They're here to finance climate action. But COP29 is more about bickering
NBCDec 04, 2024
A draft agreement proposed $250 billion annually by 2035 from wealthy nations to developing countries, falling significantly short of the $1 trillion requested by developing nations.The United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, extended beyond its scheduled conclusion as negotiators struggled to reach an agreement on climate finance.
Major world leaders, including Presidents Biden and Xi Jinping, were notably absent from the conference, while representatives from Taliban-ruled Afghanistan attended for the first time.A draft agreement proposed $250 billion annually by 2035 from wealthy nations to developing countries, falling significantly short of the $1 trillion requested by developing nations.
The conference occurred against the backdrop of 2024 being on track to become the hottest year on record, according to the World Meteorological Organization.Major world leaders, including Presidents Biden and Xi Jinping, were notably absent from the conference, while representatives from Taliban-ruled Afghanistan attended for the first time.
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Developing nations argue that $1.3 trillion annually is necessary to address climate adaptation, damage recovery, and clean energy transition. The current proposal severely undermines the ability of vulnerable countries to combat climate change impacts they didn't cause, while wealthy nations avoid their legal obligations.