Developing nations unhappy with $300 billion COP29 climate agreement. Image: Ada Derana
(The Post News)- On Sunday, countries at the COP29 summit in Baku adopted a $300 billion per year global finance target to assist developing countries in coping with the effects of climate change. However, the recipients criticized this target, stating that it is insufficient.
Clinched in overtime at the two-week conference in Baku, Azerbaijan’s capital, the agreement was supposed to build momentum for international efforts to curb global warming in a year predicted to be the hottest on record.
In the COP29 plenary hall, some delegates gave a standing ovation for the deal, while others were unhappy with the deal and criticized the Azerbaijan host for hurriedly gaveling through the contentious plan.
Chandni Raina, Indian delegation representative, said that this document is nothing more than an optical illusion at the closing session of the summit, minutes after the deal was adopted. She further added that the deal will not address the enormity of the challenges faced by everyone and opposed the adoption of the document.
Simon Stiell, United Nations climate chief, acknowledged the difficult negotiations that led to the agreement but hailed the outcome as an insurance policy for humanity against global warming. Stiell stated that it has been a difficult journey, but they managed to deliver a deal that will keep the clean energy boom growing and will protect billions of lives. He further compared the deal to an insurance policy, stating that it will only work if the premiums are paid in full and on time.
The agreement is set to provide $300 billion per year by 2035, a boost from rich countries, as their previous commitment was to provide $100 billion per year in climate finance by 2020. Unfortunately, the goal was only met two years later in 2022 and will expire in 2025.
The deal has also laid the groundwork for the 2025 climate summit, to be hosted in the Amazon rainforest of Brazil, where nations are expected to map out the next decade of climate action.
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