COP29 Climate Talks Conclude with $300 Billion Annual Pledge, but Developing Nations Call Deal ‘an Insult’
November 23, 2024
Sharm el-Sheikh, Egypt – The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) concluded today with a mixed bag of outcomes. On the one hand, countries agreed to a historic pledge of $300 billion per year in climate finance for developing nations. On the other hand, many of these developing nations expressed disappointment with the deal, calling it “an insult” that fails to meet their needs.
The $300 Billion Pledge
The $300 billion pledge is a significant increase from the previous commitment of $100 billion per year. It is also the first time that developed nations have agreed to provide a specific amount of climate finance. The money will be used to help developing countries mitigate and adapt to the impacts of climate change.
Disappointment from Developing Nations
Despite the size of the pledge, many developing nations expressed disappointment with the deal. They argue that the $300 billion is still not enough to meet their needs, and that it is not clear how the money will be distributed. They also criticized the fact that the deal does not include any new commitments to reduce emissions from developed countries.
“This deal is an insult,” said Saleemul Huq, a climate scientist from Bangladesh. “It is nowhere near what we need to address the climate crisis. Developed countries are simply not doing enough.”
Next Steps
The COP29 climate talks were a significant step forward in the global fight against climate change. However, there is still much work to be done. Developed countries need to do more to reduce their emissions, and they need to provide more financial support to developing countries. Otherwise, the world will not be able to meet the goals of the Paris Agreement and avoid the worst impacts of climate change.
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