"The proposed $250 billion in the latest COP29 text us a 30% REDUCTION in real terms from the $100 billion promised in 2009.
Inflation not only makes life ever more expensive for people across the world, but it also allows rich countries to hide the real value of their distant promises.
The reality of the 250 billion commitment for 2035 is that not only is it a fifth of the 1.3 trillion that developing countries need, it’s a 30% REDUCTION from the $100bn that was promised in 2009 in real terms (when inflation of 5% is taken into account).
So rich countries promised a wholly insufficient amount in 2009, failed to fulfil that promise for 15 years, and now are kicking the can down the road by delaying real targets for another 10 years, all while DECREASING the real value of their initial commitment by 30% by the time we get there.
This truly is the great escape from responsibility for the rich. $100 billion in 2009 couldn’t even buy the global south the coffins we would need for the climate trajectory the rich countries had locked us into. $250 billion in 2035 will buy us even less."