(Bloomberg) -- China and some of the world’s biggest developing nations made a renewed demand on richer countries to lift climate financing to trillions of dollars a year to accelerate the green transition in emerging economies.
Brazil, South Africa and India also backed a statement Wednesday calling on the developed world to channel more money to emerging markets as many of the poorest governments and most vulnerable people adapt to rapidly warming temperatures.
The announcement was made after ministers from the four countries met in the Chinese city of Wuhan over the weekend and comes ahead of this year’s COP29 climate summit — where a key effort is to agree on a new post-2025 goal for raising money for more developing nations.
Beijing and others have insisted the responsibility lies with developed nations who contributed the most to historical emissions. Rich countries, however, are trying to broaden the donor base to ease pressure on their strained budgets and there remain questions about how China, which is currently the world’s biggest emitter, fits into the equation.
The topic has become controversial as a previous climate change goal set in 2009 to deliver $100 billion per year by 2020 to poorer nations was only hit once in 2022, according to the Organization for Economic Co-operation and Development.
The developed world should also strengthen emissions targets and try to meet net zero goals ahead of 2050, preferably by 2030, according to the statement from China’s Ministry of Ecology and Environment. COP29 is scheduled for November this year in Azerbaijan.
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