They're here to finance climate action. But COP29 is more about bickering
NBCNOV 30 2024
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.
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 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."
Given the developed countries' current economic constraints and domestic challenges, the $300B a year COP29 climate deal represents a realistic commitment. The amount already triples 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.
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.