The $1.3 trillion pledged by rich nations to the developing world to combat climate change should be in the form of compensation rather than loans, an African ministerial conference argued.
The meeting in Nairobi is one of several setting the stage for COP30 climate negotiations in Brazil this year. Africa — responsible for only 4% of annual global carbon emissions but hit hard by the effects of climate change — faces a tall task in getting wealthy countries to agree to the demand.
The $1.3 trillion sum was considered disappointing when agreed at COP29 and was, Semafor’s climate editor noted, “even worse” than it first appeared, because its size will be eroded by inflation, and depends on presumed private-sector investment.