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.
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
Delegations in Baku are expected to keep negotiating on several key issues:
- Specifics about the role of developed countries in providing this new finance.
- A global goal on a just transition.
- Clear way forward on both adaptation and mitigation.
'A slap in the face'
Civil society climate and environment advocates were quick to react to this latest draft.
