Nafkote Dabi, the climate-change-policy lead at Oxfam International, remarked on the negotiations: 'They're really finding ways to avoid their responsibility.' This highlights the reluctance of wealthy nations to enforce accountability in funding climate action, reflecting a profound inequity in climate responsibilities.
The agreement only commits to $300 billion annually by 2035 for developing countries, a fraction of the $1 trillion needed. This discrepancy underscores a critical failure in the negotiations to address the urgent financing that developing nations require to combat climate change effectively.
Despite the acknowledgment of the need for $1 trillion in funding for developing nations, the final agreement only aims at a mere $300 billion annually. This inadequacy illustrates how far the global community is from taking effective action against climate change.
'Previous agreements had promised $100 billion annually, which we have just reached in 2022. However, about 70 percent of this was in the form of loans.' This indicates a concerning trend where financial aid for climate action is increasingly becoming debt rather than grants.
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