COP29 Agrees on $300B Climate Finance Deal
GlobalCOP29 Agrees on $300B Climate Finance Deal Stalls at COP29 Summit
The Facts
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.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.
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 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.
The Spin
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The agreement is woefully insufficient and falls short of the $1.3T needed to address climate adaptation, damage recovery, and clean energy transition. The current proposal severely undermines the ability of the poorest and most vulnerable nations to combat climate change impacts they didn't cause, while wealthy nations avoid their legal obligations.
