COP29 Climate Talks Conclude with $300 Billion Annual Pledge, Developing Nations Call Deal ‘an Insult’
November 23, 2024
The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) concluded in Sharm el-Sheikh, Egypt, on Friday with a $300 billion annual pledge to developing countries to help them adapt to and mitigate the effects of climate change.
The pledge was part of a broader agreement that was the result of two weeks of negotiations between nearly 200 countries. The deal also included commitments to phase down coal, reduce methane emissions, and provide finance for loss and damage caused by climate change.
However, the $300 billion pledge fell short of the $1 trillion annual demand that developing countries had sought. As a result, many developing nations expressed disappointment with the outcome of the talks.
“This is an insult,” said Saleemul Huq, a Bangladeshi climate scientist and negotiator. “The developed countries have promised $300 billion a year, but this is not enough. We need $1 trillion a year to address the climate crisis.”
Other developing countries echoed Huq’s sentiments.
“We are very disappointed with the outcome of these talks,” said Xie Zhenhua, China’s special envoy on climate change. “The $300 billion pledge is not nearly enough to help us adapt to and mitigate the effects of climate change.”
The developed countries defended the $300 billion pledge, saying that it was a significant increase from the $100 billion annual commitment that they had made in 2015.
“This is a step in the right direction,” said EU Climate Commissioner Frans Timmermans. “We are committed to providing finance to developing countries to help them address the climate crisis.”
However, developing countries argued that the $300 billion pledge was not enough to meet the scale of the challenge.
“The climate crisis is already having a devastating impact on developing countries,” said Mohamed Nasheed, the former president of the Maldives. “We need more finance to help us adapt to and mitigate the effects of climate change.”
The $300 billion pledge is a significant step forward, but it is not enough to address the climate crisis. Developed countries must do more to help developing countries adapt to and mitigate the effects of climate change.
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