Ed Miliband is right to say that “there is no route to a stable climate without supporting developing countries to embrace the clean-energy revolution” (Here’s what I learned at Cop29. Rows aside, an unstoppable transition to clean energy is happening, 25 November). However, it is misleading to suggest that the $300bn climate finance goal adopted at Cop29 to help lower-income countries tackle the climate crisis is trebling the previous figure of $100bn when it does not consider inflation adjustments.
It is also a gross exaggeration to say that the deal “will help poorer countries … to decarbonise and protect their populations”. Even without accounting for inflation, it is a tiny fraction of what is needed, with much of it likely to be delivered as debt-inducing loans.
