The recent COP29 climate summit in Baku, Azerbaijan, has resulted in a significant — albeit contentious — agreement from wealthy nations to increase climate finance to $300 billion per year by 2035. This decision, which comes after vigorous negotiations, has sparked a variety of reactions from delegates.
Agreement Details
The agreement marks a shift from an earlier proposal of $250 billion, which was deemed insufficient by many developing countries. Sources indicate that the European Union and the United States, among others, have now committed to this new, more ambitious target.
- New finance goal: $300 billion annually
- Deadline for implementation: 2035
- Previous proposal: $250 billion, widely criticized
Mixed Reactions
While some delegates celebrated the new agreement with a standing ovation, others expressed their dissatisfaction, with calls for more substantial commitments from developed nations.
Simon Stiell, Executive Secretary of the U.N. Framework Convention on Climate Change, commented:
“This new finance goal is an insurance policy for humanity… But like any insurance policy – it only works – if the premiums are paid in full, and on time.”
In stark contrast, Chandni Raina from India lamented:
“This document is nothing more than an optical illusion… It will not address the enormity of the challenge we all face.”
Call for Action
The agreement has been described by some representatives as inadequate and has raised concerns about the willingness of developed nations to fulfill their responsibilities. Antonio Guterres, U.N. Secretary-General, stressed the importance of honouring the agreement:
“This agreement provides a base on which to build. It must be honoured in full and on time.”
Representatives from Bolivia also voiced their dissatisfaction, highlighting the need for greater financial resources to tackle climate challenges effectively.
What Lies Ahead
Although this agreement is a step forward, the road ahead will undoubtedly require further negotiation and commitment to ensure that climate actions match the urgency of the crisis.