Versions :<1234567Live>
Snapshot 5:Mon, Nov 25, 2024 1:57:22 PM GMT last edited by SofiaLanfri

COP29 Agrees on $300B Climate Finance Deal

COP29 Agrees on $300B Climate Finance Deal

Above: Young climate activists demonstrate on the grounds of the UN climate summit COP29. Image copyright: Sean Gallup/Staff/Getty Images News via Getty Images

The Facts

  • 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.Wealthy countries at the UN Climate Change Conference (COP29) in Baku, Azerbaijan, on Sunday 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 but is higher than the $100B currently provided. The final agreement forced an extra day of talks after dozens of countries staged a walkout.The aid, clinched after two weeks of intense negotiations, is far from the full amount ($1.3T) that developing countries had requested, but is higher than the $100B currently provided. The final agreement forced an extra day of talks after dozens of countries staged a walkout.


The Spin

GivenThese theglobal developedclimate countries'initiatives currentonly economicpretend constraintsto andhelp domesticthe challenges,poor while resulting in the $300Bexact aopposite. yearCarbon COP29credit climatesystems, dealfor representsexample, aare realisticdesigned commitment.to Themonetize amountnatural alreadyresources triplesand previousconvert commitmentsforests and reflectsecosystems theinto maximumtradable feasibleassets, contributionbenefitting investors while balancingmarginalizing otherlocal national prioritiescommunities. It'sThese anschemes importantoften downimpose paymentsurveillance towardmeasures, ainfringe saferon national sovereignty, moreand equitableprioritize futureprofit over genuine environmental stewardship.

TheGiven agreementdeveloped iscountries' woefullycurrent insufficienteconomic constraints and fallsdomestic shortchallenges, of the $1.3T300B neededa toyear addressCOP29 climate adaptation,deal damagerepresents recovery,a andrealistic clean energy transitioncommitment. The currentamount proposalalready severelytriples underminesprevious thecommitments abilityand ofreflects the poorestmaximum andfeasible mostcontribution vulnerablewhile nationsbalancing toother combatnational climatepriorities. changeIt's impactsan theyimportant didn'tdown cause,payment whiletoward wealthya nationssafer, avoidmore theirequitable legal obligationsfuture.

TheseThis globalagreement climateis initiativeswoefully onlyinsufficient pretendand tofalls helpshort theof poor while resulting in the exact opposite$1.3T Carbonneeded creditto systems,address forclimate exampleadaptation, aredamage designedrecovery, toand monetizeclean naturalenergy resourcestransition. andThe convertcurrent forestsproposal andseverely ecosystemsundermines intothe tradableability assets,of benefittingthe investorspoorest whileand marginalizingmost localvulnerable communities.nations Theseto schemescombat oftenclimate imposechange surveillanceimpacts measures,they infringedidn't on national sovereigntycause, andwhile prioritizewealthy profitnations overavoid genuinetheir environmentallegal stewardshipobligations.


Metaculus Prediction



Sign up to our daily newsletter