Richer countries have agreed to raise their financial support for poorer nations to fight climate change, committing a record $300 billion (£238 billion) annually by 2035. However, many developing nations feel this amount is far too low, given the scale of the crisis.
According to the BBC, the decision, made at the COP29 climate summit in Baku, Azerbaijan, left many unsatisfied. Negotiations stretched 33 hours past the deadline and nearly fell apart.
Developing nations originally asked for $1.3 trillion a year, a figure far above what was agreed upon. The African Group of Negotiators described the pledge as “too little, too late,” while India’s representative, Leela Nandan, called it “a paltry sum.” Despite their frustration, poorer nations did not block the deal, acknowledging the need for progress, however small.
BBC reports that the money is intended to help developing countries move away from polluting fossil fuels and invest in renewable energy like wind and solar. Additionally, the agreement promises to triple the funds for preparing vulnerable nations for climate impacts, such as rising sea levels and extreme weather. Historically, only 40% of climate funds have been allocated for these preparations, which leaves poorer nations at greater risk.
Although the announcement was met with applause, it also drew harsh criticism. Climate activists like Jasper Inventor from Greenpeace called the deal “woefully inadequate,” while BBC highlighted Extinction Rebellion’s description of the agreement as a “failure.” Meanwhile, WaterAid called it a “death sentence for millions” of people in climate-vulnerable regions.
A major obstacle in the talks was the reluctance of oil and gas-exporting countries, such as Saudi Arabia, to agree on stronger commitments to reduce fossil fuel use.
BBC explained that this resistance prevented the agreement from including stricter goals to phase out fossil fuels, pushing that discussion to next year’s meeting.
While some nations made bold pledges, such as the UK’s promise to cut emissions by 81% by 2035, others were criticized for conflicting actions. For example, Azerbaijan, the host country, plans to increase gas production by a third over the next decade, which some see as contradictory to the spirit of climate talks.
According to the BBC, Brazil’s selection as the host for COP30 next year has raised hopes for more ambitious progress, given President Lula’s commitment to protecting the Amazon rainforest and addressing climate change.
However,the path forward remains uncertain with global tensions rising and major emitters like the U.S. under climate-skeptic leadershipn.
In summary, while the COP29 summit showed some willingness among nations to cooperate, BBC notes that the pledged funding and commitments are far from solving the climate crisis.
For now, the world has settled for what many view as an imperfect and insufficient compromise.
Credit : BBC
https://www.bbc.com/news/articles/cd0gx4przejo