks, are working to reach agreement on a new climate financing deal." loading="lazy" width="1170" height="530"> </div> <div class="field field--name-field-authors field--type-entity-reference field--label-hidden field__items"> <div class="field__item">UNFCCC/Kiara Worth</div> </div> <div class="field field--name-field-title field--type-string field--label-hidden field__item">Negotiating teams at COP29 in Baku, Azerbaijan, pictured here during a break in the talks, are working to reach agreement on a new climate financing deal.</div> </div> <p><strong>What’s at stake</strong></p><p><a href="https://www.un.org/en/climatechange/cop29">COP29</a>, formally the 29<sup>th</sup> Conference of Parties to the UN Framework Convention on Climate Change (<a href="https://unfccc.int/">UNFCCC</a>), has been dubbed, the ‘climate finance COP’ because parties are expected to establish a new global climate finance target.</p><p>This target, or <a href="https://unfccc.int/NCQG">new collective quantified goal</a> (NCQG), is seen as one of the summit's main deliverables. It will replace the existing $100 billion goal that is due to expire in 2025.</p><p>Climate experts have pegged the new annual funding goal at between $1 trillion and $1.3 trillion, which would assist vulnerable nations to deal with loss and damage from climate change and to adapt to that change, including building out their own clean-energy systems.</p><p>Last week, in a move to support a new funding target, the World Bank Group and other multilateral development banks <a href="https://www.weforum.org/stories/2024/08/what-is-cop29-climate-change-summit-priorities/">announced a significant boost</a> in climate finance for low- and middle- income countries. This would reach $120 billion a year by 2030 with another $65 billion mobilised from the private sector, and a natural projection that would increase these values for 2035.</p><p>A <a href="https://unfccc.int/news/cop29-agrees-international-carbon-market-standards" target="_blank" title="(opens in a new window)" data-extlink>significant breakthrough</a> on the opening day at COP29 was the adoption of Article 6 of the <a href="https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement" target="_blank" title="(opens in a new window)" data-extlink>Paris Agreement</a>, paving the way for a <strong>UN-backed global carbon market</strong>. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.</p><p><em><strong>Want to know more? Check out our </strong></em><a href="https://news.un.org/en/events/cop29"><em><strong>special events page</strong></em></a><em><strong>, where you can find all our coverage of COP29, including stories and videos, explainers and our newsletter.</strong></em></p></div> </div> </div> </div> </div> </div></div> </div> </div></div></div> </div> </div> </div> </div> </div> <div class="views-element-container block block-views block-views-block-content-footer-block-1" id="block-views-block-content-footer-block-1"> <div class="block-content block__content"> <div><div class="view view-content-footer view-id-content_footer view-display-id-block_1 js-view-dom-id-0dd19ca339685dc2e85b386a44260a52ec1c8350237ea3a80269b42206ef7922"> </div> </div> </div> </div> <div id="block-content-footer" class="block block-simple-block block-simple-block-content-footer block-content-footer"> <div class="block-content block__content"> <div class="panel panel-info"> <div class="panel-heading">♦ Receive daily updates 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class="views-field views-field-field-news-tags"><div class="field-content"><div class="item-list"><ul class="list-group"><li class="list-group-item"><a href="/en/tags/cop29" hreflang="en">COP29</a></li></ul></div></div></div></div> </div> </div> </div> </div> </div> </section> </main> <div class="sidebar_second sidebar order-last col-lg-3" id="sidebar_second"> <aside class="section" role="complementary"> <div class="views-element-container block block-views block-views-block-content-related-block-related-stories" id="block-views-block-content-related-block-related-stories"> <h2 class="block-title block__title"> Related Stories </h2> <div class="block-content block__content"> <div><div class="view view-content-related view-id-content_related view-display-id-block_related_stories js-view-dom-id-e6dc7fc587ab16520642e0805b2ef6641c00f6c211d4a524b812905cf4484513"> <div class="view-content"> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><span class="field-content"><a href='/en/story/2024/11/1157081'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/16-11-2024_COP29-BTS5_UNFCCC.jpg/image100x100cropped.jpg" alt="Participants at COP29 in Baku, Azerbaijan, advocate for financing climate initiatives." title="Participants at COP29 in Baku, Azerbaijan, advocate for financing climate initiatives." loading="lazy" width="100" height="100" /> </a></span></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1157081" hreflang="en">Will COP29 deliver the trillions needed to tackle the man-made climate crisis?