Oscar Soria, a director at the Common Initiative thinktank, said: "The negotiating placeholder 'X' for climate finance is a testament of the ineptitude from rich nations and emerging economies that are failing to find a workable solution for everyone. This is a dangerous ambiguity: inaction risks turning 'X' into the symbol of extinction for the world's most vulnerable. Without firm, ambitious commitments, this vagueness betrays the Paris agreement's promise and leaves developing nations unarmed in their fight against climate chaos."
The governments of almost 200 countries are meeting in Azerbaijan to thrash out a new global settlement on climate finance, to channel funds to developing countries to help them shift to a low-carbon economy and cope with the impact of extreme weather. Ministers and high-ranking officials have embarked on furious shuttle diplomacy as the two weeks of fraught talks enter their final days.
Instead of setting a global goal for at least $1tn in new funds for developing countries to tackle the climate crisis, the text contained only an 'X' where numbers should have been. Faith in the ability of the Azerbaijan presidency to produce a deal ebbed, as the draft texts were criticised as inadequate and providing no landing ground for a compromise.
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