COP29: Poorer countries ‘deeply disappointed’ with wealthier nations’ new climate cash offer

By Ibrahim Umar,

Kanempress News,

23rd, November,2024

Small island nations vulnerable to climate change say they cannot “be expected to agree” to a new deal drafted at COP29, calling it “deeply disappointing.”

According to the deal, it proposes that wealthier countries give $250bn per year by 2035 to developing nations to help tackle climate change.

“We cannot be expected to agree to a text which shows such contempt for our vulnerable people,” the Alliance of Small Island States (AOSIS) group said.

It includes countries like Tonga, Samoa and Vanuatu in the Pacific, and Barbados and Bermuda in the Caribbean. All are massively at risk from sea-level rise with many feeling the impacts already.

They say the proposed $250bn a year is a cap that will “severely stagnate climate action efforts”.

The smaller island nations say it does not represent a real increase from the previous agreed cash goals of $100bn.

“AOSIS is deeply disappointed in the state of the most recent text, which basically asks Parties ‘How low can you go?’ on climate ambition.”

The figure is up from the $100bn a year currently in place, but it’s still much lower than the $1.3tn a year from public funds that poorer nations were after.

The COP29 presidency says it will work to secure “the highest ambition outcome possible.