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COP29: What's happening on day 12 of the UN climate conference?

• Nov 23, 2024, 7:44 AM
2 min de lecture
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Follow along with our live coverage of COP29 here. From our team at home and in Baku we'll be sharing the biggest news from day 11 of the UN climate summit.

Yesterday a new set of draft texts dropped at the UN climate conference. Talks are now well into overtime as countries attempt to iron out their differences on what should and shouldn't be in the final deal.

The latest official draft proposes a figure of $250bn by 2035 to replace a $100bn contribution from rich countries that was set back in 2009. A wider, more aspirational goal "calls on all actors" to work on scaling up finance for developing countries from "all public and private sources" to $1.3 trillion a year by 2035.

Today, developing countries walked out, temporarily suspending negotiations on the climate finance text.

A new rough draft of the text was circulated this afternoon which was soundly rejected by developing nations.

The Least Developed Countries (LDCs) bloc and Alliance Of Small Island States (AOSIS) walked out because they didn't want to engage with the rough draft which reportedly contained a new core figure of $300 billion a year (up from the $250 billion in Friday's draft text).

They have said they want a guaranteed 30 per cent of climate finance in the deal. One source told Euronews the G77 and China want at least $500 billion a year.

"Small island developing states and Least Developing Countries are among the very worst impacted by this climate crisis that we did not cause," said AOSIS chair Cedric Schuster.

"Yet we have found ourselves continuously insulted by the lack of inclusion, our calls are being ignored."

EU Climate Commissioner Wopke Hoekstra told Euronews via a spokesperson that the bloc is doing its "utmost to build bridges with literally everyone".

Find all of our COP29 coverage from our team in Baku and across Europe here.