On Sunday, richer nations agreed to pay at least $300 billion per year to support developing nations’ climate adaptation efforts. However, the deal fell short of the expectations of poorer nations, which had sought $500 billion, sparking dissatisfaction. Representatives from small island states and the world’s least developed nations walked out, citing unmet financial demands. Panama’s chief negotiator, Juan Carlos Monterrey Gomez, also accused the richer nations, who have large delegations, of intentionally dragging out the negotiations so they could wear down the smaller delegations of poorer nations. Developing nations had sought $1.3 trillion to help cope with the effects of climate change and transition their economies toward clean energy. While the majority of the funds will come from private sources, the poorer nations had hoped that wealthier nations would fork out more than the $300 billion they decided on.
SOURCE: AL JAZEERA
