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Developing countries reject the offer of the rich for the climate fund

2024-11-23 15:03:31, Kosova & Bota CNA

Developing countries reject the offer of the rich for the climate fund

The European Union on Saturday increased the offer of rich nations to poor countries hit hard by climate change by 300 billion dollars, as developing countries have repeatedly warned that they are on the brink of collapse.

There are rumors that the deal may not be reached, as developing countries demand that the climate fund go up to $500 billion.

Negotiators worked through the night in Baku in search of a compromise, before the end of the United Nations Climate Conference (COP29).

As 2024 is reported to be the hottest year on record, developing countries are bearing the brunt as they face severe droughts and floods, rejecting an initial offer of $250 billion in aid for the year 2025.

Two negotiators said the European Union had called on rich nations - including the United States, Britain and Japan - to increase the amount to $300 billion.

However, this compromise was made with some conditions, the negotiators said.

According to them, the Europeans, in particular, have requested an annual report on how much effort is being made to avoid the use of crude fuels, which are the main causes of global warming.

This request has since been opposed by Saudi Arabia, which is not in favor of giving up oil, gas and coal.

The Irish Minister for Climate, Eamon Ryan, has said that he hopes that during the day an agreement will be reached on the climate protection fund.

"We need an agreement. It is very important that we give hope to the world, that multilateralism can work, that we are responding to the climate crisis," Ryan told the AFP news agency.

Climate scientists have said several times that several decades of greenhouse gas emissions have caused global temperatures to rise.

The world has warmed by 1.1 degrees Celsius compared to the industrial era, while countries aim to keep it below 1.5 degrees Celsius, to avoid major natural disasters./ VOA





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