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.
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The deal includes a commitment from wealthy emitters to pay $300 billion a year by 2035.
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This is lower than the $1.3 trillion annually needed to address global warming.
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Developing nations have expressed disappointment with the agreement, citing concerns that it does not meet their needs.
Background
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The COP29 climate conference has been taking place in Baku, Azerbaijan, and has been focused on finding a deal for climate finance.
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The European Union’s climate commissioner believes the funds and structure established will help reach the $1.3 trillion objective.
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The UN Secretary General has emphasized the importance of honoring the commitments made in full and on time.
Reaction from Developing Countries
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Developing countries have expressed disappointment with the agreement, citing concerns that it does not meet their needs.
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They have stated that the offer of $250 billion coming from rich countries is much too little.
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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
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Developing countries have slammed the deal as too little, too late.
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Activists have demanded more funding, with figures of $5tn or $7tn a year being put forward by some groups.
Unresolved Issues
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The commitment to transition away from fossil fuels remains unresolved, with Azerbaijan criticized for playing down this key issue in draft texts.
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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.
