Developing nations blast $300bn COP29 climate deal as insufficient
Countries at the COP29 summit in Baku adopted a 300 billion US dollar a year global finance target on Sunday to help poorer nations cope with impacts of climate change, a deal its intended recipients criticised as woefully insufficient.
The agreement, reached after extended negotiations during the two-week summit in Azerbaijan's capital, aims to bolster international efforts against climate change during a year projected to be the hottest on record.
While some participants celebrated the deal with applause in the plenary hall, others criticized it for falling short of what is needed. Wealthy nations faced backlash for their perceived lack of commitment, and Azerbaijan, as the host, was reproached for hastily finalizing the contentious plan.
Simon Stiell, the UN climate chief, acknowledged the challenging discussions leading up to the agreement but described the outcome as a vital step forward in combating global warming.
'It’s been a tough process, but we’ve reached an agreement,' said Stiell. 'This deal will sustain the momentum of the clean energy transition and safeguard billions of lives.'
The new pledge aims to channel $300 billion annually by 2035, marking an increase from the prior $100 billion per year commitment by wealthy nations, which was initially set for 2020 but achieved only in 2022. That earlier goal is set to expire in 2025.
This agreement also sets the stage for COP30, which will take place in Brazil’s Amazon rainforest. There, countries are expected to outline the next decade’s climate strategies.
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