At the UN climate conference in Azerbaijan, developing countries finally agreed to receive $30 trillion annually from developed countries. This agreement should be implemented by 2035. Cop 29 representatives in Baku reached an agreement on Saturday after two weeks of negotiations. High-carbon emitting developed countries have committed $30 trillion annually to climate change mitigation and adaptation costs. However, this amount is much less than the expectations of developing countries. The agreement also calls for a comprehensive climate finance target of $1.3 trillion annually.
There are both public and private funds. Economists say this money is needed to combat global warming. COP 29 was scheduled to end on Friday, but the deadline was extended after 200 countries failed to reach an agreement on climate finance. At one point, representatives of developing and island countries walked out of the conference expressing frustration They alleged that fossil fuel producing countries were trying to undermine the agreement. According to the previous agreement, developed countries promised to give 10 billion dollars to poor countries in climate finance by 2020. However, it was implemented two years later in 2022. This agreement will expire in 2025. Developing countries have criticized the increase in funding in the new agreement as not enough. UN climate chief Simon Steele called the deal insurance for humanity.
He said, though the journey was difficult, we managed to deliver a deal. His hope is that the agreement will lead to the development of environmentally friendly energy and save the lives of hundreds of people. He also expects new jobs, strong growth and opening the door to cheap and environmentally friendly energy for all.
However, like any insurance policy it will only work if the premium is paid in full and on time. Resistance of the Few German Foreign Minister Annalena Bierbock made a lengthy post on social media X. In it, he wrote, “It is true that tonight’s agreement was not enough due to the resistance of some.” Those who came here to stop the march, block climate justice and undermine our UN multilateral system have lost miserably. They did not leave the countries at risk, said Beyerbock. According to him, the $30 billion annual deal is just the beginning.
The German Foreign Minister also said that no one has forgotten the historical responsibility As members of the younger generation, it is clear: we cannot meet the climate challenges of the future with solutions from the past We know today that not all needs can be met by our decisions alone Disappointment in developing countries Not everyone is happy with the amount of money pledged.
Indian representative Chandni Raina said Asian countries are rejecting this agreement. He said, we are disappointed with this result Because parties in developed countries are clearly unwilling to fulfill their responsibilities.
He further said, I am sorry to say that this document is nothing but an illusion. It will not solve the enormous challenges we face. Therefore, we oppose the acceptance of this document.
On the other hand, the diplomat from the island nation of Malawi and the head of the LDC Alliance said, “It is not the goal here to get what we are hoping for.” After several years of discussion, we are no longer ambitious about this. Building a cornerstone EU climate commissioner Vopke Hoekstra believes the fund, if not a trillion dollar figure, is enough to cover the first step.
He said, we are confident that we can reach the (target) of one and a half trillion dollars with this fund and structure. UN Secretary-General Antonio Guterres hopes that this agreement will lead to more reality.
“I expected more ambitious results,” he said. …but this agreement provided the building blocks. It must be implemented in full and on time. Commitments must be monetized quickly.
