Climate proposal would see rich countries pay $250B a year – POLITICO

Another European negotiator said that for his country, $250 billion was “a good ballpark figure.”

Senior Biden administration officials have noted they are negotiating a deal that a future Democratic or climate-friendly government could meet. Four years of Trump and at least two years of full Republican control of Congress will likely diminish, if not obliterate, U.S. climate finance contributions, moderating what the U.S. can reasonably achieve.

“It has been a significant lift over the past decade to meet the prior, smaller goal,” a senior U.S. official said in a statement, adding that “$250 billion will require even more ambition and extraordinary reach. This goal will need to be supported by ambitious bilateral action, [multilateral development bank] contributions, and efforts to better mobilize private finance, among other critical factors.”

Environmental organizations said governments can likely hit a loftier number.

Changes already underway to lending practices at multilateral development banks such as the World Bank should free up tens of billions of dollars of more finance that primarily flows from rich to poor countries, Joe Thwaites, senior advocate for international climate finance at the Natural Resources Defense Council, said in a statement. Countries could also reach for “modest increases” in country-to-country finance, he said.

A further major bone of contention at COP29 has been U.S. and European demands that wealthy, but technically still developing, nations, such as China, Singapore and the Gulf states, should also pay into the pot.

The draft essentially left that option up to those countries under pressure to donate, inviting “developing country Parties to make additional contributions” either as part of the goal, or “supplementing” it through what China often calls “South-South” finance.

That represents little change in the stance of China, which came into the talks refusing to budge but also saying that it had provided around $25 billion in total since 2016.

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