The draft finance deal offering developed nations' $250bn annually by 2035 has been met with frustration from developing countries seeking the much higher $1.3 trillion, reflecting a stark imbalance in climate responsibility. Many representatives voiced their anger, suggesting the offer does not truly recognize the extent of the damage caused by wealthy nations or address the immediate needs of vulnerable populations facing climate challenges.
Juan Carlos Monterrey Gomez decried the $250bn offer as 'outrageous,' asserting it is a 'spit on the face' of vulnerable nations. His comments reflect a stance shared broadly among leaders from developing countries, who feel that the negotiating efforts fail to align with the urgent financial needs resulting from climate impacts.
The negotiations at COP29, originally set to conclude by 6 pm, extended late into the evening, revealing a significant gap between the offers on the table and the demands from vulnerable nations. As international talks dragged on, the absence of a viable agreement highlighted the discomfort and urgency felt by nations already grappling with the effects of climate change.
Crucially, the potential financial support of $250bn has raised concerns about its structure, with many fearing that much of it could come in the form of loans, further deepening the debt burden for developing countries already strained by climate-related disasters.
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