German Environment Minister Jochen Flasbarth has called on countries to set aside their differences and agree on a climate finance deal to address the urgent needs of poorer nations. Speaking at the Cop29 summit in Azerbaijan, Flasbarth emphasized the importance of unity in tackling climate change and providing the necessary financial support to vulnerable countries.
Flasbarth highlighted the significant role of climate finance in helping poorer nations cope with the impacts of climate change and transition to greener economies. He stressed that wealthier countries must fulfill their commitments to provide financial assistance, as delays could exacerbate the challenges faced by developing nations.
The call for unity comes amid ongoing negotiations at the Cop29 summit, where countries are working to forge a new global plan on climate finance. The goal is to secure at least $1 trillion a year in climate finance for poorer countries by 2035, with half of this amount expected to come from private sector investments and the remainder from multilateral development banks and direct grants from developed countries.
Flasbarth also addressed concerns over fossil fuel influences, noting that Azerbaijan, heavily reliant on oil exports, presents a scenario where fossil fuel lobbyists surpass actual country delegations.
Published in Pakistan Khappay Report Date: November 18, 2024
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