Allocated money is not enough to fight the climate: the results of the COP29 summit

Participants of the COP29 climate summit reached an agreement. To combat climate change, rich countries will give poor countries money, but it is not enough. This is reported by Politico, writes UNN.

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The document appeared after several days of public and private mutual accusations, as well as skirmishes between the nearly 200 countries represented at the meeting near the Caspian Sea.

In particular, on the night of Saturday, the largest economic powers, including the US, Britain, the EU and China, argued about how and by which countries the money would be provided. After that, the big rich countries agreed to increase the offer from 250 billion dollars.

As a result, the final agreement said rich countries agreed to provide at least $300 billion a year until 2035 to help poor countries fight climate change.

However, the $300 billion minimum is far short of the trillions of dollars that poor and vulnerable countries will need to deal with continued sea level rise, as well as storms, droughts and floods that several analyzes show are increasing.

There are other ways of attracting these funds. For example, private equity and trading in carbon credits, the rules of which also reached a final agreement on Saturday. However, representatives of poor and vulnerable countries such as Malawi, the Marshall Islands and the Maldives said that this amount was simply not enough to meet their needs.

We have seen opportunism at its worst here at this climate summit. We are leaving with a fraction of the funding that climate-vulnerable countries desperately need. It’s not enough, but it’s a start

The financial deal also comes with a lot of uncertainty about the final amount any rich country will pay. It comes as President-elect Donald Trump, who calls climate change a hoax, prepares to take office in Washington.

At the same time, the EU, already the largest donor bloc, expects to have to shoulder more of the burden as the US’s involvement is reduced.

The newspaper added that the agreement was generally in line with expectations set out in a UN report last week.

Rich countries at COP29 agreed to allocate more to climate after criticism from developing countriesNovember 23 2024, 13:46 • 19408 views