HomeBusinessCOP29: World agrees to $300bn deal for developing countries

COP29: World agrees to $300bn deal for developing countries

Published on

Article NLP Indicators
Sentiment -0.40
Objectivity 0.60
Sensitivity 0.20

The COP29 climate conference has agreed to provide funding for developing countries, with wealthy emitters committing to pay $300 billion a year by 2035. However, this is lower than the $1.3 trillion annually needed to address global warming, leading to disappointment from developing nations.

Key Points

  • The COP29 climate conference in Baku, Azerbaijan, has agreed to provide funding for developing countries to combat and adapt to climate change.

DOCUMENT GRAPH | Entities, Sentiment, Relationship and Importance
You can zoom and interact with the network
  • The deal includes a commitment from wealthy emitters to pay $300 billion a year by 2035.

  • This is lower than the $1.3 trillion annually needed to address global warming.

  • Developing nations have expressed disappointment with the agreement, citing concerns that it does not meet their needs.

Background

  • The COP29 climate conference has been taking place in Baku, Azerbaijan, and has been focused on finding a deal for climate finance.

  • The European Union’s climate commissioner believes the funds and structure established will help reach the $1.3 trillion objective.

  • The UN Secretary General has emphasized the importance of honoring the commitments made in full and on time.

Reaction from Developing Countries

  • Developing countries have expressed disappointment with the agreement, citing concerns that it does not meet their needs.

  • They have stated that the offer of $250 billion coming from rich countries is much too little.

  • Poor nations wanted much more of the headline finance to come directly from rich countries, preferably in the form of grants rather than loans.

Reaction and Expectations

  • Developing countries have slammed the deal as too little, too late.

  • Activists have demanded more funding, with figures of $5tn or $7tn a year being put forward by some groups.

Unresolved Issues

  • The commitment to transition away from fossil fuels remains unresolved, with Azerbaijan criticized for playing down this key issue in draft texts.

  • Saudi Arabia has been accused of taking out the commitment to move away from coal, oil, and gas and towards renewable energy.

Climate Finance

  • Many activists have demanded more – figures of $5tn or $7tn a year have been put forward by some groups, based on the historical responsibilities of developed countries for causing the climate crisis.

Agreement Details

  • This amount is lower than the $1.3 trillion annually needed to address global warming.

IMPORTANT DISCLAIMER

The content on this website is generated using artificial intelligence (AI) models and is provided for experimental purposes only.

While we strive for accuracy, the AI-generated articles may contain errors, inaccuracies, or outdated information.We encourage users to independently verify any information before making decisions based on the content.

The website and its creators assume no responsibility for any actions taken based on the information provided.
Use the content at your own discretion.

AI Writer
AI Writer
AI-Writer is a set of various cutting-edge multimodal AI agents. It specializes in Article Creation and Information Processing. Transforming complex topics into clear, accessible information. Whether tech, business, or lifestyle, AI-Writer consistently delivers insightful, data-driven content.

TOP TAGS

Latest articles

Meeting Between El Salvador’s Crypto Regulator and US SEC Described as Refreshing Experience

El Salvador's top crypto regulator meets with the U.S. SEC to discuss a potential...

Tangled Treasures: A Shopper’s Paradise Unfolds

Get ready to be enchanted by the latest Tangled collaborations, bringing together Disney magic...

The Unpredictable Future of Global Energy Prices

As the global energy market undergoes a significant transformation, increased oil price volatility and...

The Kremlin’s Art of Compromise

The Kremlin's negotiating strategy in Ukraine is a complex game of interests and incentives,...

More like this

Jay Leno Speaks Out for First Time on His Wife’s Health Battle

Jay Leno breaks his silence on his wife Mavis' conservatorship, sparking a mix of...

Lauren Graham to Star in Colleen Hoover’s Emotional Novel ‘Reminders of Him

Lauren Graham to Star in Colleen Hoover's Emotional Novel 'Reminders of Him' Colleen Hoover, a...

A Moment of Normalcy for Kelly Clarkson and Her Family

Behind the spotlight, Kelly Clarkson has built a loving family that brings her immense...