They're here to finance climate action. But COP29 is more about bickering
NBCDEC 2024
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.
There's a 50% chance that there will be at least 2.95°C of global warming by 2100, according to the Metaculus prediction community.