- More than 200 countries agreed upon the COP29 climate deal despite the chaos.
- The deal would provide $300 billion yearly by 2035, increasing rich nations’ earlier pledge to provide $100 billion annually in climate finance by 2020.
- Rising inflation and geopolitics like Russia’s war in Ukraine and growing turmoil in the Middle East have caused Western countries to view global warming slide down their list of national concerns.
A $300 Billion COP29 Climate Deal
On Sunday, countries attending COP29 in Baku set a $300 billion annual global financing target to assist less developed countries in dealing with the effects of climate change, an agreement their intended receivers denounced as woefully inadequate.
Conceded in overtime at the two-week summit in Azerbaijan’s capital, the deal was expected to give impetus for global initiatives to slow global warming in a year likely to be the hottest on record.
In the COP 29 plenary chamber, several delegates gave the pact a standing ovation. Others criticised rich countries for not doing more and slammed the Azerbaijan host for quickly pushing through the divisive proposal.
“I regret to say that this document is an optical illusion. In our opinion, this will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document.” Chandni Raina, a representative of the Indian delegation, said while addressing the summit’s closing session minutes after the contract was handed in.
Simon Stiell, the United Nations climate head, praised the pact as an insurance policy for mankind against global warming while acknowledging the challenging discussions that led to it.
“It has been a difficult journey, but we have delivered a deal,” Stiell said. “This deal will keep the clean energy boom growing and protect billions of lives. “But like any insurance policy, it only works if the premiums are paid in full and on time.”
Raising the Pledge
The deal would provide $300 billion yearly by 2035, increasing rich nations’ earlier pledge to provide $100 billion annually in climate finance by 2020. Two years later, in 2022, that earlier target was reached; it expires in 2025.
The conference addressed the core of the argument over the financial responsibilities of industrialised nations—whose past use of fossil fuels has generated most greenhouse gas emissions—to pay others for increasing damage from climate change.
It also exposed the differences between rich governments burdened by limited domestic funds and underdeveloped countries suffering from storms, droughts, and floods.
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“We are leaving with a small portion of the funding climate-vulnerable countries urgently need. It is not nearly enough, but it’s a start,” said Tina Stege, Marshall Islands climate envoy.
Nations have been looking for finances to meet the Paris Agreement target of keeping global temperature increases to 1.5 degrees Celsius (2.7 degrees Fahrenheit) below pre-industrial levels—beyond which catastrophic climate effects might happen.
With global greenhouse gas emissions and fossil fuels use still rising, the 2024 UN Emissions Gap report indicates that the world is on course for as much as 3.1 C (5.6 F) of warming by the end of the century.
Sunday’s agreement fell short in outlining specific actions nations will take on their last year’s UN climate summit goal to triple green energy capacity this decade and shift away from fossil fuels. Some negotiators claimed Saudi Arabia tried to thwart such a proposal throughout the negotiations.
“There is definitely a challenge in getting greater ambition when you are negotiating with the Saudis,” said John Podesta, US climate adviser.
Detailing the Contributors to the COP29 Climate Deal
About two dozen industrialized nations, including the United States, European countries, and Canada, make up the roster of states obliged to make contributions based on a list settled upon during UN climate negotiations in 1992.
European countries have insisted others pay in, particularly Gulf states rich in oil and China, the second-biggest economy in the world. The agreement does not mandate poor nations to contribute but encourages them.
A more fundamental goal of the pact is to raise $1.3 trillion in climate financing yearly by 2035—that is, money from all public and private sources—which economists believe corresponds to the total required to solve global warming.
Countries also agreed on guidelines for a global market to purchase and sell carbon credits, which supporters claim could mobilise billions more dollars into new programs combating global warming, from reforestation to using renewable energy technology.
The Trump Factor
This month’s US presidential election triumph of Donald Trump has caused uncertainty among some negotiators about whether the biggest economy in the world will contribute to whatever climate funding target Azerbaijan decided upon.
Donald Trump, who will take office in January 2025, has declared climate change a hoax and pledged to once more pull the United States out of international climate cooperation.
Although President Joe Biden stated more work was needed, he praised the COP29 attendees for attaining what he described as a historic agreement that will help mobilize the required money.
“While substantial work is still ahead of us to achieve our climate goals, today’s outcome puts us one significant step closer. On behalf of the American people and future generations, we must continue accelerating our work to keep a cleaner, safer, healthier planet within our grasp,” Biden said.
Climate Challenges in 2024
Rising inflation and geopolitics like Russia’s war in Ukraine and growing turmoil in the Middle East have caused Western countries to view global warming slide down their list of national concerns.
The conflict over finance for poor nations comes in a year experts estimate to be the warmest on record. Climate problems are piling up: severe flooding kills thousands of people throughout Africa; fatal landslides bury Asian communities; drought in South America is erasing rivers.
Developed countries have not been spared. Last month, Valencia, Spain, experienced floods brought on by torrential rain that claimed over 200 lives; the United States has documented 24 billion-dollar catastrophes thus far this year—only four less than last year.
