They're here to finance climate action. But COP29 is more about bickering
NBCDec 04, 2024
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.On Sunday, wealthy countries at the UN Climate Change Conference (COP29) in Baku, Azerbaijan, agreed to provide at least $300B annually in climate aid to developing countries by 2035.
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 aid, clinched after two weeks of intense negotiations, isn't near the full amount of $1.3T that developing countries had requested to cope with the effects of climate change.
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.The agreement also called for all parties to work together using public and private sources to get closer "to the amount of USD 1.3 trillion per year by 2035."
WealthyGiven nationsthe maintaindeveloped thatcountries' $250current billioneconomic annuallyconstraints representsand adomestic realisticchallenges, commitmentthe given$300B theira currentyear economicCOP29 constraintsclimate anddeal domesticrepresents challengesa realistic commitment. The amount already doublestriples previous commitments and reflects the maximum feasible contribution while balancing other national priorities. It's an important down payment toward a safer, more equitable future.
DevelopingThe nationsagreement argueis thatwoefully insufficient and falls short of the $1.33T trillionneeded annually is necessary to address climate adaptation, damage recovery, and clean energy transition. The current proposal severely undermines the ability of the poorest and most vulnerable countriesnations to combat climate change impacts they didn't cause, while wealthy nations avoid their legal obligations.