COP29 Climate Talks Conclude with $300 Billion Annual Pledge, but Developing Nations Call Deal ‘an Insult’
November 23, 2024 – The United Nations Climate Change Conference (COP29), held in Dubai, United Arab Emirates, concluded on Sunday with a pledge from developed nations to provide $300 billion annually in climate finance to developing countries. However, the deal has been met with criticism from developing nations who argue that the amount is not sufficient and does not address the real needs of their communities.
The $300 billion pledge is a significant increase from the previous commitment of $100 billion per year, but developing nations argue that it is still far short of what they need to adapt to the impacts of climate change and transition to low-carbon economies. According to the Intergovernmental Panel on Climate Change (IPCC), developing nations will require $2.4 trillion annually by 2030 to meet their climate goals.
“This deal is an insult,” said Meena Raman, a climate justice activist from Malaysia. “Developed countries have been polluting the atmosphere for decades, and now they are expecting us to pay the price. This is not justice.”
Developing nations have also expressed disappointment that the deal does not include any new commitments to reduce greenhouse gas emissions. The IPCC has warned that global greenhouse gas emissions must be reduced by 45% by 2030 and reach net zero by 2050 to limit global warming to 1.5 degrees Celsius above pre-industrial levels.
“We are facing a climate emergency, and we need urgent action,” said Mohamed Adow, a climate change expert from Kenya. “This deal is not good enough. We need developed countries to commit to real emissions reductions and provide the necessary financial support to developing countries.”
The COP29 deal also includes a number of other commitments, such as a pledge to phase out coal-fired power plants by 2040 and to provide support for the development of renewable energy. However, these commitments are voluntary and do not include any specific targets.
“This deal is a step in the right direction, but it is not enough,” said Patricia Espinosa, the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC). “We need to do more to support developing countries and to accelerate the transition to a low-carbon economy.”
The COP29 talks were overshadowed by the war in Ukraine and the global energy crisis, which have led to a resurgence of interest in fossil fuels. However, experts warn that the world cannot afford to delay climate action any longer.
“The climate crisis is already here,” said António Guterres, the Secretary-General of the United Nations. “We need to take action now to reduce emissions and build resilience to the impacts of climate change. The future of our planet depends on it.”
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