In difficult deliberations, the United Nations climate talks accepted an agreement to invest at least $300 billion a year in humanity’s battle against climate change, to assist impoverished countries in coping with the effects of global warming.
The $300 billion will go to developing nations who need the money to adapt to future warming, wean themselves off of the coal, oil, and gas that overheat the world, and repair the damage inflicted by the extreme weather brought on by climate change.
It is not nearly as much as the $1.3 trillion that developing nations requested, but it is three times the expiring 2009 agreement of $100 billion annually.
According to certain delegations, this agreement is moving in the right direction, and more money is expected to flow in the future.
However, some developing countries were incensed over being disregarded, and it was not quite the consensus-building agreement that these meetings often function with.
Before any country could comment, COP29 President Mukhtar Babayev pushed the agreement through.
When they did, they criticized him for treating them unfairly, the arrangement for being insufficient, and the wealthy countries of the globe for being overly frugal.
Laptops 1000India’s negotiator Chandni Raina frequently protested to loud celebrations, stating, “It’s a paltry sum.” I regret to inform you that we are unable to accept it.
She said she no longer believes in the United Nations system.
Nigeria’s Nkiruka Maduekwe, CEO of the National Council on Climate Change, called the agreement an insult and a joke, joining a long list of countries that agreed with India and added more.
“I’m not happy. It’s unquestionably below the standard for which we have been working for so long,” the Panama delegation’s Juan Carlos Monterrey stated.
He pointed out that a few tweaks, such as adding the phrase “at least” before $300 billion and providing for modification by 2030, helped them reach the finish line.
He remarked, “Our thoughts and prayers are with all the countries that feel like they were trampled underfoot.”
According to Raina of India, the final product that was approved “does not speak or reflect or inspire confidence.”
“We vehemently disagree with the unjust methods used for adoption,” Raina declared. “The president and secretariat’s action has deeply wounded us.
Evans Davie Njewa of Malawi, who spoke for almost 50 of the world’s poorest countries, was more tactful, voicing what he saw as concerns about the agreement.
Cedric Schuster of the Alliance of Small Island States also expressed moderate support for the agreement, saying he had more hope “that the process would protect the interests of the most vulnerable.”
In a post on X, U.N. Secretary-General Antonio Guterres expressed his hope for a “more ambitious outcome.” However, he stated that the accord “offers a foundation upon which to construct.”
Some feel relieved after difficult conversations.
Parties expressed some satisfaction, with Wopke Hoekstra of the European Union referring to it as a new age of climate spending and urging rigorous work to assist the most vulnerable.
However, activists were trying to interrupt Hoekstra’s address by coughing over it in the plenary chamber.
Ireland’s environment minister, Eamon Ryan, described the deal as “a huge relief.”
“That was uncertain. “This was difficult,” he remarked. “The fact that we were able to get it through these challenging times is really important because it’s a time of division, war, and real difficulties for (a) multilateral system.”
The agreement is an “insurance policy for humanity,” according to Simon Stiell, executive secretary of the U.N. Climate Change.
He also noted that, like insurance, “it only works if the premiums are paid in full, and on time.”
The agreement is viewed as a step toward assisting recipient nations in setting more aggressive goals to reduce or limit heat-trapping gas emissions by the beginning of next year.
Laptops 1000It is a component of the global agreement made at the 2015 U.N. meetings in Paris to continue reducing pollution with new goals every five years.
The Paris Agreement established a mechanism for consistently increasing efforts to combat climate change to limit global warming to less than 1.5 degrees Celsius (2.7 degrees Fahrenheit) beyond pre-industrial levels.
Carbon emissions continue to rise and the global temperature is already at 1.3 degrees Celsius (2.3 degrees Fahrenheit).
I hope more climate funds will be forthcoming.
Additionally, nations hope that this agreement will serve as a signal to encourage funding from corporate and multilateral development banks, among other sources.
Rich countries didn’t believe that relying solely on public financing sources was feasible, but poor countries were concerned that if the money came in the form of loans rather than grants, it would push them further into debt that they currently suffer.
That was a constant topic of conversation at these meetings.
“While the $300 billion target is insufficient, it is a significant first step toward a more secure and just future,” stated Ani Dasgupta, president of the World Resources Institute.
“With this arrangement, we start from the beginning. The race to raise much more climate money from various public and private sources is now underway, utilizing the entire financial system to support the transitions of emerging nations.
It is also more than the $250 billion that was on the table in a previous draft of the document, which infuriated many nations and caused a period of anger and procrastination throughout the last hours of the summit, even though it is far less than the required $1.3 trillion.
Additional agreements reached during COP29
A vague but nonspecific reference to the Global Stocktake that was authorized in Dubai last year was included in the various papers that were adopted early on Sunday morning.
A battle was fought last year over first-of-its-kind language that called for a shift away from fossil fuels, including coal, oil, and natural gas.
The need for a shift away from fossil fuels was not specifically reiterated in the most recent discussions; instead, they just referred to the Dubai agreement.
To facilitate international cooperation in reducing climate-causing pollution, countries also implemented Article 6, establishing markets for trading carbon pollution rights.
One aspect of that was a carbon credit system that permitted countries to emit greenhouse gases as long as they offset emissions from other sources.
A U.N.-backed market, according to supporters, could produce up to $250 billion more in climate financial aid year.
Even after being approved, carbon markets are still controversial since many experts believe the new regulations don’t stop abuse, don’t operate, and allow large polluters a way to keep spewing emissions.
“They’ve undermined the mandate to try to reach 1.5,” said Tamara Gilbertson, coordinator of the Indigenous Environmental Network’s climate justice program. A Lambrechts of Greenpeace referred to it as a “climate scam” with numerous flaws.
Many are looking forward to the climate talks in Belem, Brazil, next year, now that this accord has been finalized and the temporary venue is being dismantled.
