CLIMATE FINANCE AND TRADE
The draft called for global efforts to triple the financing available to help nations adapt to climate change by 2030, from 2025 levels.
However, it did not specify whether this money would be provided directly by wealthy nations, or other sources including development banks or the private sector.
That may disappoint poorer nations who want stronger guarantees that public money will be spent on this area.
Investments in adaptation – such as improving infrastructure to cope with extreme heat, or reinforcing buildings against worsening storms – are often vital for saving lives but offer little financial return, making it difficult for such investments to attract private finance.
The draft deal would also launch a “dialogue” at upcoming COP climate summits on trade, involving governments and other actors like the World Trade Organization.
That would be a win for countries including China which have long demanded that trade concerns be part of the world’s climate summit.
But it may be uncomfortable for the European Union, as demands for such discussions have often focused on the EU carbon border levy, which has faced criticism from emerging markets including India, China and South Africa.