</a></h3></div></div> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><span class="field-content"><a href='/en/story/2024/11/1156996'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/14-11-2024_COP29_Youth_SG%205.jpg/image100x100cropped.jpg" alt="UN Secretary-General António Guterres in speaks with young climate and environmental activists at COP29 in Baku, Azerbaijan." title="UN Secretary-General António Guterres in speaks with young climate and environmental activists at COP29 in Baku, Azerbaijan." loading="lazy" width="100" height="100" /> </a></span></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1156996" hreflang="en">COP29: ‘You have every right to be angry’ Guterres tells youth advocates frustrated over lack of climate action</a></h3></div></div> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><span class="field-content"><a href='/en/story/2024/11/1157086'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Collections/Embargoed/31-05-2023-Unsplash-technology-03.jpg/image100x100cropped.jpg" alt="AI and other digital technologies can help mitigate and adapt to climate change." title="AI and other digital technologies can help mitigate and adapt to climate change." loading="lazy" width="100" height="100" /> </a></span></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1157086" hreflang="en">COP29: Digital tech and AI can boost climate action, but curbing the sector’s emissions is key</a></h3></div></div> </div> </div> </div> </div> </div> </aside> </div> </div> </div> </div> <div class="featured-bottom"> <aside class="container clearfix" role="complementary"> <section class="region region-featured-bottom-first"> <div class="views-element-container block block-views block-views-block-content-fields-block-news-tracker" id="block-views-block-content-fields-block-news-tracker"> <h2 class="block-title block__title"> News Tracker: Past Stories on This Issue </h2> <div class="block-content block__content"> <div><div class="view view-content-fields view-id-content_fields view-display-id-block_news_tracker js-view-dom-id-788231789db69c642c5fe7cd4c047f147ebbfbf97a6ddb00c4e3855a773dfa60"> <div class="view-content"> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><div class="field-content"><a href='/en/story/2024/11/1157276'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/21-11-2024_COP29-SGpresser_UNFCCC.jpg/image350x235cropped.jpg" alt="UN Secretary-General António Guterres speaks to reporters in Baku, Azerbaijan on the penultimate day of COP29, the latest round of UN climate negotiations." title="UN Secretary-General António Guterres speaks to reporters in Baku, Azerbaijan on the penultimate day of COP29, the latest round of UN climate negotiations." loading="lazy" width="350" height="235" /> </a></div></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1157276" hreflang="en">COP29 countdown: Failure on climate finance ‘not an option’, says Guterres</a></h3></div> <div class="views-field views-field-field-news-date"><div class="field-content"><time datetime="2024-11-21T12:00:00Z" class="datetime">21 November 2024</time> </div></div> <div class="views-field views-field-field-news-topics"><div class="field-content"><a href="/en/news/topic/climate-change" hreflang="en">Climate and Environment</a></div></div> <div class="views-field views-field-field-news-story-lead"><div class="field-content"><p>UN Secretary-General António Guterres made a strong call to action as COP29 approaches its crucial conclusion in Baku, imploring world leaders and negotiators on Thursday to overcome their disagreements and reach an historic climate finance deal. “I sense an appetite for agreement,” he said.</p> </div></div></div> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><div class="field-content"><a href='/en/story/2024/11/1157206'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/20-11-2024_COP29-GreenRoom-model_UNFCCC.jpg/image350x235cropped.jpg" alt="In the ‘Green Room’ at COP29 in Baku, Azerbaijan, models of green cities and other climate solutions-based exhibits are on display." title="In the ‘Green Room’ at COP29 in Baku, Azerbaijan, models of green cities and other climate solutions-based exhibits are on display." loading="lazy" width="350" height="235" /> </a></div></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1157206" hreflang="en">Baku talks heat up: New climate finance deal, urban challenges in COP29 spotlight</a></h3></div> <div class="views-field views-field-field-news-date"><div class="field-content"><time datetime="2024-11-20T12:00:00Z" class="datetime">20 November 2024</time> </div></div> <div class="views-field views-field-field-news-topics"><div class="field-content"><a href="/en/news/topic/climate-change" hreflang="en">Climate and Environment</a></div></div> <div class="views-field views-field-field-news-story-lead"><div class="field-content"><p>As intense round-the-clock COP29 climate talks enter their final stretch in Baku, delegates on Wednesday are eagerly awaiting updates on the progress of negotiations regarding a new climate finance target. Meanwhile, high-level discussions also continued, with a focus on key issues such as urbanization, transport, and tourism.</p> </div></div></div> </div> </div> </div> </div> </div> </section> </aside> </div> <footer id="footer" class="site-footer"> <div class="site-footer__top clearfix bg-light pt-l pt-lg-xl pb-m pb-sm-0 pb-lg-l"> <div class="container"> <div class="row"> <div class="col-sm-6"> <div class="row"> <div class="col-lg-6"> <section class="region region-footer-first"> <nav role="navigation" aria-labelledby="block-resources-menu" id="block-resources" class="border-bottom border-un-absolute-black-25 mb-m mb-sm-0 pb-sm-m block block-menu navigation menu--resources"> <h2 id="block-resources-menu" class="block-title"> Resources <button class="btn btn-collapse float-end d-lg-none border-0 rounded-0 p-0 collapsed" type="button" data-bs-toggle="collapse" data-bs-target="#block-resources-content" aria-expanded="false" aria-controls="block-resources-content"> <i class="icon icon-show 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