With the COP29 UN climate conference nearing its end, negotiations over a new global climate finance goal face major hurdles. The big question? How much money should be pledged—and who should pay up. 💰
Countries remain divided on setting a 'New Collective Quantified Goal' for funding to help vulnerable nations combat climate change. 'The total amount and contributor list are still hotly debated,' said Wang Xun, a climate finance expert at Central University of Finance and Economics.
China's Role in the Spotlight
While some argue China should join developed nations in leading funding efforts, Wang emphasized that China—classified as a developing country under UN guidelines—has already contributed $45 billion to climate projects in other developing economies since 2013. 🌱
The Paris Agreement legally binds wealthier nations to fund climate initiatives, while others can contribute voluntarily. 'Aligning with these terms is crucial,' Wang added, as debates over fairness and responsibility continue to delay progress.
With time running out, the world watches to see if COP29 can turn heated debates into a 🔥→❄️ cooling solution for our planet.
