COP29 closes on promise to generate at least $300 billion in climate funding, but developing countries had pushed for a higher target of at least $1 trillion per year. The agreed-upon amount has raised questions about whether it is enough to address the scale and urgency of the climate crisis.
The COP29 Climate Funding Agreement: A Summary of the Key Points
A Roadmap to Belem
The final agreement references a “Roadmap from Baku to Belem,” which calls on all actors to scale up climate finance to developing countries and includes access to finance through grants, concessional, and non-debt-creating instruments.
A Mixed Reaction from Observers
Ani Dasgupta president of the World Resources Institute praised negotiators for making a deal that at least tripled climate financing flowing to developing countries, despite difficult geopolitical headwinds. However, Tamra Gilbertson of the US-based non-profit Indigenous Environmental Network expressed concerns that the decisions were taken behind closed doors and may not address the root causes of climate change.
A Climate Funding Target That Falls Short
The agreed-upon target of at least $300 billion per year by 2035 is far lower than what developing countries were hoping for. This has raised questions about whether it is enough to address the scale and urgency of the climate crisis.
A Last-Minute Deal on Climate Funding, But Is It Enough?
A Disappointing Outcome for Developing Countries
Developing countries had pushed for at least $1 trillion per year, which leading economists have said is necessary for them to respond to the climate crisis. However, industrialized countries held off specifying concrete figures until the very last day, citing that they couldn’t raise the money alone without private sector involvement.
A Call to Action
The COP29 agreement highlights the need for urgent and deep cuts to global emissions. It also underscores the importance of scaling up climate finance to developing countries to help them transition away from fossil fuels and adapt to a warming world.
A New Target of at Least $300 Billion in Climate Financing per Year by 2035
Criticisms and Concerns
Critics argue that the agreed-upon amount of $300 billion is too low and will not be enough to address the scale of the problem. Some countries have expressed disappointment with the outcome, citing a lack of goodwill from developed nations.
The Roadmap to Belem
The agreement includes a “roadmap from Baku to Belem,” which calls on all actors to scale up climate action. However, the specifics of how this will be achieved remain unclear.
Implications for Global Emissions
The COP29 agreement does not widen the donor base to include China but introduces a new mechanism that recognizes voluntary contributions from developing countries through development banks as climate finance. The implications for global emissions and the planet’s temperature are yet to be seen.
Key Takeaways
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A new target of at least $300 billion in climate financing per year by 2035 has been agreed upon.
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Developing countries had pushed for a higher target, citing the need for at least $1 trillion per year.
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Critics argue that the agreed-upon amount is too low and will not be enough to address the scale of the problem.
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The agreement includes a “roadmap from Baku to Belem” to scale up climate action.
