Aditya Hossain from Baku, Azerbaijan
A new draft deal was released at deadlocked UN climate talks on Thursday, offering competing options that show rich and developing nations remain far apart on the money needed to help poorer countries tackle global warming. AFP Report.
The two options in the text released at COP29 in Azerbaijan recognize a need of a trillion dollars per year, but both left the exact amount blank, marked with an "X".
The main sticking points -- who should pay, how much and the type of funding -- remain unresolved with one day left in the negotiations.
"The new finance text presents two extreme ends of the aisle without much in between," said Li Shuo, director of the China climate hub at the Asia Society Policy Institute.
Syeda Rizwana Hasan, Advisor to the Ministry of Environment, Forest and Climate Change and the Ministry of Water Resources, Bangladesh, told to media underscored the importance of adequate and quality climate financing under the New Collective Quantified Goal (NCQG). Speaking at the Bangladesh Press Conference at COP29 in Baku, Azerbaijan, she stressed the need for a USD 1.3 trillion commitment for adaptation, mitigation, and loss and damage, proposing grant-based financing for adaptation and loss and damage and concessional financing for mitigation.
On the other hand, this morning "Climate Action Declaration on Water Resources adopted at COP29". The Baku Dialogue on Water for Climate Action has officially launched within COP29, during which the Declaration on Climate Action for Water Resources was adopted, Report informs.
This platform aims to expand global cooperation in combating climate change, biodiversity loss, pollution, and desertification.
The Declaration, in turn, will facilitate the establishment of new partnerships and strengthen political measures in this direction.
The Azerbaijani presidency of COP29 has invited all partners to join this declaration and support the initiative.
