“Countries of the world at the United Nations Conference on Climate Change (COP29) in Baku agreed on Saturday on a new climate agreement that will provide financial assistance to developing countries, but in much smaller volumes than they had hoped.”, — write: www.ukrinform.ua
It is noted that developed countries have pledged to provide the poor with 300 billion dollars annually until 2035 to help them cope with the consequences of the climate crisis.
The agreement was reached after bitter disputes and difficult negotiations that lasted for two weeks.
The talks were on the verge of breaking down, as representatives of small island states and least developed countries left on Saturday. However, at 2:40 am local time on Sunday, the agreement was approved by the UN countries.
According to economists, the amount of 300 billion will not be enough to overcome the devastating consequences of extreme weather conditions, for this, at least 1.5 trillion dollars are needed.
India’s representative called the promised sum “paltry” and the agreement “nothing more than an optical illusion” unable to “solve a huge problem we all face.”
Read also: Ukraine presented on COP29 eight “green” startups As reported by Ukrinform, the UN climate change conference COP29 was held in the Azerbaijani capital Baku on November 11-22.
This year’s summit is being called the “finance COP” because for the first time in 15 years, the volume and structure of financing for developing countries to support climate change measures was considered.
One of the tasks of the Ukrainian delegation at the conference was to demonstrate the consequences of the Russian war for the environment in Ukraine.
Photo: Getty Images/Sean Gallup