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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: At COP29 in Baku, Azerbaijan, the conference presidency has proposed a $250 billion annual climate finance target for developing nations, aiming for implementation by 2035
• This figure replaces the longstanding $100 billion annual goal set in 2009
• The proposal seeks to balance public and private funding sources while aiming to mobilize additional private investments
🔭 The context: Developing nations, supported by small-island states, have consistently pushed for $1.3 trillion annually, viewing the proposed $250 billion as insufficient
• Rich nations have been criticized for their reluctance to increase contributions
• The Azerbaijani draft invites developing countries to contribute voluntarily, reflecting ongoing debates about expanding the donor base to emerging economies
🌍 Why it matters for the planet: Robust climate financing is vital to helping developing nations transition to clean energy, adapt to climate impacts, and mitigate global warming
• Insufficient funding risks undermining efforts to meet global climate goals, exacerbating inequalities between wealthy and vulnerable nations
⏭️ What's next: Parties at COP29 must finalize negotiations, with the Azerbaijani presidency urging consensus on unresolved issues
• Whether the proposed $250 billion target will be accepted or adjusted remains uncertain, with the next hours critical to the outcome
💬 One quote: “These texts form a balanced and streamlined package for COP29. The COP29 Presidency urges Parties to study this text intently,” – Azerbaijani Presidency statement
📈 One stat: The proposed $250 billion goal is a 150% increase from the current $100 billion annual climate finance commitment
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