The draft of the new summit proposes that developed countries should raise $ 250 billion annually.

Madrid, 22 (Europa Press)

The draft of the new climate summit aims to mobilize at least $1.3 trillion annually in climate finance for developing countries from all public and private sources by 2035.

Developed countries will “take the lead” to provide 250 billion. According to the text, they will do so “from a variety of sources, public and private, bilateral and multilateral, including alternative sources.” In return, they will do so “with transparency in the context and implementation of meaningful and ambitious mitigation and adaptation measures.”

According to the document, its voluntary intention to “account for all outflows and financing mobilized by multilateral development banks to achieve the stated objective” is recognised. On the other hand, the text invites developing countries to make additional contributions.

This financial target is the New Quantified Collective Target, an element of the Paris Agreement designed to set a financial target to support developing countries in their climate actions between 2025 and 2035.

The draft itself indicates that, according to the Nationally Determined Contributions (NDCs) of developing countries, it is estimated that they will need to pay for adaptation between $5.2 to 6.8 trillion by 2030 and between $215,000 and $387,000 million annually. May need it.

In this regard, he noted “with concern” the gap between climate financing flows and adaptation needs, particularly in developing countries.