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How much do rich countries owe in climate aid? That’s the trillion-dollar question

Summary

As preparations for COP29 ramp up, the debate over the financial commitments of wealthy nations to support developing countries in decarbonization and disaster recovery intensifies. Negotiators face the daunting task of agreeing on a substantial financial target, referred to as the New Collective Quantified Goal, crucial for upholding the Paris Agreement. Developing nations are pushing for a significant increase in aid, with India and Saudi Arabia advocating for an annual commitment of $1 trillion. However, wealthy nations remain hesitant, citing domestic concerns and geopolitical complexities. The challenge lies not only in determining the size of the commitment but also in structuring it effectively to ensure equitable distribution and accountability. Despite the urgency, reaching a consensus remains elusive, with negotiations marked by deep divisions and complex negotiations.

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