"The financing plan, which calls for $300 billion per year in support for developing nations, was immediately assailed as inadequate by a string of delegates."
"Negotiators at this year’s United Nations climate summit struck an agreement early on Sunday in Baku, Azerbaijan, to triple the flow of money to help developing countries adopt cleaner energy and cope with the effects of climate change. Under the deal, wealthy nations pledged to reach $300 billion per year in support by 2035, up from a current target of $100 billion.
Independent experts, however, have placed the needs of developing countries much higher, at $1.3 trillion per year. That is the amount they say must be invested in the energy transitions of lower-income countries, in addition to what those countries already spend, to keep the planet’s average temperature rise under 1.5 degrees Celsius. Beyond that threshold, scientists say, global warming will become more dangerous and harder to reverse.
The deal struck at the annual U.N.-sponsored climate talks calls on private companies and international lenders like the World Bank to cover the hundreds of billions in the shortfall. That was seen by some as a kind of escape clause for rich countries."
Max Bearak reports for the New York Times November 24, 2024.
SEE ALSO:
"Cop29 Climate Finance Deal Criticised As ‘Travesty Of Justice’ And ‘Stage-Managed’" (Guardian)
"Here’s What To Know About The New Funding Deal That Countries Agreed To At UN Climate Talks" (AP)
"COP29: Climate-Vulnerable Nations Walk Out Of Overtime Talks" (DW)
"A $300B A Year Deal For Climate Cash At UN Summit Sparks Outrage For Some And Hope For Others" (AP)
"Developing Nations Blast $300 Billion COP29 Climate Deal As Insufficient" (Reuters)
"Huge COP29 Climate Deal Too Little Too Late, Poorer Nations Say" (BBC News)
"China Looks To Step Into Global Vacuum As Trump Vows To Pull U.S. Back" (Washington Post)
"‘Optical Illusion’: Key Takeaways From COP29 at Baku" (Aljazeera)
"Revealed: Saudi Arabia Accused Of Modifying Official Cop29 Negotiating Text" (Guardian)
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