“Is this supposed to be the developed countries ‘taking the lead’?” a senior negotiator for a large developing country wrote in a message accompanying a crying emoji.
Several analyses have shown developing countries will need more than $1 trillion annually from outside sources to prevent global temperatures from rising 1.5 degrees Celsius since the mid-19th century, the stretch target that the world’s governments set in the Paris climate agreement. The draft deal indicated that the shortfall, of as much as $1.3 trillion, could be filled largely using private capital by 2035.
Even though the number fell short of developing countries’ wishes, a European negotiator said it will still strain some rich nations.
“Higher than thought,” said the negotiator, who was granted anonymity to discuss sensitive diplomatic matters. “Some in the group will have to go back to capitals.”
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.
