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COP29: World agrees to $300bn deal for developing countries

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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.

  • This is lower than the $1.3 trillion annually needed to address global warming.

  • Developing nations have expressed disappointment with the agreement, citing concerns that it does not meet their needs.

Background

  • The COP29 climate conference has been taking place in Baku, Azerbaijan, and has been focused on finding a deal for climate finance.

  • The European Union’s climate commissioner believes the funds and structure established will help reach the $1.3 trillion objective.

  • The UN Secretary General has emphasized the importance of honoring the commitments made in full and on time.

Reaction from Developing Countries

  • Developing countries have expressed disappointment with the agreement, citing concerns that it does not meet their needs.

  • They have stated that the offer of $250 billion coming from rich countries is much too little.

  • 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

  • Developing countries have slammed the deal as too little, too late.

  • Activists have demanded more funding, with figures of $5tn or $7tn a year being put forward by some groups.

Unresolved Issues

  • The commitment to transition away from fossil fuels remains unresolved, with Azerbaijan criticized for playing down this key issue in draft texts.

  • 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.

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