During the closing hours of the climate conference held in Baku, the developed nations offered a modest USD 250 billion per year by 2035—a figure too short of the expected 1 trillion needed to address the immediate escalating climate issues.
The developed nations offered a new draft on Friday following a deadlock as negotiators demanded a concrete figure to tackle the climate change crisis.
It took more than two weeks of intense negotiations to at least have a workable, modest figure from the rich partners.
While developing countries demand that developed countries provide them with USD 1.3 trillion per year starting in 2025, the text calls on everyone to "work together" to raise this amount annually by 2035, including all public and private sources.
The new text in the draft urges everyone to work together to achieve the estimated figure and highlights that it does not place the responsibility solely on developed countries.
There are more than 190 nations' negotiations for climate finance obligations by rich countries for the developing ones as part of the implementation of the Paris Agreement of 2015.
The Paris Agreement 2015 binds collective action to reduce carbon emissions to prevent the rise in overall global temperature
The latest text in the draft urges other countries to make extra contributions, including through South-South cooperation.
Climate policy experts and observers said its bad text for developing countries, and they will react strongly to it.
Linda Kalcher, the executive director of European think tank Strategic Perspectives, said: The USD 250 billion reads like a provocation for as long as all sources of finance count towards it."
Li Shuo, the director of the China Climate Hub at the Asia Society Policy Institute, expected countries to react strongly to the USD 250 billion figure. “It’s important to hear what they say now.
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