According to a leaked draft document, the European Union (EU) intends to encourage the fossil fuel industry to help fund efforts to mitigate climate change in developing countries. The statement highlights the EU's position ahead of the upcoming UN climate negotiations in Baku, Azerbaijan in November.
As nations prepare to set a new global finance objective for addressing climate change consequences, the EU emphasizes the importance of considerable contributions in addition to the current $100 billion yearly commitment. The document suggests novel finance options, including donations from the oil and gas industry, to address the rising costs of climate-related disasters.
The EU aims to broaden the financial pool by incorporating the business sector and international institutions, recognizing developing countries' predicted $1 trillion annual climate investment needs by 2025. However, achieving worldwide consensus, particularly on issues such as fossil fuel taxation, remains difficult due to competing interests and objections from significant stakeholders such as China. Discussions about finance duties are expected to be crucial to the upcoming COP29 climate summit.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
